# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-308396
**Filing Date:** 2025-12
**Character Count:** 6001470
**Document Hash:** e26ae6bc99dc4323eb5cbd97c0532955
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-308396.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-308396

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO FUNDS
- **CENTRAL INDEX KEY:** 0000810893

**ORGANIZATION NAME:**
- **EIN:** 952632339
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251551007

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-720-6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### PIMCO Low Duration Fund (Series ID: S000009691)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026575 | Institutional  | PTLDX           |
| C000026576 | Administrative | PLDAX           |
| C000026577 | A              | PTLAX           |
| C000026579 | C              | PTLCX           |
| C000026581 | R              | PLDRX           |
| C000064143 | I-2            | PLDPX           |
| C000200445 | I-3            | PTLNX           |
| C000222833 | Class C-2      | PLCCX           |

### PIMCO Low Duration Fund II (Series ID: S000009692)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026582 | Institutional  | PLDTX           |
| C000026583 | Administrative | PDFAX           |

### PIMCO Low Duration ESG Fund (Series ID: S000009693)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026584 | Institutional | PLDIX           |
| C000066770 | I-2           | PLUPX           |

### PIMCO Municipal Bond Fund (Series ID: S000009696)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026592 | Institutional | PFMIX           |
| C000026594 | A             | PMLAX           |
| C000026596 | C             | PMLCX           |
| C000064145 | I-2           | PMUPX           |
| C000203303 | I-3           | PMUNX           |

### PIMCO California Intermediate Municipal Bond Fund (Series ID: S000009697)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026598 | Institutional | PCIMX           |
| C000026600 | A             | PCMBX           |
| C000064146 | I-2           | PCIPX           |
| C000080406 | Class C       | PCFCX           |

### PIMCO New York Municipal Bond Fund (Series ID: S000009698)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026602 | Institutional | PNYIX           |
| C000026603 | A             | PNYAX           |
| C000064147 | I-2           | PNYPX           |
| C000080407 | Class C       | PBFCX           |
| C000203304 | I-3           | PNYNX           |

### PIMCO Long-Term Real Return Fund (Series ID: S000009699)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026605 | Institutional | PRAIX           |
| C000096286 | I-2           | PRTPX           |

### PIMCO Real Return Fund (Series ID: S000009700)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026606 | Institutional  | PRRIX           |
| C000026607 | Administrative | PARRX           |
| C000026608 | A              | PRTNX           |
| C000026610 | C              | PRTCX           |
| C000026612 | R              | PRRRX           |
| C000064148 | I-2            | PRLPX           |
| C000200446 | I-3            | PRNPX           |

### PIMCO RealEstateRealReturn Strategy Fund (Series ID: S000009701)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026613 | Institutional | PRRSX           |
| C000026614 | A             | PETAX           |
| C000026616 | C             | PETCX           |
| C000064149 | I-2           | PETPX           |
| C000200447 | I-3           | PNRNX           |

### PIMCO Short Duration Municipal Income Fund (Series ID: S000009702)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026618 | Institutional | PSDIX           |
| C000026620 | A             | PSDAX           |
| C000026621 | C             | PSDCX           |
| C000064150 | I-2           | PSDPX           |
| C000203305 | I-3           | PSDUX           |
| C000222834 | Class C-2     | PCCMX           |

### PIMCO Short-Term Fund (Series ID: S000009703)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026623 | Institutional  | PTSHX           |
| C000026624 | Administrative | PSFAX           |
| C000026625 | A              | PSHAX           |
| C000026627 | C              | PFTCX           |
| C000026629 | R              | PTSRX           |
| C000064151 | I-2            | PTSPX           |
| C000200448 | I-3            | PTSNX           |

### PIMCO CommodityRealReturn Strategy Fund (Series ID: S000009708)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026650 | Institutional  | PCRIX           |
| C000026651 | Administrative | PCRRX           |
| C000026652 | A              | PCRAX           |
| C000026654 | C              | PCRCX           |
| C000064156 | I-2            | PCRPX           |
| C000088664 | Class R        | PCSRX           |
| C000200453 | I-3            | PCRNX           |

### PIMCO ABS and Short-Term Investments Portfolio (Series ID: S000009844)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000027272 | PIMCO ABS and Short-Term Investments Portfolio |  |

### PIMCO Short-Term Portfolio (Series ID: S000009845)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000027273 | PIMCO Short-Term Portfolio |  |

### PIMCO U.S. Government and Short-Term Investments Portfolio (Series ID: S000009847)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000027275 | PIMCO U.S. Government and Short-Term Investments Portfolio |  |

### PIMCO EM Bond and Short-Term Investments Portfolio (Series ID: S000009848)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000027276 | PIMCO EM Bond and Short-Term Investments Portfolio |  |

### PIMCO High Yield and Short-Term Investments Portfolio (Series ID: S000009850)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000027278 | PIMCO High Yield and Short-Term Investments Portfolio |  |

### PIMCO International Portfolio (Series ID: S000009851)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000027279 | PIMCO International Portfolio |  |

### PIMCO Investment Grade Credit Bond Portfolio (Series ID: S000009852)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000027280 | PIMCO Investment Grade Credit Bond Portfolio |  |

### PIMCO Mortgage and Short-Term Investments Portfolio (Series ID: S000009853)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000027281 | PIMCO Mortgage and Short-Term Investments Portfolio |  |

### PIMCO Municipal Portfolio (Series ID: S000009854)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000027282 | PIMCO Municipal Portfolio |  |

### PIMCO Real Return Portfolio (Series ID: S000009855)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000027283 | PIMCO Real Return Portfolio |  |

### PIMCO High Yield Municipal Bond Fund (Series ID: S000012844)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034728 | Class A       | PYMAX           |
| C000034730 | Institutional | PHMIX           |
| C000041556 | Class C       | PYMCX           |
| C000064163 | I-2           | PYMPX           |
| C000203307 | I-3           | PYMNX           |

### PIMCO California Short Duration Municipal Income Fund (Series ID: S000013234)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000035571 | Institutional | PCDIX           |
| C000035573 | Class A       | PCDAX           |
| C000064166 | I-2           | PCDPX           |

### PIMCO Long Duration Credit Bond Portfolio (Series ID: S000024285)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000071766 | Long Duration Credit Bond Portfolio |  |

### PIMCO Government Money Market Fund (Series ID: S000024337)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000072053 | Administrative Class | PGOXX           |
| C000072055 | Class M              | PGFXX           |
| C000072056 | I-2                  | PGPXX           |
| C000075263 | Class A              | AMAXX           |
| C000075264 | Class C              | AMGXX           |
| C000169180 | Institutional Class  | PGYXX           |

### PIMCO Short-Term Floating NAV Portfolio II (Series ID: S000025613)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000076734 | PIMCO Short-Term Floating NAV Portfolio II |  |

### PIMCO CommoditiesPLUS Strategy Fund (Series ID: S000028928)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000088650 | Class A             | PCLAX           |
| C000088651 | Class C             | PCPCX           |
| C000088654 | I-2                 | PCLPX           |
| C000088655 | Institutional Class | PCLIX           |
| C000200462 | I-3                 | PCLNX           |

### PIMCO Inflation Response Multi-Asset Fund (Series ID: S000033597)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000103229 | Class A       | PZRMX           |
| C000103232 | Institutional | PIRMX           |
| C000103233 | I-2           | PPRMX           |
| C000237486 | I-3           | PFRMX           |

### PIMCO Low Duration Portfolio (Series ID: S000034605)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000106507 | PIMCO Low Duration Portfolio |  |

### PIMCO Moderate Duration Portfolio (Series ID: S000034606)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000106508 | PIMCO Moderate Duration Portfolio |  |

### PIMCO Short-Term Floating NAV Portfolio III (Series ID: S000037048)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000113894 | PIMCO Short-Term Floating NAV Portfolio III |  |

### PIMCO California Municipal Bond Fund (Series ID: S000037096)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114194 | Institutional Class | PCTIX           |
| C000114195 | I-2                 | PCTPX           |
| C000114198 | Class A             | PCTTX           |
| C000114199 | Class C             | PCTGX           |

### PIMCO National Intermediate Municipal Bond Fund (Series ID: S000037097)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114203 | Class A             | PMNTX           |
| C000114204 | Class C             | PMNNX           |
| C000114206 | Institutional Class | PMNIX           |
| C000114207 | I-2                 | PMNPX           |

### PIMCO Short Asset Investment Fund (Series ID: S000037098)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000114208 | Institutional Class  | PAIDX           |
| C000114209 | I-2                  | PAIPX           |
| C000114210 | Administrative Class | PAIQX           |
| C000114212 | Class A              | PAIAX           |
| C000166287 | Class M              | PAMSX           |
| C000200464 | I-3                  | PANDX           |

### PIMCO Short Asset Portfolio (Series ID: S000057874)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000187474 | PIMCO Short Asset Portfolio |  |

### PIMCO All Asset: Multi-Real Fund (Series ID: S000069546)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000221899 | PIMCO All Asset: Multi-Real Fund |  |

### PIMCO All Asset: Multi-RAE PLUS Fund (Series ID: S000069547)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000221900 | PIMCO All Asset: Multi-RAE PLUS Fund |  |

### PIMCO Sector Fund Series - AM (Series ID: S000071783)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000227285 | PIMCO Sector Fund Series - AM |  |

### PIMCO Sector Fund Series - H (Series ID: S000071787)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000227289 | PIMCO Sector Fund Series - H |  |

### PIMCO Sector Fund Series - I (Series ID: S000071788)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000227290 | PIMCO Sector Fund Series - I |  |

### PIMCO All Authority: Multi-RAE PLUS Fund (Series ID: S000077182)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000237352 | PIMCO All Authority: Multi-RAE PLUS Fund |  |

?xml version='1.0' encoding='ASCII'? N-CSRS

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-05028

### PIMCO Funds

#### (Exact name of registrant as specified in charter)
650 Newport Center Drive, Newport Beach, CA 92660

#### (Address of principal executive office)

#### Bijal Y. Parikh

#### Treasurer (Principal Financial & Accounting Officer)

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

#### (Name and address of agent for service)
Copies to:

#### Adam T. Teufel

#### Dechert LLP

#### 1900 K Street, N.W.

#### Washington, D.C. 20006
Registrant's telephone number, including area code: (888) 877-4626

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### EXPLANATORY NOTE
The Registrant is filing this Certified Shareholder Report on Form N-CSR in three (3) separate submissions due to file size limitations on EDGAR submissions. The initial submission (the "initially filed submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-308184) and the immediately following companion submission (the "first companion submission) of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-308321) provide the information required by Items 1, 6 and 7 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). This submission (the "second companion submission") provides the information required by Items 1, 6 and 7 with respect to the remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant's initially filed submission and the Registrant's first companion submission. Apart from Items 1, 6 and 7, this submission is identical in all material respects to the initially filed submission and the first companion submission.

------

**Item 1.** **Reports to Stockholders.** <br>

(a) The following is a copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1).

Filed under the initially filed submission on Form N-CSR:

• PIMCO All Asset Fund Class A

• PIMCO All Asset Fund Administrative Class

• PIMCO All Asset Fund Class C

• PIMCO All Asset Fund Institutional Class

• PIMCO All Asset Fund I-2

• PIMCO All Asset Fund Class R

• PIMCO All Asset Fund I-3

• PIMCO All Asset All Authority Fund Class A

• PIMCO All Asset All Authority Fund Class C

• PIMCO All Asset All Authority Fund Institutional Class

• PIMCO All Asset All Authority Fund I-2

• PIMCO All Asset All Authority Fund I-3

• PIMCO Global Core Asset Allocation Fund Class A

• PIMCO Global Core Asset Allocation Fund Class C

• PIMCO Global Core Asset Allocation Fund Institutional Class

• PIMCO Global Core Asset Allocation Fund I-2

• PIMCO Climate Bond Fund Class A

• PIMCO Climate Bond Fund Class C

• PIMCO Climate Bond Fund Institutional Class

• PIMCO Climate Bond Fund I-2

• PIMCO Climate Bond Fund I-3

• PIMCO Dynamic Bond Fund Class A

• PIMCO Dynamic Bond Fund Class C

• PIMCO Dynamic Bond Fund Institutional Class

• PIMCO Dynamic Bond Fund I-2

• PIMCO Dynamic Bond Fund Class R

• PIMCO Dynamic Bond Fund I-3

• PIMCO Extended Duration Fund Institutional Class

• PIMCO Extended Duration Fund I-2

• PIMCO GNMA and Government Securities Fund Class A

• PIMCO GNMA and Government Securities Fund Class C

• PIMCO GNMA and Government Securities Fund Institutional Class

• PIMCO GNMA and Government Securities Fund I-2

• PIMCO GNMA and Government Securities Fund I-3

• PIMCO Investment Grade Credit Bond Fund Class A

• PIMCO Investment Grade Credit Bond Fund Administrative Class

• PIMCO Investment Grade Credit Bond Fund Class C

• PIMCO Investment Grade Credit Bond Fund Institutional Class

• PIMCO Investment Grade Credit Bond Fund I-2

• PIMCO Investment Grade Credit Bond Fund I-3

• PIMCO Long Duration Total Return Fund Institutional Class

• PIMCO Long Duration Total Return Fund I-2

• PIMCO Long Duration Total Return Fund Class A

• PIMCO Long Duration Total Return Fund Class C

• PIMCO Long-Term U.S. Government Fund Class A

• PIMCO Long-Term U.S. Government Fund Class C

• PIMCO Long-Term U.S. Government Fund Institutional Class

• PIMCO Long-Term U.S. Government Fund I-2

• PIMCO Low Duration Opportunities Fund Class A

• PIMCO Low Duration Opportunities Fund Class C

• PIMCO Low Duration Opportunities Fund Institutional Class

• PIMCO Low Duration Opportunities Fund I-2

• PIMCO Moderate Duration Fund Institutional Class

• PIMCO Moderate Duration Fund I-2

------

• PIMCO Mortgage Opportunities and Bond Fund I-3

• PIMCO Mortgage Opportunities and Bond Fund Class A

• PIMCO Mortgage Opportunities and Bond Fund Class C

• PIMCO Mortgage Opportunities and Bond Fund Institutional Class

• PIMCO Mortgage Opportunities and Bond Fund I-2

• PIMCO Total Return ESG Fund Administrative Class

• PIMCO Total Return ESG Fund Institutional Class

• PIMCO Total Return ESG Fund I-2

• PIMCO Total Return ESG Fund Class A

• PIMCO Total Return ESG Fund Class C

• PIMCO Total Return ESG Fund I-3

• PIMCO Total Return Fund II Institutional Class

• PIMCO Total Return Fund II I-2

• PIMCO Total Return Fund IV Class A

• PIMCO Total Return Fund IV Institutional Class

• PIMCO Total Return Fund V Institutional Class

• PIMCO Credit Opportunities Bond Fund Class A

• PIMCO Credit Opportunities Bond Fund Class C

• PIMCO Credit Opportunities Bond Fund Institutional Class

• PIMCO Credit Opportunities Bond Fund I-2

• PIMCO Diversified Income Fund Class A

• PIMCO Diversified Income Fund Administrative Class

• PIMCO Diversified Income Fund Class C

• PIMCO Diversified Income Fund Institutional Class

• PIMCO Diversified Income Fund I-2

• PIMCO Diversified Income Fund I-3

• PIMCO ESG Income Fund Class A

• PIMCO ESG Income Fund Class C

• PIMCO ESG Income Fund Institutional Class

• PIMCO ESG Income Fund I-2

• PIMCO ESG Income Fund I-3

• PIMCO High Yield Fund Class A

• PIMCO High Yield Fund Administrative Class

• PIMCO High Yield Fund Class C

• PIMCO High Yield Fund Institutional Class

• PIMCO High Yield Fund I-2

• PIMCO High Yield Fund Class R

• PIMCO High Yield Fund I-3

• PIMCO High Yield Spectrum Fund Class A

• PIMCO High Yield Spectrum Fund Class C

• PIMCO High Yield Spectrum Fund Institutional Class

• PIMCO High Yield Spectrum Fund I-2

• PIMCO High Yield Spectrum Fund I-3

• PIMCO Long-Term Credit Bond Fund Institutional Class

• PIMCO Long-Term Credit Bond Fund I-2

• PIMCO Low Duration Credit Fund Class A

• PIMCO Low Duration Credit Fund Class C

• PIMCO Low Duration Credit Fund Institutional Class

• PIMCO Low Duration Credit Fund I-2

• PIMCO Low Duration Income Fund Class A

• PIMCO Low Duration Income Fund Class C

• PIMCO Low Duration Income Fund Institutional Class

• PIMCO Low Duration Income Fund I-2

• PIMCO Low Duration Income Fund I-3

• PIMCO Low Duration Income Fund Class C-2

• PIMCO Preferred and Capital Securities Fund Class A

• PIMCO Preferred and Capital Securities Fund Class C

• PIMCO Preferred and Capital Securities Fund I-2

• PIMCO Preferred and Capital Securities Fund Institutional Class

• PIMCO Preferred and Capital Securities Fund I-3

------

Filed under the first companion submission on Form N-CSR:

• PIMCO RAE Fundamental Advantage PLUS Fund Class A

• PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

• PIMCO RAE PLUS EMG Fund Institutional Class

• PIMCO RAE PLUS EMG Fund I-2

• PIMCO RAE PLUS EMG Fund Class A

• PIMCO RAE PLUS EMG Fund Class C

• PIMCO RAE PLUS Fund Class A

• PIMCO RAE PLUS Fund Class C

• PIMCO RAE PLUS Fund Institutional Class

• PIMCO RAE PLUS Fund I-2

• PIMCO RAE PLUS Fund I-3

• PIMCO RAE PLUS International Fund Institutional Class

• PIMCO RAE PLUS International Fund Class A

• PIMCO RAE PLUS International Fund I-2

• PIMCO RAE PLUS Small Fund Institutional Class

• PIMCO RAE PLUS Small Fund Class A

• PIMCO RAE PLUS Small Fund Class C

• PIMCO RAE PLUS Small Fund I-2

• PIMCO RAE Worldwide Long/Short PLUS Fund Class A

• PIMCO RAE Worldwide Long/Short PLUS Fund Class C

• PIMCO RAE Worldwide Long/Short PLUS Fund I-2

• PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

• PIMCO StocksPLUS® Absolute Return Fund Class A

• PIMCO StocksPLUS® Absolute Return Fund Class C

• PIMCO StocksPLUS® Absolute Return Fund Institutional Class

• PIMCO StocksPLUS® Absolute Return Fund I-2

• PIMCO StocksPLUS® Absolute Return Fund I-3

• PIMCO StocksPLUS® Fund Class A

• PIMCO StocksPLUS® Fund Class C

• PIMCO StocksPLUS® Fund Institutional Class

• PIMCO StocksPLUS® Fund I-2

• PIMCO StocksPLUS® Fund Class R

• PIMCO StocksPLUS® Fund I-3

• PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class A

• PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Class C

• PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) Institutional Class

• PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) I-2

• PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) I-3

• PIMCO StocksPLUS® International Fund (Unhedged) Class A

• PIMCO StocksPLUS® International Fund (Unhedged) Class C

• PIMCO StocksPLUS® International Fund (Unhedged) Institutional Class

• PIMCO StocksPLUS® International Fund (Unhedged) I-2

• PIMCO StocksPLUS® International Fund (Unhedged) I-3

• PIMCO StocksPLUS® Long Duration Fund Institutional Class

• PIMCO StocksPLUS® Short Fund Class A

• PIMCO StocksPLUS® Short Fund Class C

• PIMCO StocksPLUS® Short Fund Institutional Class

• PIMCO StocksPLUS® Short Fund I-2

• PIMCO StocksPLUS® Short Fund I-3

• PIMCO StocksPLUS® Small Fund Class A

• PIMCO StocksPLUS® Small Fund Class C

• PIMCO StocksPLUS® Small Fund Institutional Class

• PIMCO StocksPLUS® Small Fund I-2

• PIMCO StocksPLUS® Small Fund I-3

• PIMCO Emerging Markets Bond Fund Class A

• PIMCO Emerging Markets Bond Fund Class C

• PIMCO Emerging Markets Bond Fund Institutional Class

• PIMCO Emerging Markets Bond Fund I-2

• PIMCO Emerging Markets Bond Fund I-3

------

• PIMCO Emerging Markets Corporate Bond Fund Institutional Class

• PIMCO Emerging Markets Currency and Short-Term Investments Fund Class A

• PIMCO Emerging Markets Currency and Short-Term Investments Fund Institutional Class

• PIMCO Emerging Markets Currency and Short-Term Investments Fund I-2

• PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

• PIMCO Emerging Markets Local Currency and Bond Fund Class A

• PIMCO Emerging Markets Local Currency and Bond Fund Class C

• PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

• PIMCO Emerging Markets Local Currency and Bond Fund I-2

• PIMCO Emerging Markets Local Currency and Bond Fund I-3

• PIMCO Global Advantage® Strategy Bond Fund Class A

• PIMCO Global Advantage® Strategy Bond Fund Institutional Class

• PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class A

• PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class C

• PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Institutional Class

• PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) I-2

• PIMCO International Bond Fund (Unhedged) Class A

• PIMCO International Bond Fund (Unhedged) Administrative Class

• PIMCO International Bond Fund (Unhedged) Class C

• PIMCO International Bond Fund (Unhedged) Institutional Class

• PIMCO International Bond Fund (Unhedged) I-2

• PIMCO International Bond Fund (Unhedged) I-3

• PIMCO California Municipal Intermediate Value Fund Institutional Class

• PIMCO California Municipal Opportunistic Value Fund Institutional Class

• PIMCO National Municipal Intermediate Value Fund Institutional Class

• PIMCO National Municipal Opportunistic Value Fund Institutional Class

• PIMCO Income Fund Class A

• PIMCO Income Fund Administrative Class

• PIMCO Income Fund Class C

• PIMCO Income Fund Institutional Class

• PIMCO Income Fund I-2

• PIMCO Income Fund Class R

• PIMCO Income Fund I-3

• PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A

• PIMCO International Bond Fund (U.S. Dollar-Hedged) Administrative Class

• PIMCO International Bond Fund (U.S. Dollar-Hedged) Class C

• PIMCO International Bond Fund (U.S. Dollar-Hedged) Institutional Class

• PIMCO International Bond Fund (U.S. Dollar-Hedged) I-2

• PIMCO International Bond Fund (U.S. Dollar-Hedged) Class R

• PIMCO International Bond Fund (U.S. Dollar-Hedged) I-3

• PIMCO Total Return Fund Class A

• PIMCO Total Return Fund Administrative Class

• PIMCO Total Return Fund Class C

• PIMCO Total Return Fund Institutional Class

• PIMCO Total Return Fund I-2

• PIMCO Total Return Fund Class R

• PIMCO Total Return Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund Class C

• PIMCO TRENDS Managed Futures Strategy Fund Class A

• PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

• PIMCO TRENDS Managed Futures Strategy Fund I-2

Filed under this submission (the second companion submission) on Form N-CSR:

• PIMCO ABS and Short-Term Investments Portfolio

• PIMCO EM Bond and Short-Term Investments Portfolio

• PIMCO High Yield and Short-Term Investments Portfolio

• PIMCO Investment Grade Credit Bond Portfolio

• PIMCO Long Duration Credit Bond Portfolio

------

• PIMCO Low Duration Portfolio

• PIMCO Moderate Duration Portfolio

• PIMCO Mortgage and Short-Term Investments Portfolio

• PIMCO Municipal Portfolio

• PIMCO Real Return Portfolio

• PIMCO Sector Funds Series – AM

• PIMCO Sector Fund Series – H

• PIMCO Sector Fund Series – I

• PIMCO Short-Term Portfolio

• PIMCO Short-Term Floating NAV Portfolio II

• PIMCO U.S. Government and Short-Term Investments Portfolio

• PIMCO International Portfolio

• PIMCO Short Asset Portfolio

• PIMCO Short-Term Floating NAV Portfolio III

• PIMCO All Asset: Multi-RAE PLUS Fund

• PIMCO All Asset: Multi-Real Fund

• PIMCO All Authority: Multi-RAE PLUS Fund

• PIMCO CommoditiesPLUS® Strategy Fund Class A

• PIMCO CommoditiesPLUS® Strategy Fund Class C

• PIMCO CommoditiesPLUS® Strategy Fund Institutional Class

• PIMCO CommoditiesPLUS® Strategy Fund I-2

• PIMCO CommoditiesPLUS® Strategy Fund I-3

• PIMCO CommodityRealReturnStrategy Fund® Class A

• PIMCO CommodityRealReturnStrategy Fund® Administrative Class

• PIMCO CommodityRealReturnStrategy Fund® Class C

• PIMCO CommodityRealReturnStrategy Fund® Institutional Class

• PIMCO CommodityRealReturnStrategy Fund® I-2

• PIMCO CommodityRealReturnStrategy Fund® Class R

• PIMCO CommodityRealReturnStrategy Fund® I-3

• PIMCO Inflation Response Multi-Asset Fund Class A

• PIMCO Inflation Response Multi-Asset Fund Institutional Class

• PIMCO Inflation Response Multi-Asset Fund I-2

• PIMCO Inflation Response Multi-Asset Fund I-3

• PIMCO Long-Term Real Return Fund Institutional Class

• PIMCO Long-Term Real Return Fund I-2

• PIMCO Real Return Fund Class A

• PIMCO Real Return Fund Administrative Class

• PIMCO Real Return Fund Class C

• PIMCO Real Return Fund Institutional Class

• PIMCO Real Return Fund I-2

• PIMCO Real Return Fund Class R

• PIMCO Real Return Fund I-3

• PIMCO RealEstateRealReturn Strategy Fund Class A

• PIMCO RealEstateRealReturn Strategy Fund Class C

• PIMCO RealEstateRealReturn Strategy Fund Institutional Class

• PIMCO RealEstateRealReturn Strategy Fund I-2

• PIMCO RealEstateRealReturn Strategy Fund I-3

• PIMCO Government Money Market Fund Class A

• PIMCO Government Money Market Fund Class C

• PIMCO Government Money Market Fund Class M

• PIMCO Government Money Market Fund I-2

• PIMCO Government Money Market Fund Institutional Class

• PIMCO Government Money Market Fund Administrative Class

• PIMCO Low Duration Fund Class A

• PIMCO Low Duration Fund Administrative Class

• PIMCO Low Duration Fund Class C

• PIMCO Low Duration Fund Institutional Class

• PIMCO Low Duration Fund I-2

• PIMCO Low Duration Fund Class R

• PIMCO Low Duration Fund I-3

• PIMCO Low Duration Fund Class C-2

------

• PIMCO Low Duration Fund II Administrative Class

• PIMCO Low Duration Fund II Institutional Class

• PIMCO Low Duration ESG Fund Institutional Class

• PIMCO Low Duration ESG Fund I-2

• PIMCO Short Asset Investment Fund Class A

• PIMCO Short Asset Investment Fund Administrative Class

• PIMCO Short Asset Investment Fund Institutional Class

• PIMCO Short Asset Investment Fund I-2

• PIMCO Short Asset Investment Fund Class M

• PIMCO Short Asset Investment Fund I-3

• PIMCO Short-Term Fund Class A

• PIMCO Short-Term Fund Administrative Class

• PIMCO Short-Term Fund Class C

• PIMCO Short-Term Fund Institutional Class

• PIMCO Short-Term Fund I-2

• PIMCO Short-Term Fund Class R

• PIMCO Short-Term Fund I-3

• PIMCO California Intermediate Municipal Bond Fund Class A

• PIMCO California Intermediate Municipal Bond Fund Class C

• PIMCO California Intermediate Municipal Bond Fund Institutional Class

• PIMCO California Intermediate Municipal Bond Fund I-2

• PIMCO California Municipal Bond Fund Class A

• PIMCO California Municipal Bond Fund Class C

• PIMCO California Municipal Bond Fund Institutional Class

• PIMCO California Municipal Bond Fund I-2

• PIMCO California Short Duration Municipal Income Fund Class A

• PIMCO California Short Duration Municipal Income Fund Institutional Class

• PIMCO California Short Duration Municipal Income Fund I-2

• PIMCO High Yield Municipal Bond Fund Class A

• PIMCO High Yield Municipal Bond Fund Class C

• PIMCO High Yield Municipal Bond Fund Institutional Class

• PIMCO High Yield Municipal Bond Fund I-2

• PIMCO High Yield Municipal Bond Fund I-3

• PIMCO Municipal Bond Fund Class A

• PIMCO Municipal Bond Fund Class C

• PIMCO Municipal Bond Fund Institutional Class

• PIMCO Municipal Bond Fund I-2

• PIMCO Municipal Bond Fund I-3

• PIMCO National Intermediate Municipal Bond Fund Class A

• PIMCO National Intermediate Municipal Bond Fund Class C

• PIMCO National Intermediate Municipal Bond Fund Institutional Class

• PIMCO National Intermediate Municipal Bond Fund I-2

• PIMCO New York Municipal Bond Fund Class A

• PIMCO New York Municipal Bond Fund Class C

• PIMCO New York Municipal Bond Fund Institutional Class

• PIMCO New York Municipal Bond Fund I-2

• PIMCO New York Municipal Bond Fund I-3

• PIMCO Short Duration Municipal Income Fund Class A

• PIMCO Short Duration Municipal Income Fund Class C

• PIMCO Short Duration Municipal Income Fund Institutional Class

• PIMCO Short Duration Municipal Income Fund I-2

• PIMCO Short Duration Municipal Income Fund Class C-2

• PIMCO Short Duration Municipal Income Fund I-3

(b) Not applicable to the Registrant.

# PIMCO All Asset: Multi-RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset: Multi-RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-RAE PLUS Fund | $58 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1983819 |
| # of Portfolio Holdings | 2078 |
| Portfolio Turnover Rate | 410% |
| Total Net Advisory Fees Paid During the Reporting Period | $6951 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 101.5% |
| Asset-Backed Securities | 30.8% |
| Sovereign Issues | 12.2% |
| U.S. Treasury Obligations | 9.6% |
| Non-Agency Mortgage-Backed Securities | 9.2% |
| Corporate Bonds & Notes | 6.6% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.1% |
| Short-Term Instruments | 21.6% |
| Affiliated Investments | 0.5% |
| Financial Derivative Instruments | 2.8% |
| Other Assets and Liabilities, Net | (95.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO All Asset: Multi-RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2221TSRSAR_093025

# PIMCO All Asset: Multi-Real Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO All Asset: Multi-Real Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-Real Fund | $210 | 4.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1765167 |
| # of Portfolio Holdings | 987 |
| Portfolio Turnover Rate | 78% |
| Total Net Advisory Fees Paid During the Reporting Period | $4532 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.9% |
| Real Estate Investment Trusts | 31.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 9.1% |
| Commodities | 6.5% |
| Sovereign Issues | 5.5% |
| Corporate Bonds & Notes | 1.1% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 8.2% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (89.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO All Asset: Multi-Real Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2223TSRSAR_093025

# PIMCO All Authority: Multi-RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO All Authority: Multi-RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Authority: Multi-RAE PLUS Fund | $57 | 1.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $195936 |
| # of Portfolio Holdings | 859 |
| Portfolio Turnover Rate | 412% |
| Total Net Advisory Fees Paid During the Reporting Period | $608 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 84.9% |
| Non-Agency Mortgage-Backed Securities | 18.1% |
| Asset-Backed Securities | 17.5% |
| Sovereign Issues | 10.9% |
| Corporate Bonds & Notes | 5.6% |
| U.S. Treasury Obligations | 2.7% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 24.7% |
| Affiliated Investments | 4.1% |
| Financial Derivative Instruments | 2.5% |
| Other Assets and Liabilities, Net | (71.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO All Authority: Multi-RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2236TSRSAR_093025

# PIMCO ABS and Short-Term Investments Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO ABS and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO ABS and Short-Term Investments Portfolio | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $8311006 |
| # of Portfolio Holdings | 2193 |
| Portfolio Turnover Rate | 305% |
| Total Net Advisory Fees Paid During the Reporting Period | $778 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 60.7% |
| Asset-Backed Securities | 58.6% |
| Non-Agency Mortgage-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 1.1% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 13.5% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (55.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO ABS and Short-Term Investments Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0460TSRSAR_093025

# Class A: PCMBX

# PIMCO California Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $260178 |
| # of Portfolio Holdings | 170 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $244 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.2% |
| Electric Power & Light Revenue | 10.9% |
| Health, Hospital & Nursing Home Revenue | 10.9% |
| Port, Airport & Marina Revenue | 9.7% |
| Ad Valorem Property Tax | 9.2% |
| U.S. Government Agencies | 4.2% |
| Resource Recovery Revenue | 3.6% |
| Lease (Abatement) | 3.5% |
| Highway Revenue Tolls | 3.5% |
| Sales Tax Revenue | 2.6% |
| College & University Revenue | 2.4% |
| Other Investments | 14.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 9.2% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PCMBX
![Image](g51753g93r91.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4038TSRSAR_093025

# Class C: PCFCX

# PIMCO California Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $260178 |
| # of Portfolio Holdings | 170 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $244 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.2% |
| Electric Power & Light Revenue | 10.9% |
| Health, Hospital & Nursing Home Revenue | 10.9% |
| Port, Airport & Marina Revenue | 9.7% |
| Ad Valorem Property Tax | 9.2% |
| U.S. Government Agencies | 4.2% |
| Resource Recovery Revenue | 3.6% |
| Lease (Abatement) | 3.5% |
| Highway Revenue Tolls | 3.5% |
| Sales Tax Revenue | 2.6% |
| College & University Revenue | 2.4% |
| Other Investments | 14.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 9.2% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PCFCX
![Image](g51753g93r91.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4238TSRSAR_093025

# Institutional Class: PCIMX

# PIMCO California Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $260178 |
| # of Portfolio Holdings | 170 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $244 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.2% |
| Electric Power & Light Revenue | 10.9% |
| Health, Hospital & Nursing Home Revenue | 10.9% |
| Port, Airport & Marina Revenue | 9.7% |
| Ad Valorem Property Tax | 9.2% |
| U.S. Government Agencies | 4.2% |
| Resource Recovery Revenue | 3.6% |
| Lease (Abatement) | 3.5% |
| Highway Revenue Tolls | 3.5% |
| Sales Tax Revenue | 2.6% |
| College & University Revenue | 2.4% |
| Other Investments | 14.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 9.2% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PCIMX
![Image](g51753g93r91.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0054TSRSAR_093025

# I-2: PCIPX

# PIMCO California Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $260178 |
| # of Portfolio Holdings | 170 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $244 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.2% |
| Electric Power & Light Revenue | 10.9% |
| Health, Hospital & Nursing Home Revenue | 10.9% |
| Port, Airport & Marina Revenue | 9.7% |
| Ad Valorem Property Tax | 9.2% |
| U.S. Government Agencies | 4.2% |
| Resource Recovery Revenue | 3.6% |
| Lease (Abatement) | 3.5% |
| Highway Revenue Tolls | 3.5% |
| Sales Tax Revenue | 2.6% |
| College & University Revenue | 2.4% |
| Other Investments | 14.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 9.2% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PCIPX
![Image](g51753g93r91.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1918TSRSAR_093025

# Class A: PCTTX

# PIMCO California Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.79%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $448096 |
| # of Portfolio Holdings | 289 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $411 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 19.9% |
| Local or Guaranteed Housing | 13.5% |
| Port, Airport & Marina Revenue | 8.7% |
| Health, Hospital & Nursing Home Revenue | 8.6% |
| Electric Power & Light Revenue | 8.4% |
| College & University Revenue | 5.0% |
| Special Tax | 4.8% |
| U.S. Government Agencies | 3.7% |
| Water Revenue | 3.7% |
| Sales Tax Revenue | 2.5% |
| Private Schools | 2.4% |
| Other Investments | 14.2% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PCTTX
![Image](g51753g93r91.jpg)

# PIMCO California Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6040TSRSAR_093025

# Class C: PCTGX

# PIMCO California Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $78 | 1.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $448096 |
| # of Portfolio Holdings | 289 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $411 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 19.9% |
| Local or Guaranteed Housing | 13.5% |
| Port, Airport & Marina Revenue | 8.7% |
| Health, Hospital & Nursing Home Revenue | 8.6% |
| Electric Power & Light Revenue | 8.4% |
| College & University Revenue | 5.0% |
| Special Tax | 4.8% |
| U.S. Government Agencies | 3.7% |
| Water Revenue | 3.7% |
| Sales Tax Revenue | 2.5% |
| Private Schools | 2.4% |
| Other Investments | 14.2% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PCTGX
![Image](g51753g93r91.jpg)

# PIMCO California Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6240TSRSAR_093025

# Institutional Class: PCTIX

# PIMCO California Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $22 | 0.44%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $448096 |
| # of Portfolio Holdings | 289 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $411 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 19.9% |
| Local or Guaranteed Housing | 13.5% |
| Port, Airport & Marina Revenue | 8.7% |
| Health, Hospital & Nursing Home Revenue | 8.6% |
| Electric Power & Light Revenue | 8.4% |
| College & University Revenue | 5.0% |
| Special Tax | 4.8% |
| U.S. Government Agencies | 3.7% |
| Water Revenue | 3.7% |
| Sales Tax Revenue | 2.5% |
| Private Schools | 2.4% |
| Other Investments | 14.2% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PCTIX
![Image](g51753g93r91.jpg)

# PIMCO California Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2062TSRSAR_093025

# I-2: PCTPX

# PIMCO California Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $448096 |
| # of Portfolio Holdings | 289 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $411 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 19.9% |
| Local or Guaranteed Housing | 13.5% |
| Port, Airport & Marina Revenue | 8.7% |
| Health, Hospital & Nursing Home Revenue | 8.6% |
| Electric Power & Light Revenue | 8.4% |
| College & University Revenue | 5.0% |
| Special Tax | 4.8% |
| U.S. Government Agencies | 3.7% |
| Water Revenue | 3.7% |
| Sales Tax Revenue | 2.5% |
| Private Schools | 2.4% |
| Other Investments | 14.2% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PCTPX
![Image](g51753g93r91.jpg)

# PIMCO California Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2068TSRSAR_093025

# Class A: PCDAX

# PIMCO California Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $201897 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $155 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.1% |
| Ad Valorem Property Tax | 10.9% |
| Local or Guaranteed Housing | 8.7% |
| Electric Power & Light Revenue | 8.4% |
| Resource Recovery Revenue | 6.0% |
| Highway Revenue Tolls | 5.3% |
| Port, Airport & Marina Revenue | 4.9% |
| Water Revenue | 4.8% |
| General Fund | 4.7% |
| Lease (Abatement) | 4.1% |
| Other Investments | 12.2% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments | 12.1% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PCDAX
![Image](g51753g93r91.jpg)

# PIMCO California Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4117TSRSAR_093025

# Institutional Class: PCDIX

# PIMCO California Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $201897 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $155 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.1% |
| Ad Valorem Property Tax | 10.9% |
| Local or Guaranteed Housing | 8.7% |
| Electric Power & Light Revenue | 8.4% |
| Resource Recovery Revenue | 6.0% |
| Highway Revenue Tolls | 5.3% |
| Port, Airport & Marina Revenue | 4.9% |
| Water Revenue | 4.8% |
| General Fund | 4.7% |
| Lease (Abatement) | 4.1% |
| Other Investments | 12.2% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments | 12.1% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PCDIX
![Image](g51753g93r91.jpg)

# PIMCO California Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1888TSRSAR_093025

# I-2: PCDPX

# PIMCO California Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $22 | 0.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $201897 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $155 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.1% |
| Ad Valorem Property Tax | 10.9% |
| Local or Guaranteed Housing | 8.7% |
| Electric Power & Light Revenue | 8.4% |
| Resource Recovery Revenue | 6.0% |
| Highway Revenue Tolls | 5.3% |
| Port, Airport & Marina Revenue | 4.9% |
| Water Revenue | 4.8% |
| General Fund | 4.7% |
| Lease (Abatement) | 4.1% |
| Other Investments | 12.2% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments | 12.1% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PCDPX
![Image](g51753g93r91.jpg)

# PIMCO California Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1929TSRSAR_093025

# Class A: PCLAX

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 1.23%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4763867 |
| # of Portfolio Holdings | 953 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $11123 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Commodities | 15.1% |
| Asset-Backed Securities | 12.4% |
| U.S. Government Agencies | 11.5% |
| Corporate Bonds & Notes | 8.8% |
| U.S. Treasury Obligations | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 66.6% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (26.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PCLAX
![Image](g51753g93r91.jpg)

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6016TSRSAR_093025

# Class C: PCPCX

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 1.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4763867 |
| # of Portfolio Holdings | 953 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $11123 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Commodities | 15.1% |
| Asset-Backed Securities | 12.4% |
| U.S. Government Agencies | 11.5% |
| Corporate Bonds & Notes | 8.8% |
| U.S. Treasury Obligations | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 66.6% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (26.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PCPCX
![Image](g51753g93r91.jpg)

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6216TSRSAR_093025

# I-3: PCLNX

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $47 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4763867 |
| # of Portfolio Holdings | 953 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $11123 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Commodities | 15.1% |
| Asset-Backed Securities | 12.4% |
| U.S. Government Agencies | 11.5% |
| Corporate Bonds & Notes | 8.8% |
| U.S. Treasury Obligations | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 66.6% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (26.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PCLNX
![Image](g51753g93r91.jpg)

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2176TSRSAR_093025

# Institutional Class: PCLIX

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $40 | 0.79%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4763867 |
| # of Portfolio Holdings | 953 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $11123 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Commodities | 15.1% |
| Asset-Backed Securities | 12.4% |
| U.S. Government Agencies | 11.5% |
| Corporate Bonds & Notes | 8.8% |
| U.S. Treasury Obligations | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 66.6% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (26.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PCLIX
![Image](g51753g93r91.jpg)

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1970TSRSAR_093025

# I-2: PCLPX

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $45 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4763867 |
| # of Portfolio Holdings | 953 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $11123 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Commodities | 15.1% |
| Asset-Backed Securities | 12.4% |
| U.S. Government Agencies | 11.5% |
| Corporate Bonds & Notes | 8.8% |
| U.S. Treasury Obligations | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 66.6% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (26.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PCLPX
![Image](g51753g93r91.jpg)

# PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1980TSRSAR_093025

# Class A: PCRAX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.31%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PCRAX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4049TSRSAR_093025

# Administrative Class: PCRRX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $57 | 1.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PCRRX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0410TSRSAR_093025

# Class C: PCRCX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $104 | 2.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PCRCX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4249TSRSAR_093025

# I-3: PCRNX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $52 | 1.02%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PCRNX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2177TSRSAR_093025

# Institutional Class: PCRIX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $44 | 0.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PCRIX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0045TSRSAR_093025

# I-2: PCRPX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $49 | 0.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PCRPX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1921TSRSAR_093025

# Class R: PCSRX

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $79 | 1.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3423824 |
| # of Portfolio Holdings | 1066 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $8618 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 72.7% |
| U.S. Government Agencies | 16.5% |
| Sovereign Issues | 9.4% |
| Asset-Backed Securities | 9.3% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 1.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (30.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class R: PCSRX
![Image](g51753g93r91.jpg)

# PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4549TSRSAR_093025

# PIMCO EM Bond and Short-Term Investments Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO EM Bond and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO EM Bond and Short-Term Investments Portfolio | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $455954 |
| # of Portfolio Holdings | 478 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $42 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Peru | 13.3% |
| South Africa | 12.5% |
| Mexico | 10.3% |
| Saudi Arabia | 8.8% |
| Colombia | 5.5% |
| Luxembourg | 4.9% |
| United States | 4.8% |
| Romania | 4.6% |
| Serbia | 4.3% |
| Brazil | 3.2% |
| Other Countries | 18.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.3% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO EM Bond and Short-Term Investments Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0138TSRSAR_093025

# Class A: AMAXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: AMAXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4099TSRSAR_093025

# Administrative Class: PGOXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PGOXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2169TSRSAR_093025

# Class C: AMGXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: AMGXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4299TSRSAR_093025

# Institutional Class: PGYXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PGYXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2168TSRSAR_093025

# Class M: PGFXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class M: PGFXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1940TSRSAR_093025

# I-2: PGPXX

# PIMCO Government Money Market Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $14 | 0.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5090614 |
| # of Portfolio Holdings | 16 |
| Total Net Advisory Fees Paid During the Reporting Period | $2584 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 143.9% |
| Other Assets and Liabilities, Net | (43.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PGPXX
![Image](g51753g93r91.jpg)

# PIMCO Government Money Market Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1941TSRSAR_093025

# PIMCO High Yield and Short-Term Investments Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO High Yield and Short-Term Investments Portfolio | $5 | 0.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $144979 |
| # of Portfolio Holdings | 621 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $14 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.1% |
| Loan Participations and Assignments | 7.6% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 3.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 1.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO High Yield and Short-Term Investments Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0477TSRSAR_093025

# Class A: PYMAX

# PIMCO High Yield Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5763472 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $8175 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 12.5% |
| Health, Hospital & Nursing Home Revenue | 10.8% |
| Ad Valorem Property Tax | 7.2% |
| Industrial Revenue | 5.7% |
| Tobacco Settlement Funded | 5.4% |
| Port, Airport & Marina Revenue | 5.4% |
| Sales Tax Revenue | 5.2% |
| Electric Power & Light Revenue | 5.1% |
| Natural Gas Revenue | 3.9% |
| Water Revenue | 3.9% |
| Special Assessment | 2.9% |
| Other Investments | 26.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.6% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PYMAX
![Image](g51753g93r91.jpg)

# PIMCO High Yield Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4025TSRSAR_093025

# Class C: PYMCX

# PIMCO High Yield Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $81 | 1.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5763472 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $8175 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 12.5% |
| Health, Hospital & Nursing Home Revenue | 10.8% |
| Ad Valorem Property Tax | 7.2% |
| Industrial Revenue | 5.7% |
| Tobacco Settlement Funded | 5.4% |
| Port, Airport & Marina Revenue | 5.4% |
| Sales Tax Revenue | 5.2% |
| Electric Power & Light Revenue | 5.1% |
| Natural Gas Revenue | 3.9% |
| Water Revenue | 3.9% |
| Special Assessment | 2.9% |
| Other Investments | 26.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.6% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PYMCX
![Image](g51753g93r91.jpg)

# PIMCO High Yield Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4225TSRSAR_093025

# I-3: PYMNX

# PIMCO High Yield Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5763472 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $8175 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 12.5% |
| Health, Hospital & Nursing Home Revenue | 10.8% |
| Ad Valorem Property Tax | 7.2% |
| Industrial Revenue | 5.7% |
| Tobacco Settlement Funded | 5.4% |
| Port, Airport & Marina Revenue | 5.4% |
| Sales Tax Revenue | 5.2% |
| Electric Power & Light Revenue | 5.1% |
| Natural Gas Revenue | 3.9% |
| Water Revenue | 3.9% |
| Special Assessment | 2.9% |
| Other Investments | 26.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.6% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PYMNX
![Image](g51753g93r91.jpg)

# PIMCO High Yield Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2232TSRSAR_093025

# Institutional Class: PHMIX

# PIMCO High Yield Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5763472 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $8175 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 12.5% |
| Health, Hospital & Nursing Home Revenue | 10.8% |
| Ad Valorem Property Tax | 7.2% |
| Industrial Revenue | 5.7% |
| Tobacco Settlement Funded | 5.4% |
| Port, Airport & Marina Revenue | 5.4% |
| Sales Tax Revenue | 5.2% |
| Electric Power & Light Revenue | 5.1% |
| Natural Gas Revenue | 3.9% |
| Water Revenue | 3.9% |
| Special Assessment | 2.9% |
| Other Investments | 26.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.6% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PHMIX
![Image](g51753g93r91.jpg)

# PIMCO High Yield Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1886TSRSAR_093025

# I-2: PYMPX

# PIMCO High Yield Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO High Yield Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5763472 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $8175 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 12.5% |
| Health, Hospital & Nursing Home Revenue | 10.8% |
| Ad Valorem Property Tax | 7.2% |
| Industrial Revenue | 5.7% |
| Tobacco Settlement Funded | 5.4% |
| Port, Airport & Marina Revenue | 5.4% |
| Sales Tax Revenue | 5.2% |
| Electric Power & Light Revenue | 5.1% |
| Natural Gas Revenue | 3.9% |
| Water Revenue | 3.9% |
| Special Assessment | 2.9% |
| Other Investments | 26.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.6% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PYMPX
![Image](g51753g93r91.jpg)

# PIMCO High Yield Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1919TSRSAR_093025

# Class A: PZRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $136 | 2.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2023000 |
| # of Portfolio Holdings | 1009 |
| Portfolio Turnover Rate | 109% |
| Total Net Advisory Fees Paid During the Reporting Period | $3379 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| U.S. Government Agencies | 30.1% |
| Commodities | 13.1% |
| Sovereign Issues | 7.6% |
| Asset-Backed Securities | 7.0% |
| Real Estate Investment Trusts | 4.3% |
| Corporate Bonds & Notes | 2.4% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 25.5% |
| Affiliated Investments | 9.6% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PZRMX
![Image](g51753g93r91.jpg)

# PIMCO Inflation Response Multi-Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6034TSRSAR_093025

# I-3: PFRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $121 | 2.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2023000 |
| # of Portfolio Holdings | 1009 |
| Portfolio Turnover Rate | 109% |
| Total Net Advisory Fees Paid During the Reporting Period | $3379 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| U.S. Government Agencies | 30.1% |
| Commodities | 13.1% |
| Sovereign Issues | 7.6% |
| Asset-Backed Securities | 7.0% |
| Real Estate Investment Trusts | 4.3% |
| Corporate Bonds & Notes | 2.4% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 25.5% |
| Affiliated Investments | 9.6% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PFRMX
![Image](g51753g93r91.jpg)

# PIMCO Inflation Response Multi-Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2238TSRSAR_093025

# Institutional Class: PIRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $113 | 2.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2023000 |
| # of Portfolio Holdings | 1009 |
| Portfolio Turnover Rate | 109% |
| Total Net Advisory Fees Paid During the Reporting Period | $3379 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| U.S. Government Agencies | 30.1% |
| Commodities | 13.1% |
| Sovereign Issues | 7.6% |
| Asset-Backed Securities | 7.0% |
| Real Estate Investment Trusts | 4.3% |
| Corporate Bonds & Notes | 2.4% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 25.5% |
| Affiliated Investments | 9.6% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PIRMX
![Image](g51753g93r91.jpg)

# PIMCO Inflation Response Multi-Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2031TSRSAR_093025

# I-2: PPRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $118 | 2.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2023000 |
| # of Portfolio Holdings | 1009 |
| Portfolio Turnover Rate | 109% |
| Total Net Advisory Fees Paid During the Reporting Period | $3379 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| U.S. Government Agencies | 30.1% |
| Commodities | 13.1% |
| Sovereign Issues | 7.6% |
| Asset-Backed Securities | 7.0% |
| Real Estate Investment Trusts | 4.3% |
| Corporate Bonds & Notes | 2.4% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 25.5% |
| Affiliated Investments | 9.6% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PPRMX
![Image](g51753g93r91.jpg)

# PIMCO Inflation Response Multi-Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2033TSRSAR_093025

# PIMCO International Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO International Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO International Portfolio | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $528293 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $51 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Japan | 17.1% |
| Canada | 12.6% |
| Supranational | 7.3% |
| United Kingdom | 6.9% |
| Australia | 3.5% |
| United States | 2.3% |
| Short-Term Instruments | 11.2% |
| Affiliated Investments | 35.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | 4.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO International Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0109TSRSAR_093025

# PIMCO Investment Grade Credit Bond Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Investment Grade Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Investment Grade Credit Bond Portfolio | $19 | 0.37%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2472045 |
| # of Portfolio Holdings | 792 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $240 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 84.6% |
| U.S. Government Agencies | 9.4% |
| Preferred Securities | 4.8% |
| Sovereign Issues | 1.8% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Asset-Backed Securities | 1.0% |
| Municipal Bonds & Notes | 0.8% |
| Convertible Preferred Securities | 0.7% |
| U.S. Treasury Obligations | 0.6% |
| Loan Participations and Assignments | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 3.6% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (9.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Investment Grade Credit Bond Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0476TSRSAR_093025

# PIMCO Long Duration Credit Bond Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Long Duration Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Long Duration Credit Bond Portfolio | $29 | 0.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $27209220 |
| # of Portfolio Holdings | 2490 |
| Portfolio Turnover Rate | 124% |
| Total Net Advisory Fees Paid During the Reporting Period | $2597 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 22.5% |
| U.S. Government Agencies | 14.9% |
| Sovereign Issues | 3.7% |
| Preferred Securities | 2.7% |
| Municipal Bonds & Notes | 2.2% |
| Asset-Backed Securities | 0.4% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Loan Participations and Assignments | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Long Duration Credit Bond Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS1830TSRSAR_093025

# Institutional Class: PRAIX

# PIMCO Long-Term Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Long-Term Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $107 | 2.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $364178 |
| # of Portfolio Holdings | 531 |
| Portfolio Turnover Rate | 64% |
| Total Net Advisory Fees Paid During the Reporting Period | $457 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.2% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 7.3% |
| Sovereign Issues | 6.2% |
| Non-Agency Mortgage-Backed Securities | 3.0% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (43.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PRAIX
![Image](g51753g93r91.jpg)

# PIMCO Long-Term Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0066TSRSAR_093025

# I-2: PRTPX

# PIMCO Long-Term Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Long-Term Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $112 | 2.24%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $364178 |
| # of Portfolio Holdings | 531 |
| Portfolio Turnover Rate | 64% |
| Total Net Advisory Fees Paid During the Reporting Period | $457 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.2% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 7.3% |
| Sovereign Issues | 6.2% |
| Non-Agency Mortgage-Backed Securities | 3.0% |
| Corporate Bonds & Notes | 0.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (43.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PRTPX
![Image](g51753g93r91.jpg)

# PIMCO Long-Term Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1993TSRSAR_093025

# Institutional Class: PLDIX

# PIMCO Low Duration ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration ESG Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $26 | 0.51%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $339531 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 52% |
| Total Net Advisory Fees Paid During the Reporting Period | $393 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 29.2% |
| Corporate Bonds & Notes | 13.6% |
| U.S. Treasury Obligations | 13.0% |
| Asset-Backed Securities | 8.8% |
| Non-Agency Mortgage-Backed Securities | 5.7% |
| Sovereign Issues | 0.7% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 56.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (27.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PLDIX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0121TSRSAR_093025

# I-2: PLUPX

# PIMCO Low Duration ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration ESG Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $31 | 0.61%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $339531 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 52% |
| Total Net Advisory Fees Paid During the Reporting Period | $393 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 29.2% |
| Corporate Bonds & Notes | 13.6% |
| U.S. Treasury Obligations | 13.0% |
| Asset-Backed Securities | 8.8% |
| Non-Agency Mortgage-Backed Securities | 5.7% |
| Sovereign Issues | 0.7% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 56.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (27.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PLUPX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1991TSRSAR_093025

# Class A: PTLAX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.76%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PTLAX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4004TSRSAR_093025

# Administrative Class: PLDAX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $37 | 0.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PLDAX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0436TSRSAR_093025

# Class C: PTLCX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $56 | 1.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PTLCX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4204TSRSAR_093025

# Class C-2: PLCCX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $66 | 1.31%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C-2: PLCCX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4804TSRSAR_093025

# I-3: PTLNX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $31 | 0.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PTLNX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2188TSRSAR_093025

# Institutional Class: PTLDX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $24 | 0.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PTLDX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0036TSRSAR_093025

# I-2: PLDPX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PLDPX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1901TSRSAR_093025

# Class R: PLDRX

# PIMCO Low Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $54 | 1.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $5852766 |
| # of Portfolio Holdings | 1102 |
| Portfolio Turnover Rate | 224% |
| Total Net Advisory Fees Paid During the Reporting Period | $8048 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.7% |
| U.S. Treasury Obligations | 13.5% |
| Corporate Bonds & Notes | 12.1% |
| Asset-Backed Securities | 6.0% |
| Non-Agency Mortgage-Backed Securities | 4.8% |
| Sovereign Issues | 3.0% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 32.0% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (28.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class R: PLDRX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4504TSRSAR_093025

# Administrative Class: PDFAX

# PIMCO Low Duration Fund II

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund II (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $39 | 0.77%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $287386 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 203% |
| Total Net Advisory Fees Paid During the Reporting Period | $343 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.0% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 6.4% |
| Asset-Backed Securities | 2.9% |
| Short-Term Instruments | 41.8% |
| Affiliated Investments | 15.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (30.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PDFAX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund II
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0407TSRSAR_093025

# Institutional Class: PLDTX

# PIMCO Low Duration Fund II

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Fund II (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $26 | 0.52%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $287386 |
| # of Portfolio Holdings | 323 |
| Portfolio Turnover Rate | 203% |
| Total Net Advisory Fees Paid During the Reporting Period | $343 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.0% |
| U.S. Treasury Obligations | 16.1% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 6.4% |
| Asset-Backed Securities | 2.9% |
| Short-Term Instruments | 41.8% |
| Affiliated Investments | 15.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (30.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PLDTX
![Image](g51753g93r91.jpg)

# PIMCO Low Duration Fund II
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0107TSRSAR_093025

# PIMCO Low Duration Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Low Duration Portfolio | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2358865 |
| # of Portfolio Holdings | 468 |
| Portfolio Turnover Rate | 30% |
| Total Net Advisory Fees Paid During the Reporting Period | $231 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 37.1% |
| Corporate Bonds & Notes | 22.6% |
| U.S. Government Agencies | 16.7% |
| Asset-Backed Securities | 11.9% |
| Non-Agency Mortgage-Backed Securities | 5.9% |
| Municipal Bonds & Notes | 1.2% |
| Sovereign Issues | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 13.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Low Duration Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2034TSRSAR_093025

# PIMCO Moderate Duration Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Moderate Duration Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Moderate Duration Portfolio | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3652745 |
| # of Portfolio Holdings | 746 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $357 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.9% |
| Corporate Bonds & Notes | 22.4% |
| U.S. Treasury Obligations | 14.2% |
| Asset-Backed Securities | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.0% |
| Municipal Bonds & Notes | 2.5% |
| Other Investments | 0.1% |
| Short-Term Instruments | 23.4% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (24.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Moderate Duration Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2035TSRSAR_093025

# PIMCO Mortgage and Short-Term Investments Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Mortgage and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Mortgage and Short-Term Investments Portfolio | $10 | 0.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1167871 |
| # of Portfolio Holdings | 2473 |
| Portfolio Turnover Rate | 654% |
| Total Net Advisory Fees Paid During the Reporting Period | $110 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 292.0% |
| U.S. Treasury Obligations | 17.5% |
| Non-Agency Mortgage-Backed Securities | 7.4% |
| Asset-Backed Securities | 5.8% |
| Municipal Bonds & Notes | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.2% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (225.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Mortgage and Short-Term Investments Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0474TSRSAR_093025

# Class A: PMLAX

# PIMCO Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4240179 |
| # of Portfolio Holdings | 753 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $4029 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Local or Guaranteed Housing | 12.5% |
| Port, Airport & Marina Revenue | 10.3% |
| Ad Valorem Property Tax | 7.1% |
| Income Tax Revenue | 5.9% |
| Electric Power & Light Revenue | 4.4% |
| Sales Tax Revenue | 4.3% |
| Natural Gas Revenue | 4.3% |
| Industrial Revenue | 4.1% |
| Water Revenue | 3.6% |
| Miscellaneous Revenue | 3.0% |
| Other Investments | 22.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PMLAX
![Image](g51753g93r91.jpg)

# PIMCO Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4012TSRSAR_093025

# Class C: PMLCX

# PIMCO Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $63 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4240179 |
| # of Portfolio Holdings | 753 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $4029 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Local or Guaranteed Housing | 12.5% |
| Port, Airport & Marina Revenue | 10.3% |
| Ad Valorem Property Tax | 7.1% |
| Income Tax Revenue | 5.9% |
| Electric Power & Light Revenue | 4.4% |
| Sales Tax Revenue | 4.3% |
| Natural Gas Revenue | 4.3% |
| Industrial Revenue | 4.1% |
| Water Revenue | 3.6% |
| Miscellaneous Revenue | 3.0% |
| Other Investments | 22.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PMLCX
![Image](g51753g93r91.jpg)

# PIMCO Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4212TSRSAR_093025

# I-3: PMUNX

# PIMCO Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $30 | 0.59%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4240179 |
| # of Portfolio Holdings | 753 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $4029 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Local or Guaranteed Housing | 12.5% |
| Port, Airport & Marina Revenue | 10.3% |
| Ad Valorem Property Tax | 7.1% |
| Income Tax Revenue | 5.9% |
| Electric Power & Light Revenue | 4.4% |
| Sales Tax Revenue | 4.3% |
| Natural Gas Revenue | 4.3% |
| Industrial Revenue | 4.1% |
| Water Revenue | 3.6% |
| Miscellaneous Revenue | 3.0% |
| Other Investments | 22.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PMUNX
![Image](g51753g93r91.jpg)

# PIMCO Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2233TSRSAR_093025

# Institutional Class: PFMIX

# PIMCO Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $22 | 0.44%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4240179 |
| # of Portfolio Holdings | 753 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $4029 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Local or Guaranteed Housing | 12.5% |
| Port, Airport & Marina Revenue | 10.3% |
| Ad Valorem Property Tax | 7.1% |
| Income Tax Revenue | 5.9% |
| Electric Power & Light Revenue | 4.4% |
| Sales Tax Revenue | 4.3% |
| Natural Gas Revenue | 4.3% |
| Industrial Revenue | 4.1% |
| Water Revenue | 3.6% |
| Miscellaneous Revenue | 3.0% |
| Other Investments | 22.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PFMIX
![Image](g51753g93r91.jpg)

# PIMCO Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0040TSRSAR_093025

# I-2: PMUPX

# PIMCO Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $4240179 |
| # of Portfolio Holdings | 753 |
| Portfolio Turnover Rate | 42% |
| Total Net Advisory Fees Paid During the Reporting Period | $4029 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Local or Guaranteed Housing | 12.5% |
| Port, Airport & Marina Revenue | 10.3% |
| Ad Valorem Property Tax | 7.1% |
| Income Tax Revenue | 5.9% |
| Electric Power & Light Revenue | 4.4% |
| Sales Tax Revenue | 4.3% |
| Natural Gas Revenue | 4.3% |
| Industrial Revenue | 4.1% |
| Water Revenue | 3.6% |
| Miscellaneous Revenue | 3.0% |
| Other Investments | 22.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 4.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PMUPX
![Image](g51753g93r91.jpg)

# PIMCO Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1916TSRSAR_093025

# PIMCO Municipal Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Municipal Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Municipal Portfolio | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $100377 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $10 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.6% |
| Port, Airport & Marina Revenue | 14.5% |
| Ad Valorem Property Tax | 10.0% |
| College & University Revenue | 9.2% |
| Highway Revenue Tolls | 7.1% |
| Income Tax Revenue | 6.3% |
| Appropriations | 5.8% |
| Electric Power & Light Revenue | 4.7% |
| Water Revenue | 3.4% |
| Hotel Occupancy Tax | 3.3% |
| Natural Gas Revenue | 3.1% |
| Sales Tax Revenue | 2.3% |
| Other Investments | 13.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 1.0% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Municipal Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0489TSRSAR_093025

# Class A: PMNTX

# PIMCO National Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1148217 |
| # of Portfolio Holdings | 465 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1135 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.5% |
| Local or Guaranteed Housing | 12.9% |
| Port, Airport & Marina Revenue | 9.8% |
| Ad Valorem Property Tax | 8.1% |
| Electric Power & Light Revenue | 6.7% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.6% |
| College & University Revenue | 3.2% |
| Water Revenue | 3.0% |
| U.S. Government Agencies | 3.0% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 7.0% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PMNTX
![Image](g51753g93r91.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6041TSRSAR_093025

# Class C: PMNNX

# PIMCO National Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $66 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1148217 |
| # of Portfolio Holdings | 465 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1135 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.5% |
| Local or Guaranteed Housing | 12.9% |
| Port, Airport & Marina Revenue | 9.8% |
| Ad Valorem Property Tax | 8.1% |
| Electric Power & Light Revenue | 6.7% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.6% |
| College & University Revenue | 3.2% |
| Water Revenue | 3.0% |
| U.S. Government Agencies | 3.0% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 7.0% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PMNNX
![Image](g51753g93r91.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6241TSRSAR_093025

# Institutional Class: PMNIX

# PIMCO National Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1148217 |
| # of Portfolio Holdings | 465 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1135 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.5% |
| Local or Guaranteed Housing | 12.9% |
| Port, Airport & Marina Revenue | 9.8% |
| Ad Valorem Property Tax | 8.1% |
| Electric Power & Light Revenue | 6.7% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.6% |
| College & University Revenue | 3.2% |
| Water Revenue | 3.0% |
| U.S. Government Agencies | 3.0% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 7.0% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PMNIX
![Image](g51753g93r91.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2064TSRSAR_093025

# I-2: PMNPX

# PIMCO National Intermediate Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1148217 |
| # of Portfolio Holdings | 465 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1135 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.5% |
| Local or Guaranteed Housing | 12.9% |
| Port, Airport & Marina Revenue | 9.8% |
| Ad Valorem Property Tax | 8.1% |
| Electric Power & Light Revenue | 6.7% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.6% |
| College & University Revenue | 3.2% |
| Water Revenue | 3.0% |
| U.S. Government Agencies | 3.0% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 7.0% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PMNPX
![Image](g51753g93r91.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2069TSRSAR_093025

# Class A: PNYAX

# PIMCO New York Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $894409 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $983 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 18.0% |
| College & University Revenue | 7.7% |
| Port, Airport & Marina Revenue | 7.7% |
| Ad Valorem Property Tax | 7.5% |
| Water Revenue | 7.0% |
| Health, Hospital & Nursing Home Revenue | 6.6% |
| Local or Guaranteed Housing | 6.4% |
| Sales Tax Revenue | 6.2% |
| Electric Power & Light Revenue | 5.0% |
| Industrial Revenue | 4.1% |
| Natural Gas Revenue | 4.1% |
| Highway Revenue Tolls | 2.2% |
| Other Investments | 12.4% |
| Short-Term Instruments | 2.0% |
| Affiliated Investments | 1.9% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PNYAX
![Image](g51753g93r91.jpg)

# PIMCO New York Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4037TSRSAR_093025

# Class C: PBFCX

# PIMCO New York Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $894409 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $983 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 18.0% |
| College & University Revenue | 7.7% |
| Port, Airport & Marina Revenue | 7.7% |
| Ad Valorem Property Tax | 7.5% |
| Water Revenue | 7.0% |
| Health, Hospital & Nursing Home Revenue | 6.6% |
| Local or Guaranteed Housing | 6.4% |
| Sales Tax Revenue | 6.2% |
| Electric Power & Light Revenue | 5.0% |
| Industrial Revenue | 4.1% |
| Natural Gas Revenue | 4.1% |
| Highway Revenue Tolls | 2.2% |
| Other Investments | 12.4% |
| Short-Term Instruments | 2.0% |
| Affiliated Investments | 1.9% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PBFCX
![Image](g51753g93r91.jpg)

# PIMCO New York Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4237TSRSAR_093025

# I-3: PNYNX

# PIMCO New York Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $894409 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $983 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 18.0% |
| College & University Revenue | 7.7% |
| Port, Airport & Marina Revenue | 7.7% |
| Ad Valorem Property Tax | 7.5% |
| Water Revenue | 7.0% |
| Health, Hospital & Nursing Home Revenue | 6.6% |
| Local or Guaranteed Housing | 6.4% |
| Sales Tax Revenue | 6.2% |
| Electric Power & Light Revenue | 5.0% |
| Industrial Revenue | 4.1% |
| Natural Gas Revenue | 4.1% |
| Highway Revenue Tolls | 2.2% |
| Other Investments | 12.4% |
| Short-Term Instruments | 2.0% |
| Affiliated Investments | 1.9% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PNYNX
![Image](g51753g93r91.jpg)

# PIMCO New York Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2234TSRSAR_093025

# Institutional Class: PNYIX

# PIMCO New York Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $894409 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $983 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 18.0% |
| College & University Revenue | 7.7% |
| Port, Airport & Marina Revenue | 7.7% |
| Ad Valorem Property Tax | 7.5% |
| Water Revenue | 7.0% |
| Health, Hospital & Nursing Home Revenue | 6.6% |
| Local or Guaranteed Housing | 6.4% |
| Sales Tax Revenue | 6.2% |
| Electric Power & Light Revenue | 5.0% |
| Industrial Revenue | 4.1% |
| Natural Gas Revenue | 4.1% |
| Highway Revenue Tolls | 2.2% |
| Other Investments | 12.4% |
| Short-Term Instruments | 2.0% |
| Affiliated Investments | 1.9% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PNYIX
![Image](g51753g93r91.jpg)

# PIMCO New York Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0055TSRSAR_093025

# I-2: PNYPX

# PIMCO New York Municipal Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $894409 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $983 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 18.0% |
| College & University Revenue | 7.7% |
| Port, Airport & Marina Revenue | 7.7% |
| Ad Valorem Property Tax | 7.5% |
| Water Revenue | 7.0% |
| Health, Hospital & Nursing Home Revenue | 6.6% |
| Local or Guaranteed Housing | 6.4% |
| Sales Tax Revenue | 6.2% |
| Electric Power & Light Revenue | 5.0% |
| Industrial Revenue | 4.1% |
| Natural Gas Revenue | 4.1% |
| Highway Revenue Tolls | 2.2% |
| Other Investments | 12.4% |
| Short-Term Instruments | 2.0% |
| Affiliated Investments | 1.9% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PNYPX
![Image](g51753g93r91.jpg)

# PIMCO New York Municipal Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1992TSRSAR_093025

# PIMCO Sector Fund Series – AM

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Sector Fund Series – AM (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – AM | $33 | 0.64%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $53125 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 501% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 167.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (87.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Sector Fund Series – AM
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2226TSRSAR_093025

# PIMCO Sector Fund Series – H

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Sector Fund Series – H (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – H | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $97144 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 78.9% |
| U.S. Treasury Obligations | 3.6% |
| Loan Participations and Assignments | 3.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 15.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Sector Fund Series – H
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2230TSRSAR_093025

# PIMCO Sector Fund Series – I

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Sector Fund Series – I (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – I | $46 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3069616 |
| # of Portfolio Holdings | 1386 |
| Portfolio Turnover Rate | 62% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 72.6% |
| U.S. Treasury Obligations | 34.2% |
| U.S. Government Agencies | 7.2% |
| Asset-Backed Securities | 4.5% |
| Sovereign Issues | 1.8% |
| Preferred Securities | 1.6% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (23.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Sector Fund Series – I
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2231TSRSAR_093025

# Class A: PRTNX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PRTNX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4010TSRSAR_093025

# Administrative Class: PARRX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $48 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PARRX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0422TSRSAR_093025

# Class C: PRTCX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $81 | 1.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PRTCX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4210TSRSAR_093025

# I-3: PRNPX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PRNPX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2194TSRSAR_093025

# Institutional Class: PRRIX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $36 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PRRIX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0122TSRSAR_093025

# I-2: PRLPX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PRLPX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1920TSRSAR_093025

# Class R: PRRRX

# PIMCO Real Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $69 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $7758043 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 93% |
| Total Net Advisory Fees Paid During the Reporting Period | $9514 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 80.4% |
| U.S. Government Agencies | 16.6% |
| Asset-Backed Securities | 7.7% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Corporate Bonds & Notes | 0.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (11.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class R: PRRRX
![Image](g51753g93r91.jpg)

# PIMCO Real Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4510TSRSAR_093025

# PIMCO Real Return Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Real Return Portfolio | $185 | 3.64%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $472454 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 8% |
| Total Net Advisory Fees Paid During the Reporting Period | $45 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 178.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (78.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Real Return Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0488TSRSAR_093025

# Class A: PETAX

# PIMCO RealEstateRealReturn Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $241 | 4.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $519361 |
| # of Portfolio Holdings | 651 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $1254 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 110.2% |
| Real Estate Investment Trusts | 40.2% |
| U.S. Government Agencies | 14.3% |
| Asset-Backed Securities | 13.1% |
| Sovereign Issues | 4.1% |
| Corporate Bonds & Notes | 1.8% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (84.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PETAX
![Image](g51753g93r91.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4061TSRSAR_093025

# Class C: PETCX

# PIMCO RealEstateRealReturn Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $278 | 5.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $519361 |
| # of Portfolio Holdings | 651 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $1254 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 110.2% |
| Real Estate Investment Trusts | 40.2% |
| U.S. Government Agencies | 14.3% |
| Asset-Backed Securities | 13.1% |
| Sovereign Issues | 4.1% |
| Corporate Bonds & Notes | 1.8% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (84.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PETCX
![Image](g51753g93r91.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4261TSRSAR_093025

# I-3: PNRNX

# PIMCO RealEstateRealReturn Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $228 | 4.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $519361 |
| # of Portfolio Holdings | 651 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $1254 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 110.2% |
| Real Estate Investment Trusts | 40.2% |
| U.S. Government Agencies | 14.3% |
| Asset-Backed Securities | 13.1% |
| Sovereign Issues | 4.1% |
| Corporate Bonds & Notes | 1.8% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (84.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PNRNX
![Image](g51753g93r91.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2195TSRSAR_093025

# Institutional Class: PRRSX

# PIMCO RealEstateRealReturn Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $221 | 4.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $519361 |
| # of Portfolio Holdings | 651 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $1254 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 110.2% |
| Real Estate Investment Trusts | 40.2% |
| U.S. Government Agencies | 14.3% |
| Asset-Backed Securities | 13.1% |
| Sovereign Issues | 4.1% |
| Corporate Bonds & Notes | 1.8% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (84.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PRRSX
![Image](g51753g93r91.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0347TSRSAR_093025

# I-2: PETPX

# PIMCO RealEstateRealReturn Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $226 | 4.42%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $519361 |
| # of Portfolio Holdings | 651 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $1254 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 110.2% |
| Real Estate Investment Trusts | 40.2% |
| U.S. Government Agencies | 14.3% |
| Asset-Backed Securities | 13.1% |
| Sovereign Issues | 4.1% |
| Corporate Bonds & Notes | 1.8% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Preferred Securities | 0.2% |
| Common Stocks | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (84.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PETPX
![Image](g51753g93r91.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1923TSRSAR_093025

# Class A: PAIAX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PAIAX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6042TSRSAR_093025

# Administrative Class: PAIQX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $32 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PAIQX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2067TSRSAR_093025

# I-3: PANDX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $27 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PANDX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2196TSRSAR_093025

# Institutional Class: PAIDX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $19 | 0.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PAIDX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2066TSRSAR_093025

# Class M: PAMSX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $19 | 0.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class M: PAMSX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2163TSRSAR_093025

# I-2: PAIPX

# PIMCO Short Asset Investment Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $24 | 0.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2202088 |
| # of Portfolio Holdings | 406 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $1952 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 10.2% |
| Non-Agency Mortgage-Backed Securities | 3.9% |
| Sovereign Issues | 2.1% |
| U.S. Treasury Obligations | 1.5% |
| Short-Term Instruments | 12.7% |
| Affiliated Investments | 7.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PAIPX
![Image](g51753g93r91.jpg)

# PIMCO Short Asset Investment Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2070TSRSAR_093025

# PIMCO Short Asset Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short Asset Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short Asset Portfolio | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $6247973 |
| # of Portfolio Holdings | 765 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 51.6% |
| U.S. Government Agencies | 17.4% |
| Asset-Backed Securities | 17.2% |
| Non-Agency Mortgage-Backed Securities | 4.2% |
| U.S. Treasury Obligations | 1.9% |
| Sovereign Issues | 0.6% |
| Short-Term Instruments | 6.8% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Short Asset Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2172TSRSAR_093025

# Class A: PSDAX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PSDAX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4039TSRSAR_093025

# Class C: PSDCX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $52 | 1.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PSDCX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4239TSRSAR_093025

# Class C-2: PCCMX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $62 | 1.23%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C-2: PCCMX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4839TSRSAR_093025

# I-3: PSDUX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $24 | 0.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PSDUX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2235TSRSAR_093025

# Institutional Class: PSDIX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PSDIX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0053TSRSAR_093025

# I-2: PSDPX

# PIMCO Short Duration Municipal Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $22 | 0.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $503300 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $421 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.9% |
| Local or Guaranteed Housing | 12.6% |
| Ad Valorem Property Tax | 9.3% |
| Electric Power & Light Revenue | 8.2% |
| Port, Airport & Marina Revenue | 5.6% |
| Industrial Revenue | 4.9% |
| Natural Gas Revenue | 4.5% |
| Highway Revenue Tolls | 4.2% |
| Resource Recovery Revenue | 3.9% |
| College & University Revenue | 3.4% |
| Sales Tax Revenue | 2.8% |
| Other Investments | 17.9% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 9.3% |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PSDPX
![Image](g51753g93r91.jpg)

# PIMCO Short Duration Municipal Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1917TSRSAR_093025

# PIMCO Short-Term Floating NAV Portfolio II

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio II (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Floating NAV Portfolio II | $4 | 0.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $10514021 |
| # of Portfolio Holdings | 225 |
| Portfolio Turnover Rate | 73% |
| Total Net Advisory Fees Paid During the Reporting Period | $1042 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 9.6% |
| Sovereign Issues | 1.1% |
| U.S. Government Agencies | 1.1% |
| U.S. Treasury Obligations | 0.8% |
| Asset-Backed Securities | 0.3% |
| Short-Term Instruments | 98.8% |
| Other Assets and Liabilities, Net | (11.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Short-Term Floating NAV Portfolio II
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS1944TSRSAR_093025

# PIMCO Short-Term Floating NAV Portfolio III

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio III (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Floating NAV Portfolio III | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $33864074 |
| # of Portfolio Holdings | 388 |
| Portfolio Turnover Rate | 157% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 7.9% |
| U.S. Treasury Obligations | 6.5% |
| U.S. Government Agencies | 1.1% |
| Sovereign Issues | 0.9% |
| Asset-Backed Securities | 0.2% |
| Short-Term Instruments | 91.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (7.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Short-Term Floating NAV Portfolio III
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS2056TSRSAR_093025

# Class A: PSHAX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class A: PSHAX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4002TSRSAR_093025

# Administrative Class: PSFAX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $42 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Administrative Class: PSFAX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0437TSRSAR_093025

# Class C: PFTCX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $57 | 1.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class C: PFTCX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4202TSRSAR_093025

# I-3: PTSNX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $37 | 0.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-3: PTSNX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2197TSRSAR_093025

# Institutional Class: PTSHX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Institutional Class: PTSHX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0037TSRSAR_093025

# I-2: PTSPX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# I-2: PTSPX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1900TSRSAR_093025

# Class R: PTSRX

# PIMCO Short-Term Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $54 | 1.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9508456 |
| # of Portfolio Holdings | 1228 |
| Portfolio Turnover Rate | 50% |
| Total Net Advisory Fees Paid During the Reporting Period | $12049 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 48.2% |
| U.S. Government Agencies | 20.2% |
| Asset-Backed Securities | 17.9% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 2.0% |
| U.S. Treasury Obligations | 2.0% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (18.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g51753g63f84.jpg)

# Class R: PTSRX
![Image](g51753g93r91.jpg)

# PIMCO Short-Term Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4502TSRSAR_093025

# PIMCO Short-Term Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Portfolio | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $179154 |
| # of Portfolio Holdings | 763 |
| Portfolio Turnover Rate | 329% |
| Total Net Advisory Fees Paid During the Reporting Period | $18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 65.7% |
| Asset-Backed Securities | 45.6% |
| Non-Agency Mortgage-Backed Securities | 31.5% |
| U.S. Treasury Obligations | 4.9% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (54.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO Short-Term Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0468TSRSAR_093025

# PIMCO U.S. Government and Short-Term Investments Portfolio

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g51753g84p42.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the PIMCO U.S. Government and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO U.S. Government and Short-Term Investments Portfolio | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1212856 |
| # of Portfolio Holdings | 236 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid During the Reporting Period | $114 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Portfolio invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 88.7% |
| Asset-Backed Securities | 3.2% |
| Non-Agency Mortgage-Backed Securities | 3.1% |
| U.S. Government Agencies | 0.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g51753g93u96.jpg)

![Image](g51753g93r91.jpg)

# PIMCO U.S. Government and Short-Term Investments Portfolio
Semi-Annual Shareholder Report \|

September 30, 2025

PAPS0470TSRSAR_093025

------

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

• PAPS Portfolios

• PAPS All Asset Funds

• Real Return Strategy Funds

• Short Duration Strategy Funds

• Tax-Efficient Strategy Funds

Filed under the initially filed companion submission on Form N-CSR:

• Asset Allocation Funds

• Bond Funds

• Credit Bond Funds

Filed under the first companion submission on Form N-CSR:

• Equity-Related Strategy Funds

• International Bond Funds

• Municipal Value Funds

• Income Fund

• International Bond Fund (U.S. Dollar-Hedged)

• Total Return Fund

• TRENDS Managed Futures Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

------

![LOGO](g949972g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Private Account Portfolio Series**

PIMCO ABS and Short-Term Investments Portfolio

PIMCO EM Bond and Short-Term Investments Portfolio

PIMCO High Yield and Short-Term Investments Portfolio

PIMCO Investment Grade Credit Bond Portfolio

PIMCO Long Duration Credit Bond Portfolio

PIMCO Low Duration Portfolio

PIMCO Moderate Duration Portfolio

PIMCO Mortgage and Short-Term Investments Portfolio

PIMCO Municipal Portfolio

PIMCO Real Return Portfolio

PIMCO Sector Fund Series - AM

PIMCO Sector Fund Series - H

PIMCO Sector Fund Series - I

PIMCO Short-Term Portfolio

PIMCO Short-Term Floating NAV Portfolio II

PIMCO U.S. Government and Short-Term Investments Portfolio

PIMCO International Portfolio

PIMCO Short Asset Portfolio

PIMCO Short-Term Floating NAV Portfolio III

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Portfolios](#tx949972_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx949972_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx949972_3) | 12 |
| &nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities (N-CSR Item 7)](#tx949972_4) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx949972_5) | 15 |
| &nbsp;&nbsp; [Consolidated Statements of Operations (N-CSR Item 7)](#tx949972_6) | 18 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx949972_7) | 19 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx949972_8) | 24 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx949972_9) | 25 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx949972_10) | 207 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx949972_11) | 230 |
| &nbsp;&nbsp; [Glossary](#tx949972_13) | 238 |
| &nbsp;&nbsp; [Distribution Information](#tx949972_14) | 239 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx949972_16) | 242 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx949972_17) | 243 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx949972_18) | 244 |
| Portfolio | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO ABS and Short-Term Investments Portfolio](#tx949972_19) | 26 |
| &nbsp;&nbsp; [PIMCO EM Bond and Short-Term Investments Portfolio](#tx949972_20) | 43 |
| &nbsp;&nbsp; [PIMCO High Yield and Short-Term Investments Portfolio](#tx949972_21) | 54 |
| &nbsp;&nbsp; [PIMCO Investment Grade Credit Bond Portfolio](#tx949972_22) | 65 |
| &nbsp;&nbsp; [PIMCO Long Duration Credit Bond Portfolio](#tx949972_23) | 78 |
| &nbsp;&nbsp; [PIMCO Low Duration Portfolio](#tx949972_24) | 103 |
| &nbsp;&nbsp; [PIMCO Moderate Duration Portfolio](#tx949972_25) | 111 |
| &nbsp;&nbsp; [PIMCO Mortgage and Short-Term Investments Portfolio](#tx949972_26) | 119 |
| &nbsp;&nbsp; [PIMCO Municipal Portfolio](#tx949972_27) | 127 |
| &nbsp;&nbsp; [PIMCO Real Return Portfolio](#tx949972_28) | 130 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - AM](#tx949972_29) | 134 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - H](#tx949972_30) | 139 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - I](#tx949972_31) | 147 |
| &nbsp;&nbsp; [PIMCO Short-Term Portfolio](#tx949972_32) | 164 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio II](#tx949972_33) | 173 |
| &nbsp;&nbsp; [PIMCO U.S. Government and Short-Term Investments Portfolio](#tx949972_34) | 177 |
| &nbsp;&nbsp; [PIMCO International Portfolio<sup>(1)</sup>](#tx949972_35) | 182 |
| &nbsp;&nbsp; [PIMCO Short Asset Portfolio<sup>(1)</sup>](#tx949972_36) | 189 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio III<sup>(1)</sup>](#tx949972_37) | 199 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

------

Important Information About the Portfolios

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO ABS and Short-Term Investments Portfolio, PIMCO EM Bond and Short-Term Investments Portfolio, PIMCO High Yield and Short-Term Investments Portfolio, PIMCO Investment Grade Credit Bond Portfolio, PIMCO Long Duration Credit Bond Portfolio, PIMCO Low Duration Portfolio, PIMCO Moderate Duration Portfolio, PIMCO Mortgage and Short-Term Investments Portfolio, PIMCO Municipal Portfolio, PIMCO Real Return Portfolio, PIMCO Short-Term Portfolio, PIMCO Short-Term Floating NAV Portfolio II, PIMCO U.S. Government and Short-Term Investments Portfolio, PIMCO International Portfolio, PIMCO Short Asset Portfolio, PIMCO Short-Term Floating NAV Portfolio III, PIMCO Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I (each, a "Portfolio" and collectively, the "Portfolios").

We believe that bond portfolios have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond portfolios, and fixed income securities and other instruments held by a Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolios may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolios may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond portfolios and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than portfolios or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Portfolio's performance or cause a Portfolio to incur losses. As a result, a Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Portfolio.

The Portfolios may be subject to various risks as described in each Portfolio's offering memorandum and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Portfolios' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Portfolio's compliance calculations, including those used in a Portfolio's offering memorandum, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Portfolios are separately monitored for compliance with respect to offering memorandum and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Portfolio. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Portfolio may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolios and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolios, issuers in which they invest and other market participants and Portfolio service providers. For example, if a bank at which a Portfolio or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Portfolio or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolios invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolios and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Portfolios and issuers in which they invest.

The following table discloses the inception dates of each Portfolio along with each Portfolio's diversification status as of period end:

---

| | | |
|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Diversification<br>Status |
|  PIMCO ABS and Short-Term Investments Portfolio | 10/31/00 | Diversified |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 04/03/98 | Non-diversified |
|  PIMCO High Yield and Short-Term Investments Portfolio | 12/08/00 | Diversified |
|  PIMCO Investment Grade Credit Bond Portfolio | 01/26/00 | Diversified |
|  PIMCO Long Duration Credit Bond Portfolio | 12/22/08 | Diversified |
|  PIMCO Low Duration Portfolio | 05/31/12 | Diversified |
|  PIMCO Moderate Duration Portfolio | 07/31/12 | Diversified |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 01/31/00 | Diversified |
|  PIMCO Municipal Portfolio | 08/21/00 | Diversified |
|  PIMCO Real Return Portfolio | 04/28/00 | Diversified |
|  PIMCO Sector Fund Series - AM | 07/19/24 | Non-diversified |
|  PIMCO Sector Fund Series - H | 02/22/24 | Non-diversified |
|  PIMCO Sector Fund Series - I | 06/02/22 | Diversified |
|  PIMCO Short-Term Portfolio | 04/20/00 | Diversified |
|  PIMCO Short-Term Floating NAV Portfolio II | 06/09/09 | Diversified |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 01/31/00 | Diversified |
|  PIMCO International Portfolio | 12/13/89 | Non-diversified |
|  PIMCO Short Asset Portfolio | 05/01/17 | Diversified |
|  PIMCO Short-Term Floating NAV Portfolio III | 03/12/12 | Diversified |

---

An investment in a Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolios. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Portfolio's offering memorandum nor offering memorandum supplement, any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Portfolio creates a contract between or among any shareholder of a Portfolio, on the one hand, and the Trust, a Portfolio, a service provider to the Trust or a Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent offering memorandum or use a new offering memorandum or offering memorandum supplement with respect to a Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

---

------

Important Information About the Portfolios (Cont.)

documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current offering memorandum or offering memorandum supplement.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolios file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolios' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Daily updates on the net asset value of a Portfolio may be obtained by calling (888) 87-PIMCO.

Paper copies of the Portfolios' shareholder reports are required to be provided free of charge by the Portfolio or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to

include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

A supplement was filed on May 21, 2025 to provide notification of changes to the principal investment strategies of the PIMCO Sector Fund Series - AM. As of May 21, 2025, the second sentence in the second paragraph of the principal investment strategies of PIMCO Sector Fund Series - AM was deleted and replaced with the following: In addition, the Portfolio may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality; provided that, for the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to this limit.

---

| | |
|:---|:---|
| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO ABS and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.83 | $0.32 | $0.09 | $0.41 | $(0.32) | $0.00 | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.65 | 0.68 | 0.19 | 0.87 | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.50 | 0.65 | 0.14 | 0.79 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.14 | 0.49 | (0.63) | (0.14) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.60 | 0.36 | (0.45) | (0.09) | (0.33) | (0.04) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.95 | 0.31 | 0.79 | 1.10 | (0.37) | (0.08) | 0.00 | (0.45) |
|  **PIMCO EM Bond and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.70 | $0.29 | $0.25 | $0.54 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.88 | 0.51 | 0.42 | 0.93 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.61 | 0.46 | 0.28 | 0.74 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.14 | 0.37 | (0.40) | (0.03) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.92 | 0.32 | (0.70) | (0.38) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.15 | 0.28 | 0.50 | 0.78 | (0.01) | 0.00 | 0.00 | (0.01) |
|  **PIMCO High Yield and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.16 | $0.24 | $0.21 | $0.45 | $(0.37) | $0.00 | $0.00 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.96 | 0.50 | 0.08 | 0.58 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.88 | 0.51 | 0.16 | 0.67 | (0.53) | (0.06) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.83 | 0.43 | (0.83) | (0.40) | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.60 | 0.38 | 0.26 | 0.64 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.76 | 0.42 | 0.89 | 1.31 | (0.47) | 0.00 | 0.00 | (0.47) |
|  **PIMCO Investment Grade Credit Bond Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.06 | $0.21 | $0.17 | $0.38 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.90 | 0.42 | 0.20 | 0.62 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.67 | 0.37 | 0.21 | 0.58 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.12 | 0.30 | (0.43) | (0.13) | (0.30) | (0.02) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.78 | 0.27 | (0.60) | (0.33) | (0.28) | (0.05) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.14 | 0.27 | 0.65 | 0.92 | (0.28) | 0.00 | 0.00 | (0.28) |
|  **PIMCO Long Duration Credit Bond Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.42 | $0.24 | $0.25 | $0.49 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.49 | 0.47 | (0.04) | 0.43 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.59 | 0.43 | (0.08) | 0.35 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.26 | 0.46 | (1.56) | (1.10) | (0.48) | (0.09) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.42 | 0.52 | (0.89) | (0.37) | (0.59) | (0.20) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.09 | 0.55 | 0.60 | 1.15 | (0.57) | (0.25) | 0.00 | (0.82) |
|  **PIMCO Low Duration Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.55 | $0.22 | $0.07 | $0.29 | $(0.14) | $0.00 | $0.00 | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.46 | 0.13 | 0.59 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.49 | 0.44 | (0.01) | 0.43 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.69 | 0.28 | (0.23) | 0.05 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.04 | 0.09 | (0.34) | (0.25) | (0.08) | (0.02) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.12 | 0.17 | 0.29 | (0.15) | (0.02) | 0.00 | (0.17) |
|  **PIMCO Moderate Duration Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.06 | $0.21 | $0.13 | $0.34 | $(0.18) | $0.00 | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.92 | 0.41 | 0.14 | 0.55 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.03 | 0.38 | (0.10) | 0.28 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.54 | 0.26 | (0.53) | (0.27) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.18 | 0.15 | (0.59) | (0.44) | (0.16) | (0.04) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.27 | 0.15 | 0.09 | 0.24 | (0.18) | (0.15) | 0.00 | (0.33) |
|  **PIMCO Mortgage and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.86 | $0.16 | $0.29 | $0.45 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.93 | 0.35 | (0.02) | 0.33 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.24 | 0.34 | (0.26) | 0.08 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.31 | (1.40) | (1.09) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.00 | 0.28 | (1.15) | (0.87) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.39 | 0.29 | 0.31 | 0.60 | (0.44) | (0.55) | 0.00 | (0.99) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset**<br> **Value End of**<br> **Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense,**<br> **Dividends on**<br> **Securities**<br> **Sold Short**<br> **and Waivers** |  | **Net**<br> **Investment**<br> **Income (Loss)** |  | **Portfolio**<br> **Turnover**<br> **Rate** |
| $11.92 | 3.49% | $8311006 | 0.06 | %\* | 0.06 | %\* | 0.05 | %\* | 0.05 | %\* | 5.35 | %\* | 305% |
| 11.83 | 7.68 | 7419457 | 0.10 |  | 0.10 |  | 0.05 |  | 0.05 |  | 5.81 |  | 683 |
| 11.65 | 7.07 | 5637981 | 0.22 |  | 0.22 |  | 0.05 |  | 0.05 |  | 5.65 |  | 567 |
| 11.50 | (1.15) | 4269304 | 0.09 |  | 0.09 |  | 0.05 |  | 0.05 |  | 4.17 |  | 382 |
| 12.14 | (0.76) | 4915605 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.88 |  | 433 |
| 12.60 | 9.34 | 4714005 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.52 |  | 492 |
| $9.75 | 5.87% | $455954 | 0.17 | %\* | 0.17 | %\* | 0.12 | %\* | 0.12 | %\* | 6.11 | %\* | 23% |
| 9.70 | 10.52 | 432926 | 0.24 |  | 0.24 |  | 0.12 |  | 0.12 |  | 5.61 |  | 16 |
| 8.88 | 8.79 | 465137 | 0.16 |  | 0.16 |  | 0.12 |  | 0.12 |  | 5.30 |  | 10 |
| 8.61 | (0.20) | 423236 | 0.15 |  | 0.15 |  | 0.12 |  | 0.12 |  | 4.21 |  | 14 |
| 9.14 | (3.96) | 488117 | 0.12 |  | 0.12 |  | 0.12 |  | 0.12 |  | 3.30 |  | 23 |
| 9.92 | 8.51 | 536966 | 0.12 |  | 0.12 |  | 0.12 |  | 0.12 |  | 2.81 |  | 57 |
| $7.24 | 6.39% | $144979 | 0.10 | %\* | 0.10 | %\* | 0.05 | %\* | 0.05 | %\* | 6.77 | %\* | 33% |
| 7.16 | 8.50 | 142730 | 0.09 |  | 0.09 |  | 0.05 |  | 0.05 |  | 7.09 |  | 61 |
| 6.96 | 10.08 | 154524 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 7.38 |  | 97 |
| 6.88 | (5.04) | 170349 | 0.10 |  | 0.10 |  | 0.05 |  | 0.05 |  | 6.02 |  | 17 |
| 7.83 | 8.41 | 518756 | 0.12 |  | 0.12 |  | 0.05 |  | 0.05 |  | 4.69 |  | 53 |
| 7.60 | 19.60 | 500459 | 0.12 |  | 0.12 |  | 0.05 |  | 0.05 |  | 5.65 |  | 37 |
| $9.24 | 4.23% | $2472045 | 0.37 | %\* | 0.37 | %\* | 0.05 | %\* | 0.05 | %\* | 4.72 | %\* | 92% |
| 9.06 | 7.12 | 2468007 | 0.17 |  | 0.17 |  | 0.05 |  | 0.05 |  | 4.70 |  | 221 |
| 8.90 | 6.85 | 3470318 | 0.07 |  | 0.07 |  | 0.05 |  | 0.05 |  | 4.29 |  | 158 |
| 8.67 | (1.42) | 3250613 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 3.43 |  | 114 |
| 9.12 | (3.59) | 4774312 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.72 |  | 58 |
| 9.78 | 10.09 | 4660053 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.74 |  | 122 |
| $9.67 | 5.26% | $27209220 | 0.56 | %\* | 0.56 | %\* | 0.05 | %\* | 0.05 | %\* | 5.12 | %\* | 124% |
| 9.42 | 4.63 | 26365712 | 0.79 |  | 0.79 |  | 0.05 |  | 0.05 |  | 4.89 |  | 333 |
| 9.49 | 3.73 | 25606564 | 0.91 |  | 0.91 |  | 0.05 |  | 0.05 |  | 4.63 |  | 171 |
| 9.59 | (9.64) | 26091834 | 0.54 |  | 0.54 |  | 0.05 |  | 0.05 |  | 4.73 |  | 76 |
| 11.26 | (3.69) | 28855611 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 4.08 |  | 66 |
| 12.42 | 9.16 | 28614011 | 0.08 |  | 0.08 |  | 0.05 |  | 0.05 |  | 4.13 |  | 143 |
| $9.70 | 3.03% | $2358865 | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 4.46 | %\* | 30% |
| 9.55 | 6.30 | 2216829 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 4.79 |  | 92 |
| 9.47 | 4.66 | 2083810 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 4.63 |  | 73 |
| 9.49 | 0.51 | 2207295 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 2.94 |  | 119 |
| 9.69 | (2.60) | 1999224 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 0.85 |  | 143 |
| 10.04 | 3.00 | 1049333 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 1.18 |  | 301 |
| $9.22 | 3.80% | $3652745 | 0.06 | %\* | 0.06 | %\* | 0.05 | %\* | 0.05 | %\* | 4.51 | %\* | 123% |
| 9.06 | 6.33 | 3427861 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 4.55 |  | 239 |
| 8.92 | 3.17 | 3183864 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 4.33 |  | 396 |
| 9.03 | (2.78) | 3197253 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 2.80 |  | 530 |
| 9.54 | (4.45) | 3553079 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 1.45 |  | 370 |
| 10.18 | 2.26 | 4321603 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 1.43 |  | 544 |
| $8.12 | 5.74% | $1167871 | 0.19 | %\* | 0.19 | %\* | 0.05 | %\* | 0.05 | %\* | 4.14 | %\* | 654% |
| 7.86 | 4.32 | 1112104 | 0.30 |  | 0.30 |  | 0.05 |  | 0.05 |  | 4.41 |  | 1758 |
| 7.93 | 1.03 | 1399256 | 0.52 |  | 0.52 |  | 0.05 |  | 0.05 |  | 4.31 |  | 1483 |
| 8.24 | (11.12) | 1368313 | 0.62 |  | 0.62 |  | 0.05 |  | 0.05 |  | 3.62 |  | 1297 |
| 9.75 | (8.17) | 1406044 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 2.61 |  | 966 |
| 11.00 | 5.31 | 1504263 | 0.09 |  | 0.09 |  | 0.05 |  | 0.05 |  | 2.48 |  | 1143 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Municipal Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $5.96 | $0.13 | $0.03 | $0.16 | $(0.17) | $0.00 | $0.00 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.10 | 0.24 | (0.18) | 0.06 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.09 | 0.23 | 0.01 | 0.24 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.48 | 0.23 | (0.40) | (0.17) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.97 | 0.21 | (0.48) | (0.27) | (0.20) | (0.02) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.96 | 0.23 | 0.19 | 0.42 | (0.27) | (0.14) | 0.00 | (0.41) |
|  **PIMCO Real Return Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $12.29 | $0.36 | $(0.03) | $0.33 | $(0.40) | $0.00 | $0.00 | $(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.88 | 0.52 | 0.33 | 0.85 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.70 | 0.39 | (0.79) | (0.40) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 17.04 | 1.04 | (3.15) | (2.11) | (1.57) | (0.66) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 23.88 | 2.19 | 0.12 | 2.31 | (1.89) | (7.26) | 0.00 | (9.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 25.08 | 0.66 | 3.06 | 3.72 | (2.64) | (2.28) | 0.00 | (4.92) |
|  **PIMCO Sector Fund Series - AM** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.10 | $0.27 | $0.09 | $0.36 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/19/2024 - 03/31/2025 | 10.00 | 0.37 | 0.05 | 0.42 | (0.24) | (0.08) | 0.00 | (0.32) |
|  **PIMCO Sector Fund Series - H** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.18 | $0.33 | $0.29 | $0.62 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.10 | 0.66 | 0.11 | 0.77 | (0.66) | (0.03) | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/2024 - 03/31/2024 | 10.00 | 0.07 | 0.03 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Sector Fund Series - I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.97 | $0.26 | $0.23 | $0.49 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.85 | 0.52 | 0.11 | 0.63 | (0.46) | (0.05) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.74 | 0.52 | (0.02) | 0.50 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/2022 - 03/31/2023 | 10.00 | 0.37 | (0.39) | (0.02) | (0.24) | 0.00 | 0.00 | (0.24) |
|  **PIMCO Short-Term Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.99 | $0.21 | $0.12 | $0.33 | $(0.31) | $0.00 | $0.00 | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.90 | 0.46 | 0.24 | 0.70 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.75 | 0.39 | 0.33 | 0.72 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.27 | (0.32) | (0.05) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.43 | 0.19 | (0.33) | (0.14) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.06 | 0.19 | 0.45 | 0.64 | (0.27) | 0.00 | 0.00 | (0.27) |
|  **PIMCO Short-Term Floating NAV Portfolio II** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.02 | $0.22 | $0.00 | $0.22 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.01 | 0.50 | 0.01 | 0.51 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.01 | 0.53 | 0.00 | 0.53 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.01 | 0.27 | 0.01 | 0.28 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.01 | 0.01 | 0.00 | 0.01 | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.96 | 0.03 | 0.05 | 0.08 | (0.03) | 0.00 | 0.00 | (0.03) |
|  **PIMCO U.S. Government and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.32 | $0.11 | $0.07 | $0.18 | $(0.10) | $0.00 | $0.00 | $(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.25 | 0.21 | 0.09 | 0.30 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.70 | 0.18 | (0.45) | (0.27) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.21 | 0.17 | (1.50) | (1.33) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.06 | 0.23 | (0.87) | (0.64) | (0.19) | (0.02) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.10 | 0.27 | (1.41) | (1.14) | (0.23) | (1.67) | 0.00 | (1.90) |
|  **PIMCO International Portfolio (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.44 | $0.12 | $0.09 | $0.21 | $(0.42) | $0.00 | $0.00 | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.13 | 0.22 | 0.26 | 0.48 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.79 | 0.29 | 0.05 | 0.34 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.64 | 0.14 | 0.15 | 0.29 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 5.67 | 0.02 | (0.05) | (0.03) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.43 | 0.00 | 0.24 | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 |

---

---

| | | |
|:---|:---|:---|
| **8** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset**<br> **Value End of**<br> **Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense,**<br> **Dividends on**<br> **Securities**<br> **Sold Short**<br> **and Waivers** |  | **Net**<br> **Investment**<br> **Income (Loss)** |  | **Portfolio**<br> **Turnover**<br> **Rate** |
| $5.95 | 2.71% | $100377 | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 4.27 | %\* | 14% |
| 5.96 | 0.97 | 100378 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 4.00 |  | 9 |
| 6.10 | 4.08 | 119336 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 3.87 |  | 35 |
| 6.09 | (2.45) | 111612 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 3.68 |  | 21 |
| 6.48 | (3.94) | 136326 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 3.00 |  | 12 |
| 6.97 | 6.08 | 143819 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 3.24 |  | 7 |
| $12.22 | 2.78% | $472454 | 3.64 | %\* | 3.64 | %\* | 0.05 | %\* | 0.05 | %\* | 5.98 | %\* | 8% |
| 12.29 | 7.29 | 462085 | 4.14 |  | 4.14 |  | 0.05 |  | 0.05 |  | 4.39 |  | 33 |
| 11.88 | (3.15) | 362090 | 4.33 |  | 4.33 |  | 0.05 |  | 0.05 |  | 3.31 |  | 13 |
| 12.70 | (12.70) | 156177 | 2.69 |  | 2.69 |  | 0.05 |  | 0.05 |  | 7.74 |  | 102 |
| 17.04 | 8.35 | 57769 | 0.11 |  | 0.11 |  | 0.05 |  | 0.05 |  | 9.91 |  | 34 |
| 23.88 | 14.90 | 54516 | 0.39 |  | 0.39 |  | 0.05 |  | 0.05 |  | 2.48 |  | 134 |
| $10.21 | 3.65% | $53125 | 0.64 | %\* | 0.69 | %\* | 0.00 | %\* | 0.05 | %\* | 5.44 | %\* | 501% |
| 10.10 | 4.26 | 51208 | 1.28 | \* | 1.33 | \* | 0.00 | \* | 0.05 | \* | 5.25 | \* | 906 |
| $10.55 | 6.19% | $97144 | 0.14 | %\* | 0.19 | %\* | 0.00 | %\* | 0.05 | %\* | 6.31 | %\* | 21% |
| 10.18 | 7.80 | 35605 | 0.10 |  | 0.15 |  | 0.00 |  | 0.05 |  | 6.45 |  | 33 |
| 10.10 | 1.00 | 33028 | 0.06 | \* | 0.11 | \* | 0.00 | \* | 0.05 | \* | 6.26 | \* | 3 |
| $10.23 | 4.92% | $3069616 | 0.89 | %\* | 0.94 | %\* | 0.00 | %\* | 0.05 | %\* | 5.20 | %\* | 62% |
| 9.97 | 6.50 | 2834233 | 0.61 |  | 0.66 |  | 0.00 |  | 0.05 |  | 5.20 |  | 218 |
| 9.85 | 5.24 | 1251571 | 0.29 |  | 0.34 |  | 0.00 |  | 0.05 |  | 5.40 |  | 81 |
| 9.74 | (0.14) | 150411 | 0.01 | \* | 0.06 | \* | 0.00 | \* | 0.05 | \* | 4.66 | \* | 36 |
| $9.01 | 3.71% | $179154 | 0.06 | %\* | 0.06 | %\* | 0.05 | %\* | 0.05 | %\* | 4.65 | %\* | 329% |
| 8.99 | 8.07 | 172846 | 0.17 |  | 0.17 |  | 0.05 |  | 0.05 |  | 5.07 |  | 765 |
| 8.90 | 8.44 | 198558 | 0.68 |  | 0.68 |  | 0.05 |  | 0.05 |  | 4.43 |  | 784 |
| 8.75 | (0.52) | 215073 | 0.25 |  | 0.25 |  | 0.05 |  | 0.05 |  | 3.01 |  | 626 |
| 9.11 | (1.50) | 345957 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 1.99 |  | 604 |
| 9.43 | 7.07 | 415981 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.03 |  | 487 |
| $10.02 | 2.23% | $10514021 | 0.07 | %\* | 0.07 | %\* | 0.05 | %\* | 0.05 | %\* | 4.40 | %\* | 73% |
| 10.02 | 5.23 | 8439747 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 4.98 |  | 112 |
| 10.01 | 5.49 | 7428700 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 5.30 |  | 110 |
| 10.01 | 2.81 | 13096392 | 0.08 |  | 0.08 |  | 0.05 |  | 0.05 |  | 2.73 |  | 68 |
| 10.01 | 0.04 | 15196560 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 0.10 |  | 96 |
| 10.01 | 0.88 | 14025137 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 0.27 |  | 68 |
| $6.40 | 2.83% | $1212856 | 0.17 | %\* | 0.17 | %\* | 0.05 | %\* | 0.05 | %\* | 3.60 | %\* | 9% |
| 6.32 | 5.01 | 1166284 | 0.39 |  | 0.39 |  | 0.05 |  | 0.05 |  | 3.44 |  | 15 |
| 6.25 | (4.07) | 1784051 | 0.67 |  | 0.67 |  | 0.05 |  | 0.05 |  | 2.96 |  | 24 |
| 6.70 | (16.12) | 1507329 | 0.93 |  | 0.93 |  | 0.05 |  | 0.05 |  | 2.39 |  | 23 |
| 8.21 | (7.36) | 1961097 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 2.43 |  | 10 |
| 9.06 | (11.08) | 2086074 | 0.06 |  | 0.06 |  | 0.05 |  | 0.05 |  | 2.35 |  | 30 |
| $6.23 | 3.26% | $528293 | 0.18 | %\* | 0.18 | %\* | 0.12 | %\* | 0.12 | %\* | 3.82 | %\* | 24% |
| 6.44 | 7.94 | 517524 | 0.19 |  | 0.19 |  | 0.12 |  | 0.12 |  | 3.56 |  | 104 |
| 6.13 | 5.87 | 574377 | 0.14 |  | 0.14 |  | 0.12 |  | 0.12 |  | 4.89 |  | 6 |
| 5.79 | 5.12 | 521621 | 0.16 |  | 0.16 |  | 0.12 |  | 0.12 |  | 2.45 |  | 0 |
| 5.64 | (0.53) | 537322 | 0.12 |  | 0.12 |  | 0.12 |  | 0.12 |  | 0.39 |  | 0 |
| 5.67 | 4.42 | 528273 | 0.12 |  | 0.12 |  | 0.12 |  | 0.12 |  | 0.07 |  | 20 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Short Asset Portfolio (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.79 | $0.23 | $0.03 | $0.26 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.74 | 0.47 | 0.09 | 0.56 | (0.46) | 0.00 | (0.05) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.60 | 0.48 | 0.18 | 0.66 | (0.45) | 0.00 | (0.07) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.86 | 0.26 | (0.02) | 0.24 | (0.49) | 0.00 | (0.01) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.09 | (0.16) | (0.07) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.71 | 0.13 | 0.32 | 0.45 | (0.13) | 0.00 | 0.00 | (0.13) |
|  **PIMCO Short-Term Floating NAV Portfolio III (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.73 | $0.21 | $0.02 | $0.23 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.73 | 0.47 | 0.02 | 0.49 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.72 | 0.43 | 0.10 | 0.53 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.71 | 0.24 | 0.04 | 0.28 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.86 | 0.01 | 0.00 | 0.01 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.82 | 0.03 | 0.04 | 0.07 | (0.03) | 0.00 | 0.00 | (0.03) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

~ A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolios' offering memoranda and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolios. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Portfolios' offering memoranda and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolios. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset**<br> **Value End of**<br> **Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** |  | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense,**<br> **Dividends on**<br> **Securities**<br> **Sold Short**<br> **and Waivers** |  | **Net**<br> **Investment**<br> **Income (Loss)** |  | **Portfolio**<br> **Turnover**<br> **Rate** |
| $9.81 | 2.72% | $6247973 | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 4.64 | %\* | 24% |
| 9.79 | 5.93 | 6044808 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 4.84 |  | 53 |
| 9.74 | 7.04 | 5235359 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 4.97 |  | 55 |
| 9.60 | 2.48 | 4622405 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 2.62 |  | 21 |
| 9.86 | (0.74) | 5423395 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.92 |  | 112 |
| 10.03 | 4.67 | 8215974 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 1.30 |  | 52 |
| $9.74 | 2.30% | $33864074 | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 4.25 | %\* | 157% |
| 9.73 | 5.27 | 18102198 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 4.83 |  | 118 |
| 9.73 | 5.59 | 14627120 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 4.49 |  | 104 |
| 9.72 | 2.96 | 11460092 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 2.47 |  | 74 |
| 9.71 | 0.15 | 11834353 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.13 |  | 51 |
| 9.86 | 0.74 | 22775705 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.26 |  | 80 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **ABS and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **EM Bond and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **High Yield and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio** | **PIMCO**<br> **Long Duration<br>Credit Bond<br>Portfolio** | **PIMCO**<br> **Low Duration<br>Portfolio** | **PIMCO<br>Moderate<br>Duration<br>Portfolio** |
|  **Assets:** |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $11757277 | $414629 | $145789 | $2609578 | $33392115 | $2577533 | $4528489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1122259 | 29473 | 2489 | 89000 | 36087 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 3539 | 106 | 6 | 418 | 9934 | 524 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2344 | 12537 | 9 | 36 | 8047 | 0 | 0 |
|  Cash | 0 | 0 | 5 | 0 | 1461 | 565 | 1539 |
|  Deposits with counterparty | 3169 | 3242 | 1276 | 106627 | 25741 | 14933 | 9138 |
|  Foreign currency, at value | 0 | 12891 | 46 | 0 | 14795 | 0 | 0 |
|  Receivable for investments sold | 10565 | 0 | 474 | 1244 | 777039 | 17 | 108 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 0 | 0 | 14620 | 0 | 0 |
|  Receivable for TBA investments sold | 4885373 | 0 | 0 | 265302 | 5267439 | 112731 | 555843 |
|  Receivable for Portfolio shares sold | 31 | 5 | 0 | 31 | 136103 | 0 | 0 |
|  Interest and/or dividends receivable | 26560 | 5325 | 2097 | 25770 | 352956 | 10880 | 22941 |
|  Dividends receivable from Affiliates | 4216 | 233 | 2 | 344 | 299 | 0 | 0 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
|  Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 17815333 | 478441 | 152193 | 3098350 | 40036637 | 2717183 | 5118562 |
|  **Liabilities:** |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $0 | $2393 | $90043 | $2769595 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 214798 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 0 | 0 | 0 | 145514 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2252 | 50 | 12 | 2003 | 19790 | 83 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 630 | 6851 | 22 | 166 | 15458 | 0 | 0 |
|  Payable for investments purchased | 37446 | 9063 | 4745 | 28592 | 590060 | 177341 | 444874 |
|  Payable for investments in Affiliates purchased | 4350 | 237 | 2 | 354 | 299 | 0 | 0 |
|  Payable for investments purchased on a<br>delayed-delivery basis | 0 | 0 | 0 | 3300 | 30400 | 0 | 0 |
|  Payable for TBA investments purchased | 9435345 | 0 | 0 | 495216 | 8964886 | 179847 | 1011590 |
|  Payable for unfunded loan commitments | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
|  Deposits from counterparty | 21074 | 6153 | 0 | 2804 | 58277 | 950 | 8970 |
|  Payable for Portfolio shares redeemed | 2902 | 91 | 31 | 3711 | 17272 | 0 | 0 |
|  Distributions payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Overdraft due to custodian | 0 | 0 | 0 | 18 | 0 | 0 | 0 |
|  Accrued investment advisory fees | 131 | 7 | 2 | 39 | 427 | 38 | 58 |
|  Accrued supervisory and administrative fees | 197 | 35 | 4 | 59 | 640 | 56 | 87 |
|  Foreign capital gains tax payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 0 | 0 | 0 | 1 | 3 | 0 |
|  **Total Liabilities** | 9504327 | 22487 | 7214 | 626305 | 12827417 | 358318 | 1465817 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |
|  **Net Assets** | $8311006 | $455954 | $144979 | $2472045 | $27209220 | $2358865 | $3652745 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |
|  Paid in capital | $8441483 | $471003 | $185435 | $2719270 | $31744399 | $2397094 | $3984300 |
|  Distributable earnings (accumulated loss) | (130477) | (15049) | (40456) | (247225) | (4535179) | (38229) | (331555) |
|  **Net Assets** | $8311006 | $455954 | $144979 | $2472045 | $27209220 | $2358865 | $3652745 |
|  **Shares Issued and Outstanding** | 697307 | 46782 | 20026 | 267476 | 2812853 | 243184 | 396374 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $11.92 | $9.75 | $7.24 | $9.24 | $9.67 | $9.70 | $9.22 |
|  Cost of investments in securities | $11928293 | $411876 | $145325 | $2610105 | $35971191 | $2561559 | $4509983 |
|  Cost of investments in Affiliates | $1121816 | $29463 | $6363 | $88972 | $36086 | $0 | $0 |
|  Cost of foreign currency held | $0 | $12854 | $45 | $0 | $15362 | $0 | $0 |
|  Proceeds received on short sales | $0 | $0 | $0 | $0 | $145699 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $50986 | $902 | $425 | $17987 | $499939 | $179 | $911 |
|  \* Includes repurchase agreements of: | $0 | $0 | $0 | $0 | $0 | $322600 | $856400 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

---

| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Municipal<br>Portfolio** | **PIMCO**<br> **Real Return<br>Portfolio** | **PIMCO**<br> **Sector Fund Series –<br>AM** | **PIMCO**<br> **Sector Fund<br>Series – H** | **PIMCO**<br> **Sector Fund<br>Series – I** | **PIMCO**<br> **Short-Term<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio II** | **PIMCO**<br> **U.S. Government<br>and Short-Term<br>Investments<br>Portfolio** |
| $3772539 | $98282 | $842916 | $96486 | $83409 | $3782166 | $264764 | $11742237 | $1160178 |
| 25155 | 995 | 851 | 2103 | 14666 | 9277 | 12653 | 0 | 40933 |
| 947 | 0 | 43 | 3 | 17 | 252 | 161 | 0 | 1937 |
| 12 | 0 | 0 | 915 | 2 | 3884 | 106 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 168 | 0 | 7330 | 0 |
| 23538 | 0 | 749 | 336 | 1217 | 9750 | 4202 | 0 | 1755 |
| 0 | 0 | 308 | 0 | 16 | 916 | 0 | 0 | 0 |
| 101 | 0 | 126440 | 3 | 280 | 403417 | 17 | 21307 | 58 |
| 0 | 0 | 0 | 0 | 0 | 5757 | 0 | 0 | 0 |
| 4357058 | 0 | 0 | 58882 | 0 | 226129 | 134344 | 0 | 56464 |
| 18 | 1 | 8 | 0 | 0 | 4851 | 0 | 0 | 18 |
| 4495 | 1103 | 2576 | 179 | 1152 | 37279 | 694 | 46484 | 10562 |
| 27 | 2 | 7 | 6 | 44 | 24 | 45 | 0 | 112 |
| 0 | 0 | 0 | 2 | 3 | 124 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| 8183890 | 100383 | 973898 | 158915 | 100806 | 4483995 | 416986 | 11817358 | 1272017 |
| $0 | $0 | $501317 | $0 | $0 | $882574 | $0 | $0 | $0 |
| 0 | 0 | 0 | 0 | 0 | 10905 | 0 | 0 | 0 |
| 937570 | 0 | 0 | 3084 | 0 | 0 | 7840 | 0 | 18929 |
| 422 | 0 | 9 | 3 | 7 | 811 | 117 | 0 | 1858 |
| 0 | 0 | 1 | 13 | 7 | 983 | 0 | 0 | 0 |
| 0 | 0 | 0 | 3 | 3579 | 65650 | 3598 | 1217445 | 0 |
| 12830 | 2 | 7 | 6 | 46 | 24 | 47 | 0 | 117 |
| 0 | 0 | 0 | 906 | 0 | 0 | 0 | 0 | 0 |
| 6041151 | 0 | 0 | 101212 | 0 | 437024 | 225942 | 0 | 37958 |
| 0 | 0 | 0 | 0 | 20 | 6452 | 0 | 0 | 0 |
| 23759 | 0 | 0 | 561 | 0 | 5906 | 281 | 85423 | 0 |
| 226 | 0 | 91 | 0 | 0 | 3909 | 0 | 0 | 241 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48 | 0 |
| 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| 18 | 2 | 8 | 1 | 1 | 50 | 3 | 168 | 19 |
| 28 | 2 | 11 | 1 | 2 | 74 | 4 | 253 | 28 |
| 0 | 0 | 0 | 0 | 0 | 17 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7016019 | 6 | 501444 | 105790 | 3662 | 1414379 | 237832 | 1303337 | 59161 |
| $1167871 | $100377 | $472454 | $53125 | $97144 | $3069616 | $179154 | $10514021 | $1212856 |
| $1545279 | $109446 | $517104 | $52950 | $95150 | $2956094 | $267318 | $10509880 | $2088763 |
| (377408) | (9069) | (44650) | 175 | 1994 | 113522 | (88164) | 4141 | (875907) |
| $1167871 | $100377 | $472454 | $53125 | $97144 | $3069616 | $179154 | $10514021 | $1212856 |
| 143828 | 16880 | 38652 | 5201 | 9208 | 299936 | 19876 | 1049571 | 189593 |
| $8.12 | $5.95 | $12.22 | $10.21 | $10.55 | $10.23 | $9.01 | $10.02 | $6.40 |
| $3874679 | $100168 | $844815 | $96063 | $82405 | $3714860 | $272952 | $11740809 | $1526327 |
| $25154 | $994 | $851 | $2102 | $14664 | $9277 | $12648 | $0 | $40927 |
| $0 | $0 | $302 | $0 | $16 | $918 | $0 | $0 | $0 |
| $935552 | $0 | $0 | $3089 | $0 | $0 | $7844 | $0 | $18991 |
| $2229 | $0 | $0 | $1054 | $884 | $25748 | $990 | $0 | $8739 |
| $0 | $0 | $0 | $0 | $0 | $3490 | $0 | $10277621 | $0 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Consolidated Statements of Assets and Liabilities September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>International<br>Portfolio** | **PIMCO**<br> **Short Asset<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio III** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $320953 | $6227648 | $36463904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 184773 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2172 | 2330 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2255 | 8087 | 7859 |
|  Cash | 535 | 5192 | 29241 |
|  Deposits with counterparty | 14537 | 62679 | 2206 |
|  Foreign currency, at value | 5670 | 4088 | 251 |
|  Receivable for investments sold | 18 | 2271 | 0 |
|  Receivable for Portfolio shares sold | 8 | 0 | 506900 |
|  Interest and/or dividends receivable | 2550 | 35578 | 68794 |
|  Dividends receivable from Affiliates | 475 | 0 | 0 |
|  Other assets | 0 | 0 | 1 |
|  **Total Assets** | 533946 | 6347873 | 37079156 |
|  **Liabilities:** |  |  |  |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $1247 | $2307 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2028 | 10672 | 6886 |
|  Payable for investments purchased | 0 | 82338 | 3122520 |
|  Payable for investments in Affiliates purchased | 495 | 0 | 0 |
|  Deposits from counterparty | 1731 | 4583 | 85676 |
|  Payable for Portfolio shares redeemed | 105 | 0 | 0 |
|  Accrued investment advisory fees | 8 | 0 | 0 |
|  Accrued supervisory and administrative fees | 39 | 0 | 0 |
|  **Total Liabilities** | 5653 | 99900 | 3215082 |
|  **Commitments and Contingent Liabilities^** |  |  |  |
|  **Net Assets** | $528293 | $6247973 | $33864074 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $579358 | $6451583 | $33881157 |
|  Distributable earnings (accumulated loss) | (51065) | (203610) | (17083) |
|  **Net Assets** | $528293 | $6247973 | $33864074 |
|  **Shares Issued and Outstanding** | 84818 | 636795 | 3477244 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $6.23 | $9.81 | $9.74 |
|  Cost of investments in securities | $331234 | $6219951 | $36453812 |
|  Cost of investments in Affiliates | $184634 | $0 | $0 |
|  Cost of foreign currency held | $5650 | $4107 | $252 |
|  Cost or premiums of financial derivative instruments, net | $(8067) | $(2947) | $0 |
|  \* Includes repurchase agreements of: | $55600 | $103984 | $30519692 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

---

| | | |
|:---|:---|:---|
| **14** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **ABS and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **EM Bond and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **High Yield and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio** | **PIMCO**<br> **Long Duration<br>Credit Bond<br>Portfolio** | **PIMCO**<br> **Low Duration<br>Portfolio** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest | $188238 | $11708 | $4689 | $58168 | $733298 | $52144 |
|  Dividends | 145 | 765 | 130 | 838 | 2388 | 0 |
|  Dividends from Investments in Affiliates | 22442 | 769 | 26 | 1937 | 1929 | 0 |
|  Miscellaneous income | 0 | 0 | 15 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 210825 | 13242 | 4860 | 60943 | 737615 | 52144 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 778 | 42 | 14 | 240 | 2597 | 231 |
|  Supervisory and administrative fees | 1166 | 211 | 21 | 359 | 3896 | 346 |
|  Trustee fees | 15 | 1 | 0 | 6 | 55 | 5 |
|  Interest expense | 559 | 115 | 37 | 3794 | 66163 | 30 |
|  Miscellaneous expense | 19 | 1 | 1 | 6 | 81 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2537 | 370 | 73 | 4405 | 72792 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (15) | (1) | 0 | (6) | (54) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2522 | 369 | 73 | 4399 | 72738 | 613 |
|  **Net Investment Income (Loss)** | 208303 | 12873 | 4787 | 56544 | 664877 | 51531 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 72997 | (8215) | (3393) | (2924) | (414816) | 1258 |
|  Investments in Affiliates | (81) | 5 | (1) | 27 | 69 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (7017) | 52 | 385 | (13369) | 92577 | 4961 |
|  Over the counter financial derivative instruments | 6064 | (10169) | (227) | 1398 | (40331) | 0 |
|  Short sales | 0 | 0 | 1 | 0 | 0 | 0 |
|  Foreign currency | 0 | (764) | 4 | 0 | (2352) | 0 |
|  **Net Realized Gain (Loss)** | 71963 | (19091) | (3231) | (14868) | (364853) | 6219 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 1547 | 31844 | 7184 | 43417 | 937573 | 14557 |
|  Investments in Affiliates | 501 | 10 | 8 | 30 | 3 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (10133) | (296) | (49) | 13820 | 120176 | (4281) |
|  Over the counter financial derivative instruments | (1388) | (539) | 55 | 17 | 2203 | 0 |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | (208) | 4 | 0 | 326 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (9473) | 30811 | 7202 | 57284 | 1060281 | 10276 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $270793 | $24593 | $8758 | $98960 | $1360305 | $68026 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Statements of Operations (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Moderate<br>Duration<br>Portfolio** | **PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Municipal<br>Portfolio** | **PIMCO**<br> **Real Return<br>Portfolio** | **PIMCO**<br> **Fund<br>Series – AM** | **PIMCO**<br> **Sector Fund<br>Series – H** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest | $81603 | $23435 | $2022 | $21679 | $1539 | $1381 |
|  Dividends | 0 | 20 | 9 | 11 | 5 | 3 |
|  Dividends from Investments in Affiliates | 0 | 297 | 51 | 52 | 26 | 74 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 81603 | 23752 | 2082 | 21742 | 1570 | 1461 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 357 | 110 | 10 | 45 | 5 | 4 |
|  Supervisory and administrative fees | 535 | 164 | 14 | 68 | 8 | 7 |
|  Trustee fees | 7 | 2 | 0 | 1 | 0 | 0 |
|  Interest expense | 134 | 773 | 0 | 8108 | 164 | 31 |
|  Miscellaneous expense | 9 | 9 | 0 | 1 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1042 | 1058 | 24 | 8223 | 177 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (7) | (2) | 0 | (1) | (13) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1035 | 1056 | 24 | 8222 | 164 | 31 |
|  **Net Investment Income (Loss)** | 80568 | 22696 | 2058 | 13520 | 1406 | 1430 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 8463 | 36219 | (435) | (880) | 611 | 191 |
|  Investments in Affiliates | 0 | 8 | 0 | (6) | 1 | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 15981 | 17792 | 0 | 521 | (143) | 206 |
|  Over the counter financial derivative instruments |  | 0 | 0 | (4) | 18 | (10) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency | 0 | 0 | 0 | 19 | 0 | (11) |
|  **Net Realized Gain (Loss)** | 24444 | 54019 | (435) | (350) | 487 | 377 |
|  **Net Change in Unrealized<br>Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 36690 | 4102 | 863 | (201) | (15) | 853 |
|  Investments in Affiliates | 0 | 1 | 0 | 0 | 1 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (10574) | (18303) | 0 | (258) | 90 | 143 |
|  Over the counter financial derivative instruments | 0 | (262) | 0 | (1) | (51) | (1) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 0 | 0 | 5 | 0 | (2) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 26116 | (14462) | 863 | (455) | 25 | 993 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $131128 | $62253 | $2486 | $12715 | $1918 | $2800 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br> **Sector Fund<br>Series – I** | **PIMCO**<br> **Short-Term<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio II** | **PIMCO**<br> **U.S. Government**<br> **and Short-Term**<br> **Investments**<br> **Portfolio** |
| $87518 | $3869 | $232853 | $21296 |
| 32 | 13 | 0 | 15 |
| 201 | 265 | 0 | 271 |
| 0 | 0 | 0 | 0 |
| 87751 | 4147 | 232853 | 21582 |
| 288 | 18 | 1042 | 114 |
| 431 | 26 | 1563 | 172 |
| 5 | 0 | 19 | 2 |
| 12879 | 8 | 1149 | 663 |
| 2 | 1 | 25 | 3 |
| 13605 | 53 | 3798 | 954 |
| (720) | 0 | (19) | (3) |
| 12885 | 53 | 3779 | 951 |
| 74866 | 4094 | 229074 | 20631 |
| 13542 | 1564 | 2024 | 190 |
| (51) | 0 | 0 | 2 |
| 2859 | 1420 | 0 | 33856 |
| (5557) | 71 | 0 | 0 |
| 4 | 0 | 0 | 0 |
| 66 | 0 | 0 | 3 |
| 10863 | 3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 34051 |
| 45636 | 702 | (982) | (4774) |
| 0 | 6 | 0 | 5 |
| 5979 | (1402) | 0 | (18195) |
| 2032 | 99 | 0 | 0 |
| 47 | 0 | 0 | 0 |
| 15 | 0 | 0 | (3) |
| 53709 | (595) | (982) | (22967) |
| $139438 | $6554 | $230116 | $31715 |
| $14 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>International<br>Portfolio** | **PIMCO**<br> **Short Asset<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio III** |
|  **Investment Income:** |  |  |  |
|  Interest, net of foreign taxes\* | $6922 | $134338 | $619043 |
|  Dividends | 11 | 0 | 0 |
|  Dividends from Investments in Affiliates | 3291 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 10224 | 134338 | 619043 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 51 | 0 | 0 |
|  Supervisory and administrative fees | 256 | 0 | 0 |
|  Trustee fees | 1 | 0 | 0 |
|  Interest expense | 147 | 16 | 0 |
|  Miscellaneous expense | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 457 | 17 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 456 | 17 | 1 |
|  **Net Investment Income (Loss)** | 9768 | 134321 | 619042 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | 2325 | 2712 | 75417 |
|  Investments in Affiliates | (35) | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 8331 | 1732 | 0 |
|  Over the counter financial derivative instruments | (11235) | (33271) | (34106) |
|  Short sales | 0 | (2823) | 0 |
|  Foreign currency | 1025 | 5594 | 2425 |
|  **Net Realized Gain (Loss)** | 411 | (26056) | 43736 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | (2725) | 49156 | 18915 |
|  Investments in Affiliates | 72 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 3233 | 5012 | 0 |
|  Over the counter financial derivative instruments | 5205 | (7815) | (26276) |
|  Short sales | 0 | 58 | 0 |
|  Foreign currency assets and liabilities | 67 | 833 | 496 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 5852 | 47244 | (6865) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16031 | $155509 | $655913 |
|  \* Foreign tax withholdings | $0 | $69 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **ABS and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term**<br> **Investments Portfolio** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $208303 | $386367 | $12873 | $24524 | $4787 | $10600 |
|  Net realized gain (loss) | 71963 | 64026 | (19091) | 22383 | (3231) | 2659 |
|  Net change in unrealized appreciation (depreciation) | (9473) | 43145 | 30811 | (3669) | 7202 | (1026) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 270793 | 493538 | 24593 | 43238 | 8758 | 12233 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (210002) | (392238) | (21650) | (5000) | (7200) | (7950) |
|  **Total Distributions<sup>(a)</sup>** | (210002) | (392238) | (21650) | (5000) | (7200) | (7950) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 830758 | 1680176 | 20085 | (70449) | 691 | (16077) |
|  **Total Increase (Decrease) in Net Assets** | 891549 | 1781476 | 23028 | (32211) | 2249 | (11794) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 7419457 | 5637981 | 432926 | 465137 | 142730 | 154524 |
|  End of period | $8311006 | $7419457 | $455954 | $432926 | $144979 | $142730 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Investment Grade**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $56544 | $142674 | $664877 | $1244007 | $51531 | $99685 |
|  Net realized gain (loss) | (14868) | (21488) | (364853) | (252684) | 6219 | 2289 |
|  Net change in unrealized appreciation (depreciation) | 57284 | 89838 | 1060281 | 215999 | 10276 | 26137 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 98960 | 211024 | 1360305 | 1207322 | 68026 | 128111 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (52502) | (145722) | (660524) | (1325209) | (33002) | (109228) |
|  **Total Distributions<sup>(a)</sup>** | (52502) | (145722) | (660524) | (1325209) | (33002) | (109228) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (42420) | (1067613) | 143727 | 877035 | 107012 | 114136 |
|  **Total Increase (Decrease) in Net Assets** | 4038 | (1002311) | 843508 | 759148 | 142036 | 133019 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 2468007 | 3470318 | 26365712 | 25606564 | 2216829 | 2083810 |
|  End of period | $2472045 | $2468007 | $27209220 | $26365712 | $2358865 | $2216829 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **20** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Mortgage and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **Mortgage and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31,<br>2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31,<br>2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $80568 | $145690 | $22696 | $53541 | $2058 | $4422 | $13520 | $19105 |
| 24444 | 4881 | 54019 | (44124) | (435) | (523) | (350) | (6751) |
| 26116 | 46445 | (14462) | 44719 | 863 | (2560) | (455) | 17876 |
| 131128 | 197016 | 62253 | 54136 | 2486 | 1339 | 12715 | 30230 |
| (71005) | (145851) | (26051) | (59899) | (2750) | (3600) | (15000) | (15001) |
| (71005) | (145851) | (26051) | (59899) | (2750) | (3600) | (15000) | (15001) |
| 164761 | 192832 | 19565 | (281389) | 263 | (16697) | 12654 | 84766 |
| 224884 | 243997 | 55767 | (287152) | (1) | (18958) | 10369 | 99995 |
| 3427861 | 3183864 | 1112104 | 1399256 | 100378 | 119336 | 462085 | 362090 |
| $3652745 | $3427861 | $1167871 | $1112104 | $100377 | $100378 | $472454 | $462085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Sector Fund Series – AM** | **PIMCO**<br> **Sector Fund Series – AM** | **PIMCO**<br> **Sector Fund Series – H** | **PIMCO**<br> **Sector Fund Series – H** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Inception date<br>through<br>March 31, 2025<sup>(b)</sup>** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $1406 | $1981 | $1430 | $2225 | $74866 | $103867 |
|  Net realized gain (loss) | 487 | (551) | 377 | 296 | 10863 | 19868 |
|  Net change in unrealized appreciation (depreciation) | 25 | 291 | 993 | 56 | 53709 | 3679 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1918 | 1721 | 2800 | 2577 | 139438 | 127414 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (1301) | (2163) | (1400) | (2310) | (65251) | (108540) |
|  **Total Distributions<sup>(a)</sup>** | (1301) | (2163) | (1400) | (2310) | (65251) | (108540) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 1300 | 51650 | 60139 | 2310 | 161196 | 1563788 |
|  **Total Increase (Decrease) in Net Assets** | 1917 | 51208 | 61539 | 2577 | 235383 | 1582662 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 51208 | 0 | 35605 | 33028 | 2834233 | 1251571 |
|  End of period | $53125 | $51208 | $97144 | $35605 | $3069616 | $2834233 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(b)</sup> Inception date of the Portfolio was July 19, 2024.

---

| | | |
|:---|:---|:---|
| **22** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $4094 | $9257 | $229074 | $410925 | $20631 | $48224 |
| 3055 | 10571 | 2024 | 2768 | 34051 | (103776) |
| (595) | (5544) | (982) | 600 | (22967) | 150850 |
| 6554 | 14284 | 230116 | 414293 | 31715 | 95298 |
| (6000) | (12350) | (229102) | (412735) | (17752) | (49483) |
| (6000) | (12350) | (229102) | (412735) | (17752) | (49483) |
| 5754 | (27646) | 2073260 | 1009489 | 32609 | (663582) |
| 6308 | (25712) | 2074274 | 1011047 | 46572 | (617767) |
| 172846 | 198558 | 8439747 | 7428700 | 1166284 | 1784051 |
| $179154 | $172846 | $10514021 | $8439747 | $1212856 | $1166284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **International Portfolio** | **PIMCO**<br> **International Portfolio** | **PIMCO**<br> **Short Asset Portfolio** | **PIMCO**<br> **Short Asset Portfolio** | **PIMCO**<br> **Short-Term Floating NAV**<br> **Portfolio III** | **PIMCO**<br> **Short-Term Floating NAV**<br> **Portfolio III** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $9768 | $19301 | $134321 | $268519 | $619042 | $753939 |
|  Net realized gain (loss) | 411 | 44093 | (26056) | 19121 | 43736 | 32883 |
|  Net change in unrealized appreciation (depreciation) | 5852 | (21399) | 47244 | 29823 | (6865) | 2936 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 16031 | 41995 | 155509 | 317463 | 655913 | 789758 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (33001) | (14602) | (142701) | (263409) | (644267) | (783389) |
|  Tax basis return of capital | 0 | 0 | 0 | (27196) | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (33001) | (14602) | (142701) | (290605) | (644267) | (783389) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 27739 | (84246) | 190357 | 782591 | 15750230 | 3468709 |
|  **Total Increase (Decrease) in Net Assets** | 10769 | (56853) | 203165 | 809449 | 15761876 | 3475078 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 517524 | 574377 | 6044808 | 5235359 | 18102198 | 14627120 |
|  End of period | $528293 | $517524 | $6247973 | $6044808 | $33864074 | $18102198 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Real Return<br>Portfolio** | **PIMCO<br>Sector Fund<br>Series-I** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $12715 | $139438 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |  |
|  Purchases of long-term securities | (90220) | (2397871) |
|  Proceeds from sales of long-term securities | 68098 | 2272603 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 18030 | (7329) |
| (Increase) decrease in deposits with counterparty | 345 | 52 |
| (Increase) decrease in receivable for investments sold | 181042 | 373240 |
| (Increase) decrease in interest and/or dividends receivable | (423) | 1339 |
| (Increase) decrease in dividends receivable from Affiliates | 54 | 103 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 216 | 8624 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (4) | (5411) |
| (Increase) decrease in reimbursement receivable from PIMCO | 1 | (13) |
|  Increase (decrease) in payable for investments purchased | (54) | (177992) |
|  Increase (decrease) in deposits from counterparty | 0 | (2084) |
|  Increase (decrease) in accrued investment advisory fees | 0 | 6 |
|  Increase (decrease) in accrued supervisory and administrative fees | 0 | 8 |
|  Proceeds from short sales transactions, net | 0 | 74192 |
|  Payments on short sales transactions, net | 0 | (76131) |
|  Proceeds from (Payments on) foreign currency transactions | 24 | 81 |
|  Increase (decrease) in foreign capital gains tax payable | 0 | 14 |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 880 | (13542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 6 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (521) | (2859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 4 | 5557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 0 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (19) | (66) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 201 | (45636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 258 | (5979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 1 | (2032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 0 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (5) | (15) |
|  Net amortization (accretion) on investments | (3017) | (3243) |
|  **Net Cash Provided by (Used for) Operating Activities** | 187612 | 135054 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 17371 | 514863 |
|  Payments on shares redeemed | (19257) | (420451) |
|  Increase (decrease) in overdraft due to custodian | 0 | (1322) |
|  Cash distributions paid\* | (377) | (450) |
|  Proceeds from reverse repurchase agreements | 16564778 | 34515067 |
|  Payments on reverse repurchase agreements | (16750047) | (34740850) |
|  Proceeds from sale-buyback transactions | 2722 | 2146678 |
|  Payments on sale-buyback transactions | (2722) | (2148515) |
|  **Net Cash Received from (Used for) Financing Activities** | (187532) | (134980) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 80 | 74 |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of period | 228 | 1010 |
|  End of period | $308 | $1084 |
|  \* Reinvestment of distributions | $14623 | $64801 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the period | $8081 | $13001 |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Portfolio has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 141.5% | INVESTMENTS IN SECURITIES 141.5% | INVESTMENTS IN SECURITIES 141.5% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (f) | 43 | 54 |
|  Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. |
|  5.424% (US0003M + 0.860%) due 07/03/2033 ~ | 325 | 325 |
|  Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. |
|  4.388% (US0003M + 0.350%) due 03/22/2038 ~ | 17003 | 16195 |
|  |  | 16574 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Crown Castle Towers LLC | Crown Castle Towers LLC | Crown Castle Towers LLC |
|  4.241% due 07/15/2048 | 500 | 495 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.880% due 01/10/2028 | 351 | 354 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 683 | 685 |
|  |  | 1534 |
|  Total Corporate Bonds & Notes (Cost $18,027) | Total Corporate Bonds & Notes (Cost $18,027) | 18108 |
| U.S. GOVERNMENT AGENCIES 60.7% | U.S. GOVERNMENT AGENCIES 60.7% | U.S. GOVERNMENT AGENCIES 60.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 04/01/2037 - 05/01/2052 | 16411 | 14759 |
|  3.500% due 07/01/2046 - 05/01/2052 | 461 | 425 |
|  4.000% due 04/01/2039 - 09/01/2052 | 7070 | 6905 |
|  5.000% due 06/01/2053 - 03/01/2055 | 1256 | 1248 |
|  5.500% due 12/01/2052 - 05/01/2053 | 46025 | 46630 |
|  5.938% due 08/01/2031 •  | 4 | 4 |
|  6.191% due 09/01/2035 •  | 2 | 2 |
|  6.340% due 02/01/2035 •  | 6 | 6 |
|  6.402% due 11/01/2034 •  | 5 | 6 |
|  6.479% due 01/01/2035 •  | 1 | 1 |
|  6.480% due 03/01/2034 - 04/01/2034 •  | 6 | 6 |
|  6.500% due 02/01/2035 •  | 4 | 4 |
|  6.500% due 02/01/2054 - 04/01/2055 | 19167 | 19817 |
|  6.552% due 01/01/2035 •  | 2 | 2 |
|  6.595% due 12/01/2033 •  | 8 | 8 |
|  6.612% due 01/01/2035 •  | 4 | 4 |
|  6.617% due 07/01/2037 •  | 1 | 1 |
|  6.645% due 02/01/2036 •  | 1 | 1 |
|  6.651% due 11/01/2034 •  | 1 | 1 |
|  6.657% due 02/01/2035 •  | 2 | 2 |
|  6.714% due 10/01/2034 •  | 3 | 3 |
|  6.724% due 03/01/2032 •  | 6 | 6 |
|  6.911% due 09/01/2033 •  | 5 | 5 |
|  7.000% due 05/01/2054 - 08/01/2055 | 35508 | 37309 |
|  7.090% due 09/01/2028 •  | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  0.635% due 01/25/2034 ~(a) | 85597 | 2461 |
|  0.926% due 03/25/2034 ~(a) | 66607 | 3082 |
|  2.872% due 07/25/2054 ~ | 49951 | 47531 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.000% due 10/15/2033 | 12 | 11 |
|  4.737% due 10/15/2032 •  | 2 | 2 |
|  4.837% due 12/15/2029 •  | 2 | 2 |
|  4.937% due 12/15/2031 •  | 1 | 1 |
|  5.000% due 02/15/2036 | 72 | 73 |
|  5.037% due 08/15/2031 •  | 2 | 2 |
|  5.500% due 05/15/2036 | 5 | 6 |
|  5.556% due 12/25/2054 •  | 1780 | 1790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 06/15/2029 | $— | 2 | $— | 2 |
|  7.500% due 01/15/2031 |  | 1 |  | 1 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  |  | 15 |  | 15 |
|  5.353% due 10/25/2044 - 02/25/2045 •  |  | 810 |  | 745 |
|  5.553% due 07/25/2044 •  |  | 170 |  | 165 |
|  6.500% due 07/25/2043 |  | 220 |  | 229 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 07/01/2037 |  | 829 |  | 780 |
|  3.000% due 12/01/2026 - 05/01/2052 |  | 6829 |  | 6311 |
|  3.500% due 03/01/2040 - 02/01/2050 |  | 16278 |  | 15156 |
|  4.000% due 08/01/2038 - 01/01/2059 |  | 7908 |  | 7643 |
|  4.500% due 07/01/2052 - 04/01/2053 |  | 10078 |  | 9819 |
|  4.695% due 05/01/2036 •  |  | 1 |  | 1 |
|  5.000% due 06/01/2053 |  | 31 |  | 31 |
|  5.421% due 03/01/2044 - 10/01/2044 •  |  | 13 |  | 13 |
|  5.500% due 11/01/2052 - 03/01/2053 |  | 13902 |  | 14083 |
|  5.621% due 10/01/2040 •  |  | 4 |  | 4 |
|  5.890% due 11/01/2035 •  |  | 1 |  | 1 |
|  5.994% due 09/01/2033 •  |  | 10 |  | 10 |
|  6.000% due 12/01/2052 - 02/01/2054 |  | 2233 |  | 2294 |
|  6.022% due 05/01/2034 •  |  | 8 |  | 8 |
|  6.056% due 06/01/2033 •  |  | 2 |  | 2 |
|  6.060% due 02/01/2033 •  |  | 6 |  | 6 |
|  6.106% due 03/01/2035 •  |  | 3 |  | 3 |
|  6.194% due 07/01/2035 •  |  | 1 |  | 1 |
|  6.212% due 07/01/2033 •  |  | 1 |  | 1 |
|  6.242% due 02/01/2035 •  |  | 2 |  | 2 |
|  6.272% due 05/01/2036 •  |  | 3 |  | 3 |
|  6.276% due 01/01/2035 •  |  | 3 |  | 3 |
|  6.298% due 12/01/2035 •  |  | 2 |  | 2 |
|  6.302% due 11/01/2032 - 02/01/2035 •  |  | 7 |  | 7 |
|  6.332% due 03/01/2035 •  |  | 4 |  | 4 |
|  6.346% due 10/01/2032 •  |  | 3 |  | 3 |
|  6.350% due 11/01/2034 •  |  | 1 |  | 1 |
|  6.375% due 03/01/2029 - 04/01/2032 •  |  | 2 |  | 2 |
|  6.410% due 11/01/2034 •  |  | 5 |  | 5 |
|  6.449% due 07/01/2033 •  |  | 1 |  | 1 |
|  6.465% due 05/01/2033 •  |  | 6 |  | 7 |
|  6.493% due 03/01/2033 •  |  | 1 |  | 1 |
|  6.500% due 09/01/2033 •  |  | 4 |  | 4 |
|  6.500% due 02/01/2044 - 03/01/2055 |  | 107053 |  | 110763 |
|  6.584% due 12/01/2036 •  |  | 1 |  | 1 |
|  6.634% due 04/01/2033 •  |  | 3 |  | 3 |
|  6.637% due 01/01/2037 •  |  | 2 |  | 2 |
|  6.650% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.701% due 12/01/2036 •  |  | 3 |  | 3 |
|  6.709% due 10/01/2034 •  |  | 2 |  | 2 |
|  6.819% due 09/01/2033 •  |  | 2 |  | 2 |
|  6.983% due 06/01/2033 •  |  | 43 |  | 45 |
|  7.000% due 03/01/2045 - 04/01/2055 |  | 32638 |  | 34360 |
|  7.283% due 04/01/2036 •  |  | 7 |  | 7 |
|  8.500% due 04/01/2030 - 11/01/2030 |  | 3 |  | 3 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  7.000% due 07/25/2042 |  | 2 |  | 3 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.529% due 11/25/2049 •(a) |  | 461 |  | 63 |
|  4.000% due 11/25/2033 |  | 26 |  | 26 |
|  4.523% due 07/25/2037 •  |  | 341 |  | 335 |
|  4.593% due 03/25/2036 •  |  | 5 |  | 5 |
|  5.000% due 11/25/2032 |  | 433 |  | 431 |
|  5.101% due 11/18/2031 •  |  | 1 |  | 1 |
|  5.121% due 11/25/2031 •  |  | 10 |  | 10 |
|  5.471% due 04/25/2032 •  |  | 1 |  | 1 |
|  5.500% due 09/25/2035 |  | 2306 |  | 2368 |
|  5.556% due 12/25/2054 •  |  | 1677 |  | 1686 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.591% due 08/25/2031 •  | 25 | 24 |
|  6.500% due 06/25/2028 | 1 | 1 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 10/20/2051 - 12/20/2052 | 20744 | 18541 |
|  3.500% due 01/20/2052 - 07/20/2055 | 50561 | 46206 |
|  4.500% due 07/20/2040 - 12/20/2053 | 7131 | 7007 |
|  4.625% due 07/20/2029 - 09/20/2033 •  | 11 | 12 |
|  4.750% (H15T1Y + 1.500%) due 10/20/2026 ~ | 1 | 1 |
|  4.750% due 12/20/2027 - 10/20/2033 •  | 6 | 5 |
|  5.000% due 07/20/2030 •  | 8 | 8 |
|  5.625% due 01/20/2027 - 05/20/2032 •  | 19 | 19 |
|  6.000% due 02/20/2055 | 276 | 280 |
|  6.500% due 01/20/2055 - 02/20/2055 | 12499 | 12851 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.766% due 03/20/2068 •  | 883 | 882 |
|  4.806% due 12/20/2062 •  | 482 | 480 |
|  4.816% due 10/20/2062 •  | 388 | 387 |
|  4.839% due 01/20/2072 •  | 220 | 219 |
|  4.916% due 02/20/2061 •  | 49 | 49 |
|  5.116% due 02/20/2070 •  | 207 | 208 |
|  5.196% due 09/20/2063 •  | 221 | 223 |
|  5.216% due 09/20/2063 - 02/20/2067 •  | 589 | 590 |
|  5.466% due 12/20/2066 •  | 609 | 612 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 | 3000 | 2481 |
|  2.500% due 11/01/2055 | 3600 | 3100 |
|  3.500% due 11/01/2055 | 12900 | 11761 |
|  4.000% due 11/01/2055 | 14800 | 13915 |
|  4.500% due 11/01/2055 | 27400 | 26561 |
|  5.000% due 11/01/2055 | 3300 | 3279 |
|  5.500% due 11/01/2055 | 24400 | 24568 |
|  6.000% due 10/01/2055 - 11/01/2055 | 145400 | 147895 |
|  6.500% due 10/01/2055 - 11/01/2055 | 80500 | 82683 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 11/01/2055 | 29400 | 24779 |
|  3.000% due 10/01/2040 - 11/01/2055 | 128740 | 117893 |
|  3.500% due 11/01/2055 | 85000 | 77646 |
|  4.000% due 11/01/2055 | 256850 | 242046 |
|  4.500% due 10/01/2055 - 11/01/2055 | 60200 | 58379 |
|  5.000% due 11/01/2055 | 734035 | 727567 |
|  5.500% due 11/01/2055 | 609600 | 614265 |
|  6.000% due 10/01/2055 - 11/01/2055 | 1182710 | 1208103 |
|  6.500% due 10/01/2055 - 11/01/2055 | 1142415 | 1181383 |
|  Total U.S. Government Agencies (Cost $5,055,719) | Total U.S. Government Agencies (Cost $5,055,719) | 5046516 |
| U.S. TREASURY OBLIGATIONS 1.1% | U.S. TREASURY OBLIGATIONS 1.1% | U.S. TREASURY OBLIGATIONS 1.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.000% due 11/15/2042 (i)(k) | 49800 | 46059 |
|  4.000% due 11/15/2052 (i) | 37800 | 33459 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.375% due 05/15/2029 (i)(k) | 8900 | 8514 |
|  Total U.S. Treasury Obligations (Cost $100,225) | Total U.S. Treasury Obligations (Cost $100,225) | 88032 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 20.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.6% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 4050 | 3912 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 2000 | 1961 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.398% due 09/15/2034 •  | 1400 | 1390 |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 860 | 865 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.832% due 11/25/2035 •  | 89 | 89 |
|  4.832% due 08/25/2036 •  | 29238 | 9008 |
|  4.912% due 01/25/2036 •  | 200 | 173 |
|  6.102% due 11/25/2037 ~ | 296 | 192 |
|  AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  | 3136 | 3152 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 6678 | 6010 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.445% due 04/25/2044 •  | 156 | 172 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 88 | 85 |
|  4.800% due 11/25/2067 þ | 24452 | 24346 |
|  5.985% due 01/25/2069 þ | 746 | 755 |
|  6.197% due 01/25/2069 þ | 2349 | 2379 |
|  6.500% due 12/25/2067 þ | 721 | 729 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 ~ | 3142 | 2848 |
|  1.483% due 10/25/2048 ~ | 4134 | 3763 |
|  1.637% due 10/25/2048 ~ | 2097 | 1907 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 4245 | 4243 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2064 þ | 1989 | 1932 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  4.227% due 08/10/2038 ~ | 1655 | 1615 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2034 | 360 | 337 |
|  6.000% due 04/25/2037 | 1314 | 1138 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  3.453% due 01/20/2047 ~ | 321 | 229 |
|  3.501% due 10/20/2046 ~ | 283 | 243 |
|  3.778% due 10/26/2036 ~ | 63345 | 60987 |
|  4.071% due 09/20/2046 ~ | 48 | 40 |
|  4.630% due 10/20/2036 •  | 2250 | 1750 |
|  4.710% due 02/20/2047 •  | 1204 | 1134 |
|  4.835% due 09/20/2046 ~ | 335 | 303 |
|  4.971% due 01/20/2047 ~ | 4 | 3 |
|  5.750% due 08/25/2036 | 72 | 61 |
|  6.593% due 09/20/2046 ~ | 269 | 261 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.641% due 11/20/2046 ~ | 22 | 18 |
|  4.675% due 10/25/2035 ~ | 163 | 154 |
|  5.401% due 06/25/2035 ~ | 206 | 199 |
|  5.697% due 06/25/2034 ~ | 69 | 67 |
|  5.848% due 09/25/2033 ~ | 369 | 313 |
|  5.936% due 11/25/2033 ~ | 3 | 3 |
|  6.996% due 12/25/2033 ~ | 22 | 22 |
|  7.082% due 05/25/2034 ~ | 292 | 289 |
|  BankUnited Trust | BankUnited Trust | BankUnited Trust |
|  4.872% due 09/25/2045 •  | 38 | 36 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.358% due 11/26/2036 ~ | 3907 | 3247 |
|  4.425% due 01/26/2036 •  | 8568 | 7944 |
|  6.672% due 10/25/2047 •  | 11440 | 8573 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.477% due 11/25/2034 ~ | 193 | 162 |
|  3.740% due 04/25/2035 ~ | 992 | 811 |
|  4.164% due 08/25/2036 ~ | 901 | 410 |
|  4.281% due 04/25/2035 ~ | 11 | 10 |
|  4.511% due 02/25/2036 ~ | 1824 | 1292 |
|  4.774% due 08/25/2036 ~ | 1348 | 852 |
|  5.166% due 07/25/2035 ~ | 6073 | 3794 |
|  5.170% due 01/25/2036 ~ | 538 | 513 |
|  5.569% due 11/25/2035 ~ | 608 | 269 |
|  5.644% due 01/25/2034 ~ | 173 | 164 |
|  5.921% due 08/25/2034 ~ | 361 | 346 |
|  5.997% due 09/25/2034 •  | 2668 | 2614 |
|  6.139% due 12/25/2033 ~ | 92 | 90 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  0.000% due 10/25/2034 ~ | 16 | 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 05/25/2034 ~ | $— | 14 | $— | 13 |
|  4.208% due 05/25/2047 ~ |  | 179 |  | 162 |
|  4.577% due 04/25/2034 ~ |  | 25 |  | 21 |
|  4.688% due 02/25/2035 ~ |  | 294 |  | 239 |
|  4.812% due 11/25/2030 ~ |  | 30 |  | 29 |
|  5.265% due 01/25/2035 ~ |  | 861 |  | 809 |
|  5.439% due 12/25/2035 ~ |  | 74 |  | 63 |
|  5.784% due 11/25/2034 ~ |  | 169 |  | 154 |
|  5.914% due 08/25/2035 ~ |  | 328 |  | 321 |
|  5.923% due 01/25/2034 ~ |  | 17 |  | 16 |
|  6.100% due 12/25/2046 •  |  | 1527 |  | 1368 |
|  6.328% due 02/25/2036 ~ |  | 31 |  | 30 |
|  6.341% due 11/25/2034 ~ |  | 62 |  | 59 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.432% due 12/25/2046 •  |  | 4609 |  | 4169 |
|  4.482% due 01/25/2037 •  |  | 280 |  | 261 |
|  Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. |
|  5.107% due 06/25/2030 ~ |  | 1 |  | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ |  | 2002 |  | 1599 |
|  4.972% due 01/26/2036 ~ |  | 1372 |  | 973 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.748% due 05/20/2045 •  |  | 1067 |  | 684 |
|  5.012% due 02/25/2035 •  |  | 6892 |  | 4320 |
|  7.271% due 11/20/2034 ~ |  | 1798 |  | 1820 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.094% due 04/15/2054 ~ |  | 8809 |  | 6095 |
|  4.377% due 05/15/2053 |  | 8254 |  | 8238 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ |  | 6608 |  | 6444 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.935% due 06/15/2038 •  |  | 1173 |  | 1172 |
|  4.953% due 10/15/2038 •  |  | 80 |  | 80 |
|  5.114% due 11/15/2038 •  |  | 10359 |  | 10355 |
|  5.140% due 01/17/2039 •  |  | 9600 |  | 9597 |
|  5.163% due 02/15/2039 •  |  | 871 |  | 871 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 |  | 2726 |  | 2578 |
|  5.065% due 02/15/2036 •  |  | 4152 |  | 4152 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 ~ |  | 3256 |  | 3190 |
|  4.000% due 10/25/2054 ~ |  | 5271 |  | 5181 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 5806 |  | 5279 |
|  3.250% due 09/25/2063 ~ |  | 5757 |  | 5224 |
|  3.250% due 03/25/2064 ~ |  | 3605 |  | 3243 |
|  3.250% due 08/25/2064 ~ |  | 2713 |  | 2435 |
|  3.250% due 09/25/2064 ~ |  | 44604 |  | 40087 |
|  3.375% due 12/25/2064 ~ |  | 9547 |  | 8659 |
|  3.375% due 04/25/2065 ~ |  | 2847 |  | 2586 |
|  3.500% due 06/25/2062 ~ |  | 3236 |  | 3003 |
|  5.606% due 09/25/2055 •  |  | 3573 |  | 3570 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.511% due 12/25/2035 ~ |  | 430 |  | 375 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.453% due 01/25/2035 ~ |  | 199 |  | 187 |
|  4.975% due 03/25/2035 ~ |  | 557 |  | 453 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.871% due 07/19/2033 ~ |  | 43 |  | 41 |
|  4.391% due 05/19/2033 ~ |  | 6 |  | 5 |
|  4.491% due 04/25/2035 ~ |  | 267 |  | 235 |
|  4.529% due 07/19/2033 ~ |  | 770 |  | 700 |
|  4.752% due 03/25/2036 •  |  | 8120 |  | 7628 |
|  4.772% due 03/25/2036 •  |  | 5096 |  | 4685 |
|  4.801% due 01/20/2035 ~ |  | 1671 |  | 1573 |
|  4.852% due 04/25/2035 •  |  | 2 |  | 2 |
|  4.872% due 03/25/2035 •  |  | 23 |  | 13 |
|  4.882% due 01/25/2036 ~ |  | 15 |  | 14 |
|  4.892% due 03/25/2035 •  |  | 16 |  | 15 |
|  4.912% due 03/25/2035 •  |  | 1460 |  | 1429 |
|  4.952% due 02/25/2035 •  |  | 37 |  | 34 |
|  4.972% due 02/25/2035 •  |  | 287 |  | 263 |
|  4.972% due 05/25/2035 •  |  | 1102 |  | 900 |
|  4.982% due 03/20/2036 ~ |  | 3059 |  | 2738 |
|  5.009% due 06/20/2036 ~ |  | 560 |  | 502 |
|  5.052% due 02/25/2035 •  |  | 52 |  | 49 |
|  5.063% due 05/20/2035 ~ |  | 1435 |  | 1189 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.097% due 11/25/2034 ~ | $— | 1048 | $— | 654 |
|  5.116% due 02/20/2036 ~ |  | 314 |  | 274 |
|  5.192% due 09/25/2034 •  |  | 111 |  | 96 |
|  5.388% due 02/20/2035 ~ |  | 14 |  | 14 |
|  5.500% due 06/25/2034 |  | 1538 |  | 1225 |
|  5.500% due 06/25/2035 |  | 3486 |  | 1868 |
|  5.500% due 05/25/2036 |  | 987 |  | 860 |
|  5.594% due 12/19/2033 ~ |  | 138 |  | 136 |
|  5.750% due 12/25/2035 |  | 962 |  | 451 |
|  5.750% due 02/25/2036 |  | 3347 |  | 1446 |
|  6.000% due 03/25/2037 |  | 3064 |  | 1345 |
|  6.000% due 11/25/2037 |  | 68 |  | 29 |
|  6.176% due 06/20/2034 ~ |  | 1139 |  | 1071 |
|  6.224% due 02/20/2036 •  |  | 29 |  | 25 |
|  6.248% due 02/20/2036 •  |  | 599 |  | 559 |
|  6.305% due 06/19/2031 ~ |  | 1 |  | 1 |
|  6.571% due 02/19/2034 ~ |  | 4 |  | 4 |
|  6.741% due 02/25/2034 ~ |  | 5 |  | 5 |
|  7.086% due 02/19/2034 ~ |  | 5 |  | 5 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  3.000% due 01/25/2061 ~ |  | 2794 |  | 2619 |
|  3.250% due 10/25/2058 ~ |  | 1030 |  | 945 |
|  3.750% due 12/25/2061 ~ |  | 9089 |  | 8688 |
|  4.500% due 01/25/2063 ~ |  | 3944 |  | 3859 |
|  5.000% due 05/25/2062 ~ |  | 1300 |  | 1300 |
|  5.000% due 02/25/2099 þ |  | 2489 |  | 2477 |
|  5.500% due 08/25/2064 ~ |  | 18544 |  | 18718 |
|  6.639% due 12/25/2067 þ |  | 852 |  | 858 |
|  Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust |
|  5.349% due 08/25/2035 ~ |  | 1295 |  | 839 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 08/25/2036 |  | 447 |  | 413 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.209% due 05/10/2049 |  | 700 |  | 695 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.248% due 11/25/2036 ~ |  | 889 |  | 832 |
|  4.402% due 06/25/2036 •  |  | 409 |  | 392 |
|  4.602% due 12/25/2034 •  |  | 44 |  | 42 |
|  4.772% due 09/25/2036 •  |  | 1890 |  | 1800 |
|  5.072% due 08/25/2035 •  |  | 520 |  | 507 |
|  5.482% due 08/25/2035 ~ |  | 53 |  | 51 |
|  5.774% due 05/25/2042 ~ |  | 455 |  | 445 |
|  5.840% due 09/25/2035 •  |  | 41 |  | 40 |
|  6.147% due 11/25/2036 •  |  | 1957 |  | 1947 |
|  6.310% due 11/25/2035 •  |  | 185 |  | 188 |
|  6.480% due 10/25/2035 •  |  | 7 |  | 7 |
|  6.490% due 05/25/2035 •  |  | 22 |  | 22 |
|  7.208% due 12/25/2034 ~ |  | 13 |  | 13 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.500% due 06/25/2037 |  | 770 |  | 698 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  |  | 5863 |  | 5796 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.301% due 03/25/2067 ~ |  | 6098 |  | 6081 |
|  4.550% due 04/25/2067 ~ |  | 8781 |  | 8756 |
|  6.393% due 06/25/2069 þ |  | 1964 |  | 1994 |
|  6.421% due 05/25/2069 þ |  | 785 |  | 798 |
|  6.467% due 08/25/2067 þ |  | 3415 |  | 3406 |
|  7.243% due 12/25/2067 ~ |  | 7516 |  | 7495 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.545% due 02/10/2036 |  | 3800 |  | 3761 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.547% due 08/25/2035 ~ |  | 1744 |  | 1666 |
|  4.430% due 02/20/2047 •  |  | 1094 |  | 885 |
|  4.445% due 12/20/2046 •  |  | 5070 |  | 4469 |
|  4.572% due 10/25/2035 •  |  | 1976 |  | 713 |
|  4.592% due 02/25/2047 •  |  | 4179 |  | 4119 |
|  4.650% due 07/20/2046 •  |  | 364 |  | 312 |
|  4.652% due 07/25/2046 •  |  | 6880 |  | 6254 |
|  4.652% due 09/25/2046 •  |  | 170 |  | 166 |
|  4.670% due 03/20/2046 •  |  | 179 |  | 167 |
|  4.672% due 06/25/2037 •  |  | 482 |  | 444 |
|  4.692% due 06/25/2046 •  |  | 1139 |  | 917 |
|  4.772% due 05/25/2035 •  |  | 160 |  | 144 |
|  4.772% due 06/25/2035 •  |  | 1116 |  | 1070 |
|  4.812% due 02/25/2036 •  |  | 60 |  | 52 |
|  4.832% due 12/25/2035 •  |  | 307 |  | 289 |
|  4.852% due 02/25/2036 •  |  | 166 |  | 154 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.890% due 11/20/2035 •  | $— | 93 | $— | 88 |
|  4.932% due 10/25/2035 •  |  | 2508 |  | 1665 |
|  4.972% due 01/25/2046 •  |  | 789 |  | 662 |
|  4.993% due 03/25/2047 •  |  | 1504 |  | 1306 |
|  5.030% due 05/25/2035 ~ |  | 85 |  | 72 |
|  5.032% due 12/25/2035 •  |  | 4180 |  | 3705 |
|  5.123% due 02/25/2036 ~ |  | 1115 |  | 1037 |
|  5.153% due 02/25/2036 •  |  | 396 |  | 363 |
|  5.335% due 12/25/2034 ~ |  | 1284 |  | 1247 |
|  5.403% due 11/25/2047 •  |  | 2460 |  | 2204 |
|  5.500% due 04/25/2035 |  | 767 |  | 526 |
|  5.500% due 11/25/2035 |  | 705 |  | 382 |
|  5.500% due 03/25/2036 |  | 62 |  | 25 |
|  5.533% due 11/25/2047 •  |  | 4486 |  | 4019 |
|  5.750% due 03/25/2037 •  |  | 238 |  | 122 |
|  5.750% due 04/25/2047 |  | 339 |  | 174 |
|  5.812% due 11/25/2035 •  |  | 1417 |  | 1298 |
|  6.000% due 03/25/2037 |  | 813 |  | 382 |
|  6.000% due 04/25/2037 |  | 2980 |  | 1524 |
|  6.250% due 12/25/2033 |  | 10 |  | 11 |
|  6.250% due 07/25/2036 |  | 3616 |  | 902 |
|  6.500% due 11/25/2031 |  | 13 |  | 13 |
|  6.500% due 06/25/2036 |  | 3210 |  | 1476 |
|  7.000% due 10/25/2035 |  | 3000 |  | 1525 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  6.000% due 08/25/2037 ~ |  | 361 |  | 166 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  2.653% due 12/25/2032 ~ |  | 26 |  | 21 |
|  4.608% due 12/25/2033 ~ |  | 77 |  | 76 |
|  5.063% due 03/25/2032 ~ |  | 39 |  | 38 |
|  5.422% due 09/25/2034 •  |  | 196 |  | 377 |
|  5.683% due 06/25/2033 ~ |  | 81 |  | 79 |
|  5.750% due 04/25/2033 |  | 4 |  | 4 |
|  6.250% due 07/25/2035 |  | 101 |  | 105 |
|  6.272% due 03/25/2034 •  |  | 1068 |  | 745 |
|  6.318% due 08/25/2033 ~ |  | 729 |  | 676 |
|  7.000% due 02/25/2033 |  | 7 |  | 8 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ |  | 6550 |  | 6558 |
|  5.549% due 12/25/2069 ~ |  | 907 |  | 914 |
|  6.093% due 04/25/2069 þ |  | 1812 |  | 1833 |
|  6.147% due 07/25/2069 þ |  | 18602 |  | 18855 |
|  6.272% due 06/25/2069 þ |  | 2674 |  | 2712 |
|  6.615% due 03/25/2068 þ |  | 1309 |  | 1320 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  5.500% due 11/25/2035 |  | 117 |  | 84 |
|  6.565% due 10/25/2033 ~ |  | 1169 |  | 1066 |
|  6.991% due 10/25/2033 ~ |  | 20 |  | 20 |
|  CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust |
|  5.472% due 10/25/2034 •  |  | 1758 |  | 1701 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.500% due 04/25/2036 |  | 417 |  | 259 |
|  6.421% due 10/25/2037 ~ |  | 173 |  | 101 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ |  | 5440 |  | 4847 |
|  2.000% due 10/25/2060 ~ |  | 5475 |  | 4984 |
|  2.750% due 01/25/2060 ~ |  | 5626 |  | 4337 |
|  2.750% due 01/25/2060 |  | 9795 |  | 7535 |
|  2.972% due 07/25/2057 ~ |  | 1000 |  | 866 |
|  3.250% due 01/25/2060 ~ |  | 3775 |  | 2833 |
|  3.250% due 01/25/2060 |  | 7373 |  | 5599 |
|  3.375% due 01/25/2060 |  | 1000 |  | 829 |
|  3.566% due 01/25/2060 ~ |  | 3343 |  | 2312 |
|  3.843% due 04/28/2037 ~ |  | 207 |  | 193 |
|  3.869% due 02/25/2061 ~ |  | 4441 |  | 4423 |
|  3.904% due 04/25/2062 ~ |  | 4842 |  | 4673 |
|  3.952% due 09/25/2057 ~ |  | 1300 |  | 1235 |
|  4.209% due 07/27/2061 ~ |  | 8153 |  | 8122 |
|  4.400% due 02/27/2036 ~ |  | 3671 |  | 2332 |
|  5.750% due 12/26/2035 |  | 160 |  | 93 |
|  6.115% due 10/15/2037 •  |  | 1000 |  | 990 |
|  6.250% due 05/26/2048 |  | 5660 |  | 4729 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 1200 |  | 1244 |
|  DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 |  | 2205 |  | 2012 |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  4.300% due 03/25/2067 ~ |  | 1477 |  | 1445 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.632% due 01/25/2047 •  | 3328 | 3075 |
|  4.912% due 08/25/2047 •  | 4094 | 3034 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  5.068% due 08/19/2045 •  | 327 | 206 |
|  5.093% due 04/19/2046 •  | 223 | 183 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.100% due 10/25/2070 þ | 1750 | 1753 |
|  5.522% due 01/26/2060 þ | 870 | 878 |
|  5.655% due 02/25/2060 þ | 1665 | 1683 |
|  5.726% due 01/25/2060 þ | 1005 | 1018 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 48910 | 48948 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  3.000% due 04/25/2036 ~ | 379 | 349 |
|  4.592% due 09/25/2035 ~ | 427 | 180 |
|  4.640% due 03/25/2035 ~ | 72 | 41 |
|  4.740% due 02/25/2037 ~ | 1018 | 695 |
|  5.099% due 09/25/2034 ~ | 157 | 161 |
|  5.361% due 12/25/2035 ~ | 357 | 270 |
|  5.389% due 07/25/2035 ~ | 2265 | 2138 |
|  5.856% due 06/25/2034 ~ | 482 | 482 |
|  First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. |
|  4.750% due 01/25/2036 ~ | 371 | 337 |
|  4.985% due 01/25/2036 ~ | 1392 | 706 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.747% due 10/25/2035 ~ | 1178 | 1081 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ | 1500 | 1418 |
|  4.250% due 05/25/2067 ~ | 14443 | 13847 |
|  6.007% due 01/25/2059 þ | 797 | 804 |
|  6.085% due 06/25/2059 þ | 1151 | 1166 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  4.198% due 05/25/2035 ~ | 692 | 647 |
|  4.639% due 09/19/2035 ~ | 761 | 619 |
|  7.500% due 05/25/2035 ~ | 5 | 5 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.692% due 04/25/2036 •  | 82 | 74 |
|  5.157% due 07/25/2035 •  | 5064 | 4815 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.732% due 06/25/2045 •  | 6230 | 4950 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.104% due 05/10/2034 | 15900 | 9374 |
|  5.520% due 12/15/2036 •  | 4149 | 4146 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.000% due 12/25/2060 ~ | 1100 | 950 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.750% due 07/25/2061 ~ | 2136 | 2091 |
|  4.100% due 07/25/2065 þ | 4808 | 4686 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.986% due 11/25/2033 þ | 392 | 361 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.632% due 05/25/2036 •  | 601 | 579 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 09/25/2035 •  | 13167 | 11331 |
|  4.622% due 01/25/2036 •  | 16598 | 13434 |
|  7.000% due 06/25/2043 | 288 | 304 |
|  8.000% due 09/19/2027 ~ | 133 | 131 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  0.702% due 11/26/2037 •  | 11401 | 10821 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.622% due 01/25/2034 •  | 1 | 1 |
|  4.668% due 01/25/2036 ~ | 87 | 82 |
|  4.751% due 12/25/2034 ~ | 966 | 126 |
|  4.757% due 06/25/2034 ~ | 604 | 545 |
|  4.772% due 07/25/2035 •  | 290 | 260 |
|  5.272% due 04/25/2035 ~ | 231 | 219 |
|  5.743% due 09/25/2035 ~ | 2420 | 2008 |
|  6.000% due 03/25/2032 | 4 | 5 |
|  6.363% due 09/25/2035 ~ | 3 | 3 |
|  6.400% due 01/25/2034 ~ | 943 | 732 |
|  6.560% due 04/25/2035 ~ | 174 | 171 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.304% due 06/19/2036 ~ | 684 | 275 |
|  4.628% due 01/19/2038 •  | 18353 | 16229 |
|  4.628% due 02/19/2046 •  | 142 | 132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.658% due 12/19/2036 •  | $— | 882 | $— | 699 |
|  4.688% due 05/19/2035 •  |  | 481 |  | 465 |
|  4.728% due 06/19/2035 •  |  | 2694 |  | 2639 |
|  4.728% due 01/19/2036 •  |  | 18 |  | 18 |
|  4.728% due 03/19/2036 •  |  | 4820 |  | 4465 |
|  4.728% due 12/19/2036 •  |  | 5835 |  | 5547 |
|  4.783% due 06/19/2045 •  |  | 217 |  | 97 |
|  4.948% due 01/19/2035 •  |  | 10 |  | 9 |
|  5.150% due 06/20/2035 •  |  | 107 |  | 102 |
|  5.372% due 08/19/2034 ~ |  | 617 |  | 444 |
|  5.509% due 08/19/2034 ~ |  | 37 |  | 35 |
|  5.593% due 11/19/2034 ~ |  | 3 |  | 3 |
|  5.975% due 06/20/2035 •  |  | 2140 |  | 1717 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 6500 |  | 5450 |
|  3.719% due 11/05/2038 |  | 1000 |  | 990 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.962% due 03/25/2035 •  |  | 102 |  | 86 |
|  5.007% due 10/25/2035 •  |  | 6158 |  | 6164 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  6.000% due 09/25/2037 |  | 1192 |  | 372 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  4.542% due 07/25/2035 •  |  | 837 |  | 529 |
|  4.582% due 07/25/2035 •  |  | 791 |  | 506 |
|  5.382% due 03/25/2034 þ |  | 317 |  | 298 |
|  6.321% due 07/25/2035 ~ |  | 1170 |  | 726 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.492% due 05/25/2037 •  |  | 3135 |  | 2642 |
|  4.972% due 05/25/2036 •  |  | 11 |  | 10 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ |  | 2 |  | 2 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ |  | 1314 |  | 994 |
|  5.496% due 01/25/2036 ~ |  | 300 |  | 283 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  2.848% due 06/25/2036 ~ |  | 401 |  | 320 |
|  3.321% due 06/25/2035 ~ |  | 2725 |  | 2134 |
|  3.401% due 06/25/2036 ~ |  | 2539 |  | 1982 |
|  3.407% due 06/25/2036 ~ |  | 1494 |  | 911 |
|  3.462% due 06/25/2036 ~ |  | 708 |  | 614 |
|  3.542% due 02/25/2036 ~ |  | 2810 |  | 1996 |
|  3.613% due 02/25/2036 ~ |  | 1923 |  | 1499 |
|  3.711% due 05/25/2035 ~ |  | 1207 |  | 1069 |
|  3.822% due 07/25/2035 ~ |  | 757 |  | 700 |
|  4.106% due 01/25/2036 ~ |  | 2922 |  | 2650 |
|  4.138% due 06/25/2034 ~(a) |  | 1198 |  | 984 |
|  4.447% due 09/25/2035 ~ |  | 7116 |  | 4778 |
|  4.512% due 07/25/2036 •  |  | 11510 |  | 11340 |
|  4.527% due 07/25/2037 ~ |  | 2485 |  | 1032 |
|  4.572% due 06/25/2037 •  |  | 101 |  | 34 |
|  4.612% due 11/25/2036 •  |  | 143 |  | 144 |
|  4.632% due 07/25/2037 •  |  | 5053 |  | 4673 |
|  4.632% due 08/25/2037 •  |  | 2795 |  | 2587 |
|  4.652% due 09/25/2046 •  |  | 299 |  | 274 |
|  4.752% due 04/25/2035 •  |  | 77 |  | 63 |
|  4.912% due 02/25/2035 •  |  | 433 |  | 404 |
|  4.912% due 07/25/2045 •  |  | 2578 |  | 1973 |
|  5.012% due 07/25/2045 •  |  | 533 |  | 390 |
|  5.072% due 11/25/2034 •  |  | 1916 |  | 1784 |
|  5.492% due 09/25/2034 •  |  | 55 |  | 45 |
|  IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust |
|  4.712% due 01/25/2049 |  | 14 |  | 11 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.752% due 07/25/2036 •  |  | 11781 |  | 10954 |
|  4.752% due 11/25/2036 •  |  | 2894 |  | 2473 |
|  4.832% due 06/25/2037 •  |  | 30451 |  | 11239 |
|  4.946% due 06/27/2037 •  |  | 966 |  | 570 |
|  5.928% due 06/27/2037 ~ |  | 13532 |  | 6497 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 |  | 18200 |  | 16971 |
|  3.648% due 12/15/2049 ~ |  | 300 |  | 297 |
|  4.549% due 07/05/2033 |  | 23176 |  | 18993 |
|  5.248% due 02/15/2035 •  |  | 5681 |  | 5639 |
|  5.439% due 07/05/2033 •  |  | 510 |  | 497 |
|  5.530% due 11/15/2038 •  |  | 7000 |  | 6996 |
|  5.648% due 12/15/2031 •  |  | 413 |  | 412 |
|  5.739% due 07/05/2033 •  |  | 3239 |  | 2747 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 04/25/2037 ~ | 418 | 219 |
|  4.341% due 10/25/2036 ~ | 1074 | 604 |
|  4.625% due 07/25/2063 ~ | 1165 | 1145 |
|  4.752% due 08/25/2037 •  | 2366 | 741 |
|  5.000% due 07/25/2036 | 210 | 79 |
|  5.125% due 10/25/2035 ~ | 22 | 15 |
|  5.250% due 11/25/2063 ~ | 766 | 770 |
|  5.439% due 10/25/2035 ~ | 162 | 152 |
|  5.561% due 09/25/2055 þ | 3760 | 3781 |
|  5.606% due 03/25/2055 •  | 4689 | 4683 |
|  5.706% due 02/25/2055 •  | 3256 | 3265 |
|  5.835% due 06/25/2035 ~ | 748 | 613 |
|  5.990% due 07/25/2064 ~ | 1117 | 1129 |
|  6.069% due 06/25/2035 ~ | 38 | 30 |
|  6.588% due 08/25/2034 ~ | 732 | 701 |
|  7.700% due 08/25/2036 | 32 | 12 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.692% due 01/25/2063 ~ | 3851 | 3628 |
|  4.415% due 01/25/2063 ~ | 925 | 891 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ | 1758 | 1759 |
|  5.650% due 11/25/2060 þ | 1535 | 1537 |
|  5.750% due 07/25/2061 þ | 6742 | 6746 |
|  5.892% due 10/25/2066 þ | 1656 | 1657 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.500% due 02/25/2036 | 200 | 91 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 11/25/2035 •  | 3164 | 3149 |
|  4.812% due 12/25/2035 •  | 2500 | 2346 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.692% due 05/25/2036 •  | 1555 | 1377 |
|  LUX | LUX | LUX |
|  6.841% due 08/15/2040 •  | 2800 | 2837 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 3400 | 3242 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.636% due 07/25/2034 ~ | 620 | 558 |
|  4.404% due 02/25/2034 ~ | 1037 | 906 |
|  4.572% due 03/25/2047 •  | 5155 | 4737 |
|  4.602% due 12/25/2034 •  | 172 | 161 |
|  4.980% due 05/25/2034 ~ | 812 | 502 |
|  5.372% due 09/25/2037 •  | 3311 | 1309 |
|  5.552% due 07/25/2035 ~ | 9039 | 4533 |
|  6.459% due 12/21/2034 ~ | 27 | 26 |
|  6.500% due 12/25/2033 ~ | 3 | 3 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 04/25/2035 | 540 | 493 |
|  6.179% due 06/25/2033 ~ | 203 | 130 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 03/25/2034 | 550 | 444 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 | 1796 | 261 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  | 12 | 11 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.750% due 05/25/2037 | 78 | 75 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.892% due 08/25/2028 •  | 1 | 1 |
|  4.912% due 10/25/2028 •  | 30 | 30 |
|  4.932% due 06/25/2028 •  | 1 | 1 |
|  4.992% due 08/25/2035 •  | 11821 | 10982 |
|  5.012% due 03/25/2028 •  | 1 | 1 |
|  5.087% due 04/25/2035 ~ | 5 | 5 |
|  5.190% due 09/25/2029 •  | 419 | 411 |
|  5.207% due 05/25/2036 ~ | 215 | 203 |
|  5.472% due 03/25/2028 •  | 135 | 101 |
|  5.674% due 08/25/2033 ~ | 5 | 0 |
|  5.943% due 11/25/2035 •  | 2649 | 2576 |
|  6.017% due 05/25/2036 ~ | 4319 | 3895 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.947% due 04/25/2065 ~ | 172 | 169 |
|  2.855% due 07/25/2060 ~ | 500 | 420 |
|  3.300% due 08/25/2061 ~ | 7454 | 7031 |
|  4.400% due 03/25/2068 þ | 4694 | 4654 |
|  6.105% due 12/25/2068 þ | 13187 | 13310 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.775% due 10/25/2058 þ | $1119 | $1132 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.850% due 11/25/2060 ~ | 8550 | 7770 |
|  2.500% due 11/25/2060 ~ | 5358 | 4640 |
|  3.250% due 01/25/2061 ~ | 97 | 83 |
|  3.899% due 11/25/2058 ~ | 1000 | 857 |
|  Mill City Mortgage Trust | Mill City Mortgage Trust | Mill City Mortgage Trust |
|  3.701% due 09/25/2057 ~ | 58 | 57 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.265% due 05/15/2036 •  | 5347 | 788 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  0.000% due 11/25/2037 ~ | 1364 | 115 |
|  3.423% due 10/25/2037 ~ | 2318 | 1313 |
|  4.522% due 03/25/2036 •  | 1901 | 1230 |
|  4.532% due 03/25/2036 •  | 7474 | 4842 |
|  5.172% due 02/25/2036 •  | 176 | 167 |
|  5.395% due 10/25/2034 ~ | 11 | 11 |
|  Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
|  3.146% due 06/26/2047 •  | 11102 | 9988 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 2091 | 2044 |
|  MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust |
|  5.557% due 03/15/2039 •  | 6165 | 6166 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  7.500% due 03/25/2034 | 271 | 255 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 12573 | 12159 |
|  3.000% due 07/25/2059 ~ | 1000 | 926 |
|  3.250% due 02/25/2059 ~ | 5499 | 5370 |
|  3.500% due 12/25/2057 ~ | 266 | 259 |
|  4.000% due 02/25/2057 ~ | 14092 | 13752 |
|  4.500% due 05/25/2058 ~ | 401 | 393 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 10999 | 10040 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.372% due 08/25/2034 •  | 625 | 700 |
|  5.754% due 10/25/2034 þ | 6399 | 6357 |
|  6.159% due 05/25/2036 ~ | 200 | 36 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.215% due 07/25/2061 | 250 | 220 |
|  3.514% due 07/25/2061 | 2000 | 1726 |
|  3.750% due 02/25/2068 ~ | 845 | 786 |
|  3.750% due 11/25/2069 ~ | 3917 | 3763 |
|  5.379% due 06/25/2069 ~ | 1075 | 1080 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  | 3865 | 3855 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.631% due 03/25/2053 ~ | 3106 | 3059 |
|  3.688% due 04/25/2053 ~ | 4808 | 4738 |
|  5.110% due 08/25/2062 þ | 1186 | 1185 |
|  5.949% due 02/25/2063 þ | 5004 | 5018 |
|  6.030% due 01/25/2064 þ | 1803 | 1826 |
|  6.113% due 03/25/2063 þ | 2360 | 2370 |
|  6.233% due 05/25/2064 þ | 1301 | 1320 |
|  6.465% due 10/25/2063 þ | 1886 | 1909 |
|  6.520% due 07/25/2063 þ | 1313 | 1325 |
|  6.567% due 06/25/2063 þ | 2173 | 2190 |
|  6.844% due 04/25/2063 þ | 838 | 850 |
|  7.045% due 09/25/2063 þ | 1605 | 1630 |
|  7.159% due 10/25/2063 þ | 2680 | 2728 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.156% due 11/25/2054 •  | 1477 | 1479 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 | 2337 | 2267 |
|  ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
|  4.964% due 03/15/2036 •  | 2600 | 2564 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 9700 | 9549 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  | 488 | 489 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.249% due 10/25/2055 « | 3100 | 3099 |
|  5.963% due 11/25/2054 þ | 2356 | 2360 |
|  PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ | 958 | 928 |
|  4.000% due 08/25/2064 þ | 949 | 920 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 03/25/2065 «þ | $— | 10300 | $— | 10024 |
|  4.000% due 07/25/2069 þ |  | 939 |  | 912 |
|  4.075% due 06/25/2064 ~ |  | 894 |  | 859 |
|  4.150% due 04/25/2065 þ |  | 3007 |  | 2920 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  3.767% due 10/25/2032 ~ |  | 405 |  | 360 |
|  5.250% due 06/25/2033 |  | 324 |  | 311 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 1265 |  | 1281 |
|  6.431% due 05/25/2059 þ |  | 703 |  | 714 |
|  6.584% due 09/25/2058 þ |  | 1812 |  | 1831 |
|  7.225% due 11/25/2058 þ |  | 981 |  | 998 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ |  | 789 |  | 774 |
|  3.750% due 04/25/2055 þ |  | 1242 |  | 1210 |
|  4.000% due 11/25/2053 þ |  | 354 |  | 351 |
|  4.000% due 01/25/2054 þ |  | 760 |  | 750 |
|  4.000% due 05/25/2054 þ |  | 705 |  | 697 |
|  4.000% due 07/25/2054 þ |  | 723 |  | 713 |
|  4.000% due 11/25/2054 þ |  | 1809 |  | 1770 |
|  4.000% due 10/25/2064 þ |  | 5414 |  | 5311 |
|  4.200% due 12/25/2064 þ |  | 834 |  | 823 |
|  4.500% due 02/25/2055 þ |  | 894 |  | 889 |
|  4.500% due 08/25/2055 þ |  | 1364 |  | 1352 |
|  5.228% due 08/25/2069 þ |  | 7205 |  | 7225 |
|  5.250% due 07/25/2055 þ |  | 1025 |  | 1032 |
|  5.503% due 08/25/2030 þ |  | 996 |  | 999 |
|  5.699% due 11/25/2029 þ |  | 901 |  | 902 |
|  5.729% due 07/25/2030 þ |  | 985 |  | 986 |
|  5.774% due 08/25/2028 þ |  | 2762 |  | 2767 |
|  5.870% due 11/25/2029 þ |  | 2256 |  | 2259 |
|  5.897% due 12/25/2029 þ |  | 1399 |  | 1399 |
|  6.179% due 06/25/2030 þ |  | 2621 |  | 2629 |
|  6.255% due 05/25/2030 þ |  | 932 |  | 934 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ |  | 3786 |  | 3818 |
|  5.802% due 11/25/2069 þ |  | 2780 |  | 2812 |
|  6.221% due 11/25/2068 þ |  | 5243 |  | 5299 |
|  6.250% due 08/25/2068 þ |  | 1729 |  | 1742 |
|  6.265% due 12/25/2068 þ |  | 711 |  | 720 |
|  6.327% due 06/25/2069 þ |  | 16327 |  | 16706 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 11/25/2036 •  |  | 5906 |  | 3082 |
|  4.652% due 07/25/2036 •  |  | 4735 |  | 4376 |
|  4.652% due 08/25/2036 •  |  | 4204 |  | 4256 |
|  4.652% due 04/25/2046 •  |  | 919 |  | 865 |
|  4.672% due 10/25/2046 •  |  | 4697 |  | 4521 |
|  4.903% due 02/25/2035 ~ |  | 417 |  | 371 |
|  5.091% due 12/26/2034 ~ |  | 91 |  | 46 |
|  5.139% due 10/25/2037 ~ |  | 707 |  | 566 |
|  5.394% due 09/25/2034 ~ |  | 2 |  | 2 |
|  5.484% due 12/25/2035 ~ |  | 593 |  | 520 |
|  6.000% due 12/25/2035 |  | 2210 |  | 1922 |
|  6.500% due 10/25/2036 |  | 16896 |  | 14775 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 2917 |  | 2926 |
|  5.472% due 06/25/2055 þ |  | 6419 |  | 6488 |
|  5.553% due 03/25/2055 þ |  | 3969 |  | 4019 |
|  5.582% due 12/25/2044 þ |  | 3528 |  | 3568 |
|  5.653% due 01/25/2045 þ |  | 3721 |  | 3768 |
|  5.846% due 08/25/2044 þ |  | 37166 |  | 37587 |
|  6.808% due 09/25/2043 ~ |  | 514 |  | 520 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.622% due 10/25/2048 •  |  | 2 |  | 2 |
|  4.722% due 02/25/2034 •  |  | 13 |  | 12 |
|  4.722% due 04/25/2035 •  |  | 3193 |  | 1596 |
|  4.772% due 08/25/2036 •  |  | 2732 |  | 838 |
|  6.000% due 08/25/2036 |  | 6020 |  | 2532 |
|  6.250% due 08/25/2036 |  | 1752 |  | 1202 |
|  6.500% due 04/25/2037 |  | 4348 |  | 1159 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  3.200% due 02/25/2037 ~ |  | 198 |  | 170 |
|  3.636% due 06/25/2035 ~ |  | 1531 |  | 844 |
|  5.231% due 09/25/2035 ~ |  | 4237 |  | 2393 |
|  5.594% due 02/25/2036 ~ |  | 62 |  | 59 |
|  6.000% due 02/25/2037 ~ |  | 489 |  | 432 |
|  6.000% due 04/25/2037 |  | 81 |  | 62 |
|  6.096% due 02/25/2036 ~ |  | 29 |  | 27 |
|  6.148% due 10/25/2037 ~ |  | 1015 |  | 987 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust |
|  4.110% due 05/25/2047 •  | 2065 | 1809 |
|  SACO I, Inc. | SACO I, Inc. | SACO I, Inc. |
|  7.000% due 08/25/2036 | 2 | 2 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 901 | 908 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.387% due 06/20/2034 ~ | 30 | 28 |
|  4.442% due 11/25/2063 ~ | 6288 | 6335 |
|  4.699% due 01/20/2047 ~ | 269 | 191 |
|  4.710% due 02/20/2035 •  | 268 | 256 |
|  4.870% due 11/20/2034 •  | 11 | 11 |
|  5.069% due 10/25/2055 ~ | 1900 | 1910 |
|  5.076% due 05/20/2034 •  | 114 | 108 |
|  5.239% due 02/20/2034 •  | 35 | 31 |
|  5.599% due 08/20/2034 ~ | 18 | 18 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  | 1 | 1 |
|  5.050% due 10/20/2027 •  | 2 | 2 |
|  5.610% due 10/20/2027 •  | 36 | 36 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.948% due 10/19/2026 •  | 9 | 8 |
|  Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 |
|  6.265% due 09/20/2032 ~ | 7 | 7 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  | 1800 | 1788 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 þ | 12581 | 12592 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.151% due 01/15/2039 •  | 25570 | 25547 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.376% due 01/25/2037 ~ | 77 | 54 |
|  6.699% due 01/25/2037 ~ | 768 | 766 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.887% due 05/25/2036 ~ | 2293 | 1297 |
|  4.065% due 02/25/2036 ~ | 51 | 44 |
|  4.652% due 07/25/2037 •  | 4350 | 4109 |
|  5.001% due 07/25/2035 ~ | 23 | 21 |
|  5.007% due 06/25/2034 •  | 139 | 136 |
|  5.137% due 09/25/2034 ~ | 258 | 253 |
|  5.553% due 01/25/2035 •  | 266 | 245 |
|  5.553% due 05/25/2035 •  | 315 | 250 |
|  6.100% due 04/25/2034 ~ | 1 | 1 |
|  6.336% due 02/25/2034 ~ | 16 | 15 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.572% due 02/25/2037 •  | 673 | 649 |
|  4.652% due 09/25/2047 •  | 6899 | 6483 |
|  4.812% due 08/25/2035 •  | 3498 | 3364 |
|  4.832% due 02/25/2036 •  | 86 | 73 |
|  4.848% due 07/19/2034 •  | 137 | 128 |
|  4.892% due 12/25/2035 •  | 10817 | 9171 |
|  4.948% due 03/19/2034 •  | 56 | 53 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.088% due 10/19/2033 •  | 30 | 28 |
|  5.148% due 11/19/2033 •  | 630 | 574 |
|  5.448% due 10/19/2033 •  | 615 | 646 |
|  Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. |
|  6.750% due 05/02/2030 ~ | 63 | 0 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  | 176 | 148 |
|  7.500% due 10/25/2036 | 1004 | 568 |
|  TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates |
|  6.500% due 04/25/2036 | 1260 | 401 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.500% due 07/25/2036 | 5765 | 1915 |
|  7.000% due 07/25/2036 | 863 | 244 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.072% due 09/25/2037 ~ | 712 | 708 |
|  4.490% due 09/25/2037 ~ | 14206 | 7952 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 30278 | 27727 |
|  2.250% due 12/25/2061 ~ | 4457 | 4343 |
|  2.710% due 01/25/2060 ~ | 22213 | 21470 |
|  2.750% due 06/25/2057 ~ | 2968 | 2911 |
|  2.900% due 10/25/2059 ~ | 8563 | 8240 |
|  3.000% due 10/25/2057 ~ | 1000 | 961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.250% due 07/25/2056 ~ | $— | 432 | $— | 429 |
|  3.750% due 10/25/2056 ~ |  | 4183 |  | 4126 |
|  4.083% due 04/25/2056 ~ |  | 1000 |  | 950 |
|  4.541% due 10/27/2064 ~ |  | 6216 |  | 6232 |
|  4.562% due 10/25/2064 ~ |  | 10781 |  | 10863 |
|  5.043% due 07/25/2065 ~ |  | 770 |  | 780 |
|  5.272% due 10/25/2059 •  |  | 215 |  | 215 |
|  5.725% due 11/25/2064 þ |  | 2805 |  | 2832 |
|  5.972% due 10/25/2059 •  |  | 11615 |  | 11981 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  0.820% due 10/25/2063 ~ |  | 617 |  | 595 |
|  1.057% due 10/25/2063 ~ |  | 17 |  | 16 |
|  1.262% due 10/25/2063 ~ |  | 25 |  | 24 |
|  4.130% due 02/25/2067 þ |  | 5966 |  | 5752 |
|  4.260% due 02/25/2067 þ |  | 1236 |  | 1191 |
|  5.218% due 09/25/2069 ~ |  | 2095 |  | 2097 |
|  5.402% due 05/25/2065 þ |  | 2793 |  | 2819 |
|  5.811% due 05/25/2068 þ |  | 1769 |  | 1776 |
|  5.999% due 02/25/2068 þ |  | 844 |  | 844 |
|  6.116% due 03/25/2069 þ |  | 10905 |  | 11041 |
|  6.192% due 06/25/2069 þ |  | 2518 |  | 2554 |
|  6.218% due 06/25/2069 þ |  | 1947 |  | 1975 |
|  6.338% due 04/25/2069 þ |  | 1422 |  | 1443 |
|  6.443% due 08/25/2068 þ |  | 1351 |  | 1363 |
|  6.476% due 06/25/2068 þ |  | 832 |  | 838 |
|  6.665% due 09/25/2068 þ |  | 6100 |  | 6174 |
|  6.876% due 11/25/2068 ~ |  | 721 |  | 733 |
|  7.070% due 10/25/2068 þ |  | 3428 |  | 3485 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 877 |  | 885 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.280% due 10/20/2035 ~ |  | 36 |  | 35 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  2.471% due 11/25/2041 ~ |  | 2 |  | 2 |
|  3.875% due 05/25/2037 ~ |  | 767 |  | 672 |
|  4.546% due 10/25/2035 ~ |  | 735 |  | 675 |
|  4.642% due 05/25/2034 •  |  | 13388 |  | 12528 |
|  4.680% due 09/25/2035 ~ |  | 2756 |  | 2626 |
|  4.812% due 12/25/2045 •  |  | 3325 |  | 3374 |
|  4.852% due 07/25/2045 •  |  | 3480 |  | 3354 |
|  4.993% due 11/25/2046 •  |  | 7424 |  | 6371 |
|  5.012% due 11/25/2034 •  |  | 63 |  | 61 |
|  5.052% due 10/25/2044 •  |  | 191 |  | 188 |
|  5.112% due 06/25/2044 •  |  | 912 |  | 913 |
|  5.153% due 08/25/2046 •  |  | 3866 |  | 3557 |
|  5.197% due 07/25/2034 ~ |  | 398 |  | 366 |
|  5.201% due 08/25/2046 •  |  | 10517 |  | 9161 |
|  5.252% due 11/25/2034 •  |  | 403 |  | 391 |
|  5.252% due 10/25/2045 •  |  | 604 |  | 593 |
|  5.272% due 07/25/2044 •  |  | 9 |  | 9 |
|  5.375% due 06/25/2034 ~ |  | 269 |  | 236 |
|  5.471% due 08/25/2033 ~ |  | 4 |  | 4 |
|  5.500% due 06/25/2033 ~ |  | 917 |  | 780 |
|  5.553% due 06/25/2042 •  |  | 48 |  | 45 |
|  5.553% due 08/25/2042 •  |  | 494 |  | 482 |
|  5.553% due 04/25/2044 •  |  | 359 |  | 311 |
|  5.711% due 06/25/2034 ~ |  | 107 |  | 106 |
|  5.781% due 03/25/2033 ~ |  | 46 |  | 45 |
|  5.886% due 10/25/2033 ~ |  | 71 |  | 59 |
|  6.248% due 01/25/2033 ~ |  | 613 |  | 609 |
|  WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates |
|  6.173% due 12/19/2039 ~ |  | 81 |  | 76 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.903% due 02/25/2047 •  |  | 10759 |  | 9988 |
|  4.922% due 10/25/2035 •  |  | 289 |  | 242 |
|  4.983% due 11/25/2046 •  |  | 11086 |  | 9453 |
|  5.500% due 05/25/2035 |  | 1099 |  | 979 |
|  5.500% due 06/25/2035 |  | 91 |  | 84 |
|  5.500% due 11/25/2035 |  | 143 |  | 128 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  5.264% due 02/25/2033 ~ |  | 328 |  | 313 |
|  5.750% due 03/25/2033 |  | 63 |  | 58 |
|  5.765% due 02/25/2033 ~ |  | 475 |  | 504 |
|  5.885% due 12/25/2032 ~ |  | 78 |  | 74 |
|  6.219% due 12/25/2032 ~ |  | 70 |  | 69 |
|  6.721% due 11/25/2030 ~ |  | 2 |  | 2 |
|  7.500% due 04/25/2033 ~ |  | 94 |  | 28 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.575% due 09/15/2040 ~ | 1600 | 1612 |
|  5.693% due 10/15/2042 «•(c) | 4500 | 4489 |
|  5.793% due 07/15/2037 •  | 3500 | 3514 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  3.903% due 09/27/2036 ~ | 403 | 399 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.814% due 12/25/2036 ~ | 30 | 30 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ | 4800 | 4897 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,768,448) | Total Non-Agency Mortgage-Backed Securities (Cost $1,768,448) | 1708808 |
| ASSET-BACKED SECURITIES 58.6% | ASSET-BACKED SECURITIES 58.6% | ASSET-BACKED SECURITIES 58.6% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  5.117% due 09/15/2032 | 329 | 332 |
|  5.215% due 09/15/2032 | 329 | 331 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.986% due 02/18/2028 •  | 925 | 925 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.052% due 05/15/2028 •  | 2748 | 2751 |
|  5.102% due 09/15/2027 •  | 1977 | 1979 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 | 492 | 481 |
|  4.550% due 01/10/2028 | 305 | 303 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.872% due 05/15/2028 •  | 15444 | 15463 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  4.909% due 12/21/2026 •  | 2459 | 2460 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.032% due 08/16/2027 •  | 1002 | 1003 |
|  |  | 26028 |
| AUTOMOBILE SEQUENTIAL 16.8% | AUTOMOBILE SEQUENTIAL 16.8% | AUTOMOBILE SEQUENTIAL 16.8% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 3500 | 3510 |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.970% due 09/15/2032 | 790 | 797 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.730% due 01/12/2029 | 565 | 567 |
|  4.810% due 03/13/2028 | 153 | 153 |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.400% due 11/15/2030 | 23000 | 23071 |
|  4.480% due 08/15/2028 | 1600 | 1605 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 | 550 | 552 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.430% due 01/18/2029 | 5900 | 5963 |
|  5.750% due 02/18/2028 | 1010 | 1012 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.380% due 01/17/2034 | 2400 | 2409 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 500 | 501 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.490% due 06/20/2029 | 2800 | 2884 |
|  5.810% due 12/20/2029 | 1000 | 1043 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 | 1184 | 1189 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 5300 | 5317 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.520% due 11/22/2027 | 14955 | 14969 |
|  5.350% due 11/15/2028 | 1500 | 1515 |
|  5.570% due 12/15/2026 | 117 | 117 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.506% due 08/17/2026 | 2242 | 2242 |
|  4.720% due 09/15/2028 | 1300 | 1302 |
|  4.730% due 02/15/2028 | 1200 | 1202 |
|  4.840% due 09/15/2027 | 629 | 629 |
|  4.840% due 01/18/2028 | 19826 | 19842 |
|  5.340% due 04/17/2028 | 10336 | 10359 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.420% due 08/15/2028 | 22253 | 22358 |
|  4.670% due 12/15/2027 | 1520 | 1523 |
|  4.750% due 10/15/2027 | 1913 | 1917 |
|  5.280% due 05/15/2028 | 3262 | 3287 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.120% due 03/15/2030 | 24500 | 24503 |
|  4.166% due 10/15/2026 | 17000 | 17003 |
|  4.190% due 03/15/2029 | 5600 | 5603 |
|  4.760% due 05/15/2028 | 3298 | 3305 |
|  5.400% due 11/15/2028 | 6200 | 6277 |
|  5.780% due 09/15/2027 | 3418 | 3429 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 158 | 158 |
|  4.040% due 11/11/2030 | 50000 | 49936 |
|  4.070% due 02/12/2029 | 9200 | 9203 |
|  4.171% due 10/12/2026 | 2700 | 2700 |
|  4.260% due 10/10/2029 | 3900 | 3908 |
|  4.310% due 09/10/2030 | 2300 | 2313 |
|  4.500% due 06/12/2028 | 1748 | 1749 |
|  4.530% due 01/10/2029 | 4600 | 4609 |
|  4.550% due 05/10/2030 | 8200 | 8267 |
|  4.560% due 08/10/2028 | 9000 | 9023 |
|  4.610% due 11/10/2027 | 521 | 522 |
|  4.620% due 02/10/2028 | 1100 | 1101 |
|  4.640% due 01/10/2030 | 3000 | 3021 |
|  4.740% due 12/10/2030 | 1800 | 1828 |
|  4.740% due 04/10/2031 | 5400 | 5479 |
|  4.780% due 05/10/2028 | 495 | 496 |
|  4.840% due 12/10/2027 | 411 | 412 |
|  4.910% due 08/10/2029 | 1100 | 1110 |
|  5.050% due 04/10/2029 | 1500 | 1509 |
|  5.080% due 03/11/2030 | 2000 | 2038 |
|  5.210% due 06/10/2030 | 2600 | 2653 |
|  5.330% due 07/10/2029 | 3300 | 3330 |
|  5.500% due 08/10/2027 | 12 | 12 |
|  5.620% due 01/10/2029 | 7819 | 7895 |
|  5.630% due 11/10/2027 | 249 | 249 |
|  5.710% due 07/10/2028 | 1482 | 1491 |
|  5.710% due 07/10/2029 | 1300 | 1334 |
|  5.740% due 11/13/2029 | 9457 | 9759 |
|  5.820% due 08/10/2028 | 1232 | 1241 |
|  5.900% due 08/10/2027 | 320 | 320 |
|  6.160% due 10/10/2028 | 349 | 353 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 2300 | 2307 |
|  4.400% due 11/26/2027 | 814 | 814 |
|  5.220% due 07/25/2029 | 25000 | 25349 |
|  5.530% due 09/27/2027 | 5672 | 5685 |
|  5.680% due 01/25/2029 | 2534 | 2564 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.830% due 02/15/2028 | 15813 | 15939 |
|  5.840% due 01/18/2028 | 1311 | 1321 |
|  Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust |
|  4.740% due 02/15/2029 | 3693 | 3704 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 | 2475 | 2482 |
|  4.910% due 06/15/2028 | 1004 | 1006 |
|  5.880% due 02/15/2028 | 5646 | 5661 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 | 6900 | 6903 |
|  4.290% due 10/16/2028 | 10800 | 10803 |
|  4.500% due 09/15/2028 | 3000 | 3005 |
|  4.870% due 08/15/2028 | 60641 | 60785 |
|  4.940% due 12/15/2027 | 2250 | 2252 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 | 1646 | 1659 |
|  6.260% due 11/15/2029 | 1000 | 1027 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.500% due 04/20/2028 | 15400 | 15490 |
|  4.560% due 11/20/2028 | 2700 | 2725 |
|  4.650% due 10/20/2027 | 1500 | 1507 |
|  4.690% due 07/20/2027 | 2214 | 2222 |
|  4.820% due 02/20/2029 | 1500 | 1525 |
|  4.980% due 08/21/2028 | 12600 | 12799 |
|  5.310% due 04/20/2027 | 9160 | 9210 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.450% due 03/15/2028 | 1822 | 1823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.530% due 03/15/2028 | $— | 3100 | $— | 3104 |
|  4.780% due 06/15/2027 |  | 1480 |  | 1481 |
|  4.830% due 01/18/2028 |  | 19866 |  | 19894 |
|  5.280% due 08/15/2030 |  | 1047 |  | 1049 |
|  5.650% due 12/15/2027 |  | 533 |  | 534 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.531% due 08/17/2026 |  | 1037 |  | 1038 |
|  4.540% due 06/15/2029 |  | 700 |  | 703 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  4.870% due 01/16/2029 |  | 8769 |  | 8799 |
|  5.460% due 04/15/2030 |  | 500 |  | 512 |
|  5.540% due 04/16/2029 |  | 1200 |  | 1216 |
|  5.760% due 11/15/2027 |  | 605 |  | 606 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 |  | 3539 |  | 3534 |
|  4.940% due 11/15/2030 |  | 1226 |  | 1225 |
|  5.690% due 02/15/2030 |  | 1303 |  | 1314 |
|  5.890% due 06/15/2030 |  | 1017 |  | 1027 |
|  6.790% due 10/15/2029 |  | 881 |  | 892 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 |  | 591 |  | 596 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 |  | 1360 |  | 1364 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.070% due 07/15/2029 |  | 2900 |  | 2908 |
|  4.320% due 08/15/2027 |  | 6456 |  | 6460 |
|  4.610% due 08/15/2029 |  | 7050 |  | 7136 |
|  5.530% due 09/15/2028 |  | 6792 |  | 6866 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.520% due 07/17/2028 |  | 5700 |  | 5713 |
|  4.750% due 03/15/2028 |  | 14500 |  | 14533 |
|  4.750% due 07/17/2028 |  | 1000 |  | 1004 |
|  4.760% due 10/15/2027 |  | 1355 |  | 1356 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 |  | 2127 |  | 2133 |
|  4.460% due 10/15/2030 |  | 700 |  | 705 |
|  5.580% due 06/17/2030 |  | 1699 |  | 1721 |
|  5.590% due 10/15/2029 |  | 5648 |  | 5720 |
|  6.370% due 06/15/2028 |  | 601 |  | 604 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.190% due 10/20/2027 |  | 9250 |  | 9278 |
|  4.210% due 10/20/2027 |  | 5000 |  | 5010 |
|  Gm Financial Automobile Leasing Trust | Gm Financial Automobile Leasing Trust | Gm Financial Automobile Leasing Trust | Gm Financial Automobile Leasing Trust | Gm Financial Automobile Leasing Trust |
|  4.550% due 07/20/2027 |  | 13800 |  | 13855 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 |  | 4700 |  | 4734 |
|  4.470% due 02/16/2028 |  | 920 |  | 922 |
|  4.530% due 10/18/2027 |  | 1283 |  | 1284 |
|  5.130% due 04/16/2029 |  | 20000 |  | 20260 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 |  | 608 |  | 609 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 |  | 12200 |  | 12250 |
|  4.620% due 08/16/2027 |  | 9033 |  | 9041 |
|  5.650% due 02/16/2027 |  | 82 |  | 82 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.570% due 09/25/2029 |  | 10000 |  | 10313 |
|  Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP |
|  1.680% due 12/27/2027 |  | 5321 |  | 5189 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 |  | 5200 |  | 5230 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 |  | 20197 |  | 20251 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 |  | 6900 |  | 6956 |
|  4.840% due 03/15/2029 |  | 52300 |  | 52894 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.300% due 07/17/2028 |  | 36200 |  | 36268 |
|  4.520% due 03/15/2029 |  | 1200 |  | 1205 |
|  4.600% due 12/15/2027 |  | 2557 |  | 2561 |
|  4.640% due 11/15/2027 |  | 872 |  | 872 |
|  5.420% due 02/15/2028 |  | 295 |  | 296 |
|  5.460% due 07/16/2029 |  | 500 |  | 509 |
|  5.610% due 08/15/2028 |  | 1073 |  | 1081 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.759% due 07/15/2026 |  | 311 |  | 311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.970% due 10/15/2029 | $— | 1366 | $— | 1368 |
|  5.100% due 10/15/2030 |  | 727 |  | 728 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.630% due 05/15/2028 |  | 25264 |  | 25341 |
|  5.220% due 02/17/2032 |  | 3600 |  | 3647 |
|  5.590% due 02/17/2032 |  | 788 |  | 789 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 12/15/2026 |  | 2089 |  | 2091 |
|  4.570% due 04/17/2028 |  | 67100 |  | 67552 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 |  | 2800 |  | 2814 |
|  4.500% due 02/15/2028 |  | 63500 |  | 63783 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 |  | 723 |  | 728 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 |  | 7800 |  | 7870 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.470% due 03/12/2029 |  | 600 |  | 601 |
|  4.630% due 12/10/2027 |  | 1518 |  | 1520 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.030% due 07/15/2030 |  | 5100 |  | 5097 |
|  4.120% due 09/15/2028 |  | 500 |  | 500 |
|  4.700% due 06/15/2029 |  | 2500 |  | 2517 |
|  5.040% due 09/15/2027 |  | 1181 |  | 1182 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 |  | 3500 |  | 3509 |
|  4.470% due 12/21/2026 |  | 903 |  | 903 |
|  4.600% due 12/20/2027 |  | 29300 |  | 29398 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.811% due 07/27/2026 |  | 3333 |  | 3337 |
|  5.124% due 04/25/2034 |  | 2500 |  | 2513 |
|  7.130% due 01/26/2032 |  | 1284 |  | 1286 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 |  | 290 |  | 293 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 |  | 700 |  | 702 |
|  4.630% due 10/16/2028 |  | 13300 |  | 13344 |
|  4.710% due 06/15/2028 |  | 9494 |  | 9513 |
|  4.880% due 09/15/2027 |  | 1662 |  | 1663 |
|  5.630% due 01/16/2029 |  | 6437 |  | 6471 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 |  | 1792 |  | 1795 |
|  4.830% due 04/20/2028 |  | 3000 |  | 3024 |
|  5.560% due 11/22/2027 |  | 6700 |  | 6746 |
|  5.670% due 11/20/2026 |  | 98 |  | 98 |
|  6.520% due 04/20/2028 |  | 1000 |  | 1013 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.210% due 04/16/2029 |  | 1100 |  | 1111 |
|  5.320% due 12/15/2028 |  | 2654 |  | 2665 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 |  | 11700 |  | 11794 |
|  4.670% due 11/15/2028 |  | 2100 |  | 2108 |
|  4.680% due 09/15/2031 |  | 3200 |  | 3234 |
|  5.110% due 06/15/2029 |  | 2800 |  | 2824 |
|  5.160% due 05/15/2030 |  | 3200 |  | 3258 |
|  5.450% due 12/15/2027 |  | 1654 |  | 1656 |
|  5.700% due 10/16/2028 |  | 1383 |  | 1395 |
|  5.700% due 08/15/2029 |  | 700 |  | 718 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.520% due 11/20/2028 |  | 23950 |  | 24017 |
|  4.550% due 06/20/2030 |  | 2900 |  | 2918 |
|  4.650% due 05/22/2028 |  | 3770 |  | 3777 |
|  4.710% due 05/22/2028 |  | 1063 |  | 1064 |
|  5.470% due 10/20/2028 |  | 2192 |  | 2209 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.310% due 05/22/2028 |  | 48900 |  | 49114 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 |  | 935 |  | 936 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 |  | 25000 |  | 25245 |
|  5.380% due 02/20/2029 |  | 12500 |  | 12737 |
|  5.540% due 12/21/2026 |  | 1279 |  | 1280 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 |  | 5000 |  | 5036 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  3.910% due 05/22/2028 |  | 47000 |  | 47002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 82 | 79 |
|  USB Auto Owner Trust | USB Auto Owner Trust | USB Auto Owner Trust |
|  4.510% due 06/15/2028 | 7500 | 7527 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 175 | 176 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.660% due 09/15/2028 | 8200 | 8226 |
|  4.710% due 04/17/2028 | 2500 | 2514 |
|  4.820% due 09/15/2027 | 3948 | 3953 |
|  5.560% due 02/15/2028 | 1400 | 1410 |
|  5.750% due 08/16/2027 | 2217 | 2222 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.270% due 09/17/2029 | 2200 | 2225 |
|  5.480% due 09/15/2027 | 69 | 69 |
|  5.610% due 02/15/2028 | 411 | 413 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 5100 | 5102 |
|  4.980% due 02/15/2030 | 20000 | 20131 |
|  5.370% due 02/15/2028 | 5253 | 5262 |
|  |  | 1396692 |
| CMBS OTHER 1.5% | CMBS OTHER 1.5% | CMBS OTHER 1.5% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  5.446% due 08/18/2042 •  | 6400 | 6402 |
|  6.380% due 02/19/2038 •  | 1211 | 1215 |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.755% due 08/18/2040 •  | 10200 | 10234 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  | 2731 | 2734 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.415% due 10/21/2042 •  | 2650 | 2655 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 5145 | 5152 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.585% due 12/15/2038 •  | 4739 | 4751 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.157% due 11/15/2037 •  | 7761 | 7753 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.435% due 06/15/2039 •  | 303 | 304 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.456% due 02/18/2040 •  | 9100 | 9112 |
|  5.586% due 02/18/2043 •  | 17800 | 17836 |
|  5.871% due 03/19/2039 •  | 3500 | 3517 |
|  6.284% due 06/19/2037 •  | 14160 | 14165 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 8376 | 8382 |
|  5.350% due 07/16/2036 •  | 1516 | 1519 |
|  5.484% due 02/19/2037 •  | 18993 | 19017 |
|  5.957% due 12/15/2035 •  | 5111 | 5120 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 3051 | 3058 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.532% due 10/25/2039 •  | 18 | 18 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.457% due 03/15/2038 •  | 1110 | 1111 |
|  5.793% due 02/15/2039 •  | 5295 | 5309 |
|  |  | 129364 |
| CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 26900 | 26264 |
|  1.970% due 01/15/2029 | 33100 | 32250 |
|  |  | 58514 |
| HOME EQUITY OTHER 15.9% | HOME EQUITY OTHER 15.9% | HOME EQUITY OTHER 15.9% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.187% due 10/25/2035 •  | 1900 | 1805 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.552% due 11/25/2036 •  | 7398 | 4741 |
|  4.752% due 09/25/2036 •  | 3577 | 3547 |
|  4.952% due 04/25/2033 •  | 374 | 370 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.272% due 05/25/2037 •  | $— | 12189 | $— | 9025 |
|  5.292% due 03/25/2032 •  |  | 130 |  | 133 |
|  5.522% due 06/25/2037 •  |  | 7303 |  | 5216 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ |  | 476 |  | 377 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  |  | 216 |  | 215 |
|  5.420% due 04/25/2035 •  |  | 824 |  | 857 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.632% due 10/25/2036 •  |  | 14187 |  | 4712 |
|  4.712% due 01/25/2037 •  |  | 22483 |  | 4875 |
|  4.712% due 05/25/2037 •  |  | 56649 |  | 8593 |
|  4.792% due 10/25/2036 •  |  | 2023 |  | 672 |
|  5.172% due 09/25/2033 •  |  | 593 |  | 592 |
|  5.322% due 12/25/2033 •  |  | 429 |  | 431 |
|  5.322% due 07/25/2034 •  |  | 10 |  | 9 |
|  7.467% due 06/25/2034 •  |  | 675 |  | 572 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  4.872% due 06/25/2028 •  |  | 50 |  | 50 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.452% due 08/25/2035 •  |  | 3 |  | 3 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  4.432% due 10/25/2036 •  |  | 18084 |  | 5360 |
|  4.512% due 10/25/2036 •  |  | 3000 |  | 889 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.145% due 06/25/2034 •  |  | 2525 |  | 2431 |
|  5.142% due 10/25/2035 •  |  | 8370 |  | 8273 |
|  5.187% due 01/25/2035 •  |  | 146 |  | 149 |
|  5.217% due 07/25/2035 •  |  | 120 |  | 120 |
|  5.322% due 11/25/2034 •  |  | 6087 |  | 6025 |
|  5.382% due 03/25/2035 •  |  | 3172 |  | 3164 |
|  6.327% due 11/25/2034 •  |  | 3844 |  | 3499 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.272% due 10/25/2034 •  |  | 1349 |  | 1357 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.742% due 01/25/2036 •  |  | 4178 |  | 4155 |
|  5.007% due 10/25/2035 •  |  | 72 |  | 72 |
|  5.037% due 10/25/2035 •  |  | 37500 |  | 35163 |
|  5.397% due 05/25/2034 •  |  | 1231 |  | 1043 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.610% due 01/25/2036 •  |  | 9184 |  | 9023 |
|  4.270% due 11/25/2035 •  |  | 12475 |  | 12628 |
|  4.785% due 06/15/2031 •  |  | 111 |  | 110 |
|  5.615% due 04/15/2033 •  |  | 10 |  | 10 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.880% due 12/28/2036 •  |  | 7064 |  | 6291 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  2.709% due 09/25/2034 •  |  | 11 |  | 11 |
|  4.552% due 01/25/2037 •  |  | 637 |  | 623 |
|  4.592% due 08/25/2036 •  |  | 260 |  | 253 |
|  4.618% due 11/25/2035 •  |  | 686 |  | 701 |
|  5.249% due 01/25/2035 •  |  | 1892 |  | 1976 |
|  5.272% due 10/25/2037 •  |  | 5397 |  | 4825 |
|  5.292% due 03/25/2035 •  |  | 8392 |  | 8527 |
|  5.522% due 08/25/2037 •  |  | 1111 |  | 1104 |
|  5.997% due 08/25/2034 •  |  | 16 |  | 15 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.922% due 01/25/2047 •  |  | 6982 |  | 5945 |
|  5.072% due 10/27/2032 •  |  | 1 |  | 1 |
|  5.097% due 10/25/2036 •  |  | 14787 |  | 14175 |
|  5.172% due 12/25/2033 •  |  | 207 |  | 215 |
|  5.272% due 11/25/2042 •  |  | 36 |  | 36 |
|  5.382% due 06/25/2043 ~ |  | 466 |  | 434 |
|  5.452% due 06/25/2043 •  |  | 207 |  | 205 |
|  5.528% due 01/25/2034 •  |  | 969 |  | 982 |
|  5.772% due 11/25/2042 •  |  | 22 |  | 22 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.482% due 07/25/2037 •  |  | 60841 |  | 56403 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.394% due 04/25/2037 þ |  | 1104 |  | 1087 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.450% due 06/25/2034 •  |  | 200 |  | 197 |
|  5.292% due 03/25/2035 •  |  | 1413 |  | 1387 |
|  5.307% due 09/25/2034 •  |  | 7 |  | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.537% due 09/25/2032 | 1 | 1 |
|  4.852% due 11/25/2034 •  | 1 | 1 |
|  5.172% due 05/25/2033 •  | 583 | 591 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  7.000% due 12/25/2027 | 341 | 64 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.432% due 01/25/2037 •  | 520 | 384 |
|  4.552% due 01/25/2037 •  | 8700 | 8201 |
|  4.592% due 09/25/2036 •  | 8974 | 8144 |
|  4.792% due 03/25/2036 •  | 3418 | 3136 |
|  7.647% due 12/25/2033 •  | 1723 | 1731 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.692% due 08/25/2034 •  | 5885 | 5817 |
|  5.172% due 05/25/2032 •  | 92 | 90 |
|  5.172% due 06/25/2034 •  | 543 | 542 |
|  5.272% due 09/25/2032 •  | 93 | 96 |
|  5.367% due 02/25/2036 •  | 4065 | 3578 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.943% due 12/25/2034 •  | 332 | 308 |
|  3.984% due 01/25/2037 •  | 2271 | 2247 |
|  4.061% due 12/25/2035 •  | 6279 | 6226 |
|  4.061% due 02/25/2036 •  | 6250 | 5713 |
|  4.472% due 10/25/2047 •  | 13275 | 12625 |
|  4.552% due 06/25/2035 •  | 14321 | 13133 |
|  4.562% due 10/25/2047 •  | 47529 | 41532 |
|  4.712% due 06/25/2047 •  | 14617 | 13723 |
|  4.772% due 04/25/2046 •  | 4885 | 4836 |
|  4.832% due 04/25/2034 •  | 379 | 362 |
|  4.857% due 06/25/2036 •  | 14465 | 14350 |
|  4.962% due 04/25/2036 •  | 3896 | 3837 |
|  4.992% due 05/25/2036 •  | 46492 | 44358 |
|  5.012% due 12/25/2034 •  | 10 | 10 |
|  5.012% due 08/25/2047 •  | 457 | 448 |
|  5.052% due 11/25/2034 •  | 2289 | 2221 |
|  5.052% due 05/25/2036 •  | 32300 | 28128 |
|  5.125% due 12/25/2034 ~ | 281 | 280 |
|  5.242% due 08/25/2047 •  | 3000 | 2635 |
|  5.247% due 10/25/2034 •  | 5 | 5 |
|  5.367% due 04/25/2036 •  | 5500 | 5341 |
|  5.412% due 08/25/2035 •  | 10028 | 10034 |
|  6.547% due 05/25/2036 þ | 293 | 244 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 12 | 12 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  2.875% due 05/25/2036 •  | 3945 | 2706 |
|  3.404% due 12/25/2035 •  | 1377 | 1326 |
|  6.780% due 05/25/2035 þ | 165 | 153 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.772% due 05/25/2037 •  | 1840 | 1817 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.772% due 08/25/2040 •  | 141 | 144 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.962% due 07/25/2035 •  | 244 | 239 |
|  5.202% due 11/25/2035 •  | 11364 | 10895 |
|  5.322% due 01/25/2036 •  | 12708 | 10686 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  9.372% due 10/25/2034 •  | 2281 | 1958 |
|  Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust |
|  2.802% due 07/25/2034 •  | 2 | 2 |
|  Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout |
|  4.000% due 10/01/2034 ~ | 4001 | 3990 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.412% due 08/25/2037 •  | 23765 | 11985 |
|  4.552% due 08/25/2037 •  | 1298 | 655 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  | 7269 | 3757 |
|  4.542% due 10/25/2036 •  | 25537 | 23348 |
|  5.127% due 07/25/2034 •  | 2980 | 2805 |
|  5.247% due 06/25/2035 •  | 12476 | 10761 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.912% due 10/25/2035 •  | 982 | 1031 |
|  4.947% due 10/25/2035 •  | 3600 | 3512 |
|  4.977% due 10/25/2035 •  | 4148 | 4015 |
|  5.697% due 12/25/2034 •  | 3413 | 3135 |
|  6.114% due 06/25/2034 þ | 4009 | 4017 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.357% due 10/25/2036 •  | 5043 | 23 |
|  4.412% due 12/25/2036 •  | 739 | 395 |
|  4.722% due 06/25/2036 •  | 13061 | 11350 |
|  4.917% due 11/25/2035 •  | 23 | 22 |
|  5.007% due 09/25/2035 •  | 4737 | 4701 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  | 4 | 3 |
|  5.172% due 12/25/2035 •  | 4466 | 4447 |
|  5.187% due 03/25/2035 •  | 2490 | 2478 |
|  5.192% due 02/25/2033 •  | 1 | 1 |
|  5.472% due 07/25/2035 •  | 1157 | 1150 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.462% due 04/25/2037 •  | 2200 | 2138 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  3.434% due 06/25/2031 •  | 313 | 327 |
|  3.522% due 07/25/2034 •  | 184 | 178 |
|  4.592% due 07/25/2037 •  | 77 | 44 |
|  5.421% due 02/25/2030 þ | 203 | 100 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  | 9 | 3 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  0.000% due 10/25/2036 (b)(e) | 4110 | 1099 |
|  4.472% due 07/25/2036 •  | 2028 | 877 |
|  4.857% due 01/25/2036 •  | 198 | 197 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.472% due 01/25/2037 •  | 15097 | 5052 |
|  4.592% due 08/25/2036 •  | 21038 | 5751 |
|  4.732% due 01/25/2037 •  | 41107 | 13755 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.902% due 05/25/2035 •  | 21779 | 20667 |
|  5.247% due 12/25/2035 •  | 5000 | 4735 |
|  6.072% due 07/25/2035 •  | 10000 | 9175 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.432% due 08/25/2036 •  | 448 | 198 |
|  4.492% due 08/25/2036 •  | 530 | 399 |
|  4.572% due 03/25/2037 •  | 3851 | 3767 |
|  4.642% due 03/25/2037 •  | 20645 | 18127 |
|  4.677% due 07/25/2036 •  | 1353 | 1341 |
|  5.397% due 01/25/2037 •  | 4474 | 3690 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 05/25/2036 •  | 12552 | 6624 |
|  4.572% due 09/25/2036 •  | 1115 | 717 |
|  4.592% due 11/25/2036 •  | 12757 | 3799 |
|  4.632% due 05/25/2046 •  | 39089 | 11601 |
|  4.832% due 10/25/2034 •  | 622 | 616 |
|  4.892% due 08/25/2033 •  | 565 | 562 |
|  4.977% due 08/25/2045 •  | 15860 | 14122 |
|  5.127% due 07/25/2034 •  | 4011 | 3996 |
|  5.322% due 10/25/2034 •  | 3 | 3 |
|  5.322% due 06/25/2035 •  | 12498 | 12305 |
|  5.697% due 03/25/2032 •  | 5 | 7 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.017% due 08/25/2033 •  | 591 | 622 |
|  4.532% due 08/25/2036 •  | 12947 | 6403 |
|  4.972% due 09/25/2034 •  | 478 | 417 |
|  5.022% due 12/25/2034 •  | 245 | 249 |
|  5.097% due 10/25/2034 •  | 373 | 364 |
|  5.172% due 10/25/2035 •  | 1950 | 1810 |
|  5.372% due 08/25/2037 •  | 11301 | 9189 |
|  10.272% due 11/25/2032 •  | 3412 | 3270 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.547% due 05/25/2037 •  | 198 | 34 |
|  Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust |
|  5.067% due 11/25/2035 •  | 4632 | 4508 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.532% due 06/25/2037 •  | 1212 | 1229 |
|  7.272% due 10/25/2037 •  | 88 | 86 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.392% due 10/25/2037 •  | 5813 | 851 |
|  4.432% due 09/25/2037 •  | 123 | 24 |
|  4.452% due 06/25/2037 •  | 6331 | 1661 |
|  4.612% due 07/25/2037 •  | 26828 | 10448 |
|  4.772% due 05/25/2037 •  | 15197 | 1687 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  | 65 | 59 |
|  4.372% due 11/25/2036 •  | 7041 | 3368 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.402% due 01/25/2037 •  | $— | 52535 | $— | 19849 |
|  4.572% due 06/25/2036 •  |  | 427 |  | 375 |
|  4.612% due 03/25/2037 •  |  | 18908 |  | 8049 |
|  4.752% due 06/25/2036 •  |  | 5350 |  | 4732 |
|  4.767% due 03/25/2036 •  |  | 19096 |  | 16493 |
|  4.932% due 11/25/2035 •  |  | 5678 |  | 5555 |
|  4.952% due 08/25/2034 •  |  | 5861 |  | 5509 |
|  5.127% due 07/25/2034 •  |  | 6016 |  | 6120 |
|  5.157% due 11/25/2034 •  |  | 1512 |  | 1458 |
|  5.262% due 03/25/2035 •  |  | 2248 |  | 2195 |
|  5.307% due 03/25/2035 •  |  | 3789 |  | 3440 |
|  6.272% due 07/25/2037 •  |  | 359 |  | 292 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.812% due 02/25/2036 •  |  | 2494 |  | 2423 |
|  4.812% due 03/25/2036 •  |  | 5070 |  | 4267 |
|  4.827% due 01/25/2036 •  |  | 7117 |  | 5949 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.622% due 02/25/2033 •  |  | 20 |  | 22 |
|  6.747% due 01/25/2032 •  |  | 31 |  | 86 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.592% due 11/25/2036 •  |  | 544 |  | 39 |
|  4.792% due 10/25/2036 •  |  | 1183 |  | 330 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.692% due 03/25/2037 •  |  | 5632 |  | 5462 |
|  4.827% due 09/25/2036 •  |  | 5483 |  | 5293 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  3.406% due 06/20/2031 ~ |  | 1051 |  | 985 |
|  4.632% due 05/25/2036 •  |  | 49 |  | 49 |
|  4.947% due 02/25/2036 •  |  | 5288 |  | 5153 |
|  5.052% due 03/25/2035 •  |  | 1980 |  | 1978 |
|  5.650% due 08/25/2034 ~ |  | 31 |  | 39 |
|  6.222% due 07/25/2035 •  |  | 23642 |  | 21305 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.992% due 03/25/2036 •  |  | 7700 |  | 7663 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.767% due 03/25/2036 •  |  | 6266 |  | 5888 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.472% due 03/25/2037 •  |  | 551 |  | 175 |
|  4.572% due 09/25/2037 •  |  | 10378 |  | 9682 |
|  5.007% due 01/25/2036 •  |  | 23764 |  | 22962 |
|  5.012% due 02/25/2034 •  |  | 4844 |  | 4858 |
|  5.372% due 02/25/2034 •  |  | 2 |  | 2 |
|  Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates |
|  5.172% due 08/25/2033 •  |  | 23 |  | 26 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.812% due 01/25/2036 •  |  | 22473 |  | 21285 |
|  5.052% due 02/25/2035 •  |  | 346 |  | 332 |
|  5.067% due 05/25/2034 •  |  | 7 |  | 8 |
|  5.772% due 02/25/2035 •  |  | 2932 |  | 2113 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.750% due 08/20/2030 •  |  | 1 |  | 1 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.322% due 10/25/2034 •  |  | 2952 |  | 2923 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  3.282% due 11/25/2035 •  |  | 3855 |  | 3609 |
|  3.298% due 01/25/2036 þ |  | 136 |  | 130 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 «þ |  | 7700 |  | 7687 |
|  5.344% due 09/25/2044 þ |  | 1620 |  | 1627 |
|  6.025% due 02/25/2044 ~ |  | 601 |  | 607 |
|  6.141% due 04/25/2044 ~ |  | 4249 |  | 4303 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  |  | 663 |  | 267 |
|  5.434% due 08/25/2035 þ |  | 6 |  | 6 |
|  5.472% due 08/25/2032 •  |  | 391 |  | 374 |
|  5.512% due 03/25/2033 •  |  | 7 |  | 6 |
|  5.784% due 11/25/2034 þ |  | 3606 |  | 3220 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.812% due 02/25/2036 •  |  | 10275 |  | 10019 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.542% due 08/25/2036 •  |  | 2927 |  | 2902 |
|  4.562% due 06/25/2033 •  |  | 388 |  | 370 |
|  4.562% due 08/25/2036 •  |  | 18508 |  | 16756 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.917% due 01/25/2036 •  | 8090 | 8009 |
|  5.422% due 06/25/2035 •  | 3139 | 3120 |
|  5.922% due 07/25/2035 •  | 594 | 594 |
|  6.147% due 07/25/2035 •  | 3000 | 2887 |
|  6.192% due 07/25/2035 •  | 1645 | 1673 |
|  6.222% due 11/25/2034 •  | 2653 | 2649 |
|  SACO I Trust | SACO I Trust | SACO I Trust |
|  4.632% due 05/25/2036 •  | 53 | 90 |
|  4.792% due 06/25/2036 •  | 12 | 12 |
|  SACO I, Inc. | SACO I, Inc. | SACO I, Inc. |
|  5.022% due 07/25/2035 •  | 43 | 43 |
|  SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust |
|  4.457% due 12/25/2034 •  | 615 | 613 |
|  5.397% due 04/25/2035 •  | 255 | 265 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.209% due 11/25/2035 •  | 758 | 528 |
|  2.065% due 08/25/2035 •  | 3200 | 3468 |
|  4.512% due 05/25/2047 •  | 7091 | 5246 |
|  4.579% due 03/25/2035 •  | 1565 | 1392 |
|  4.582% due 09/25/2037 •  | 557 | 539 |
|  6.022% due 12/25/2037 •  | 6062 | 5821 |
|  6.860% due 12/25/2032 •  | 2971 | 2742 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.552% due 09/25/2036 •  | 11260 | 6407 |
|  4.572% due 12/25/2036 •  | 17595 | 8675 |
|  4.632% due 05/25/2037 •  | 18568 | 14406 |
|  5.052% due 02/25/2034 •  | 1164 | 1215 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.532% due 07/25/2036 •  | 45223 | 18785 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 3193 | 2132 |
|  4.442% due 07/25/2037 •  | 22743 | 20276 |
|  4.442% due 08/25/2037 •  | 20323 | 17645 |
|  4.522% due 08/25/2037 •  | 3000 | 2786 |
|  4.647% due 07/25/2036 •  | 11146 | 9624 |
|  4.887% due 02/25/2036 •  | 11221 | 10830 |
|  4.977% due 11/25/2035 •  | 508 | 506 |
|  5.172% due 10/25/2037 •  | 56863 | 44293 |
|  5.247% due 03/25/2036 •  | 2200 | 2109 |
|  5.272% due 09/25/2037 •  | 7243 | 5324 |
|  5.572% due 11/25/2033 •  | 1 | 1 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.037% due 08/25/2035 •  | 469 | 461 |
|  5.547% due 12/25/2034 •  | 813 | 793 |
|  7.197% due 04/25/2033 •  | 3731 | 3925 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.427% due 09/25/2036 •  | 5883 | 3654 |
|  4.532% due 05/25/2047 •  | 21126 | 18855 |
|  4.592% due 01/25/2037 •  | 3561 | 3397 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.375% due 08/25/2031 | 2 | 1 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 5938 | 5976 |
|  5.348% due 07/25/2065 þ | 2206 | 2222 |
|  6.125% due 02/25/2064 ~ | 615 | 622 |
|  6.290% due 05/25/2064 ~ | 4008 | 4062 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 73 | 26 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.617% due 01/25/2037 •  | 3970 | 3969 |
|  |  | 1320346 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.250% due 09/25/2033 þ | 78 | 77 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.552% due 03/25/2047 •  | 3721 | 3532 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.912% due 03/25/2037 •  | 230 | 218 |
|  |  | 3827 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 33

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract |
|  7.900% due 01/15/2028 ~ | 10 | 10 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 914 | 942 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.260% due 12/01/2030 ~ | 22467 | 3778 |
|  |  | 4720 |
| WHOLE LOAN COLLATERAL 4.1% | WHOLE LOAN COLLATERAL 4.1% | WHOLE LOAN COLLATERAL 4.1% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.522% due 07/25/2036 •  | 8614 | 6683 |
|  5.500% due 06/25/2034 þ | 157 | 154 |
|  5.500% due 12/25/2035 | 46 | 29 |
|  12.347% due 02/25/2037 •  | 2332 | 2112 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.772% due 05/25/2037 •  | 470 | 444 |
|  5.037% due 07/25/2036 ~ | 6 | 6 |
|  5.500% due 01/25/2034 þ | 17 | 14 |
|  5.750% due 10/25/2033 þ | 41 | 48 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.677% due 06/25/2037 •  | 24348 | 23600 |
|  4.692% due 08/25/2036 •  | 6071 | 6014 |
|  4.737% due 08/25/2036 •  | 11356 | 10347 |
|  6.050% due 08/25/2035 þ | 176 | 165 |
|  6.129% due 08/25/2035 þ | 976 | 906 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.392% due 11/25/2036 •  | 30862 | 28837 |
|  4.492% due 12/25/2037 •  | 30434 | 28969 |
|  4.522% due 06/25/2036 •  | 200 | 200 |
|  4.582% due 11/25/2036 •  | 25256 | 21871 |
|  4.592% due 06/25/2036 •  | 8571 | 8508 |
|  4.947% due 11/25/2035 •  | 725 | 720 |
|  5.022% due 12/25/2035 •  | 13715 | 13426 |
|  6.147% due 03/25/2034 •  | 1765 | 1693 |
|  6.147% due 07/25/2034 •  | 1723 | 1734 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.672% due 06/25/2046 •  | 4743 | 4435 |
|  4.692% due 04/25/2036 •  | 2038 | 1780 |
|  4.732% due 03/25/2036 •  | 6443 | 6540 |
|  4.752% due 03/25/2037 •  | 10022 | 9383 |
|  4.872% due 06/25/2037 •  | 19828 | 18010 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.247% due 07/25/2035 •  | 3983 | 4012 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 ~ | 882 | 883 |
|  5.657% due 08/25/2055 þ | 3717 | 3731 |
|  5.732% due 08/25/2055 þ | 969 | 972 |
|  5.744% due 07/25/2051 þ | 4474 | 4474 |
|  5.744% due 06/25/2055 þ | 961 | 966 |
|  5.843% due 09/25/2051 þ | 21198 | 21222 |
|  5.851% due 12/25/2054 þ | 3379 | 3387 |
|  5.925% due 10/25/2054 þ | 4808 | 4817 |
|  5.926% due 10/25/2054 þ | 2124 | 2130 |
|  5.963% due 09/25/2054 þ | 1986 | 1989 |
|  6.244% due 05/25/2055 þ | 5639 | 5686 |
|  6.721% due 07/25/2051 þ | 13838 | 13857 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  6.372% due 05/25/2044 •  | 500 | 500 |
|  8.022% due 12/25/2035 •  | 1348 | 1423 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.872% due 05/25/2036 •  | 18234 | 15540 |
|  5.052% due 09/25/2035 •  | 2450 | 2385 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.372% due 10/25/2036 •  | 4222 | 1411 |
|  4.772% due 03/25/2036 •  | 3235 | 2033 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.502% due 04/25/2037 •  | 7994 | 5866 |
|  4.552% due 06/25/2037 •  | 22846 | 21359 |
|  4.572% due 06/25/2037 •  | 17323 | 10303 |
|  5.172% due 06/25/2036 •  | 8185 | 7933 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 1930 | 1936 |
|  5.977% due 01/25/2055 þ | 3439 | 3447 |
|  |  | 338890 |
| OTHER ABS 19.2% | OTHER ABS 19.2% | OTHER ABS 19.2% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 2900 | 2903 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 5000 | 5004 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1600 | 1602 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  | 2600 | 2605 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 307 | 308 |
|  5.010% due 12/26/2031 | 236 | 239 |
|  5.040% due 04/26/2032 | 238 | 239 |
|  5.900% due 04/25/2031 | 85 | 86 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 841 | 842 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.670% due 07/15/2033 | 7400 | 7447 |
|  4.990% due 02/15/2033 | 8100 | 8169 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  | 6750 | 6756 |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  | 811 | 812 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 2400 | 2405 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 1000 | 1001 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 6500 | 6506 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  6.025% due 04/20/2037 •  | 11800 | 11846 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 5329 | 5274 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 2000 | 1966 |
|  4.169% due 04/25/2038 | 1000 | 971 |
|  Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. |
|  3.400% due 04/25/2038 | 9184 | 8952 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 2000 | 1944 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 1000 | 961 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 1000 | 957 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 10800 | 10835 |
|  5.702% due 10/22/2040 | 2100 | 2111 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 2800 | 2760 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 1725 | 1670 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 805 | 803 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 1687 | 1680 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 1456 | 1443 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.125% due 04/20/2036 •  | 6400 | 6433 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 7400 | 7411 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 3472 | 3495 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 5100 | 5118 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 10600 | 10614 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 6700 | 6711 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  0.000% due 10/15/2038 •(c) | 11900 | 11900 |
|  5.585% due 01/20/2035 •  | 7400 | 7409 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 5977 | 5984 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 6800 | 6826 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 9750 | 9785 |
|  5.355% due 10/21/2034 •  | 4100 | 4104 |
|  5.379% due 07/24/2034 •  | 4000 | 4005 |
|  5.415% due 10/21/2034 •  | 3700 | 3705 |
|  5.469% due 10/23/2034 •  | 1000 | 1001 |
|  5.482% due 04/22/2035 •  | 9200 | 9218 |
|  5.525% due 10/20/2034 •  | 6800 | 6811 |
|  5.529% due 10/23/2034 •  | 2600 | 2606 |
|  5.565% due 07/19/2034 •  | 4300 | 4306 |
|  5.775% due 10/20/2034 •  | 1000 | 1000 |
|  5.975% due 10/20/2034 •  | 1000 | 1000 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  | 6300 | 6322 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  1.420% due 11/17/2033 | 485 | 480 |
|  4.820% due 04/17/2036 | 1286 | 1300 |
|  4.840% due 09/17/2036 | 4235 | 4272 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.411% due 11/15/2030 •  | 356 | 356 |
|  5.508% due 10/25/2030 •  | 3937 | 3944 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.328% due 10/15/2034 •  | 2800 | 2802 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 1000 | 1001 |
|  5.418% due 10/15/2034 •  | 4100 | 4100 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 30000 | 30135 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 4000 | 4004 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 8300 | 8305 |
|  5.523% due 05/15/2031 •  | 810 | 811 |
|  5.545% due 07/20/2032 •  | 553 | 554 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 3606 | 3610 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 5965 | 5971 |
|  Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. |
|  5.807% due 01/20/2035 •  | 3300 | 3312 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.687% due 07/20/2031 •  | 7118 | 7127 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.684% due 07/17/2031 •  | 2489 | 2493 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 759 | 760 |
|  5.531% due 10/18/2030 •  | 2352 | 2352 |
|  5.719% due 07/15/2036 •  | 7000 | 7011 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 6161 | 5661 |
|  3.280% due 12/28/2048 | 6367 | 6118 |
|  4.130% due 12/26/2047 | 3227 | 3183 |
|  5.472% due 12/26/2047 •  | 2365 | 2368 |
|  5.537% due 07/25/2051 •  | 3675 | 3670 |
|  6.256% due 05/25/2055 •  | 993 | 1006 |
|  CoreVest American Finance Ltd. | CoreVest American Finance Ltd. | CoreVest American Finance Ltd. |
|  1.358% due 08/15/2053 | 900 | 886 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 3700 | 3714 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 600 | 604 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 1004 | 1005 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 4873 | 4884 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.499% due 10/15/2030 •  | 346 | 346 |
|  Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. |
|  6.148% due 01/15/2037 •  | 50000 | 50165 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 11700 | 11757 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  5.395% due 04/20/2034 •  | 1000 | 1001 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 2940 | 2941 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 9100 | 9109 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.621% due 11/25/2069 •  | 4610 | 4664 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 6100 | 6110 |
|  5.618% due 01/25/2035 •  | 6600 | 6623 |
|  5.918% due 01/25/2035 •  | 1000 | 1006 |
|  6.168% due 01/25/2035 •  | 1000 | 1002 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 2405 | 2408 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 1473 | 1474 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(c) | 3300 | 3300 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 | 1207 | 1213 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 7543 | 7552 |
|  Generate CLO 3 Ltd. | Generate CLO 3 Ltd. | Generate CLO 3 Ltd. |
|  6.155% due 10/20/2036 •  | 50000 | 50384 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 1000 | 1002 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 8200 | 8228 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 4346 | 4399 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 10141 | 10197 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 2097 | 2112 |
|  4.930% due 06/25/2060 | 1796 | 1803 |
|  5.020% due 06/25/2060 | 900 | 913 |
|  5.120% due 03/25/2060 | 2351 | 2360 |
|  5.150% due 10/27/2059 | 771 | 781 |
|  5.220% due 03/25/2060 | 1374 | 1393 |
|  5.320% due 03/25/2060 | 2400 | 2456 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 500 | 513 |
|  5.880% due 06/25/2059 | 521 | 524 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 6241 | 6258 |
|  6.182% due 04/22/2033 •  | 2700 | 2703 |
|  Greywolf CLO VI Ltd. | Greywolf CLO VI Ltd. | Greywolf CLO VI Ltd. |
|  5.605% due 04/26/2031 •  | 1162 | 1162 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 3650 | 3652 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | 5039 | 4685 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 2869 | 2869 |
|  5.475% due 10/20/2034 •  | 6700 | 6708 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 7400 | 7430 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 6500 | 6499 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 6700 | 6708 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 314 | 315 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 6000 | 6023 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 10300 | 10300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 8700 | 8700 |
|  LCM 26 Ltd. | LCM 26 Ltd. | LCM 26 Ltd. |
|  5.657% due 01/20/2031 •  | 19 | 19 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 579 | 580 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 40900 | 40954 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  | 4400 | 4405 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.617% due 04/20/2031 •  | 2999 | 3002 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 189 | 188 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 1600 | 1603 |
|  5.530% due 06/21/2032 | 800 | 812 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.700% due 12/16/2027 | 7700 | 7758 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 6250 | 6260 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 9200 | 9210 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 1302 | 1303 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 1000 | 1002 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 2115 | 2120 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.780% due 01/25/2032 •  | 590 | 591 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 3310 | 3316 |
|  Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. |
|  5.525% due 01/20/2032 •  | 777 | 776 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 7900 | 7911 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 977 | 989 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 80 | 81 |
|  MidOcean Credit CLO VI | MidOcean Credit CLO VI | MidOcean Credit CLO VI |
|  5.555% due 04/20/2033 •  | 10007 | 10016 |
|  Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. |
|  5.699% due 07/15/2031 •  | 175 | 175 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 6300 | 6309 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 3400 | 3406 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 2000 | 2002 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 2761 | 2792 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.910% due 12/15/2045 | 346 | 346 |
|  5.715% due 07/16/2040 •  | 1150 | 1155 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 808 | 765 |
|  1.330% due 04/15/2069 | 1053 | 977 |
|  1.690% due 05/15/2069 | 680 | 639 |
|  2.600% due 08/15/2068 | 1117 | 1081 |
|  5.265% due 04/15/2069 •  | 1185 | 1180 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 1613 | 1635 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.245% due 12/15/2059 •  | 2027 | 2024 |
|  6.072% due 03/15/2072 •  | 4799 | 4843 |
|  7.230% due 03/15/2072 | 4300 | 4681 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 17100 | 17227 |
|  0.000% due 06/22/2065 •  | 24000 | 24034 |
|  4.670% due 06/22/2065 | 32800 | 32719 |
|  4.840% due 05/17/2055 | 18200 | 18355 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.271% due 09/25/2065 •  | $— | 5205 | $— | 5213 |
|  5.371% due 06/27/2067 •  |  | 12962 |  | 12984 |
|  6.589% due 02/20/2041 •  |  | 2862 |  | 2926 |
|  6.640% due 02/20/2041 |  | 2662 |  | 2760 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  |  | 5300 |  | 5306 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  |  | 6400 |  | 6408 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  |  | 353 |  | 354 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  |  | 7000 |  | 7000 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  |  | 2142 |  | 2144 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  |  | 621 |  | 622 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  |  | 7500 |  | 7511 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  5.618% due 10/15/2034 •  |  | 1000 |  | 1002 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  |  | 7300 |  | 7306 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.655% due 04/26/2031 •  |  | 179 |  | 180 |
|  Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. |
|  5.549% due 04/15/2031 •  |  | 1250 |  | 1252 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  |  | 1911 |  | 1912 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  |  | 8900 |  | 8916 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  |  | 5200 |  | 5206 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 |  | 1716 |  | 1687 |
|  5.872% due 09/15/2036 •  |  | 6000 |  | 6066 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 |  | 1211 |  | 1212 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 |  | 1600 |  | 1603 |
|  OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. |
|  5.475% due 07/20/2030 •  |  | 88 |  | 88 |
|  OZLM XVIII Ltd. | OZLM XVIII Ltd. | OZLM XVIII Ltd. | OZLM XVIII Ltd. | OZLM XVIII Ltd. |
|  5.599% due 04/15/2031 •  |  | 925 |  | 926 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.670% due 03/16/2026 |  | 1344 |  | 1344 |
|  4.684% due 08/17/2026 |  | 7200 |  | 7210 |
|  4.865% due 10/15/2032 |  | 5347 |  | 5366 |
|  4.961% due 10/15/2032 |  | 500 |  | 501 |
|  5.065% due 03/15/2032 |  | 781 |  | 783 |
|  5.108% due 03/15/2033 |  | 600 |  | 605 |
|  5.156% due 07/15/2032 |  | 606 |  | 611 |
|  5.183% due 06/15/2032 |  | 1092 |  | 1098 |
|  5.331% due 01/15/2032 |  | 693 |  | 696 |
|  6.278% due 10/15/2031 |  | 425 |  | 429 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 |  | 417 |  | 420 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 |  | 5881 |  | 5932 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 1200 |  | 1210 |
|  6.258% due 10/15/2031 |  | 1105 |  | 1111 |
|  6.319% due 08/15/2031 |  | 470 |  | 473 |
|  Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust |
|  5.715% due 01/20/2034 |  | 1800 |  | 1822 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  |  | 5700 |  | 5705 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  |  | 4400 |  | 4402 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  |  | 6000 |  | 6007 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  |  | 6100 |  | 6110 |
|  RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust |
|  4.900% due 07/25/2034 |  | 413 |  | 414 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 5464 | 5487 |
|  4.960% due 08/16/2032 | 1299 | 1303 |
|  5.880% due 07/15/2031 | 433 | 436 |
|  Regatta XIX Funding Ltd. | Regatta XIX Funding Ltd. | Regatta XIX Funding Ltd. |
|  5.645% due 04/20/2035 •  | 2100 | 2101 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 6593 | 6609 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 | 1800 | 1816 |
|  5.830% due 07/15/2036 | 900 | 921 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.293% due 07/20/2034 •  | 2800 | 2800 |
|  5.475% due 07/20/2035 •  | 6400 | 6424 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(c) | 5700 | 5700 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 7800 | 7830 |
|  Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. |
|  3.572% due 04/28/2038 | 3700 | 3617 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 1000 | 946 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 2500 | 2509 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 8300 | 8322 |
|  Romark WM-R Ltd. | Romark WM-R Ltd. | Romark WM-R Ltd. |
|  5.617% due 04/20/2031 •  | 4905 | 4910 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 6300 | 6314 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 5200 | 5202 |
|  Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. |
|  4.750% due 10/15/2042 | 5282 | 5122 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 5000 | 5019 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  5.529% due 06/15/2040 •  | 1570 | 1556 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.629% due 06/15/2039 •  | 824 | 805 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.829% due 12/15/2033 •  | 9786 | 9624 |
|  6.302% due 01/27/2026 •  | 2081 | 2091 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.600% due 09/15/2054 | 10270 | 9698 |
|  3.940% due 02/16/2055 | 10366 | 10145 |
|  5.020% due 03/17/2053 | 6757 | 6840 |
|  5.060% due 03/16/2054 | 3166 | 3213 |
|  5.090% due 10/16/2056 | 1714 | 1738 |
|  5.122% due 09/15/2054 •  | 4350 | 4338 |
|  5.240% due 03/15/2056 | 1886 | 1929 |
|  5.380% due 01/15/2053 | 307 | 315 |
|  5.380% due 07/15/2053 | 34294 | 35231 |
|  5.474% due 06/17/2052 •  | 751 | 751 |
|  5.474% due 07/15/2053 •  | 17147 | 17116 |
|  5.500% due 06/17/2052 | 3171 | 3268 |
|  5.822% due 02/16/2055 •  | 12500 | 12627 |
|  5.822% due 03/15/2056 •  | 5165 | 5230 |
|  6.222% due 05/16/2050 •  | 638 | 648 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.470% due 08/15/2034 | 6100 | 6114 |
|  4.800% due 02/27/2034 | 1214 | 1220 |
|  4.820% due 06/25/2034 | 12680 | 12750 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  1.950% due 02/15/2046 | 717 | 674 |
|  2.370% due 11/16/2048 | 8811 | 8516 |
|  Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. |
|  5.579% due 04/15/2031 •  | 3663 | 3667 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.707% due 01/21/2031 •  | 1180 | 1181 |
|  Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. |
|  5.675% due 07/26/2031 •  | 2406 | 2410 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 7000 | 7012 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.760% due 10/25/2034 •  | 3500 | 3508 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  | 3892 | 3899 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.741% due 04/18/2031 •  | 4546 | 4551 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.589% due 04/15/2031 •  | 4830 | 4834 |
|  5.829% due 10/15/2030 •  | 612 | 613 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 2900 | 2914 |
|  Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. |
|  6.125% due 01/20/2037 •  | 1700 | 1707 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 2264 | 2267 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | 4700 | 4700 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 7300 | 7329 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 9200 | 9238 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 | 2700 | 2712 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 26374 | 26413 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 7200 | 7211 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.290% due 06/20/2050 | 600 | 610 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 12300 | 12319 |
|  Tiaa CLO III Ltd. | Tiaa CLO III Ltd. | Tiaa CLO III Ltd. |
|  5.729% due 01/16/2031 •  | 101 | 101 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 14828 | 14839 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 4700 | 4706 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  5.538% due 10/25/2032 •  | 650 | 651 |
|  Tricon American Homes | Tricon American Homes | Tricon American Homes |
|  1.499% due 07/17/2038 | 26294 | 25732 |
|  2.049% due 07/17/2038 | 5280 | 5176 |
|  2.249% due 07/17/2038 | 3300 | 3237 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(c) | 7200 | 7200 |
|  5.648% due 01/25/2034 •  | 5100 | 5100 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  | 5300 | 5318 |
|  Trinitas CLO VIII Ltd. | Trinitas CLO VIII Ltd. | Trinitas CLO VIII Ltd. |
|  5.687% due 07/20/2031 •  | 322 | 322 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  5.435% due 10/20/2033 •  | 6818 | 6833 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 10700 | 10700 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 4100 | 4105 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 1000 | 1001 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 4604 | 4609 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 111 | 111 |
|  7.900% due 10/20/2028 | 4132 | 4193 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 | 2200 | 2202 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 186 | 185 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 962 | 967 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 669 | 670 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 800 | 801 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 1502 | 1504 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 1487 | 1488 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 73039 | 73096 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 12400 | 12416 |
|  5.525% due 07/20/2032 •  | 1783 | 1784 |
|  5.579% due 10/15/2030 •  | 1340 | 1341 |
|  5.621% due 10/17/2032 •  | 26699 | 26730 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | 5300 | 5312 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 7900 | 7901 |
|  5.378% due 10/15/2034 •  | 4824 | 4831 |
|  |  | 1592564 |
|  Total Asset-Backed Securities (Cost $4,961,024) | Total Asset-Backed Securities (Cost $4,961,024) | 4870955 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (g) | 1505585 | 1506 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.511% due 02/17/2026 | 1115 | 1115 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.712% due 07/15/2026 | 929 | 930 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  4.858% due 06/15/2026 | 1935 | 1936 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.178% due 09/15/2026 | 1100 | 1100 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.552% due 07/15/2026 | 1160 | 1161 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.503% due 08/20/2026 | 10700 | 10704 |
|  |  | 16946 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.186% due 11/12/2025 - 12/18/2025 (d)(e)(i)(k) | 6441 | 6406 |
| Total Short-Term Instruments (Cost $24,850) | Total Short-Term Instruments (Cost $24,850) | 24858 |
| Total Investments in Securities (Cost $11,928,293) | Total Investments in Securities (Cost $11,928,293) | 11757277 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 13.5% | INVESTMENTS IN AFFILIATES 13.5% | INVESTMENTS IN AFFILIATES 13.5% |
| SHORT-TERM INSTRUMENTS 13.5% | SHORT-TERM INSTRUMENTS 13.5% | SHORT-TERM INSTRUMENTS 13.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 115233499 | 1122259 |
| Total Short-Term Instruments<br>(Cost $1,121,816) | Total Short-Term Instruments<br>(Cost $1,121,816) | 1122259 |
| Total Investments in Affiliates<br>(Cost $1,121,816) | Total Investments in Affiliates<br>(Cost $1,121,816) | 1122259 |
| Total Investments 155.0%<br>(Cost $13,050,109) | Total Investments 155.0%<br>(Cost $13,050,109) | 12879536 |
|  Financial Derivative<br>Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $50,986) | Financial Derivative<br>Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $50,986) | 3001 |
| Other Assets and Liabilities, net (55.0)% | Other Assets and Liabilities, net (55.0)% | (4571531) |
| Net Assets 100.0% | Net Assets 100.0% | 8311006 |

---

36 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 3106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 430 | 51627 | (580) | 0 | (242) |
|  |  |  |  | $(1721) | $340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 104 | $(25042) | $398 | $0 | $(8) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 99 | (23885) | 326 | 0 | (7) |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 81 | (19431) | 381 | 0 | (2) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 7601 | (829994) | (862) | 0 | (297) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 11594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1304325) | (5826) | 181 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 748 | (87212) | (1877) | 187 | 0 |
|  |  |  |  | $(7460) | $368 | $(314) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9181) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300% | Annual | 01/17/2026 | $15800 | $7 | $312 | $319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 10100 | (11) | 233 | 222 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 69500 | (1301) | (441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1742) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | 87 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 70230 | 3 | 306 | 309 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 2500 | (40) | 112 | 72 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 105400 | 2374 | (139) | 2235 | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 14500 | (21) | (527) | (548) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 5300 | (7) | (178) | (185) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 10200 | (18) | (359) | (377) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 5000 | (5) | (179) | (184) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 10400 | (20) | (327) | (347) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 6800 | (12) | (282) | (294) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 11500 | (24) | (383) | (407) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.620 | Annual | 04/18/2027 | 10700 | (34) | (397) | (431) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.783 | Annual | 04/22/2027 | 8000 | (28) | (269) | (297) | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.788% | Annual | 05/03/2027 | $8100 | $(28) | $(267) | $(295) | $2 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 12600 | 501 | 132 | 633 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 17800 | (71) | (391) | (462) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | 13600 | 517 | (57) | 460 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 12300 | (50) | (237) | (287) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 12100 | (61) | (163) | (224) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 11700 | (59) | (77) | (136) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 5900 | (30) | (14) | (44) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 36450 | (265) | (672) | (937) | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 4800 | 0 | (23) | (23) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 9500 | 0 | (50) | (50) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 3400 | 0 | (33) | (33) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 62849 | (2404) | (2676) | (5080) | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 1100 | (4) | (5) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 26150 | (3) | 153 | 150 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 8100 | (10) | (575) | (585) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 35446 | 583 | (2773) | (2190) | 20 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 207390 | (314) | 1792 | 1478 | 128 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 7800 | (2) | 513 | 511 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 3000 | (5) | (211) | (216) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 5100 | (10) | (336) | (346) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 68400 | (163) | (4806) | (4969) | 36 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.567 | Annual | 11/30/2029 | 497600 | 0 | 3797 | 3797 | 279 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 14800 | (22) | 915 | 893 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 11800 | 250 | 705 | 955 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 117740 | 215 | (1394) | (1179) | 0 | (65) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 38000 | (327) | 3427 | 3100 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 28600 | (363) | 2373 | 2010 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 14100 | (13) | 987 | 974 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 78600 | 3058 | (1269) | 1789 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 320180 | 9752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32783 | 0 | (110) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17257) | 7723 | (9534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 182090 | 2143 | 1539 | 3682 | 0 | (79) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 104640 | (1544) | (176) | (1720) | 0 | (46) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 16900 | 0 | 23 | 23 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 39300 | 0 | 52 | 52 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 33800 | 0 | 38 | 38 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 33500 | 0 | (4) | (4) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 60500 | 0 | (39) | (39) | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 42300 | 0 | (59) | (59) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 76200 | 0 | (131) | (131) | 0 | (31) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 76100 | 0 | (137) | (137) | 0 | (31) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 33700 | 0 | (68) | (68) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 33600 | 0 | (100) | (100) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 22300 | 0 | (117) | (117) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 17800 | 0 | (106) | (106) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 28300 | 0 | (185) | (185) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 47100 | 0 | (313) | (313) | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 35700 | 0 | (241) | (241) | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 22300 | 0 | (188) | (188) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 22300 | 0 | (189) | (189) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 22300 | 0 | (195) | (195) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 14800 | 0 | (134) | (134) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 22300 | 0 | (206) | (206) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 22300 | 0 | (211) | (211) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 22300 | 0 | (223) | (223) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 9102 | 29 | 1120 | 1149 | 0 | (2) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 5000 | (102) | 14 | (88) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 204570 | 1606 | (1118) | 488 | 0 | (80) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 17670 | (812) | 91 | (721) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 44422 | (3235) | (3521) | (6756) | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 467700 | 6337 | (13382) | (7045) | 0 | (178) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 10100 | (44) | 1313 | 1269 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 6100 | (14) | (742) | (756) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 6100 | (10) | (733) | (743) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 4000 | (9) | (477) | (486) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 4000 | (8) | (475) | (483) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 33720 | 47 | (436) | (389) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 4000 | (10) | (466) | (476) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 5000 | (14) | (604) | (618) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 3800 | (11) | (431) | (442) | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650% | Annual | 02/08/2032 | $6400 | $(24) | $(749) | $(773) | $2 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 1900 | 10 | 186 | 196 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 3100 | 12 | 306 | 318 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 5700 | (20) | (625) | (645) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 6100 | (23) | (680) | (703) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 2100 | (10) | (226) | (236) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 88270 | 3344 | (1709) | 1635 | 0 | (29) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 23300 | (115) | (2415) | (2530) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 11800 | (61) | (1180) | (1241) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2032 | 329800 | 0 | 4263 | 4263 | 113 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.674 | Annual | 05/31/2032 | 333400 | 0 | 3867 | 3867 | 111 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.678 | Annual | 05/31/2032 | 270200 | 0 | 3199 | 3199 | 90 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.680 | Annual | 05/31/2032 | 333700 | 0 | 3972 | 3972 | 112 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 05/31/2032 | 298700 | 0 | 4018 | 4018 | 100 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 71100 | (5283) | (4849) | (10132) | 11 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 51180 | (2503) | (3178) | (5681) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 11890 | 153 | 47 | 200 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 1100 | (15) | (42) | (57) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 1100 | (15) | (42) | (57) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 8900 | (74) | (173) | (247) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 97750 | (1707) | 149 | (1558) | 0 | (30) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 5880 | (111) | 14 | (97) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 2500 | (10) | (18) | (28) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 2600 | (11) | (23) | (34) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 780 | (3) | (6) | (9) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 2600 | (9) | (44) | (53) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 5000 | (18) | (31) | (49) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 1530 | (9) | (53) | (62) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 14105 | 141 | 421 | 562 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 22500 | (969) | 710 | (259) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 30600 | 849 | (482) | 367 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 50910 | (1373) | 1894 | 521 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 14440 | (97) | 19 | (78) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 943940 | 47260 | (13889) | 33371 | 0 | (22) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.524 | Semi-Annual | 01/19/2051 | 23500 | (169) | (10253) | (10422) | 0 | (56) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 65800 | 12519 | 19213 | 31732 | 137 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 | 22900 | (173) | 8533 | 8360 | 56 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.968 | Semi-Annual | 06/23/2051 | 69000 | (526) | 25703 | 25177 | 169 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 1000 | (8) | (396) | (404) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 1000 | (9) | (386) | (395) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 174500 | 20937 | 44278 | 65215 | 417 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 1300 | (12) | (189) | (201) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 44800 | 4229 | 5063 | 9292 | 117 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109800 | 5438 | 8611 | 14049 | 302 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 166700 | (22712) | 2203 | (20509) | 0 | (479) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1696) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1696) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2252) |

---

(i) Securities with an aggregate market value of $70,122 and cash of $3,169 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION<sup>(</sup><sup>1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| **Counterparty** | **Reference Obligation** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Long Beach Mortgage Loan Trust 6.584% due 07/25/2033 | 6.250% | Monthly | 07/25/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| GST | Structured Asset Investment Loan Trust 5.034% due 11/25/2034 | 1.950 | Monthly | 11/25/2034 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  | $0 | $0 | $0 | $0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $7749 | $(2232) | $1623 | $0 | $(609) |
| DUB | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 104 | (42) | 26 | 0 | (16) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 36 | (1) | 1 | 0 | 0 |
| GST | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 30000 | 232 | (68) | 164 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160600 | (84) | 676 | 592 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 26 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 12719 | (751) | 752 | 1 | 0 |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3900 | (73) | 86 | 13 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 33 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 1134 | (52) | 52 | 0 | 0 |
| MYC | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 13500 | (38) | 106 | 68 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 11900 | (5) | 49 | 44 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 7 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 61500 | (588) | 789 | 201 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 55100 | 197 | 104 | 301 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 135000 | (340) | 1024 | 684 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 75000 | 300 | (24) | 276 | 0 |
| UAG | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 60 | 0 | (5) | 0 | (5) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3479) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $0 | $(609) | $(609) | $(609) | $582 | $(27) |
|  DUB | 0 | 0 | 0 | 0 | 0 | 0 | (16) | (16) | (16) | 187 | 171 |
|  GST | 0 | 0 | 757 | 757 | 0 | 0 | 0 | 0 | 757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) |
|  JPS | 0 | 0 | 13 | 13 | 0 | 0 | 0 | 0 | 13 | 0 | 13 |
|  MYC | 0 | 0 | 112 | 112 | 0 | 0 | 0 | 0 | 112 | 18 | 130 |
|  SAL | 0 | 0 | 1462 | 1462 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | (1450) | 12 |
|  UAG | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 0 | (5) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |  |  |  |

---

(k) Securities with an aggregate market value of $788 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | |
|:---|:---|:---|
| **40** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $708 | $708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2831 | 2831 |
|  | $0 | $0 | $0 | $0 | $3539 | $3539 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $2344 | $0 | $0 | $0 | $2344 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $556 | $556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1696 | 1696 |
|  | $0 | $0 | $0 | $0 | $2252 | $2252 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $630 | $0 | $0 | $0 | $630 |
|  | $0 | $630 | $0 | $0 | $2252 | $2882 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(13575) | $(13575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6558 | 6558 |
|  | $0 | $0 | $0 | $0 | $(7017) | $(7017) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6015 | 0 | 0 | 0 | 6015 |
|  | $0 | $6015 | $0 | $0 | $49 | $6064 |
|  | $0 | $6015 | $0 | $0 | $(6968) | $(953) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(15399) | $(15399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5266 | 5266 |
|  | $0 | $0 | $0 | $0 | $(10133) | $(10133) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $(1388) | $0 | $0 | $0 | $(1388) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1388) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11521) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 41

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $16574 | $0 | $16574 |
| &nbsp;&nbsp; Industrials | 0 | 1534 | 0 | 1534 |
|  U.S. Government Agencies | 0 | 5046516 | 0 | 5046516 |
|  U.S. Treasury Obligations | 0 | 88032 | 0 | 88032 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1691196 | 17612 | 1708808 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 26028 | 0 | 26028 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1396692 | 0 | 1396692 |
| &nbsp;&nbsp; CMBS Other | 0 | 129364 | 0 | 129364 |
| &nbsp;&nbsp; Credit Card Other | 0 | 58514 | 0 | 58514 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1312659 | 7687 | 1320346 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 3827 | 0 | 3827 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 10 | 0 | 10 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 4720 | 0 | 4720 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 338890 | 0 | 338890 |
| &nbsp;&nbsp; Other ABS | 7200 | 1585364 | 0 | 1592564 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1506 | 0 | 1506 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 16946 | 0 | 16946 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6406 | 0 | 6406 |
|  | $7200 | $11724778 | $25299 | $11757277 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1122259 | $0 | $0 | $1122259 |
|  Total Investments | $1129459 | $11724778 | $25299 | $12879536 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 3539 | 0 | 3539 |
|  Over the counter | 0 | 2344 | 0 | 2344 |
|  | $0 | $5883 | $0 | $5883 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (2252) | 0 | (2252) |
|  Over the counter | 0 | 0 | (630) | (630) |
|  | $0 | $(2252) | $(630) | $(2882) |
|  Total Financial Derivative Instruments | $0 | $3631 | $(630) | $3001 |
|  Totals | $1129459 | $11728409 | $24669 | $12882537 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **42** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 90.9% | INVESTMENTS IN SECURITIES 90.9% | INVESTMENTS IN SECURITIES 90.9% |
| BRAZIL 3.2% | BRAZIL 3.2% | BRAZIL 3.2% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais |
|  5.333% due 02/15/2028 | 3420 | 3424 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.000% due 04/07/2026 | 200 | 202 |
|  7.125% due 05/13/2054 | 2396 | 2436 |
|  7.250% due 01/12/2056 | 8258 | 8362 |
|  |  | 11000 |
|  Total Brazil (Cost $14,046) | Total Brazil (Cost $14,046) | 14424 |
| CAYMAN ISLANDS 0.3% | CAYMAN ISLANDS 0.3% | CAYMAN ISLANDS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1174 |
|  Total Cayman Islands (Cost $1,170) | Total Cayman Islands (Cost $1,170) | 1174 |
| CHILE 1.5% | CHILE 1.5% | CHILE 1.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA |
|  3.650% due 05/07/2030 | 500 | 490 |
|  4.700% due 05/07/2050 | 2000 | 1745 |
|  |  | 2235 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 01/22/2061 | 500 | 311 |
|  4.340% due 03/07/2042 | 5000 | 4433 |
|  |  | 4744 |
|  Total Chile (Cost $7,808) | Total Chile (Cost $7,808) | 6979 |
| COLOMBIA 5.5% | COLOMBIA 5.5% | COLOMBIA 5.5% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 2700 | 2790 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.125% due 04/15/2031 | 200 | 174 |
|  3.875% due 04/25/2027 | 12800 | 12716 |
|  8.000% due 04/20/2033 | 8000 | 8724 |
|  8.000% due 11/14/2035 | 800 | 860 |
|  |  | 22474 |
|  Total Colombia (Cost $24,220) | Total Colombia (Cost $24,220) | 25264 |
| DOMINICAN REPUBLIC 0.6% | DOMINICAN REPUBLIC 0.6% | DOMINICAN REPUBLIC 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 2500 | 2394 |
|  5.950% due 01/25/2027 | 200 | 204 |
|  Total Dominican Republic (Cost $2,822) | Total Dominican Republic (Cost $2,822) | 2598 |
| INDIA 0.4% | INDIA 0.4% | INDIA 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra |
|  4.625% due 10/15/2039 | 1002 | 854 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1000 | 992 |
|  Total India (Cost $1,988) | Total India (Cost $1,988) | 1846 |
| INDONESIA 2.4% | INDONESIA 2.4% | INDONESIA 2.4% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Pelabuhan Indonesia Persero PT | Pelabuhan Indonesia Persero PT | Pelabuhan Indonesia Persero PT |
|  5.375% due 05/05/2045 | 200 | 191 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  3.500% due 02/14/2050 | 2000 | 1473 |
|  4.750% due 07/18/2047 | 755 | 706 |
|  5.125% due 01/15/2045 | 1865 | 1843 |
|  5.250% due 01/17/2042 | 500 | 503 |
|  5.250% due 01/08/2047 | 1249 | 1247 |
|  5.950% due 01/08/2046 | 918 | 978 |
|  6.750% due 01/15/2044 | 2400 | 2779 |
|  7.750% due 01/17/2038 | 1025 | 1266 |
|  |  | 10795 |
|  Total Indonesia (Cost $12,979) | Total Indonesia (Cost $12,979) | 10986 |
| ISRAEL 3.2% | ISRAEL 3.2% | ISRAEL 3.2% |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  3.875% due 07/03/2050 | 5000 | 3607 |
|  5.500% due 03/12/2034 | 7000 | 7200 |
|  State of Israel | State of Israel | State of Israel |
|  3.375% due 01/15/2050 | 5400 | 3598 |
|  Total Israel (Cost $18,470) | Total Israel (Cost $18,470) | 14405 |
| IVORY COAST 1.1% | IVORY COAST 1.1% | IVORY COAST 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.250% due 03/22/2030 | 2300 | 2696 |
|  5.875% due 10/17/2031 | 2000 | 2341 |
|  Total Ivory Coast (Cost $4,779) | Total Ivory Coast (Cost $4,779) | 5037 |
| KUWAIT 2.0% | KUWAIT 2.0% | KUWAIT 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (a) | 3000 | 3000 |
|  4.136% due 10/09/2030 (a) | 3000 | 3000 |
|  4.652% due 10/09/2035 (a) | 3000 | 3000 |
|  Total Kuwait (Cost $9,000) | Total Kuwait (Cost $9,000) | 9000 |
| LUXEMBOURG 4.9% | LUXEMBOURG 4.9% | LUXEMBOURG 4.9% |
|  | **SHARES** |  |
| COMMON STOCKS 0.8% | COMMON STOCKS 0.8% | COMMON STOCKS 0.8% |
|  Drillco Holdings Luxembourg SA «(f) | 123735 | 2681 |
|  Foresea Holdings SA « | 48750 | 1056 |
|  |  | 3737 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2149 | 2105 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 200 | 210 |
|  6.103% due 08/23/2042 | 3300 | 3474 |
|  6.129% due 02/23/2038 | 7000 | 7456 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.510% due 02/23/2042 | $— | 5000 | 5425 |
|  |  |  | 18670 |
|  Total Luxembourg (Cost $19,851) | Total Luxembourg (Cost $19,851) | Total Luxembourg (Cost $19,851) | 22407 |
| MALAYSIA 0.8% | MALAYSIA 0.8% | MALAYSIA 0.8% | MALAYSIA 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.500% due 04/21/2030 | $— | 2500 | 2432 |
|  4.550% due 04/21/2050 |  | 500 | 443 |
|  4.800% due 04/21/2060 |  | 200 | 182 |
|  Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. |
|  2.112% due 03/23/2028 |  | 500 | 478 |
|  Total Malaysia (Cost $3,760) | Total Malaysia (Cost $3,760) | Total Malaysia (Cost $3,760) | 3535 |
| MEXICO 10.3% | MEXICO 10.3% | MEXICO 10.3% | MEXICO 10.3% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV |
|  1.850% due 09/01/2032 | $— | 2150 | 1793 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 |  | 498 | 494 |
|  7.690% due 01/23/2050 |  | 500 | 455 |
|  10.000% due 02/07/2033 |  | 3100 | 3600 |
|  |  |  | 6342 |
| SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  1.350% due 09/18/2027 |  | 300 | 344 |
|  3.500% due 09/19/2029 |  | 1500 | 1771 |
|  4.490% due 05/25/2032 |  | 3000 | 3630 |
|  4.500% due 03/19/2034 |  | 1500 | 1790 |
|  4.750% due 03/22/2031 | $— | 1500 | 1491 |
|  4.750% due 04/27/2032 |  | 3000 | 2940 |
|  5.000% due 04/27/2051 |  | 7300 | 6008 |
|  5.125% due 03/19/2038 |  | 900 | 1077 |
|  5.375% due 03/22/2033 | $— | 2500 | 2501 |
|  5.625% due 09/22/2035 |  | 2500 | 2491 |
|  6.000% due 05/07/2036 |  | 1200 | 1230 |
|  6.400% due 05/07/2054 |  | 2000 | 1959 |
|  6.625% due 01/29/2038 |  | 4655 | 4904 |
|  6.875% due 05/13/2037 |  | 4500 | 4864 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (d) |  | 17614 | 872 |
|  4.000% due 11/30/2028 (d) |  | 14536 | 792 |
|  4.000% due 08/24/2034 (d) |  | 40735 | 2131 |
|  |  |  | 40795 |
|  Total Mexico (Cost $47,739) | Total Mexico (Cost $47,739) | Total Mexico (Cost $47,739) | 47137 |
| PARAGUAY 0.2% | PARAGUAY 0.2% | PARAGUAY 0.2% | PARAGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  4.950% due 04/28/2031 | $— | 1000 | 1013 |
|  Total Paraguay (Cost $1,099) | Total Paraguay (Cost $1,099) | Total Paraguay (Cost $1,099) | 1013 |
| PERU 13.3% | PERU 13.3% | PERU 13.3% | PERU 13.3% |
| SOVEREIGN ISSUES 13.3% | SOVEREIGN ISSUES 13.3% | SOVEREIGN ISSUES 13.3% | SOVEREIGN ISSUES 13.3% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 |  | 72100 | 21963 |
|  7.300% due 08/12/2033 |  | 33500 | 10760 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.875% due 08/08/2054 | $— | 1000 | 1006 |
|  6.150% due 08/12/2032 |  | 48170 | 14708 |
|  6.950% due 08/12/2031 |  | 38082 | 12149 |
|  Total Peru (Cost $55,896) | Total Peru (Cost $55,896) | Total Peru (Cost $55,896) | 60586 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| POLAND 0.4% | POLAND 0.4% | POLAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.125% due 09/18/2034 | 2000 | 2049 |
|  Total Poland (Cost $1,973) | Total Poland (Cost $1,973) | 2049 |
| QATAR 3.1% | QATAR 3.1% | QATAR 3.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 700 | 631 |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  3.750% due 04/16/2030 | 4100 | 4076 |
|  4.400% due 04/16/2050 | 7000 | 6270 |
|  4.817% due 03/14/2049 | 1200 | 1147 |
|  5.103% due 04/23/2048 | 2000 | 1992 |
|  |  | 13485 |
|  Total Qatar (Cost $14,645) | Total Qatar (Cost $14,645) | 14116 |
| ROMANIA 4.6% | ROMANIA 4.6% | ROMANIA 4.6% |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 | 3000 | 2923 |
|  2.000% due 04/14/2033 | 3000 | 2767 |
|  3.624% due 05/26/2030 | 3000 | 3385 |
|  5.375% due 03/22/2031 | 3000 | 3589 |
|  5.625% due 05/30/2037 | 6000 | 6744 |
|  7.500% due 02/10/2037 | 1500 | 1613 |
|  Total Romania (Cost $19,016) | Total Romania (Cost $19,016) | 21021 |
| SAUDI ARABIA 8.8% | SAUDI ARABIA 8.8% | SAUDI ARABIA 8.8% |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.250% due 07/17/2034 | 3000 | 3091 |
|  5.750% due 07/17/2054 | 3000 | 2988 |
|  5.875% due 07/17/2064 | 4000 | 3947 |
|  |  | 10026 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.625% due 03/04/2028 | 1500 | 1484 |
|  4.750% due 01/18/2028 | 5000 | 5074 |
|  4.750% due 01/16/2030 | 5000 | 5111 |
|  4.875% due 07/18/2033 | 5000 | 5078 |
|  5.000% due 01/18/2053 | 2000 | 1811 |
|  5.125% due 01/13/2028 | 3000 | 3066 |
|  5.375% due 01/13/2031 | 500 | 526 |
|  5.750% due 01/16/2054 | 8000 | 8049 |
|  |  | 30199 |
|  Total Saudi Arabia (Cost $39,315) | Total Saudi Arabia (Cost $39,315) | 40225 |
| SERBIA 4.3% | SERBIA 4.3% | SERBIA 4.3% |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 3000 | 3282 |
|  1.500% due 06/26/2029 | 5400 | 5894 |
|  1.650% due 03/03/2033 | 150 | 147 |
|  2.050% due 09/23/2036 | 2500 | 2294 |
|  3.125% due 05/15/2027 | 6900 | 8103 |
|  Total Serbia (Cost $21,175) | Total Serbia (Cost $21,175) | 19720 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH AFRICA 12.5% | SOUTH AFRICA 12.5% | SOUTH AFRICA 12.5% |
| SOVEREIGN ISSUES 12.5% | SOVEREIGN ISSUES 12.5% | SOVEREIGN ISSUES 12.5% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 171400 | 9415 |
|  8.500% due 01/31/2037 | 493700 | 26341 |
|  8.875% due 02/28/2035 | 293700 | 16708 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.875% due 04/14/2026 | 200 | 200 |
|  5.750% due 09/30/2049 | 400 | 321 |
|  7.100% due 11/19/2036 | 2000 | 2089 |
|  7.950% due 11/19/2054 | 2000 | 2037 |
|  Total South Africa (Cost $54,139) | Total South Africa (Cost $54,139) | 57111 |
| TURKEY 1.2% | TURKEY 1.2% | TURKEY 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  7.625% due 05/15/2034 | 5000 | 5313 |
|  Total Turkey (Cost $4,924) | Total Turkey (Cost $4,924) | 5313 |
| UNITED ARAB EMIRATES 1.1% | UNITED ARAB EMIRATES 1.1% | UNITED ARAB EMIRATES 1.1% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 2000 | 2011 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 4500 | 2641 |
|  3.875% due 04/16/2050 | 793 | 651 |
|  |  | 3292 |
|  Total United Arab Emirates (Cost $7,366) | Total United Arab Emirates (Cost $7,366) | 5303 |
| UNITED STATES 4.8% | UNITED STATES 4.8% | UNITED STATES 4.8% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.872% due 03/25/2037 •  | 167 | 66 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 196 | 51 |
|  |  | 117 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 309 | 320 |
|  9.750% due 01/06/2027 | 1537 | 1594 |
|  |  | 1914 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.046% due 02/25/2036 ~ | 4 | 3 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.619% due 03/25/2037 ~ | 10 | 10 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ | 4 | 4 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.094% due 07/25/2046 ~ | 7 | 7 |
|  6.751% due 03/25/2034 ~ | 1 | 1 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.632% due 12/25/2036 •  | 4 | 4 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.752% due 05/25/2037 •  | 80 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.582% due 06/25/2037 ~ | 74 | 33 |
|  4.872% due 03/25/2037 •  | 209 | 49 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.360% due 04/25/2037 ~ | 14 | 13 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.035% due 06/25/2036 ~ | 2 | 2 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.699% due 01/20/2047 ~ | 5 | 4 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.411% due 05/25/2037 ~ | 17 | 14 |
|  3.712% due 04/25/2037 ~ | 9 | 8 |
|  3.714% due 01/25/2037 ~ | 13 | 11 |
|  4.161% due 12/25/2036 ~ | 30 | 27 |
|  4.357% due 12/25/2036 ~ | 9 | 8 |
|  4.498% due 09/25/2036 ~ | 13 | 11 |
|  |  | 240 |
| U.S. TREASURY OBLIGATIONS 4.3% | U.S. TREASURY OBLIGATIONS 4.3% | U.S. TREASURY OBLIGATIONS 4.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2054 (h)(j) | 20000 | 19656 |
|  Total United States (Cost $22,243) | Total United States (Cost $22,243) | 21927 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (e) | 249389 | 249 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  3.931% due 01/27/2026 (b)(c) | 1219 | 1204 |
| Total Short-Term Instruments<br>(Cost $1,453) | Total Short-Term Instruments<br>(Cost $1,453) | 1453 |
| Total Investments in Securities (Cost $411,876) | Total Investments in Securities (Cost $411,876) | 414629 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 6.5% | INVESTMENTS IN AFFILIATES 6.5% | INVESTMENTS IN AFFILIATES 6.5% |
| SHORT-TERM INSTRUMENTS 6.5% | SHORT-TERM INSTRUMENTS 6.5% | SHORT-TERM INSTRUMENTS 6.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3026282 | 29473 |
| Total Short-Term Instruments<br>(Cost $29,463) | Total Short-Term Instruments<br>(Cost $29,463) | 29473 |
| Total Investments in Affiliates<br>(Cost $29,463) | Total Investments in Affiliates<br>(Cost $29,463) | 29473 |
| Total Investments 97.4%<br>(Cost $441,339) | Total Investments 97.4%<br>(Cost $441,339) | 444102 |
|  Financial Derivative Instruments (g)(i) 1.3%<br> (Cost or Premiums, net $902) |  | 5742 |
| Other Assets and Liabilities, net 1.3% | Other Assets and Liabilities, net 1.3% | 6110 |
| Net Assets 100.0% | Net Assets 100.0% | 455954 |

---

44 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

(e) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | 0.59% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(712) at a weighted average interest rate of 4.464%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 | $227 | $49 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 123 | 13431 | 5 | 5 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 68 | 7650 | 22 | 0 | (1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(2)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(2)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.iTraxx Asia Ex-Japan IG 44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Year BRL-CDI | 9.760% | Maturity | 01/04/2027 | BRL | 38500 | $0 | $(554) | $(554) | $0 | $(2) |
|  Pay | 1-Year BRL-CDI | 10.145 | Maturity | 01/04/2027 |  | 32100 | 0 | (679) | (679) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 10.231 | Maturity | 01/04/2027 |  | 132400 | 0 | (2709) | (2709) | 0 | (10) |
|  Pay | 1-Year BRL-CDI | 12.198 | Maturity | 01/04/2027 |  | 30000 | 0 | (180) | (180) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 12.350 | Maturity | 01/04/2027 |  | 101000 | 0 | (498) | (498) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 2000 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 1000 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.415 | Maturity | 01/02/2029 |  | 441800 | 616 | (358) | 258 | 49 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | MXN | 60000 | 3 | 60 | 63 | 3 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) | (331) | (648) | 0 | (32) |
|  |  |  |  |  |  |  | $302 | $(5251) | $(4949) | $52 | $(49) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 45

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

(h) Securities with an aggregate market value of $2,027 and cash of $3,242 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 26381 | $30770 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
|  BOA | 10/2025 | 13 | 10 | 0 | 0 |
|  | 10/2025 | $1202 | 4042 | 18 | 0 |
|  | 10/2025 | 2683 | 237333 | 0 | (14) |
|  | 10/2025 | 22 | 3274 | 0 | 0 |
|  | 10/2025 | 1535 | 2125615 | 0 | (20) |
|  | 10/2025 | 710 | 2554 | 0 | (7) |
|  | 11/2025 | 856 | 2861 | 8 | 0 |
|  | 12/2025 | 2465 | 46371 | 47 | 0 |
|  BPS | 10/2025 | 177122 | $32775 | 20 | (525) |
|  | 10/2025 | 50796 | 7132 | 3 | 0 |
|  | 10/2025 | 104874310 | 6372 | 85 | 0 |
|  | 10/2025 | 254360 | 2888 | 27 | 0 |
|  | 10/2025 | 7603744 | 5480 | 62 | 0 |
|  | 10/2025 | 684092 | 22772 | 312 | (13) |
|  | 10/2025 | $32607 | 177122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | 0 |
|  | 10/2025 | 12581 | 207534260 | 0 | (143) |
|  | 10/2025 | 28120 | 2487172 | 0 | (143) |
|  | 10/2025 | 9819 | 13557415 | 0 | (158) |
|  | 10/2025 | 5895 | 21455 | 8 | (2) |
|  | 10/2025 | 69725 | $4007 | 0 | (25) |
|  | 11/2025 | $1501 | 5045 | 22 | 0 |
|  | 12/2025 | 37178 | $1239 | 12 | 0 |
|  | 12/2025 | $306 | 5668 | 1 | 0 |
|  BRC | 10/2025 | 55 | $40 | 0 | 0 |
|  | 10/2025 | 1136 | 1417 | 0 | (10) |
|  | 10/2025 | 5182 | 6998 | 29 | 0 |
|  | 10/2025 | 820121 | 50 | 1 | 0 |
|  | 10/2025 | 51 | 30 | 1 | 0 |
|  | 10/2025 | 477910 | 15814 | 118 | 0 |
|  | 10/2025 | $763 | 565 | 0 | (3) |
|  | 10/2025 | 335 | 6265 | 7 | 0 |
|  | 10/2025 | 5744 | 21002 | 33 | 0 |
|  | 10/2025 | 6271 | 269614 | 143 | 0 |
|  | 10/2025 | 9421 | 166174 | 190 | 0 |
|  | 11/2025 | 6999 | 5182 | 0 | (29) |
|  | 11/2025 | 42437 | 1846778 | 568 | 0 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 2819 | $160 | $0 | $(3) |
|  | 12/2025 | $206 | 3813 | 0 | 0 |
|  BSH | 10/2025 | 203 | $57 | 0 | (2) |
|  | 12/2025 | 9501 | 2667 | 0 | (64) |
|  | 12/2025 | $481 | 1714 | 11 | 0 |
|  | 01/2026 | 11146 | $3119 | 0 | (81) |
|  | 01/2026 | $515 | 1825 | 10 | 0 |
|  | 02/2026 | 9292 | $2658 | 0 | (9) |
|  | 03/2026 | 1755 | 502 | 0 | (1) |
|  CBK | 10/2025 | 30556 | 20300 | 98 | (17) |
|  | 10/2025 | 531729 | 99055 | 0 | (851) |
|  | 10/2025 | 204693 | 28822 | 93 | 0 |
|  | 10/2025 | 42164366 | 2573 | 46 | 0 |
|  | 10/2025 | 635 | 64 | 1 | 0 |
|  | 10/2025 | 14124 | 11004 | 55 | 0 |
|  | 10/2025 | 5698 | 177 | 0 | 0 |
|  | 10/2025 | 908853 | 30580 | 720 | 0 |
|  | 10/2025 | $99975 | 531729 | 0 | (68) |
|  | 10/2025 | 251 | 215 | 1 | 0 |
|  | 10/2025 | 6522 | 107228084 | 0 | (95) |
|  | 10/2025 | 11425 | 1003661 | 0 | (137) |
|  | 10/2025 | 2076 | 19680 | 14 | 0 |
|  | 10/2025 | 5999 | 182459 | 6 | (10) |
|  | 10/2025 | 7287 | $421 | 0 | (1) |
|  | 11/2025 | $1071 | 3591 | 13 | 0 |
|  | 12/2025 | 2109 | $391 | 0 | 0 |
|  | 12/2025 | 181389 | 5999 | 14 | (2) |
|  | 01/2026 | 10972 | 3083 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
|  | 01/2026 | $99055 | 543199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | 0 |
|  DUB | 10/2025 | 108847 | $15308 | 31 | 0 |
|  | 10/2025 | 43198421 | 2636 | 47 | 0 |
|  | 10/2025 | 4770254 | 3441 | 41 | 0 |
|  | 10/2025 | 35764 | 27905 | 180 | 0 |
|  | 10/2025 | $5166 | 17651 | 163 | 0 |
|  | 10/2025 | 5173 | 457240 | 0 | (30) |
|  | 11/2025 | 17641 | $5166 | 0 | (161) |
|  | 11/2025 | 3206 | 182 | 0 | (3) |
|  | 12/2025 | $1068 | 3747 | 9 | 0 |
|  FAR | 10/2025 | 39727 | $25769 | 0 | (519) |
|  | 10/2025 | 47457 | 6684 | 23 | 0 |
|  | 10/2025 | 79685 | 22479 | 0 | (467) |
|  | 10/2025 | 38 | 29 | 0 | 0 |
|  | 10/2025 | $10849 | 956851 | 0 | (87) |
|  | 10/2025 | 8848 | 1300820 | 0 | (52) |
|  | 10/2025 | 9799 | 35789 | 46 | 0 |
|  | 11/2025 | 4776 | $1301 | 0 | (73) |
|  | 12/2025 | 12386 | 650 | 0 | (21) |
|  | 12/2025 | 41935 | 11926 | 0 | (129) |
|  | 12/2025 | $21388 | 405310 | 565 | 0 |
|  GLM | 10/2025 | 29500 | $4861 | 0 | (682) |
|  | 10/2025 | 291 | 364 | 0 | (2) |
|  | 10/2025 | 3741 | 526 | 1 | 0 |
|  | 10/2025 | 764720 | 46 | 1 | 0 |
|  | 10/2025 | 525 | 410 | 3 | 0 |
|  | 10/2025 | $4981 | 29500 | 562 | (1) |
|  | 10/2025 | 2959 | 48908558 | 0 | (28) |
|  | 10/2025 | 3107 | 272672 | 0 | (41) |
|  | 10/2025 | 373 | 6993 | 8 | 0 |
|  | 10/2025 | 14513 | 52793 | 7 | 0 |
|  | 11/2025 | 271 | 902 | 2 | 0 |
|  | 11/2025 | 1850 | 80800 | 11 | 0 |
|  | 12/2025 | 3173 | $167 | 0 | (5) |
|  | 12/2025 | $5024 | 97261 | 244 | 0 |
|  IND | 10/2025 | 1835 | $1199 | 0 | (15) |
|  JPM | 10/2025 | 505248 | 94992 | 65 | (4) |
|  | 10/2025 | 70217 | 50810 | 354 | 0 |
|  | 10/2025 | 8256307 | 5955 | 71 | 0 |
|  | 10/2025 | 2518 | 1959 | 7 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $92311 | 505248 | $2621 | $0 |
|  | 10/2025 | 1412 | 1048 | 0 | (3) |
|  | 10/2025 | 5354 | 88154201 | 0 | (71) |
|  | 10/2025 | 1274 | 4278 | 17 | 0 |
|  | 10/2025 | 3785 | 13910 | 41 | 0 |
|  | 10/2025 | 623 | 18915 | 0 | (1) |
|  | 10/2025 | 2118 | 37465 | 49 | 0 |
|  | 11/2025 | 2095 | $628 | 0 | (4) |
|  | 11/2025 | 3024 | 171 | 0 | (3) |
|  | 12/2025 | $1528 | 28564 | 19 | 0 |
|  MBC | 10/2025 | 38 | $27 | 0 | 0 |
|  | 10/2025 | 290 | 364 | 0 | (1) |
|  | 10/2025 | 55390 | 7793 | 19 | 0 |
|  | 10/2025 | 5818 | 6891 | 61 | 0 |
|  | 10/2025 | 3660 | 4951 | 28 | 0 |
|  | 10/2025 | 4292354 | 261 | 3 | 0 |
|  | 10/2025 | 10436502 | 7503 | 66 | 0 |
|  | 10/2025 | 38019 | 3966 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |
|  | 10/2025 | 91549 | 71437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | 0 |
|  | 10/2025 | 13463 | 418 | 2 | 0 |
|  | 10/2025 | $9424 | 7473 | 0 | (37) |
|  | 10/2025 | 8992 | 7657 | 2 | (3) |
|  | 10/2025 | 12227 | 9026 | 2 | (89) |
|  | 10/2025 | 16 | 2328 | 0 | 0 |
|  | 10/2025 | 2783 | 3877022 | 0 | (19) |
|  | 10/2025 | 540 | 920 | 0 | (6) |
|  | 10/2025 | 1570 | 15035 | 27 | 0 |
|  | 10/2025 | 1100 | 35613 | 1 | 0 |
|  | 11/2025 | 4952 | 3660 | 0 | (28) |
|  | 11/2025 | 519 | 1728 | 2 | 0 |
|  | 12/2025 | 4385 | 82658 | 92 | 0 |
|  MYI | 10/2025 | 55921 | $7859 | 10 | 0 |
|  | 10/2025 | 17364447 | 1055 | 14 | 0 |
|  | 10/2025 | $98 | 14479 | 0 | 0 |
|  | 10/2025 | 3214 | 11634 | 0 | (14) |
|  | 10/2025 | 4856 | 146302 | 0 | (49) |
|  | 12/2025 | 145350 | $4856 | 58 | 0 |
|  | 12/2025 | $37 | 768 | 0 | 0 |
|  NGF | 10/2025 | 10935755 | $7863 | 69 | 0 |
|  | 10/2025 | $2654 | 43927587 | 0 | (21) |
|  | 11/2025 | 40417 | 1760972 | 430 | 0 |
|  | 12/2025 | 4401 | 192996 | 14 | 0 |
|  SCX | 10/2025 | 40669 | $5723 | 15 | 0 |
|  | 10/2025 | 898 | 704 | 8 | 0 |
|  | 10/2025 | 464970 | 15691 | 414 | 0 |
|  | 10/2025 | $2964 | 48735704 | 0 | (43) |
|  | 10/2025 | 5028 | 443705 | 0 | (37) |
|  | 10/2025 | 504 | 74131 | 0 | (3) |
|  | 10/2025 | 540 | 920 | 0 | (7) |
|  | 10/2025 | 491 | 4620 | 0 | 0 |
|  SOG | 10/2025 | 122114 | $22753 | 0 | (191) |
|  | 10/2025 | 5533 | 3224 | 16 | 0 |
|  | 10/2025 | $22960 | 122114 | 0 | (16) |
|  | 10/2025 | 4616 | 678811 | 0 | (26) |
|  | 12/2025 | 22753 | 123848 | 185 | 0 |
|  | 03/2026 | 1021 | 989792 | 7 | 0 |
|  SSB | 10/2025 | 280 | 225 | 2 | 0 |
|  | 10/2025 | 6273 | 4654 | 0 | (14) |
|  | 12/2025 | 41010 | $11615 | 0 | (173) |
|  UAG | 10/2025 | 26467 | 19155 | 137 | 0 |
|  | 10/2025 | 27744 | 8316 | 0 | (60) |
|  | 10/2025 | $518 | 1772 | 17 | 0 |
|  | 10/2025 | 125 | 11020 | 0 | (1) |
|  | 10/2025 | 68 | 691 | 1 | 0 |
|  | 10/2025 | 3645 | 13215 | 0 | (10) |
|  | 10/2025 | 1100 | 35598 | 0 | 0 |
|  | 11/2025 | 1771 | $518 | 0 | (17) |
|  | 11/2025 | 384105 | 22099 | 0 | (66) |
|  | 12/2025 | $4058 | 75832 | 50 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6111) |

---

48 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC EUR versus USD | $1.132 | 10/10/2025 | 120600 | $419 | $3 |
|  | Put - OTC EUR versus USD | 1.122 | 10/14/2025 | 961 | 117 | 2 |
|  | Put - OTC EUR versus USD | 1.110 | 11/26/2025 | 59380 | 250 | 20 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 6438 | 19 | 0 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 18840 | 118 | 9 |
| GLM | Put - OTC EUR versus USD | $1.129 | 10/14/2025 | 43907 | 170 | 2 |
|  | Put - OTC EUR versus USD | 1.105 | 12/17/2025 | 4692 | 563 | 123 |
| MBC | Put - OTC AUD versus USD | 0.618 | 10/10/2025 | 54400 | 138 | 0 |
| MYI | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 4352 | 23 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Chile Government International Bonds | 1.000% | Quarterly | 12/20/2025 | 0.138% | $6000 | $142 | $(129) | $13 | $0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.512 | 2000 | 46 | 1 | 47 | 0 |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 | 2000 | 15 | 3 | 18 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 400 | (17) | 20 | 3 | 0 |
| BPS | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.512 | 10000 | 234 | 2 | 236 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 2800 | (134) | 138 | 4 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 700 | (62) | 62 | 0 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 3000 | (31) | 72 | 41 | 0 |
| BRC | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.138 | 5700 | 136 | (124) | 12 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 2110 | (100) | 106 | 6 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 17000 | 15 | (20) | 0 | (5) |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.591 | 10000 | (267) | (5) | 0 | (272) |
| CBK | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.228 | 5000 | (717) | 256 | 0 | (461) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 2300 | (116) | 123 | 7 | 0 |
| DUB | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 | 10000 | 75 | 13 | 88 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 3500 | (312) | 311 | 0 | (1) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.681 | 15000 | 235 | (4) | 231 | 0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 2600 | 46 | (4) | 42 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 4500 | (401) | 400 | 0 | (1) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 800 | (35) | 41 | 6 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 49

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(203) | $0 | $0 | $(203) | $(203) | $366 | $163 |
|  BOA | 73 | 0 | 81 | 154 | (41) | 0 | 0 | (41) | 113 | 0 | 113 |
|  BPS | 1225 | 25 | 281 | 1531 | (1009) | 0 | 0 | (1009) | 522 | (242) | 280 |
|  BRC | 1090 | 9 | 18 | 1117 | (45) | 0 | (277) | (322) | 795 | (1020) | (225) |
|  BSH | 21 | 0 | 0 | 21 | (157) | 0 | 0 | (157) | (136) | 273 | 137 |
|  CBK | 1809 | 0 | 7 | 1816 | (1250) | 0 | (461) | (1711) | 105 | (380) | (275) |
|  DUB | 471 | 0 | 88 | 559 | (194) | 0 | 0 | (194) | 365 | (310) | 55 |
|  FAR | 634 | 0 | 0 | 634 | (1348) | 0 | 0 | (1348) | (714) | 446 | (268) |
|  GLM | 839 | 125 | 0 | 964 | (759) | 0 | 0 | (759) | 205 | (150) | 55 |
|  GST | 0 | 0 | 231 | 231 | 0 | 0 | (1) | (1) | 230 | 0 | 230 |
|  IND | 0 | 0 | 0 | 0 | (15) | 0 | 0 | (15) | (15) | 0 | (15) |
|  JPM | 3244 | 0 | 42 | 3286 | (86) | 0 | 0 | (86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3242) | (42) |
|  MBC | 771 | 0 | 0 | 771 | (256) | 0 | 0 | (256) | 515 | (390) | 125 |
|  MYC | 0 | 0 | 6 | 6 | 0 | 0 | (1) | (1) | 5 | 0 | 5 |
|  MYI | 82 | 0 | 0 | 82 | (63) | 0 | 0 | (63) | 19 | (38) | (19) |
|  NGF | 513 | 0 | 0 | 513 | (21) | 0 | 0 | (21) | 492 | (260) | 232 |
|  SCX | 437 | 0 | 0 | 437 | (90) | 0 | 0 | (90) | 347 | (110) | 237 |
|  SOG | 208 | 0 | 0 | 208 | (233) | 0 | 0 | (233) | (25) | 0 | (25) |
|  SSB | 2 | 0 | 0 | 2 | (187) | 0 | 0 | (187) | (185) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |
|  UAG | 205 | 0 | 0 | 205 | (154) | 0 | 0 | (154) | 51 | 0 | 51 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6851) |  |  |  |

---

(j) Securities with an aggregate market value of $1,085 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $54 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 52 | 52 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |

---

50 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $11624 | $0 | $11624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 159 | 0 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 754 | 0 | 0 | 0 | 754 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783 | $0 | $12537 |
|  | $0 | $754 | $0 | $11783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12643 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 49 | 49 |
|  | $0 | $0 | $0 | $0 | $50 | $50 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6111 | $0 | $6111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 740 | 0 | 0 | 0 | 740 |
|  | $0 | $740 | $0 | $6111 | $0 | $6851 |
|  | $0 | $740 | $0 | $6111 | $50 | $6901 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | (8) | 15 |
|  | $0 | $23 | $0 | $0 | $29 | $52 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(11027) | $0 | $(11027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 858 | 0 | 0 | 0 | 858 |
|  | $0 | $858 | $0 | $(11027) | $0 | $(10169) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11027) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10117) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | (350) | (348) |
|  | $0 | $2 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) | $(296) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $659 | $0 | $659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (1658) | 0 | (1658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 648 | 0 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (188) | 0 | 0 | 0 | (188) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $0 | $(351) | $0 | $(539) |
|  | $0 | $(186) | $0 | $(351) | $(298) | $(835) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $3424 | $0 | $3424 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | 1174 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2235 | 0 | 2235 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4744 | 0 | 4744 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2790 | 0 | 2790 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 22474 | 0 | 22474 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2598 | 0 | 2598 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1846 | 0 | 1846 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 191 | 0 | 191 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10795 | 0 | 10795 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14405 | 0 | 14405 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5037 | 0 | 5037 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | 0 | 0 | 9000 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 3737 | 3737 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18670 | 0 | 18670 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3535 | 0 | 3535 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6342 | 0 | 6342 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 40795 | 0 | 40795 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1013 | 0 | 1013 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 60586 | 0 | 60586 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2049 | 0 | 2049 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 631 | 0 | 631 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13485 | 0 | 13485 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 21021 | 0 | 21021 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10026 | 0 | 10026 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30199 | 0 | 30199 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $19720 | $0 | $19720 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 57111 | 0 | 57111 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5313 | 0 | 5313 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2011 | 0 | 2011 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3292 | 0 | 3292 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 117 | 0 | 117 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1914 | 0 | 1914 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 240 | 0 | 240 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 19656 | 0 | 19656 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 249 | 0 | 249 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1204 | 0 | 1204 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414629 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29473 | $0 | $0 | $29473 |
|  Total Investments | $38473 | $400718 | $4911 | $444102 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 49 | 57 | 0 | 106 |
|  Over the counter | 0 | 12537 | 0 | 12537 |
|  | $49 | $12594 | $0 | $12643 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (50) | 0 | (50) |
|  Over the counter | 0 | (6851) | 0 | (6851) |
|  | $0 | $(6901) | $0 | $(6901) |
|  Total Financial Derivative Instruments | $49 | $5693 | $0 | $5742 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449844 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1170 | $0 | $0 | $0 | $4 | $0 | $0 | $1174 | $4 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 4344 | 0 | 0 | 0 | 0 | (607) | 0 | 0 | 3737 | (607) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) |

---

52 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | Recent Transaction | Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 3737 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 100.6% | INVESTMENTS IN SECURITIES 100.6% | INVESTMENTS IN SECURITIES 100.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 7.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.6% |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 « | 225 | 224 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.663% (TSFR1M + 3.500%) due 10/10/2029 ~ | 322 | 310 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 01/27/2032 ~ | 149 | 150 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 25 | 25 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 3 | 3 |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 172 | 172 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 246 | 242 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 1056 | 1056 |
|  12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 5021 | 5172 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 250 | 249 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 100 | 100 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.530% (TSFR1M + 5.250%) due 06/04/2029 ~ | 2 | 2 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.163% (TSFR1M + 3.000%) due 02/07/2031 ~ | 40 | 36 |
|  7.413% (TSFR1M + 3.250%) due 02/18/2030 ~ | 251 | 228 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 99 | 99 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 374 | 358 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.163% (TSFR1M + 2.000%) due 10/23/2030 ~ | 527 | 527 |
|  Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
|  19.000% due 04/03/2026 «(b) | 212 | 62 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 25 | 23 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  TBD% due 03/03/2028 | 175 | 171 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 275 | 274 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 125 | 120 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 548 | 522 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.252% (TSFR3M + 2.250%) due 03/22/2030 ~ | 296 | 296 |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 495 | 496 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  8.752% (TSFR3M + 4.750%) due 07/01/2032 ~ | 50 | 50 |
|  Total Loan Participations and Assignments (Cost $10,918) | Total Loan Participations and Assignments (Cost $10,918) | 10967 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 85.1% | CORPORATE BONDS & NOTES 85.1% | CORPORATE BONDS & NOTES 85.1% |
| BANKING & FINANCE 14.3% | BANKING & FINANCE 14.3% | BANKING & FINANCE 14.3% |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
|  6.750% due 07/01/2032 | 150 | 155 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 525 | 537 |
|  7.000% due 01/15/2031 | 350 | 362 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 250 | 257 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 75 | 73 |
|  6.375% due 02/15/2029 | 325 | 332 |
|  Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |
|  7.125% due 05/15/2031 | 100 | 104 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  8.000% due 05/25/2028 | 100 | 107 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(g) | 200 | 214 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 •  | 25 | 26 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 125 | 123 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 750 | 752 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 25 | 25 |
|  9.250% due 12/15/2028 | 125 | 131 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 100 | 100 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 100 | 102 |
|  EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 (a) | 125 | 125 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 (a) | 100 | 100 |
|  8.500% due 05/15/2030 | 350 | 372 |
|  9.250% due 04/01/2029 | 100 | 106 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  6.750% due 09/15/2031 | 125 | 128 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.271% due 01/09/2027 | 25 | 25 |
|  5.918% due 03/20/2028 | 50 | 51 |
|  6.800% due 05/12/2028 | 50 | 52 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 800 | 799 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 50 | 52 |
|  9.125% due 05/15/2031 | 225 | 240 |
|  9.250% due 02/01/2029 | 125 | 132 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 | 200 | 198 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  7.000% due 05/01/2031 | 450 | 471 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  6.875% due 04/15/2029 | 225 | 234 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 125 | 123 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 325 | 339 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 200 | 197 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  6.250% due 05/15/2026 | 60 | 60 |
|  10.000% due 11/15/2029 | 275 | 277 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 400 | 378 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 (a) | 525 | 522 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 250 | 241 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 75 | 72 |
|  4.875% due 09/15/2027 | 175 | 174 |
|  5.250% due 07/15/2030 | 50 | 49 |
|  5.625% due 07/15/2032 | 175 | 174 |
|  6.250% due 01/15/2033 | 400 | 408 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  4.500% due 11/15/2029 | 500 | 489 |
|  6.125% due 11/01/2032 | 150 | 152 |
|  6.750% due 05/01/2033 | 175 | 182 |
|  7.125% due 04/30/2031 | 275 | 289 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 100 | 106 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.750% due 06/15/2029 | 75 | 74 |
|  7.000% due 07/15/2031 | 150 | 157 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 175 | 176 |
|  6.375% due 08/01/2030 | 175 | 178 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | 175 | 186 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 | 400 | 406 |
|  6.500% due 08/01/2029 | 250 | 257 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 200 | 199 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 650 | 698 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 50 | 48 |
|  5.625% due 09/29/2028 | 325 | 325 |
|  6.125% due 09/30/2030 | 500 | 500 |
|  6.950% due 09/15/2026 | 75 | 76 |
|  7.050% due 09/15/2028 | 200 | 208 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  5.375% due 11/15/2029 | 150 | 148 |
|  6.125% due 05/15/2030 | 925 | 937 |
|  6.625% due 05/15/2029 | 150 | 154 |
|  7.500% due 05/15/2031 | 150 | 157 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  6.750% due 08/01/2032 | 50 | 52 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 150 | 113 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 675 | 703 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
|  4.875% due 05/15/2029 | 225 | 220 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 150 | 152 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 500 | 496 |
|  6.875% due 05/15/2032 | 150 | 156 |
|  7.125% due 11/15/2030 | 275 | 287 |
|  7.875% due 12/15/2029 | 100 | 106 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 125 | 129 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 75 | 76 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  6.500% due 04/01/2032 | 350 | 360 |
|  6.500% due 06/15/2033 | 25 | 26 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 50 | 50 |
|  4.000% due 09/15/2029 | 175 | 165 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 575 | 591 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | 275 | 243 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 | 25 | 26 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 25 | 25 |
|  6.000% due 04/15/2030 | 75 | 76 |
|  6.500% due 07/01/2030 | 125 | 129 |
|  6.500% due 10/15/2030 | 75 | 78 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(f)(g) | 100 | 111 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 226 | 237 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 250 | 249 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 150 | 155 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 100 | 90 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^(c) | 132 | 0 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 75 | 77 |
|  |  | 20779 |
| INDUSTRIALS 67.2% | INDUSTRIALS 67.2% | INDUSTRIALS 67.2% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 575 | 550 |
|  4.000% due 10/15/2030 | 1050 | 991 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 325 | 333 |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 25 | 26 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.000% due 04/15/2029 | 25 | 24 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 400 | 387 |
|  5.875% due 10/15/2033 (a) | 225 | 225 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  3.500% due 03/15/2032 | 150 | 131 |
|  7.000% due 08/01/2030 | 350 | 360 |
|  7.375% due 08/01/2033 | 125 | 129 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 50 | 43 |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  4.875% due 02/04/2028 | 250 | 243 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  4.625% due 01/15/2027 | 375 | 373 |
|  4.875% due 02/15/2030 | 325 | 320 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 775 | 804 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 300 | 315 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.500% due 10/15/2029 | 1000 | 870 |
|  8.125% due 02/01/2027 | 125 | 120 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 275 | 281 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  10.250% due 01/15/2029 | 200 | 211 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 125 | 130 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 125 | 130 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 50 | 49 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 50 | 50 |
|  5.750% due 04/20/2029 | 800 | 804 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  5.000% due 10/01/2029 | 25 | 24 |
|  6.500% due 04/01/2027 | 25 | 25 |
|  6.875% due 07/01/2028 | 25 | 25 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 175 | 166 |
|  4.000% due 01/15/2028 | 275 | 270 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
|  5.875% due 10/01/2033 | 25 | 25 |
|  Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
|  6.875% due 08/01/2032 | 100 | 104 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 275 | 266 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 200 | 199 |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 150 | 157 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  6.625% due 10/15/2032 | 275 | 281 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. |
|  6.875% due 08/01/2033 | 100 | 101 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 500 | 490 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 175 | 174 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 275 | 267 |
|  5.375% due 03/01/2029 | 75 | 73 |
|  5.750% due 07/15/2027 | 72 | 72 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 100 | 103 |
|  6.250% due 03/15/2033 | 75 | 77 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 175 | 170 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 75 | 68 |
|  3.125% due 09/15/2031 | 25 | 23 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 375 | 391 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 175 | 182 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 1475 | 1475 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 200 | 200 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 200 | 198 |
|  3.500% due 06/01/2031 | 525 | 489 |
|  5.625% due 08/15/2030 | 225 | 228 |
|  6.000% due 08/15/2033 | 175 | 179 |
|  6.500% due 05/15/2032 | 250 | 259 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  6.750% due 06/15/2033 | 325 | 340 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 12/01/2027 | 75 | 75 |
|  Brink's Co. | Brink's Co. | Brink's Co. |
|  4.625% due 10/15/2027 | 75 | 74 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  6.750% due 02/01/2030 | 150 | 156 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 325 | 306 |
|  6.375% due 03/01/2034 | 325 | 335 |
|  6.750% due 05/15/2035 | 175 | 183 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 25 | 24 |
|  4.125% due 04/15/2029 | 125 | 121 |
|  CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
|  6.375% due 06/15/2033 | 100 | 103 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 3 | 3 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 50 | 52 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 03/15/2030 | 400 | 409 |
|  5.750% due 08/01/2032 | 525 | 535 |
|  5.875% due 06/15/2031 | 300 | 308 |
|  6.000% due 05/01/2029 | 75 | 76 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 | 54 | 61 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 | 200 | 209 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.250% due 02/01/2031 | 225 | 207 |
|  4.250% due 01/15/2034 | 50 | 43 |
|  4.750% due 02/01/2032 | 500 | 463 |
|  5.000% due 02/01/2028 | 1700 | 1685 |
|  5.125% due 05/01/2027 | 100 | 99 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 300 | 302 |
|  6.879% due 07/15/2032 | 200 | 205 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 100 | 88 |
|  Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
|  7.250% due 06/15/2029 | 25 | 22 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 | 50 | 47 |
|  6.625% due 09/15/2033 | 50 | 50 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 725 | 769 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.375% due 12/01/2031 | 50 | 53 |
|  Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
|  9.500% due 01/01/2031 | 50 | 54 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 25 | 25 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 225 | 224 |
|  6.750% due 03/15/2033 | 450 | 456 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 425 | 385 |
|  6.000% due 01/15/2029 | 225 | 219 |
|  9.750% due 01/15/2034 | 450 | 462 |
|  10.875% due 01/15/2032 | 275 | 292 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 575 | 568 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 100 | 100 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  5.000% due 10/15/2026 | 75 | 75 |
|  8.625% due 11/01/2030 | 25 | 26 |
|  8.750% due 07/01/2031 | 175 | 180 |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
|  6.750% due 02/15/2030 | 50 | 52 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  4.875% due 07/01/2029 | 700 | 662 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.125% due 02/15/2031 | 50 | 52 |
|  7.500% due 03/15/2033 | 200 | 209 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  5.875% due 06/01/2027 | 25 | 25 |
|  6.875% due 11/01/2029 | 100 | 102 |
|  7.000% due 03/15/2032 | 450 | 455 |
|  7.625% due 01/15/2034 | 50 | 52 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 500 | 505 |
|  6.625% due 08/15/2033 | 25 | 25 |
|  8.250% due 06/30/2032 | 225 | 239 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 400 | 411 |
|  6.875% due 01/15/2030 | 475 | 488 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 | 200 | 192 |
|  CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
|  7.250% due 03/01/2032 | 75 | 78 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 400 | 389 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 125 | 124 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 75 | 72 |
|  6.750% due 03/01/2029 | 175 | 175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 600 | 616 |
|  9.250% due 06/01/2030 | 100 | 103 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 575 | 570 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 225 | 219 |
|  7.625% due 04/01/2032 | 175 | 174 |
|  8.375% due 01/15/2034 | 25 | 25 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 300 | 286 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  5.875% due 06/01/2033 | 150 | 152 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 400 | 413 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  6.750% due 07/15/2033 | 475 | 490 |
|  6.875% due 09/01/2032 | 100 | 103 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 250 | 260 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 50 | 52 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 275 | 292 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 | 75 | 79 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 350 | 346 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 | 216 | 216 |
|  10.000% due 02/15/2031 | 100 | 100 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 75 | 69 |
|  3.950% due 03/20/2028 | 150 | 147 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 300 | 318 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 575 | 633 |
|  EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) |
|  6.750% due 11/30/2030 (b) | 250 | 258 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 275 | 280 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 175 | 178 |
|  Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. |
|  8.500% due 04/15/2031 | 75 | 81 |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
|  4.750% due 06/15/2028 | 25 | 25 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 100 | 107 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 325 | 309 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | 125 | 119 |
|  4.500% due 09/15/2027 | 125 | 125 |
|  5.875% due 04/15/2030 | 125 | 128 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.500% due 06/01/2031 | 275 | 288 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 | 150 | 150 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 | 350 | 354 |
|  8.625% due 03/15/2031 | 75 | 79 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 400 | 375 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.000% due 08/01/2028 | 100 | 98 |
|  4.375% due 08/15/2029 | 375 | 366 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 100 | 103 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
|  7.125% due 07/01/2033 | 50 | 51 |
|  8.250% due 01/15/2032 | 100 | 106 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 475 | 487 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 125 | 124 |
|  7.375% due 10/01/2030 | 275 | 277 |
|  7.625% due 07/01/2029 | 50 | 51 |
|  9.250% due 12/01/2028 | 500 | 522 |
|  Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
|  5.000% due 07/15/2029 | 100 | 97 |
|  5.250% due 07/15/2031 | 25 | 23 |
|  5.625% due 04/30/2033 | 25 | 23 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 300 | 301 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  4.750% due 07/15/2027 | 25 | 25 |
|  6.375% due 07/15/2032 | 250 | 254 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 100 | 77 |
|  5.375% due 11/15/2031 | 175 | 132 |
|  10.500% due 07/15/2029 | 75 | 81 |
|  Great Canadian Gaming Corp./Raptor LLC | Great Canadian Gaming Corp./Raptor LLC | Great Canadian Gaming Corp./Raptor LLC |
|  8.750% due 11/15/2029 | 50 | 49 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 75 | 77 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  7.000% due 06/15/2030 | 225 | 234 |
|  7.250% due 06/15/2033 | 225 | 235 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 | 75 | 76 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 800 | 733 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  4.875% due 07/01/2031 | 300 | 280 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 125 | 128 |
|  7.375% due 07/15/2032 | 525 | 545 |
|  Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
|  9.000% due 02/15/2029 | 50 | 52 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 (b) | 175 | 183 |
|  IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) |
|  8.000% due 11/15/2032 (b) | 75 | 79 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 225 | 219 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 75 | 74 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 850 | 817 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 | 50 | 52 |
|  Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC |
|  6.750% due 08/01/2032 | 150 | 148 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 500 | 515 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 675 | 685 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  4.500% due 06/01/2031 | 50 | 47 |
|  4.625% due 03/01/2028 | 75 | 74 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 25 | 25 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 50 | 51 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2030 | 525 | 536 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.500% due 10/01/2033 | 50 | 51 |
|  6.750% due 10/01/2035 | 50 | 51 |
|  7.250% due 02/15/2029 | 150 | 156 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 400 | 397 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  5.375% due 11/01/2033 | 125 | 124 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  9.500% due 06/15/2031 | 150 | 158 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.500% due 04/01/2030 | 50 | 46 |
|  6.875% due 06/30/2033 | 250 | 255 |
|  7.000% due 03/31/2034 | 550 | 560 |
|  LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
|  7.000% due 11/15/2032 | 50 | 49 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 175 | 187 |
|  11.000% due 10/15/2030 | 450 | 497 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 100 | 104 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 | 25 | 25 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  3.875% due 06/01/2029 | 25 | 24 |
|  4.375% due 01/15/2031 | 100 | 95 |
|  4.625% due 12/15/2027 | 100 | 99 |
|  5.500% due 10/01/2030 | 175 | 175 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 25 | 24 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 475 | 478 |
|  6.500% due 04/15/2032 | 100 | 101 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  3.625% due 10/01/2031 | 150 | 136 |
|  5.000% due 12/15/2027 | 25 | 25 |
|  6.125% due 09/15/2033 | 275 | 278 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 300 | 303 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 125 | 125 |
|  7.375% due 09/01/2031 | 225 | 234 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 600 | 579 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 425 | 425 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 125 | 108 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 50 | 49 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 (a) | 125 | 127 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |
|  6.750% due 04/01/2032 | 150 | 154 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 125 | 122 |
|  Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
|  6.625% due 11/15/2027 | 200 | 196 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 125 | 108 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 150 | 140 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 25 | 25 |
|  6.750% due 02/01/2032 | 375 | 386 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 175 | 190 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 300 | 295 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.625% due 05/15/2032 | 43 | 43 |
|  8.500% due 06/01/2028 | 225 | 239 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 500 | 355 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 40 | 38 |
|  7.500% due 07/17/2030 | 200 | 210 |
|  7.750% due 07/17/2032 | 100 | 106 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.125% due 07/17/2035 | $— | 50 | $— | 54 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 |  | 575 |  | 596 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 |  | 200 |  | 148 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 |  | 200 |  | 205 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  4.250% due 05/15/2029 |  | 150 |  | 145 |
|  7.000% due 12/01/2031 |  | 175 |  | 185 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 |  | 375 |  | 362 |
|  6.875% due 01/30/2030 |  | 150 |  | 156 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 |  | 250 |  | 259 |
|  Olin Corp. | Olin Corp. | Olin Corp. | Olin Corp. | Olin Corp. |
|  6.625% due 04/01/2033 |  | 75 |  | 75 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 |  | 300 |  | 289 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 |  | 75 |  | 79 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  6.500% due 03/31/2032 |  | 250 |  | 256 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 |  | 325 |  | 308 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 |  | 275 |  | 266 |
|  6.750% due 05/15/2034 |  | 275 |  | 264 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 |  | 100 |  | 97 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 (a) |  | 50 |  | 51 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.500% due 10/01/2029 |  | 100 |  | 97 |
|  6.625% due 08/15/2032 |  | 75 |  | 77 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 |  | 100 |  | 101 |
|  6.250% due 02/01/2033 |  | 75 |  | 76 |
|  7.000% due 01/15/2032 |  | 625 |  | 649 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 12/15/2044 |  | 250 |  | 202 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) |  | 1250 |  | 204 |
|  5.500% due 04/12/2037 ^(c) |  | 1250 |  | 204 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 |  | 75 |  | 75 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 |  | 150 |  | 140 |
|  5.500% due 12/15/2029 |  | 300 |  | 299 |
|  6.250% due 10/15/2034 |  | 675 |  | 682 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 |  | 50 |  | 50 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 |  | 175 |  | 182 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 |  | 225 |  | 219 |
|  6.250% due 04/01/2029 |  | 200 |  | 200 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 |  | 200 |  | 196 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 |  | 175 |  | 177 |
|  6.250% due 08/15/2033 |  | 25 |  | 26 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 |  | 575 |  | 596 |
|  6.750% due 03/01/2033 |  | 100 |  | 104 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 |  | 375 |  | 389 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 |  | 125 |  | 131 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) |  | 50 |  | 52 |
|  9.750% due 04/15/2029 |  | 200 |  | 225 |
|  11.250% due 02/15/2027 |  | 200 |  | 217 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 325 | 338 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 500 | 515 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
|  6.625% due 02/01/2033 | 25 | 25 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  6.750% due 03/15/2033 | 75 | 78 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 50 | 51 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 125 | 126 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  10.750% due 11/15/2029 | 25 | 24 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  5.875% due 11/01/2033 | 225 | 225 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 125 | 122 |
|  SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
|  5.375% due 11/01/2026 | 50 | 50 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
|  3.875% due 01/15/2029 | 100 | 88 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 500 | 520 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 225 | 218 |
|  5.875% due 07/15/2030 | 425 | 433 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
|  6.625% due 07/15/2032 | 350 | 363 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 275 | 255 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
|  6.750% due 08/15/2032 | 175 | 181 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 1000 | 960 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 175 | 173 |
|  3.875% due 09/01/2031 | 725 | 658 |
|  4.125% due 07/01/2030 | 275 | 258 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |
|  6.500% due 10/01/2028 | 150 | 151 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
|  5.000% due 10/30/2029 | 25 | 24 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 100 | 101 |
|  7.000% due 08/01/2032 | 225 | 225 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 325 | 333 |
|  6.875% due 03/15/2034 | 325 | 330 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 | 100 | 102 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 | 100 | 99 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  6.500% due 06/01/2032 | 350 | 362 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 275 | 267 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.375% due 07/15/2030 | 650 | 624 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 150 | 149 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 75 | 74 |
|  4.625% due 12/01/2031 | 50 | 47 |
|  6.625% due 03/15/2032 | 225 | 231 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 100 | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 300 | 300 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 150 | 149 |
|  6.250% due 07/01/2033 | 25 | 25 |
|  7.000% due 05/01/2029 | 150 | 155 |
|  7.250% due 05/01/2032 | 100 | 105 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 | 250 | 244 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 200 | 206 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  9.000% due 02/01/2029 | 25 | 26 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 350 | 345 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.625% due 11/15/2027 | 100 | 99 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  6.000% due 12/01/2032 | 250 | 261 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 | 75 | 77 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 300 | 309 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 150 | 161 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 225 | 224 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 450 | 432 |
|  4.125% due 02/15/2032 | 425 | 399 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 250 | 245 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.000% due 01/15/2033 | 150 | 152 |
|  6.250% due 01/31/2034 | 75 | 77 |
|  6.375% due 03/01/2029 | 100 | 102 |
|  6.750% due 01/31/2034 | 700 | 724 |
|  6.875% due 12/15/2030 | 500 | 519 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 (a) | 250 | 252 |
|  8.750% due 02/15/2030 | 19 | 20 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 40 | 42 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 75 | 80 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  9.125% due 09/30/2030 | 100 | 98 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 125 | 118 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 100 | 103 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  5.750% due 04/15/2033 | 300 | 302 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 300 | 310 |
|  Unisys Corp. | Unisys Corp. | Unisys Corp. |
|  10.625% due 01/15/2031 | 100 | 107 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 275 | 255 |
|  4.000% due 07/15/2030 | 266 | 255 |
|  6.125% due 03/15/2034 | 150 | 156 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  8.000% due 08/15/2028 | 225 | 233 |
|  8.500% due 07/31/2031 | 575 | 594 |
|  9.375% due 08/01/2032 | 200 | 213 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 | 350 | 352 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 775 | 805 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 175 | 187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 200 | 184 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 | 100 | 94 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 50 | 52 |
|  9.500% due 02/01/2029 | 1400 | 1544 |
|  9.875% due 02/01/2032 | 725 | 790 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 202 | 213 |
|  6.750% due 01/15/2036 | 206 | 219 |
|  7.500% due 05/01/2033 | 300 | 332 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 | 125 | 134 |
|  Vermilion Energy, Inc. | Vermilion Energy, Inc. | Vermilion Energy, Inc. |
|  7.250% due 02/15/2033 | 50 | 47 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 150 | 147 |
|  VF Corp. | VF Corp. | VF Corp. |
|  2.950% due 04/23/2030 | 129 | 114 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 (a) | 475 | 476 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 700 | 661 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 25 | 26 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 | 50 | 49 |
|  7.875% due 05/01/2027 | 175 | 178 |
|  9.500% due 06/01/2028 | 225 | 234 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.750% due 07/15/2031 | 1000 | 942 |
|  7.750% due 04/15/2032 | 700 | 736 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 150 | 136 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 150 | 158 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 100 | 99 |
|  4.054% due 03/15/2029 | 200 | 193 |
|  4.279% due 03/15/2032 | 225 | 206 |
|  5.050% due 03/15/2042 | 350 | 280 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 150 | 156 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 125 | 129 |
|  7.750% due 09/15/2030 | 100 | 105 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (a) | 175 | 175 |
|  6.500% due 10/15/2033 (a) | 50 | 50 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 425 | 426 |
|  8.625% due 04/30/2030 | 175 | 179 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 200 | 188 |
|  3.100% due 02/01/2032 | 150 | 136 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 75 | 77 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 75 | 76 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 75 | 76 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 | 225 | 230 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 50 | 52 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 | 25 | 23 |
|  6.625% due 08/15/2032 | 300 | 297 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 | 25 | 25 |
|  7.125% due 02/15/2031 | 750 | 808 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 800 | 778 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  9.250% due 03/09/2030 | 147 | 141 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 425 | 415 |
|  7.500% due 03/24/2031 | 250 | 248 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 | 25 | 23 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 450 | 425 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 150 | 142 |
|  |  | 97411 |
| UTILITIES 3.6% | UTILITIES 3.6% | UTILITIES 3.6% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 175 | 172 |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 175 | 183 |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
|  6.625% due 09/01/2032 | 75 | 77 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  5.000% due 02/01/2031 | 700 | 698 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 200 | 208 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 225 | 261 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 234 | 229 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.875% due 05/15/2032 | 200 | 209 |
|  8.000% due 05/15/2033 | 150 | 157 |
|  8.250% due 01/15/2029 | 75 | 78 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 125 | 126 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.000% due 04/15/2030 | 400 | 394 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 | 200 | 212 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.375% due 02/15/2032 | 150 | 154 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 25 | 24 |
|  3.625% due 02/15/2031 | 175 | 162 |
|  5.750% due 07/15/2029 | 275 | 277 |
|  6.000% due 02/01/2033 | 75 | 76 |
|  6.250% due 11/01/2034 | 275 | 282 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  7.875% due 09/15/2030 | 200 | 198 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  | 100 | 103 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 300 | 294 |
|  5.000% due 07/31/2027 | 75 | 75 |
|  6.875% due 04/15/2032 | 375 | 392 |
|  7.750% due 10/15/2031 | 150 | 159 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 25 | 26 |
|  |  | 5226 |
|  Total Corporate Bonds & Notes (Cost $121,707) | Total Corporate Bonds & Notes (Cost $121,707) | 123416 |
| U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 09/15/2027 (j) | 5475 | 5451 |
|  Total U.S. Treasury Obligations (Cost $5,465) | Total U.S. Treasury Obligations (Cost $5,465) | 5451 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 3.6% | COMMON STOCKS 3.6% | COMMON STOCKS 3.6% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 163228 | 258 |
| FINANCIALS 0.6% | FINANCIALS 0.6% | FINANCIALS 0.6% |
|  Hipotecaria Su Casita SA (d) | 78886 | 0 |
|  Intelsat SA «(d)(i) | 26145 | 0 |
|  Mr. Cooper Group, Inc. | 4374 | 922 |
|  |  | 922 |
| HEALTH CARE 2.4% | HEALTH CARE 2.4% | HEALTH CARE 2.4% |
|  AmSurg Corp. «(d)(i) | 78042 | 3523 |
|  NVHL SA Class A «(d)(i) | 197572 | 0 |
|  NVHL SA Class B «(d)(i) | 197572 | 0 |
|  NVHL SA Class C «(d)(i) | 395144 | 0 |
|  NVHL SA Class E «(d)(i) | 197572 | 0 |
|  NVHL SA Class F «(d)(i) | 197572 | 0 |
|  NVHL SA Class G «(d)(i) | 197572 | 0 |
|  NVHL SA Class H «(d)(i) | 197572 | 0 |
|  NVHL SA Class I «(d)(i) | 197572 | 0 |
|  NVHL SA Class J «(d)(i) | 197572 | 0 |
|  |  | 3523 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Foresea Holdings SA « | 22653 | 491 |
|  Total Common Stocks (Cost $6,422) | Total Common Stocks (Cost $6,422) | 5194 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 (i) | 3 | 0 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 | 7451 | 3 |
|  Total Warrants (Cost $65) | Total Warrants (Cost $65) | 3 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
|  8.271% (TSFR3M + 4.234%) due 01/04/2027 ~(f) | 350000 | 360 |
|  Total Preferred Securities (Cost $350) | Total Preferred Securities (Cost $350) | 360 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (h) | 398170 | 398 |
|  Total Short-Term Instruments (Cost $398) | Total Short-Term Instruments (Cost $398) | 398 |
|  Total Investments in Securities (Cost $145,325) | Total Investments in Securities (Cost $145,325) | 145789 |
| INVESTMENTS IN AFFILIATES 1.7% | INVESTMENTS IN AFFILIATES 1.7% | INVESTMENTS IN AFFILIATES 1.7% |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Xfit Brands, Inc. ^«(d) | 68040639 | 200 |
| Total Common Stocks (Cost $4,074) | Total Common Stocks (Cost $4,074) | 200 |

---

58 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 235055 | $— | 2289 |
| Total Short-Term Instruments<br>(Cost $2,289) | Total Short-Term Instruments<br>(Cost $2,289) |  | 2289 |
| Total Investments in Affiliates<br>(Cost $6,363) | Total Investments in Affiliates<br>(Cost $6,363) |  | 2489 |
| Total Investments 102.3%<br>(Cost $151,688) | Total Investments 102.3%<br>(Cost $151,688) | $— | 148278 |
|  Financial Derivative<br>Instruments (k)(l) (0.0)%<br> (Cost or Premiums, net $425) |  |  | (19) |
| Other Assets and Liabilities, net (2.3)% | Other Assets and Liabilities, net (2.3)% |  | (3280) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 144979 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

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

(a) When-issued security.

(b) Payment in-kind security.

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

(d) Security did not produce income within the last twelve months.

(e) Zero coupon security.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Contingent convertible security.

(h) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 | 2.43% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Intelsat SA | 09/05/2018 - 08/29/2025 | 1541 | 0 | 0.00 |
|  NVHL SA Class A | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class B | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class C | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class E | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class F | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class G | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class H | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class I | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  NVHL SA Class J | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  |  | $4802 | $3523 | 2.43% |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 59

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(897) | $(897) |
|  DEU | 4.340 | 09/24/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494) | (1496) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2393) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(897) | $0 | $(897) | $896 | $(1) |
|  DEU | 0 | (1496) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2393) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(1496) | $(897) | $0 | $0 | $(2393) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1496) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2393) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(2393) |

---

(j) Securities with an aggregate market value of $2,389 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1197) at a weighted average interest rate of 4.437%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 31 | 3488 | 22 | 0 | (2) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 2 | 240 | 6 | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 18 | 2071 | 14 | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $1 | $(6) |

---

60 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | $(2) | $0 | $(1) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1 | (208) | 1 | 0 | 0 |
|  |  |  |  | $(1) | $0 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Telecom Italia spa | 1.000% | Quarterly | 12/20/2029 | 0.989% | EUR 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | $22 | $(12) | $10 | $0 | $(1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 1325 | (8) | 8 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 725 | 6 | (14) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 975 | 42 | (24) | 18 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 2380 | (10) | (29) | (39) | 0 | (1) |
|  |  |  |  |  |  | $52 | $(71) | $(19) | $0 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

Cash of $1,276 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(2) for closed swap agreements is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asse t | Liability |
|  AZD | 10/2025 | 1618 | $1886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  BOA | 11/2025 | $1339 | 1138 | 0 | 0 |
|  CBK | 10/2025 | 480 | 3733 | 0 | 0 |
|  FAR | 10/2025 | 1398 | 1196 | 7 | 0 |
|  | 11/2025 | 1196 | $1401 | 0 | (7) |
|  JPM | 10/2025 | $1334 | 1138 | 1 | 0 |
|  MBC | 10/2025 | 496 | 421 | 0 | (2) |
|  | 11/2025 | 1124 | $1323 | 1 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(13) | $0 | $0 | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  FAR | 7 | 0 | 0 | 7 | (7) | 0 | 0 | (7) | 0 | 0 | 0 |
|  JPM | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  MBC | 1 | 0 | 0 | 1 | (2) | 0 | 0 | (2) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 0 | 5 |
|  | $0 | $5 | $0 | $0 | $1 | $6 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9 | $0 | $9 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $9 | $1 | $15 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 3 | 5 |
|  | $0 | $2 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $0 | $22 |
|  | $0 | $2 | $0 | $22 | $10 | $34 |

---

62 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $88 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 340 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | 297 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $45 | $385 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |
|  | $0 | $340 | $0 | $(227) | $45 | $158 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(74) | $(74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | 2 | 25 |
|  | $0 | $23 | $0 | $0 | $(72) | $(49) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $55 | $0 | $55 |
|  | $0 | $23 | $0 | $55 | $(72) | $6 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $4453 | $6514 | $10967 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 647 | 20132 | 0 | 20779 |
| &nbsp;&nbsp; Industrials | 477 | 95104 | 1830 | 97411 |
| &nbsp;&nbsp; Utilities | 0 | 5226 | 0 | 5226 |
|  U.S. Treasury Obligations | 0 | 5451 | 0 | 5451 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 258 | 0 | 0 | 258 |
| &nbsp;&nbsp; Financials | 922 | 0 | 0 | 922 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 3523 | 3523 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 491 | 491 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 3 | 0 | 3 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 360 | 0 | 360 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 398 | 0 | 398 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145789 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 0 | 0 | 200 | 200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2289 | $0 | $0 | $2289 |
|  | $2289 | $0 | $200 | $2489 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148278 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 6 | 0 | 6 |
|  Over the counter | 0 | 9 | 0 | 9 |
|  | $0 | $15 | $0 | $15 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1) | (9) | 0 | (10) |
|  Over the counter | 0 | (22) | 0 | (22) |
|  | $(1) | $(31) | $0 | $(32) |
|  Total Financial Derivative Instruments | $(1) | $(16) | $0 | $(17) |
|  Totals | $4592 | $131111 | $12558 | $148261 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 63

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6347 | $436 | $(197) | $14 | $0 | $(86) | $0 | $0 | $6514 | $(88) |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 410 | 1475 | 0 | 0 | 0 | (55) | 0 | 0 | 1830 | (55) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 38 | 0 | (17) | 0 | 17 | (38) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 881 | 0 | (909) | 0 | 0 | 28 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 4867 | 0 | 0 | 0 | 0 | (1344) | 0 | 0 | 3523 | (125) |
| &nbsp;&nbsp; Industrials | 805 | 0 | (180) | 0 | (53) | (81) | 0 | 0 | 491 | (80) |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 267 | 0 | (125) | 0 | (29) | (110) | 0 | (3) | 0 | 0 |
|  Totals | $13615 | $1911 | $(1428) | $14 | $(65) | $(1686) | $0 | $(3) | $12358 | $(348) |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 193 | 0 | 0 | 0 | 0 | 7 | 0 | 0 | 200 | 7 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1679) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation Technique | Unobservable Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation Technique | Unobservable Inputs |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6228 | Comparable Companies | EBITDA Multiple | X | 16.290 |  |
|  | 62 | Discounted Cash Flow | Discount Rate |  | 50.000 |  |
|  | 224 | Third Party Vendor | Broker Quote |  | 99.625 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 355 | Indicative Market Quotation | Broker Quote |  | 71.000 |  |
|  | 1475 | Recent Transaction | Purchase Price |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3523 | Comparable Companies | EBITDA Multiple | X | 16.290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 491 | Indicative Market Quotation | Broker Quote | $| 21.667 |  |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 200 | Reference Instrument/Discounted Cash Flow | Stock Price w/Liquidity Discount | $/% | 0.003/20.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12558 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **64** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 105.6% | INVESTMENTS IN SECURITIES 105.6% | INVESTMENTS IN SECURITIES 105.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 5007 | 4785 |
|  Total Loan Participations and Assignments (Cost $5,002) | Total Loan Participations and Assignments (Cost $5,002) | 4785 |
| CORPORATE BONDS & NOTES 84.6% | CORPORATE BONDS & NOTES 84.6% | CORPORATE BONDS & NOTES 84.6% |
| BANKING & FINANCE 43.7% | BANKING & FINANCE 43.7% | BANKING & FINANCE 43.7% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 4461 | 4384 |
|  4.450% due 04/03/2026 | 10275 | 10276 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 8600 | 8295 |
|  5.950% due 02/15/2029 | 2471 | 2579 |
|  6.500% due 07/18/2028 | 1000 | 1051 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 2068 | 2184 |
|  8.000% due 11/01/2031 (i) | 3275 | 3735 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 6900 | 6270 |
|  6.150% due 10/01/2034 | 3000 | 3055 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 300 | 312 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.625% due 04/15/2032 | 9000 | 8432 |
|  4.250% due 02/15/2028 | 962 | 960 |
|  4.900% due 02/15/2029 | 340 | 346 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.500% due 01/31/2028 | 1000 | 942 |
|  2.700% due 04/15/2031 | 4000 | 3652 |
|  2.750% due 01/15/2027 | 8800 | 8648 |
|  3.550% due 07/15/2027 | 1811 | 1794 |
|  3.800% due 08/15/2029 | 525 | 515 |
|  3.950% due 03/15/2029 | 1000 | 990 |
|  4.050% due 03/15/2032 | 10100 | 9793 |
|  5.000% due 01/31/2030 | 5300 | 5427 |
|  5.200% due 02/15/2029 | 600 | 618 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.600% due 05/15/2032 | 100 | 101 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 5700 | 5526 |
|  3.750% due 07/15/2027 | 6100 | 5933 |
|  3.950% due 07/15/2026 | 5400 | 5368 |
|  6.350% due 10/23/2029 | 3500 | 3581 |
|  6.500% due 02/08/2029 | 2000 | 2045 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.700% due 07/29/2031 | 2700 | 2863 |
|  6.900% due 04/13/2029 | 800 | 841 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 1235 | 920 |
|  ARES Finance Co. III LLC | ARES Finance Co. III LLC | ARES Finance Co. III LLC |
|  4.125% due 06/30/2051 •  | 100 | 99 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  6.375% due 11/10/2028 | 8200 | 8675 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 3800 | 3762 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  6.125% due 09/15/2028 | 6000 | 6314 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 15000 | 15124 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 2036 | 2018 |
|  3.500% due 11/01/2027 | 9876 | 9706 |
|  4.875% due 10/01/2025 | 1500 | 1500 |
|  5.375% due 07/15/2029 | 6400 | 6558 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 8199 | 7885 |
|  4.950% due 01/15/2028 | 2000 | 2021 |
|  5.150% due 01/15/2030 | 1000 | 1015 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.883% due 11/15/2034 •  | 1800 | 2095 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 1700 | 1705 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 2000 | 1997 |
|  5.294% due 08/18/2027 | 2000 | 2039 |
|  5.538% due 03/14/2030 •  | 200 | 207 |
|  6.607% due 11/07/2028 (i) | 18700 | 20001 |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  3.466% due 09/23/2036 •(f) | 200 | 182 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 2000 | 1787 |
|  1.922% due 10/24/2031 •  | 2000 | 1777 |
|  3.194% due 07/23/2030 •  | 205 | 198 |
|  3.419% due 12/20/2028 •  | 2905 | 2861 |
|  3.593% due 07/21/2028 •  | 347 | 344 |
|  3.970% due 03/05/2029 •  | 2300 | 2289 |
|  5.202% due 04/25/2029 •  | 400 | 410 |
|  5.308% (SOFRRATE + 1.010%)<br>due 01/24/2031 ~ | 3900 | 3908 |
|  5.819% due 09/15/2029 •  | 6845 | 7159 |
|  5.872% due 09/15/2034 •  | 400 | 429 |
|  6.204% due 11/10/2028 •  | 681 | 710 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.645% due 06/24/2031 •  | 14600 | 13431 |
|  6.056% (SOFRRATE + 1.880%)<br>due 09/13/2027 ~ | 15000 | 15160 |
|  6.224% due 05/09/2034 •  | 10500 | 11299 |
|  7.385% due 11/02/2028 •  | 500 | 530 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 6200 | 6193 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 7200 | 6731 |
|  2.500% due 01/10/2030 | 1200 | 1118 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  5.875% due 11/15/2027 | 1400 | 1435 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 100 | 91 |
|  4.125% due 10/07/2051 | 2300 | 1688 |
|  6.250% due 04/18/2034 | 400 | 420 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.786% due 01/13/2033 •  | 6200 | 6512 |
|  7.375% due 09/10/2034 •(e)(f) | 8500 | 8904 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 750 | 750 |
|  5.716% due 01/18/2030 •  | 600 | 621 |
|  5.876% due 01/14/2031 •  | 3250 | 3395 |
|  5.936% due 05/30/2035 •  | 2491 | 2610 |
|  5.975% due 01/18/2027 •  | 4919 | 4938 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 600 | 597 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 6000 | 6465 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  5.675% due 01/15/2035 | 1000 | 1038 |
|  5.968% due 03/04/2054 | 450 | 464 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  5.550% due 06/23/2035 | 2300 | 2368 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 2800 | 2992 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.312% due 06/08/2029 •  | 2500 | 2623 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.500% due 04/01/2029 | 400 | 415 |
|  5.500% due 06/15/2035 | 400 | 412 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 1127 | 1012 |
|  4.100% due 06/15/2051 | 1000 | 726 |
|  7.500% due 05/30/2029 | 800 | 853 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 1500 | 1540 |
|  6.200% due 06/18/2035 | 3800 | 3995 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.488% due 12/04/2026 | 6000 | 6097 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
|  3.750% due 02/18/2026 | 1170 | 1167 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.500% due 06/15/2033 | 5600 | 5816 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 7971 | 8258 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 (a) | 600 | 596 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 2500 | 2543 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 3000 | 2748 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.222% due 05/27/2031 •  | 3150 | 3233 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 4000 | 3806 |
|  4.900% due 09/01/2029 | 800 | 812 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 1600 | 1517 |
|  4.999% due 09/11/2030 •  | 1300 | 1319 |
|  5.706% due 02/08/2028 •  | 3500 | 3564 |
|  6.720% due 01/18/2029 •  | 6807 | 7152 |
|  7.146% due 07/13/2027 •  | 1729 | 1766 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  5.550% due 01/15/2028 | 500 | 515 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 5200 | 4635 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2000 | 1926 |
|  4.500% due 06/01/2027 | 1200 | 1201 |
|  4.750% due 12/15/2026 | 8200 | 8222 |
|  4.950% due 04/15/2028 | 4700 | 4737 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  5.500% due 06/15/2034 | 1400 | 1454 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.800% due 03/08/2028 | 7000 | 6611 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.000% due 01/15/2030 | 4200 | 3981 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 1600 | 1390 |
|  3.875% due 12/15/2027 | 2274 | 2260 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.522% (SOFRRATE + 1.325%)<br>due 09/08/2028 ~ | 1300 | 1311 |
|  5.875% due 01/16/2030 | 3300 | 3432 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 4300 | 4318 |
|  6.000% due 12/07/2033 | 3600 | 3836 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.930% (SOFRRATE + 0.630%)<br>due 01/27/2027 ~ | 1600 | 1601 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 2268 | 1972 |
|  FMR LLC | FMR LLC | FMR LLC |
|  4.950% due 02/01/2033 | 1600 | 1615 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 400 | 394 |
|  3.815% due 11/02/2027 | 6595 | 6435 |
|  4.125% due 08/17/2027 | 5790 | 5696 |
|  4.271% due 01/09/2027 | 3330 | 3304 |
|  4.542% due 08/01/2026 | 4765 | 4762 |
|  4.950% due 05/28/2027 | 1050 | 1049 |
|  5.125% due 11/05/2026 | 8016 | 8045 |
|  5.800% due 03/05/2027 | 10315 | 10422 |
|  5.800% due 03/08/2029 | 4000 | 4060 |
|  5.850% due 05/17/2027 | 1574 | 1594 |
|  6.950% due 03/06/2026 | 1889 | 1904 |
|  6.950% due 06/10/2026 | 2950 | 2989 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 | 100 | 97 |
|  6.125% due 01/15/2030 | 4000 | 3984 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 1056 | 1048 |
|  4.500% due 09/18/2030 | 3000 | 2978 |
|  5.500% due 01/08/2029 | 3000 | 3106 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 | 200 | 197 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 1200 | 1081 |
|  4.000% due 01/15/2030 | 4270 | 4139 |
|  4.000% due 01/15/2031 | 6200 | 5939 |
|  5.300% due 01/15/2029 | 4560 | 4647 |
|  5.750% due 06/01/2028 | 1200 | 1234 |
|  6.750% due 12/01/2033 | 1300 | 1410 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.600% due 02/07/2030 | 1580 | 1480 |
|  3.615% due 03/15/2028 •  | 9062 | 8995 |
|  4.223% due 05/01/2029 •  | 460 | 461 |
|  6.026% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 600 | 611 |
|  6.484% due 10/24/2029 •  | 14837 | 15792 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  6.000% due 07/15/2029 | 400 | 409 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 2125 | 1983 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 15600 | 15396 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 3500 | 3597 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 1500 | 1354 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 | 2800 | 2584 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 | 1000 | 884 |
|  3.050% due 02/15/2030 | 3500 | 3243 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 | 3700 | 3519 |
|  3.500% due 09/15/2030 | 1700 | 1597 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1200 | 1220 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.546% due 03/04/2030 •(i) | 12000 | 12454 |
|  Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
|  2.800% due 02/10/2031 | 2400 | 2200 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.875% due 05/16/2027 •(e)(f) | 200 | 192 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 7100 | 8094 |
|  8.248% due 11/21/2033 •  | 3700 | 4368 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 4421 | 3823 |
|  2.300% due 11/15/2028 | 1800 | 1700 |
|  5.500% due 08/15/2033 | 1000 | 1040 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 750 | 727 |
|  2.545% due 11/08/2032 •  | 7000 | 6280 |
|  2.580% due 04/22/2032 •  | 500 | 455 |
|  3.509% due 01/23/2029 •  | 200 | 197 |
|  3.960% due 01/29/2027 •  | 10700 | 10688 |
|  4.203% due 07/23/2029 •  | 600 | 601 |
|  4.323% due 04/26/2028 •  | 1000 | 1003 |
|  4.452% due 12/05/2029 •  | 120 | 121 |
|  4.851% due 07/25/2028 •  | 9300 | 9425 |
|  4.995% due 07/22/2030 •  | 5100 | 5233 |
|  5.012% due 01/23/2030 •  | 3845 | 3940 |
|  5.140% due 01/24/2031 •  | 7600 | 7851 |
|  5.299% due 07/24/2029 •  | 1626 | 1676 |
|  5.581% due 04/22/2030 •  | 5000 | 5224 |
|  6.087% due 10/23/2029 •  | 8300 | 8761 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 7533 | 6957 |
|  6.250% due 01/15/2036 | 400 | 414 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  5.625% due 08/01/2035 | 400 | 407 |
|  6.000% due 03/15/2031 | 5000 | 5287 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 1000 | 744 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 01/11/2027 (i) | 1100 | 1096 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.375% due 03/22/2028 | $— | 700 | $— | 703 |
|  5.985% due 08/07/2027 •  |  | 2037 |  | 2066 |
|  8.000% due 09/27/2029 •(e)(f) |  | 2300 |  | 2491 |
|  Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. |
|  3.200% due 05/15/2030 |  | 1900 |  | 1819 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.650% due 03/15/2035 |  | 400 |  | 408 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.700% due 09/15/2030 |  | 1500 |  | 1371 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 |  | 4900 |  | 4973 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.100% due 04/26/2048 •  |  | 600 |  | 607 |
|  6.100% due 06/11/2055 •  |  | 6100 |  | 6352 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.574% due 01/16/2036 •  |  | 1000 |  | 1051 |
|  5.615% due 04/24/2036 •  |  | 2300 |  | 2415 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.839% due 09/13/2026 |  | 1346 |  | 1332 |
|  2.869% due 09/13/2030 •  |  | 800 |  | 758 |
|  5.594% due 07/10/2035 •  |  | 2000 |  | 2095 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.772% due 01/24/2029 •  |  | 4522 |  | 4483 |
|  4.431% due 01/23/2030 •  |  | 2000 |  | 2010 |
|  4.994% due 04/12/2029 •  |  | 3100 |  | 3162 |
|  5.164% due 04/20/2029 •  |  | 4607 |  | 4716 |
|  5.173% due 01/16/2030 •  |  | 2600 |  | 2673 |
|  5.320% due 07/19/2035 •  |  | 2500 |  | 2581 |
|  5.449% due 07/20/2029 •  |  | 1322 |  | 1366 |
|  5.587% due 01/18/2036 •  |  | 2600 |  | 2723 |
|  5.656% due 04/18/2030 •  |  | 4000 |  | 4178 |
|  5.664% due 04/17/2036 •  |  | 3000 |  | 3167 |
|  6.407% due 11/01/2029 •  |  | 8483 |  | 9018 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.466% due 07/06/2028 •  |  | 6550 |  | 6588 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.350% due 04/09/2027 |  | 2000 |  | 2035 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 2600 |  | 2354 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  |  | 8800 |  | 8797 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 |  | 1900 |  | 1470 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 |  | 100 |  | 136 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  |  | 17600 |  | 17982 |
|  7.300% due 11/19/2034 •(e)(f) |  | 4500 |  | 4752 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 |  | 884 |  | 885 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  |  | 200 |  | 180 |
|  6.250% due 09/13/2053 •  |  | 2000 |  | 2123 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 2700 |  | 2799 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 |  | 8409 |  | 8250 |
|  2.679% due 07/16/2030 |  | 3400 |  | 3126 |
|  3.103% due 01/16/2030 |  | 1900 |  | 1794 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  3.625% due 09/30/2059 |  | 2000 |  | 1393 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.500% due 04/01/2027 |  | 2757 |  | 2766 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.600% due 09/21/2028 |  | 4900 |  | 4535 |
|  4.823% (SOFRRATE + 0.620%)<br>due 06/04/2026 ~ |  | 1700 |  | 1705 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 |  | 600 |  | 819 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 |  | 1000 |  | 692 |
|  Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
|  5.250% due 08/15/2032 |  | 3500 |  | 3579 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 | 1600 | 1694 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.737% due 09/21/2030 | 4800 | 4243 |
|  4.772% due 12/09/2029 (i) | 12500 | 12738 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 2973 | 2670 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 200 | 178 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.500% due 01/11/2031 | 1000 | 1044 |
|  6.000% due 11/21/2028 | 4000 | 4209 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 3400 | 3460 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 8220 | 8141 |
|  5.353% due 09/06/2030 •  | 2400 | 2449 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.694% due 04/15/2031 •  | 5000 | 5219 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.631% due 05/15/2051 | 15600 | 15148 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 | 500 | 502 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.500% due 03/11/2029 | 3500 | 3639 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 | 4100 | 4110 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1000 | 910 |
|  5.400% due 04/30/2030 | 1400 | 1426 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 | 7918 | 7437 |
|  5.518% (SOFRRATE + 1.170%)<br>due 07/09/2029 ~ | 10000 | 10114 |
|  5.767% (SOFRRATE + 1.430%)<br>due 01/13/2026 ~ | 4800 | 4817 |
|  6.600% due 06/05/2034 •(e)(f) | 2000 | 2094 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 | 100 | 91 |
|  4.200% due 04/15/2032 | 1900 | 1842 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.270% due 05/15/2047 | 3000 | 2493 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 (i) | 4000 | 3924 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 9600 | 9212 |
|  UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 (i) | 15100 | 16260 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1000 | 926 |
|  4.151% due 12/23/2029 •  | 2600 | 2594 |
|  4.875% due 02/12/2027 •(e)(f) | 1000 | 988 |
|  5.699% due 02/08/2035 •  | 3166 | 3337 |
|  5.959% due 01/12/2034 •(i) | 19600 | 20973 |
|  6.301% due 09/22/2034 •  | 6100 | 6663 |
|  6.850% due 09/10/2029 •(e)(f) | 1000 | 1035 |
|  9.250% due 11/13/2028 •(e)(f) | 1350 | 1493 |
|  9.250% due 11/13/2033 •(e)(f) | 4000 | 4769 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 4600 | 4640 |
|  Unum Group | Unum Group | Unum Group |
|  3.875% due 11/05/2025 | 4760 | 4755 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 2300 | 2320 |
|  5.125% due 05/15/2032 | 1600 | 1616 |
|  5.625% due 04/01/2035 | 1100 | 1127 |
|  5.625% due 05/15/2052 | 1600 | 1528 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 7600 | 7425 |
|  4.125% due 08/15/2030 | 500 | 483 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 259 | 252 |
|  2.879% due 10/30/2030 •  | 1000 | 947 |
|  3.584% due 05/22/2028 •  | 972 | 963 |
|  4.808% due 07/25/2028 •  | 1105 | 1118 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.892% due 09/15/2036 •  | 1900 | 1897 |
|  5.211% due 12/03/2035 •  | 3100 | 3169 |
|  5.389% due 04/24/2034 •  | 1500 | 1559 |
|  5.574% due 07/25/2029 •  | 5776 | 5987 |
|  6.303% due 10/23/2029 •  | 5800 | 6144 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.500% due 07/01/2030 | 4100 | 4140 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 12000 | 11840 |
|  4.750% due 05/15/2026 | 1067 | 1070 |
|  |  | 1080645 |
| INDUSTRIALS 31.9% | INDUSTRIALS 31.9% | INDUSTRIALS 31.9% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 | 7605 | 7339 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1600 | 1586 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 3721 | 3530 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 4287 | 4297 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.600% due 05/27/2030 | 7700 | 7129 |
|  Allegion PLC | Allegion PLC | Allegion PLC |
|  3.500% due 10/01/2029 | 2000 | 1935 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 84 | 76 |
|  3.000% due 04/15/2030 | 3886 | 3742 |
|  3.150% due 08/15/2033 | 3951 | 3708 |
|  3.200% due 12/15/2029 | 1621 | 1571 |
|  3.350% due 04/15/2031 | 5715 | 5519 |
|  3.375% due 11/01/2028 | 599 | 590 |
|  3.575% due 07/15/2029 | 2517 | 2469 |
|  3.600% due 03/22/2029 | 4173 | 4093 |
|  3.700% due 04/01/2028 | 345 | 343 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.050% due 08/18/2029 | 4936 | 4918 |
|  5.250% due 03/02/2030 | 6400 | 6636 |
|  5.600% due 03/02/2043 | 2100 | 2129 |
|  5.650% due 03/02/2053 (i) | 6500 | 6488 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  5.400% due 04/07/2035 | 1000 | 1031 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.625% due 04/01/2030 | 1250 | 1305 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 2656 | 2718 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 | 4000 | 3969 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  3.400% due 04/15/2030 | 800 | 771 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 8500 | 8493 |
|  4.375% due 12/15/2028 | 4400 | 4385 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 10800 | 10990 |
|  6.375% due 11/21/2030 | 2367 | 2530 |
|  6.500% due 11/21/2033 | 19600 | 21151 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.874% due 02/08/2029 | 1200 | 1224 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 24700 | 24700 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  4.875% due 07/15/2026 | 6700 | 6701 |
|  5.650% due 01/15/2034 | 200 | 209 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  5.625% due 08/15/2030 | 3200 | 3244 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 2900 | 2943 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 24300 | 24119 |
|  5.705% due 05/01/2040 | 1400 | 1429 |
|  5.805% due 05/01/2050 | 4600 | 4599 |
|  5.930% due 05/01/2060 | 13200 | 13197 |
|  6.259% due 05/01/2027 | 8000 | 8235 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 5700 | 5594 |
|  5.950% due 08/04/2033 | 1000 | 1051 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.500% due 11/15/2035 | 3000 | 3368 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 82 | 74 |
|  3.300% due 06/15/2034 | 73 | 69 |
|  3.350% due 12/15/2030 | 2351 | 2268 |
|  3.800% due 03/20/2033 | 1041 | 1019 |
|  4.125% due 03/20/2033 | 1302 | 1256 |
|  4.250% due 05/15/2034 | 218 | 213 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 27858 | 25346 |
|  2.600% due 02/15/2033 | 8300 | 7289 |
|  3.419% due 04/15/2033 | 6543 | 6058 |
|  4.926% due 05/15/2037 | 12249 | 12221 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 | 100 | 87 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 1200 | 1227 |
|  5.400% due 12/15/2034 | 1800 | 1834 |
|  6.250% due 03/15/2038 | 1700 | 1815 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  2.450% due 12/02/2031 | 6000 | 5345 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 4845 | 4779 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 1900 | 1865 |
|  3.250% due 02/15/2029 | 1010 | 968 |
|  5.100% due 03/01/2030 | 300 | 305 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 3300 | 3069 |
|  2.500% due 03/01/2031 | 2000 | 1724 |
|  2.625% due 08/01/2031 | 1600 | 1376 |
|  3.000% due 10/15/2030 | 3625 | 3241 |
|  4.625% due 12/15/2029 | 2491 | 2417 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 9500 | 9272 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.900% due 06/01/2052 | 6000 | 4067 |
|  6.100% due 06/01/2029 | 1000 | 1050 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 500 | 420 |
|  Cigna Group | Cigna Group | Cigna Group |
|  2.400% due 03/15/2030 | 1391 | 1284 |
|  4.375% due 10/15/2028 | 400 | 402 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 100 | 88 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(h) | 1079 | 1114 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  1.800% due 10/01/2030 | 4400 | 3846 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.750% due 04/01/2030 | 1800 | 1744 |
|  4.300% due 03/25/2028 | 1235 | 1236 |
|  4.780% due 03/25/2038 | 1100 | 1031 |
|  5.050% due 03/25/2048 | 3800 | 3384 |
|  5.125% due 02/21/2030 | 3335 | 3419 |
|  5.450% due 09/15/2035 | 2700 | 2749 |
|  5.700% due 06/01/2034 | 1000 | 1044 |
|  5.875% due 06/01/2053 | 1100 | 1082 |
|  6.050% due 06/01/2054 | 1000 | 1012 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 990 | 1055 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 400 | 388 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 2600 | 2371 |
|  5.125% due 05/15/2029 | 200 | 205 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 | 1900 | 1847 |
|  7.375% due 01/15/2026 | 1104 | 1109 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.200% due 09/15/2034 | 400 | 398 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 400 | 411 |
|  5.900% due 04/18/2064 | 400 | 385 |
|  6.250% due 03/15/2053 | 2600 | 2665 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 1102 | 1075 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  4.625% due 11/02/2031 | 100 | 90 |
|  Edwards Lifesciences Corp. | Edwards Lifesciences Corp. | Edwards Lifesciences Corp. |
|  4.300% due 06/15/2028 | 970 | 974 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.250% due 05/15/2030 | 9524 | 8696 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 200 | 212 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  3.700% due 07/15/2027 | 2500 | 2480 |
|  5.550% due 06/20/2035 | 200 | 206 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 900 | 898 |
|  4.950% due 05/15/2028 | 900 | 915 |
|  5.200% due 04/01/2030 | 4330 | 4466 |
|  5.250% due 07/01/2029 | 1200 | 1235 |
|  5.550% due 02/15/2028 | 1053 | 1084 |
|  5.700% due 04/01/2035 | 400 | 413 |
|  6.050% due 12/01/2026 | 6200 | 6317 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 4500 | 4632 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  5.200% due 01/15/2036 | 3600 | 3661 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  3.900% due 10/01/2027 | 466 | 463 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  5.100% due 06/01/2028 | 2500 | 2556 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.375% due 03/15/2030 | 1200 | 1220 |
|  5.700% due 01/15/2035 | 400 | 411 |
|  6.750% due 04/15/2029 | 2242 | 2266 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 1100 | 1045 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  5.150% due 08/12/2034 | 400 | 405 |
|  5.250% due 08/11/2035 | 6000 | 6066 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 9700 | 8930 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 100 | 101 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 2300 | 2330 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 800 | 775 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 2200 | 2078 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 05/15/2030 | 1553 | 1438 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 1900 | 2024 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 4000 | 4110 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 16400 | 15670 |
|  5.000% due 03/01/2028 | 1015 | 1034 |
|  5.500% due 06/01/2033 | 6800 | 7067 |
|  5.625% due 09/01/2028 | 1734 | 1789 |
|  5.875% due 02/01/2029 | 200 | 208 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  5.749% due 01/15/2035 | 1200 | 1260 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 900 | 915 |
|  5.750% due 04/23/2030 | 2192 | 2281 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 2000 | 1962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 02/01/2029 | 700 | 737 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1934 | 1718 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  5.050% due 03/15/2029 | 2000 | 2036 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  8.050% due 10/15/2030 | 6500 | 7475 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.400% due 03/15/2035 | 5321 | 5440 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 4250 | 4217 |
|  3.900% due 08/08/2029 | 5300 | 5130 |
|  5.900% due 06/01/2027 | 8800 | 8982 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.625% due 06/15/2030 | 2000 | 2021 |
|  5.550% due 10/15/2028 | 3800 | 3948 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 4000 | 4094 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 1000 | 993 |
|  3.750% due 04/01/2029 | 361 | 351 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  2.125% due 03/01/2030 | 4200 | 3853 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  4.900% due 03/15/2028 | 900 | 913 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  4.663% due 02/15/2030 | 1100 | 1110 |
|  5.327% due 02/06/2029 | 1500 | 1546 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 2450 | 2250 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 3400 | 3195 |
|  National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(h) | 1300 | 1333 |
|  5.420% due 10/05/2037 «(h) | 400 | 412 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  5.375% due 11/15/2029 | 3525 | 3690 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(h) | 2400 | 2427 |
|  5.420% due 10/05/2037 «(h) | 900 | 912 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 750 | 736 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 100 | 71 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 1000 | 1059 |
|  Northwest Pipeline LLC | Northwest Pipeline LLC | Northwest Pipeline LLC |
|  4.000% due 04/01/2027 | 3500 | 3493 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 3000 | 3073 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 2760 | 2610 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.550% due 12/01/2028 | 600 | 621 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  4.300% due 08/19/2028 | 402 | 403 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 2300 | 2335 |
|  6.450% due 09/15/2036 | 2500 | 2659 |
|  6.625% due 09/01/2030 | 2400 | 2573 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 5029 | 4809 |
|  3.250% due 11/15/2027 | 2800 | 2752 |
|  3.250% due 05/15/2030 | 1765 | 1682 |
|  3.950% due 03/25/2051 | 2000 | 1488 |
|  4.200% due 09/27/2029 | 3200 | 3194 |
|  4.650% due 05/06/2030 | 2917 | 2959 |
|  5.500% due 08/03/2035 | 400 | 412 |
|  6.000% due 08/03/2055 | 2000 | 2009 |
|  6.100% due 09/26/2065 | 6100 | 6093 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.350% due 02/12/2028 | 5000 | 4982 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.375% due 04/30/2030 | 2425 | 2437 |
|  4.625% due 11/01/2029 | 1363 | 1384 |
|  4.875% due 02/13/2029 | 3500 | 3577 |
|  5.125% due 02/15/2030 | 1700 | 1758 |
|  5.250% due 02/13/2034 | 400 | 413 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  4.750% due 03/27/2030 | 923 | 942 |
|  4.750% due 05/20/2032 | 800 | 815 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 250 | 257 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 (a) | 3300 | 3321 |
|  5.500% due 04/01/2028 | 3025 | 3084 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.750% due 09/02/2027 | 1000 | 956 |
|  4.450% due 03/25/2031 | 1300 | 1290 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.125% due 11/16/2028 | 3205 | 3203 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 12900 | 12951 |
|  5.875% due 06/30/2026 | 2667 | 2676 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 11430 | 10677 |
|  4.125% due 09/14/2027 | 2200 | 2182 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 06/01/2034 | 200 | 202 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 2400 | 2361 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.026% due 10/01/2029 | 900 | 911 |
|  Southern Co. | Southern Co. | Southern Co. |
|  5.500% due 03/15/2029 | 200 | 208 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 3500 | 3475 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 200 | 199 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 2341 | 2138 |
|  4.100% due 10/01/2029 | 98 | 93 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  4.000% due 11/15/2028 | 1800 | 1798 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 | 2500 | 2508 |
|  4.850% due 12/08/2028 | 4000 | 4099 |
|  4.850% due 02/10/2030 | 2900 | 2973 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.150% due 04/01/2035 | 3300 | 3358 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 11/15/2031 | 10000 | 8800 |
|  2.400% due 03/15/2029 | 2889 | 2720 |
|  2.700% due 03/15/2032 | 7900 | 7084 |
|  3.875% due 04/15/2030 | 14000 | 13732 |
|  4.800% due 07/15/2028 | 3141 | 3199 |
|  4.950% due 03/15/2028 | 3034 | 3093 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 | 2700 | 2763 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  6.125% due 03/15/2033 | 6400 | 6809 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 100 | 95 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 5000 | 4685 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  3.375% due 03/01/2028 | 1500 | 1472 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  5.500% due 08/15/2035 | 1000 | 1040 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 3000 | 2757 |
|  2.875% due 04/07/2030 | 561 | 535 |
|  2.900% due 11/01/2029 | 2564 | 2437 |
|  3.500% due 09/01/2031 | 1221 | 1174 |
|  4.000% due 10/11/2027 | 546 | 545 |
|  4.150% due 02/25/2033 | 1205 | 1179 |
|  5.450% due 08/15/2038 | 1545 | 1595 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.800% due 07/15/2037 | 6531 | 6778 |
|  5.875% due 04/15/2029 | 7597 | 7814 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 1700 | 1672 |
|  6.000% due 12/15/2029 | 500 | 515 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.950% due 01/15/2032 | 7665 | 7856 |
|  5.300% due 02/15/2030 | 280 | 292 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 1500 | 1512 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 1500 | 1520 |
|  5.250% due 03/22/2029 | 7065 | 7215 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | 7503 | 7609 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  4.900% due 03/15/2029 | 909 | 926 |
|  5.300% due 09/30/2035 | 3000 | 3046 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.750% due 12/01/2029 | 3800 | 3628 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 2500 | 2484 |
|  5.100% due 09/12/2034 | 5300 | 5262 |
|  Yara International ASA | Yara International ASA | Yara International ASA |
|  3.800% due 06/06/2026 | 3300 | 3284 |
|  |  | 788924 |
| UTILITIES 9.0% | UTILITIES 9.0% | UTILITIES 9.0% |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 3200 | 3094 |
|  5.450% due 06/01/2028 | 12100 | 12396 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.750% due 11/01/2027 | 200 | 207 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  2.650% due 01/15/2032 | 2200 | 1975 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  2.300% due 06/01/2027 | 600 | 583 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  2.500% due 06/15/2030 | 2200 | 2028 |
|  6.150% due 05/15/2034 | 2700 | 2890 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.300% due 04/15/2041 | 2500 | 1912 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.250% due 01/15/2082 •  | 1002 | 969 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 3100 | 3125 |
|  5.750% due 06/15/2027 | 4000 | 4048 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.950% due 01/26/2039 | 600 | 673 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  5.125% due 06/26/2029 | 3967 | 4065 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  1.900% due 06/15/2028 | 8900 | 8398 |
|  3.750% due 06/15/2050 | 2900 | 2147 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  5.250% due 03/15/2035 | 2000 | 2040 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 3400 | 3346 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 1100 | 1094 |
|  4.850% due 07/15/2047 | 1100 | 975 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 6500 | 6248 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 266 | 260 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 6500 | 4779 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.004% due 02/23/2027 | 1455 | 1476 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 3787 | 3711 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 | 8684 | 8683 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 | 1200 | 1206 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.300% due 09/15/2049 | 200 | 133 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 5000 | 5005 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  6.875% due 07/15/2036 | 1100 | 1264 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.400% due 09/01/2029 | 3000 | 2891 |
|  4.250% due 09/24/2027 | 3376 | 3381 |
|  5.050% due 11/01/2034 | 10200 | 10064 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2800 | 2700 |
|  4.200% due 03/01/2029 | 3300 | 3273 |
|  4.500% due 12/15/2041 | 1269 | 1049 |
|  6.150% due 03/01/2055 | 2500 | 2517 |
|  6.750% due 01/15/2053 | 4200 | 4528 |
|  6.950% due 03/15/2034 | 22200 | 24656 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 1700 | 1325 |
|  5.300% due 02/15/2031 | 2600 | 2697 |
|  5.450% due 02/15/2034 | 5200 | 5329 |
|  5.800% due 01/15/2055 | 1174 | 1152 |
|  7.375% due 09/15/2055 •  | 2000 | 2109 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  2.200% due 08/15/2031 | 244 | 215 |
|  5.450% due 01/15/2036 | 2500 | 2556 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 99 | 103 |
|  Sempra | Sempra | Sempra |
|  6.375% due 04/01/2056 •  | 1900 | 1951 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 800 | 791 |
|  2.850% due 08/01/2029 | 2000 | 1874 |
|  3.900% due 12/01/2041 | 400 | 312 |
|  4.200% due 03/01/2029 | 1000 | 988 |
|  4.700% due 06/01/2027 | 4455 | 4473 |
|  4.875% due 03/01/2049 | 4277 | 3622 |
|  5.350% due 03/01/2026 | 200 | 201 |
|  5.650% due 10/01/2028 | 1700 | 1754 |
|  5.850% due 11/01/2027 | 12405 | 12731 |
|  6.650% due 04/01/2029 | 4500 | 4722 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.950% due 02/15/2050 | 1500 | 1176 |
|  5.200% due 06/01/2033 | 6200 | 6415 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  4.250% due 10/01/2030 | 5800 | 5768 |
|  Spire, Inc. | Spire, Inc. | Spire, Inc. |
|  5.300% due 03/01/2026 | 2500 | 2511 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 1800 | 1813 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.100% due 03/22/2028 | 1828 | 1744 |
|  5.401% due 07/02/2037 | 2094 | 2128 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.950% due 10/15/2033 | 952 | 1063 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  3.400% due 06/01/2030 | 886 | 850 |
|  5.600% due 04/15/2035 | 4400 | 4565 |
|  |  | 220727 |
|  Total Corporate Bonds & Notes (Cost $2,083,093) | Total Corporate Bonds & Notes (Cost $2,083,093) | 2090296 |
| MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 |
|  7.046% due 12/01/2044 | 100 | 114 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  7.618% due 08/01/2040 | 100 | 120 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 | 300 | 325 |
|  Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 |
|  7.605% due 10/01/2040 | 300 | 360 |
|  |  | 919 |
| GEORGIA 0.4% | GEORGIA 0.4% | GEORGIA 0.4% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 8035 | 8752 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 |
|  6.200% due 12/01/2040 | 625 | 659 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  Massachusetts School Building Authority Revenue Bonds, Series 2010 | Massachusetts School Building Authority Revenue Bonds, Series 2010 | Massachusetts School Building Authority Revenue Bonds, Series 2010 |
|  5.468% due 06/15/2027 | 300 | 307 |
| NEW YORK 0.0% | NEW YORK 0.0% | NEW YORK 0.0% |
|  New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 |
|  5.770% due 03/15/2039 | 235 | 243 |
| OHIO 0.3% | OHIO 0.3% | OHIO 0.3% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  8.084% due 02/15/2050 | 6210 | 7983 |
|  Total Municipal Bonds & Notes (Cost $21,634) | Total Municipal Bonds & Notes (Cost $21,634) | 18863 |
| U.S. GOVERNMENT AGENCIES 9.4% | U.S. GOVERNMENT AGENCIES 9.4% | U.S. GOVERNMENT AGENCIES 9.4% |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 08/01/2047 - 08/01/2048 | 742 | 689 |
|  4.000% due 08/01/2049 | 885 | 847 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  8.500% due 08/15/2030 | 1 | 1 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 | 30800 | 28958 |
|  5.000% due 11/01/2055 | 11600 | 11525 |
|  6.000% due 11/01/2055 | 4400 | 4475 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 | 10 | 9 |
|  4.000% due 11/01/2055 | 97540 | 91918 |
|  4.500% due 10/01/2055 - 11/01/2055 | 37290 | 36162 |
|  5.000% due 11/01/2055 | 59200 | 58678 |
|  Total U.S. Government Agencies (Cost $233,678) | Total U.S. Government Agencies (Cost $233,678) | 233262 |
| U.S. TREASURY OBLIGATIONS 0.6% | U.S. TREASURY OBLIGATIONS 0.6% | U.S. TREASURY OBLIGATIONS 0.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.750% due 08/15/2055 | 15500 | 15556 |
|  Total U.S. Treasury Obligations (Cost $15,401) | Total U.S. Treasury Obligations (Cost $15,401) | 15556 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
|  3.508% due 06/05/2037 | 3100 | 3040 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.378% due 12/15/2036 •  | 2204 | 2172 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 3437 | 3119 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.550% due 04/25/2067 ~ | 5600 | 5584 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ | 729 | 704 |
|  5.665% due 07/15/2038 •  | 1000 | 911 |
|  DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 | 10500 | 9581 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 | 2000 | 1865 |
|  4.997% due 04/15/2037 •  | 976 | 963 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 144 | 141 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 3368 | 3257 |
|  6.864% due 10/25/2063 þ | 1397 | 1418 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ | 654 | 665 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.250% due 08/25/2068 þ | 346 | 349 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.948% due 03/19/2034 •  | 148 | 139 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.193% due 03/25/2068 þ | 1104 | 1107 |
|  6.876% due 11/25/2068 ~ | 721 | 733 |
|  7.070% due 10/25/2068 þ | 306 | 311 |
|  VNDO Trust | VNDO Trust | VNDO Trust |
|  3.805% due 01/10/2035 | 200 | 198 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $36,342) | Total Non-Agency Mortgage-Backed Securities (Cost $36,342) | 36257 |
| ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% |
| AUTOMOBILE SEQUENTIAL 0.0% | AUTOMOBILE SEQUENTIAL 0.0% | AUTOMOBILE SEQUENTIAL 0.0% |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 713 | 719 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 2156 | 2159 |
|  |  | 3164 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.614% due 11/26/2036 •  | 5 | 4 |
| OTHER ABS 0.9% | OTHER ABS 0.9% | OTHER ABS 0.9% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 8600 | 8606 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.415% due 10/21/2034 •  | 1700 | 1702 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.499% due 10/15/2030 •  | 519 | 519 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 1200 | 1205 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 472 | 472 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 1000 | 1004 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.780% due 01/25/2032 •  | 590 | 591 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  | 3400 | 3403 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 2000 | 2003 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 329 | 327 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.505% due 04/20/2034 •  | 1800 | 1803 |
|  |  | 21635 |
|  Total Asset-Backed Securities (Cost $25,388) | Total Asset-Backed Securities (Cost $25,388) | 25522 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5200 | 5282 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 4100 | 4219 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.750% due 03/22/2031 | 10000 | 9942 |
|  5.850% due 07/02/2032 | 1000 | 1034 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 6000 | 5939 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  2.250% due 02/02/2033 | 9300 | 7979 |
|  5.125% due 01/13/2028 | 9600 | 9811 |
|  Total Sovereign Issues (Cost $45,070) | Total Sovereign Issues (Cost $45,070) | 44206 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (b)(h) | 2033 | 122 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « | 25822 | 560 |
|  Total Common Stocks (Cost $556) | Total Common Stocks (Cost $556) | 682 |
| CONVERTIBLE PREFERRED SECURITIES 0.7% | CONVERTIBLE PREFERRED SECURITIES 0.7% | CONVERTIBLE PREFERRED SECURITIES 0.7% |
| BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% | 13190 | 16280 |
|  Total Convertible Preferred Securities (Cost $10,405) | Total Convertible Preferred Securities (Cost $10,405) | 16280 |
| PREFERRED SECURITIES 4.8% | PREFERRED SECURITIES 4.8% | PREFERRED SECURITIES 4.8% |
| BANKING & FINANCE 4.7% | BANKING & FINANCE 4.7% | BANKING & FINANCE 4.7% |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  6.329% (US0003M + 1.750%) due 01/15/2067 ~ | 3080000 | 2082 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(e) | 2000000 | 1962 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(e)(f) | 2000000 | 2207 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 14085000 | 14245 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(e) | 3250000 | 3203 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(e) | 10100000 | 9500 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.875% due 02/18/2026 •(e) | 12500000 | 12395 |
|  6.875% (H15T5Y + 2.890%)<br>due 12/31/2099 ~ | 3000000 | 3097 |
|  6.950% due 02/15/2030 •(e) | 900000 | 926 |
|  7.200% due 05/15/2029 •(e) | 2800000 | 2899 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(e) | 4200000 | 4088 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(e) | 2000000 | 1967 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(e) | 3000000 | 3057 |
|  6.850% due 02/10/2030 •(e) | 4100000 | 4266 |
|  7.500% due 02/10/2029 •(e) | 2500000 | 2662 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(e) | 2500000 | 2472 |
|  4.200% due 09/01/2026 (e) | 250000 | 4720 |
|  4.625% due 06/01/2026 (e) | 110000 | 2230 |
|  6.500% due 04/01/2030 •(e) | 4400000 | 4560 |
|  6.730% (TSFR3M + 2.745%)<br>due 01/01/2026 ~(e)(i) | 11000000 | 11053 |
|  6.875% due 06/01/2029 •(e) | 3300000 | 3483 |
|  USB Capital IX | USB Capital IX | USB Capital IX |
|  5.599% due 10/30/2025 •(e) | 14250000 | 11842 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(e) | 6500000 | 6845 |
|  7.625% due 09/15/2028 •(e) | 1400000 | 1502 |
|  |  | 117263 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (d) | 228000 | 27 |
|  11.000% due 11/07/2032 | 2317 | 1263 |
|  |  | 1290 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Sempra | Sempra | Sempra |
|  4.875% due 10/15/2025 •(e) | 1000000 | 1001 |
|  Total Preferred Securities (Cost $129,222) | Total Preferred Securities (Cost $129,222) | 119554 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (g) | 564259 | $— | 564 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.225% due 11/12/2025 - 01/27/2026 (c)(d)(k)(m) | 3770 |  | 3751 |
| Total Short-Term Instruments<br>(Cost $4,314) | Total Short-Term Instruments<br>(Cost $4,314) |  | 4315 |
| Total Investments in Securities<br>(Cost $2,610,105) | Total Investments in Securities<br>(Cost $2,610,105) |  | 2609578 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% |
| SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 9138563 |  | 89000 |
| Total Short-Term Instruments<br>(Cost $88,972) | Total Short-Term Instruments<br>(Cost $88,972) |  | 89000 |
| Total Investments in Affiliates<br>(Cost $88,972) | Total Investments in Affiliates<br>(Cost $88,972) |  | 89000 |
| Total Investments 109.2%<br>(Cost $2,699,077) | Total Investments 109.2%<br>(Cost $2,699,077) | $— | 2698578 |
|  Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $17,987) | Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $17,987) |  | (1715) |
| Other Assets and Liabilities, net (9.1)% | Other Assets and Liabilities, net (9.1)% |  | (224818) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2472045 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Contingent convertible security.

(g) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **70** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | $1079 | $1114 | 0.05% |
|  MNSN Holdings, Inc. | 04/26/2022 | 40 | 122 | 0.00 |
|  NFL Football Club Term Notes 5.250% due 10/05/2034 | 06/27/2025 | 2400 | 2427 | 0.10 |
|  NFL Football Club Term Notes 5.420% due 10/05/2037 | 06/27/2025 | 900 | 912 | 0.04 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 1300 | 1333 | 0.05 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 400 | 412 | 0.02 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 | 0.26% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.150% | 09/19/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18067) | $(18092) |
|  NOM | 3.000 | 09/19/2025 | TBD<sup>(2)</sup> | (3851) | (3855) |
|  TDM | 4.250 | 09/19/2025 | TBD<sup>(2)</sup> | (9396) | (9410) |
|  | 4.260 | 09/19/2025 | TBD<sup>(2)</sup> | (11884) | (11901) |
|  | 4.270 | 09/19/2025 | TBD<sup>(2)</sup> | (46719) | (46785) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90043) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(18092) | $0 | $(18092) | $18734 | $642 |
|  NOM | 0 | (3855) | 0 | (3855) | 3924 | 69 |
|  TDM | 0 | (68096) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90043) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(90043) | $(90043) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90043) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90043) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(90043) |

---

(i) Securities with an aggregate market value of $93,179 and cash of $45 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(129512) at a weighted average interest rate of 4.464%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | $(33) | $(36) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 130 | 130 | (29) | (28) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 72 | $72 | $(14) | $(8) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | (29) | (16) |
|  |  |  |  |  | $(43) | $(24) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 306 | $74132 | $655 | $19 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 306 | 74129 | 637 | 23 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 306 | 74140 | 652 | 19 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 306 | 74102 | 600 | 23 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 2067 | 430760 | 378 | 226 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 2898 | 347941 | 9498 | 0 | (1630) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195633 | 1919 | 0 | (106) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1736) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 2578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281506) | $195 | $0 | $(101) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| Reference Entity | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Boeing Co. | (1.000)% | Quarterly | 06/20/2029 | 0.496% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | $17 | $(39) | $(22) | $0 | $0 |
|  Citigroup, Inc. | (1.000) | Quarterly | 12/20/2032 | 0.725 | 5000 | 204 | (291) | (87) | 2 | 0 |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.049 | 3300 | (556) | (7) | (563) | 2 | 0 |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.563 | 7500 | 161 | (369) | (208) | 3 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 06/20/2026 | 0.177% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.706 | 1000 | 124 | 8 | 132 | 0 | 0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2029 | 0.905 | 3000 | 540 | (59) | 481 | 0 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.248 | 2500 | (15) | 56 | 41 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **72** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.237% | $8500 | $164 | $(116) | $48 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 16800 | (91) | 357 | 266 | 0 | (2) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 9600 | 115 | (35) | 80 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | 800 | (6) | 11 | 5 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | (84) | 240 | 156 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | 400 | 7 | 0 | 7 | 0 | 0 |
|  Citigroup, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.251 | 5700 | 37 | (26) | 11 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 61400 | 472 | (45) | 427 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 1300 | 17 | (2) | 15 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 3710 | 701 | (488) | 213 | 0 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2026 | 0.273 | 4200 | 867 | (623) | 244 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 3100 | 8 | (2) | 6 | 0 | 0 |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.161 | 2600 | 59 | (43) | 16 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 1300 | 28 | (1) | 27 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1611) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| Index/Tranches | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $1000 | $19 | $4 | $23 | $0 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 503900 | 8146 | 3442 | 11588 | 39 | (4) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248600 | 5597 | 116 | 5713 | 41 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | $1423 | $(775) | $648 | $0 | $(33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 66677 | (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1009) | (1079) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 11010 | (99) | (225) | (324) | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 65388 | (747) | 337 | (410) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 7080 | 315 | 241 | 556 | 20 | 0 |
|  |  |  |  |  |  | $822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1431) | $(609) | $20 | $(61) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375 | $(186) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | $(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2003) |

---

(k) Securities with an aggregate market value of $2,226 and cash of $106,582 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(9) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 3400 | $(10) | $(1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 3400 | (9) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 4600 | (12) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 3400 | (9) | (21) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 4600 | (12) | (18) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 4700 | (14) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 4700 | (14) | (16) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 4800 | (17) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 4800 | (17) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 3100 | (10) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 3100 | (10) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 3400 | (9) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 3400 | (9) | (6) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | $(84) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | NextEra Energy Capital Holdings, Inc. | 1.000% | Quarterly | 12/20/2025 | 0.124% | $1400 | $30 | $(27) | $3 | $0 |
| JPM | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 | 1100 | (12) | 27 | 15 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 200 | (1) | 2 | 1 | 0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | (145) | 63 | 0 | (82) |
| MYC | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 500 | 1 | 3 | 4 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 1200 | (4) | 17 | 13 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |  |  |
| **Counterparty** | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
|  BRC | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(6)</sup>** |
|  CBK | $0 | $0 | $0 | $0 | $0 | $(17) | $0 | $(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $0 | $(17) |
|  DUB | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (24) | 0 | (24) | (24) | 0 | (24) |
|  JPM | 0 | 0 | 16 | 16 | 0 | 0 | (82) | (82) | (66) | 148 | 82 |
|  MYC | 0 | 0 | 17 | 17 | 0 | 0 | 0 | 0 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) |  |  |  |

---

(m) Securities with an aggregate market value of $298 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $310 | $310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 88 | 0 | 0 | 20 | 108 |
|  | $0 | $88 | $0 | $0 | $330 | $418 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $36 | $0 | $0 | $0 | $36 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $0 | $0 | $330 | $454 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $88 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1837 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 17 | 0 | 0 | 61 | 78 |
|  | $0 | $17 | $0 | $0 | $1986 | $2003 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $84 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 82 | 0 | 0 | 0 | 82 |
|  | $0 | $82 | $0 | $0 | $84 | $166 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 75

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $482 | $482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (22462) | (22462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5931 | 0 | 0 | 2680 | 8611 |
|  | $0 | $5931 | $0 | $0 | $(19300) | $(13369) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $74 | $0 | $0 | $1239 | $1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 85 | 0 | 0 | 0 | 85 |
|  | $0 | $159 | $0 | $0 | $1239 | $1398 |
|  | $0 | $6090 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18061) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11971) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 14436 | 14436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2814 | 0 | 0 | (3449) | (635) |
|  | $0 | $2814 | $0 | $0 | $11006 | $13820 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $(7) | $0 | $0 | $35 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (11) | 0 | 0 | 0 | (11) |
|  | $0 | $(18) | $0 | $0 | $35 | $17 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $11041 | $13837 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $4785 | $4785 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080645 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080645 |
| &nbsp;&nbsp; Industrials | 0 | 758026 | 30898 | 788924 |
| &nbsp;&nbsp; Utilities | 0 | 220727 | 0 | 220727 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 919 | 0 | 919 |
| &nbsp;&nbsp; Georgia | 0 | 8752 | 0 | 8752 |
| &nbsp;&nbsp; Illinois | 0 | 659 | 0 | 659 |
| &nbsp;&nbsp; Massachusetts | 0 | 307 | 0 | 307 |
| &nbsp;&nbsp; New York | 0 | 243 | 0 | 243 |
| &nbsp;&nbsp; Ohio | 0 | 7983 | 0 | 7983 |
|  U.S. Government Agencies | 0 | 233262 | 0 | 233262 |
|  U.S. Treasury Obligations | 0 | 15556 | 0 | 15556 |
|  Non-Agency Mortgage-Backed Securities | 0 | 36257 | 0 | 36257 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 719 | 0 | 719 |
| &nbsp;&nbsp; CMBS Other | 0 | 3164 | 0 | 3164 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp; Other ABS | 0 | 21635 | 0 | 21635 |
|  Sovereign Issues | 0 | 44206 | 0 | 44206 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 122 | 0 | 0 | 122 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 560 | 560 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16280 | 0 | 0 | 16280 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 6950 | 110313 | 0 | 117263 |
| &nbsp;&nbsp; Industrials | 0 | 1290 | 0 | 1290 |
| &nbsp;&nbsp; Utilities | 0 | 1001 | 0 | 1001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $564 | $0 | $564 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3751 | 0 | 3751 |
|  | $23352 | $2549983 | $36243 | $2609578 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $89000 | $0 | $0 | $89000 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698578 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 418 | 0 | 418 |
|  Over the counter | 0 | 36 | 0 | 36 |
|  | $0 | $454 | $0 | $454 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (1994) | 0 | (1994) |
|  Over the counter | 0 | (166) | 0 | (166) |
|  | $0 | $(2160) | $0 | $(2160) |
|  Total Financial Derivative Instruments | $0 | $(1706) | $0 | $(1706) |
|  Totals | $112352 | $2548277 | $36243 | $2696872 |

---

76 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $5098 | $0 | $(397) | $0 | $0 | $84 | $0 | $0 | $4785 | $61 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 1102 | 29700 | (21) | 0 | 0 | 117 | 0 | 0 | 30898 | 117 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 9 | 0 | 0 | 0 | 0 | 113 | 0 | (122) | 0 | 0 |
| &nbsp;&nbsp; Industrials | 651 | 0 | 0 | 0 | 0 | (91) | 0 | 0 | 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36243 | $87 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $4785 | Indicative Market Quotation | Broker Quote | 95.558 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2859 | Discounted Cash Flow | Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900 - 5.350 | 5.102 |
|  | 3339 | Proxy Pricing | Base Price | 100.000 |  |
|  | 24700 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 560 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36243 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 122.8% | INVESTMENTS IN SECURITIES 122.8% | INVESTMENTS IN SECURITIES 122.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 29613 | 28301 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | 14021 | 14032 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(k) | 8700 | 8701 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(k) | 5198 | 6102 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 12500 | 12658 |
|  Total Loan Participations and Assignments (Cost $70,169) | Total Loan Participations and Assignments (Cost $70,169) | 69794 |
| CORPORATE BONDS & NOTES 75.7% | CORPORATE BONDS & NOTES 75.7% | CORPORATE BONDS & NOTES 75.7% |
| BANKING & FINANCE 27.8% | BANKING & FINANCE 27.8% | BANKING & FINANCE 27.8% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.875% due 09/22/2031 •(h)(i) | 1200 | 1539 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 103000 | 104118 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  4.625% due 10/15/2027 | 16500 | 16629 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 11500 | 11093 |
|  6.500% due 07/18/2028 | 2088 | 2195 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.250% due 03/15/2030 | 1600 | 1633 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  4.000% due 02/01/2050 | 2300 | 1767 |
|  4.850% due 04/15/2049 | 900 | 785 |
|  5.500% due 10/01/2035 | 7100 | 7294 |
|  Alleghany Corp. | Alleghany Corp. | Alleghany Corp. |
|  4.900% due 09/15/2044 | 5400 | 5078 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 3400 | 3591 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 30500 | 27717 |
|  6.150% due 10/01/2034 | 8800 | 8961 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 20900 | 21746 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 40300 | 33783 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 700 | 620 |
|  3.375% due 07/15/2051 | 10700 | 7188 |
|  3.625% due 04/15/2032 | 18877 | 17686 |
|  4.250% due 02/15/2028 | 7483 | 7467 |
|  4.300% due 04/15/2052 | 10700 | 8603 |
|  4.950% due 06/15/2030 | 1200 | 1222 |
|  5.250% due 03/15/2035 | 3700 | 3742 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 300 | 265 |
|  2.100% due 06/15/2030 | 17600 | 15871 |
|  2.950% due 01/15/2051 (l) | 26346 | 17092 |
|  3.100% due 06/15/2050 | 14059 | 9443 |
|  3.125% due 01/15/2027 | 7300 | 7202 |
|  3.375% due 10/15/2026 | 2666 | 2647 |
|  3.600% due 01/15/2028 | 2250 | 2223 |
|  3.700% due 10/15/2049 | 7300 | 5481 |
|  3.800% due 08/15/2029 | 61400 | 60256 |
|  3.950% due 03/15/2029 | 25300 | 25049 |
|  4.050% due 03/15/2032 | 1300 | 1260 |
|  4.400% due 02/15/2026 | 3100 | 3100 |
|  5.250% due 07/15/2028 | 2095 | 2155 |
|  5.550% due 07/15/2033 | 14400 | 15083 |
|  5.650% due 03/15/2033 | 11675 | 12328 |
|  5.900% due 11/15/2033 | 22000 | 23595 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AmFam Holdings, Inc. | AmFam Holdings, Inc. | AmFam Holdings, Inc. |
|  2.805% due 03/11/2031 | 11960 | 10396 |
|  3.833% due 03/11/2051 | 10315 | 6821 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 7700 | 7465 |
|  3.750% due 07/15/2027 | 18400 | 17895 |
|  3.950% due 07/15/2026 | 4100 | 4076 |
|  6.500% due 02/08/2029 | 10000 | 10227 |
|  7.950% due 08/11/2028 | 5500 | 5853 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.550% due 03/15/2032 | 7500 | 7874 |
|  6.700% due 07/29/2031 | 15000 | 15904 |
|  6.900% due 04/13/2029 | 8346 | 8777 |
|  Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
|  5.031% due 12/15/2046 | 4100 | 3812 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 (l) | 23025 | 17152 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  5.950% due 07/15/2029 | 3740 | 3865 |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 6400 | 6048 |
|  ARES Finance Co. III LLC | ARES Finance Co. III LLC | ARES Finance Co. III LLC |
|  4.125% due 06/30/2051 •  | 12400 | 12219 |
|  ARES Finance Co. IV LLC | ARES Finance Co. IV LLC | ARES Finance Co. IV LLC |
|  3.650% due 02/01/2052 | 5100 | 3657 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  5.600% due 10/11/2054 | 12000 | 11618 |
|  6.375% due 11/10/2028 | 34300 | 36289 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 5000 | 4949 |
|  5.150% due 01/15/2031 | 5000 | 4942 |
|  5.600% due 02/15/2030 | 4800 | 4849 |
|  6.200% due 03/21/2032 | 5800 | 5995 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  3.500% due 05/20/2051 | 17500 | 12424 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.600% due 09/15/2051 | 10300 | 7395 |
|  6.125% due 09/15/2028 | 8400 | 8839 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 12000 | 12288 |
|  5.516% due 03/25/2027 | 11300 | 11511 |
|  5.526% due 07/11/2031 | 14600 | 15060 |
|  5.583% due 01/09/2029 | 6700 | 6928 |
|  Augustar Life Insurance Co. | Augustar Life Insurance Co. | Augustar Life Insurance Co. |
|  6.875% due 06/15/2042 | 400 | 373 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 2050 | 2015 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 16946 | 16296 |
|  4.950% due 10/15/2032 | 15000 | 14824 |
|  5.500% due 01/15/2026 | 15000 | 15021 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 | 4000 | 3941 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 15000 | 15957 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 5100 | 5116 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  3.306% due 06/27/2029 | 3600 | 3485 |
|  4.875% due 10/18/2031 | 4300 | 5494 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 •(i) | 7500 | 7853 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 12355 | 10963 |
|  2.687% due 04/22/2032 •  | 10000 | 9112 |
|  3.194% due 07/23/2030 •  | 30600 | 29483 |
|  3.311% due 04/22/2042 •  | 8700 | 6905 |
|  3.419% due 12/20/2028 •  | 81151 | 79927 |
|  3.593% due 07/21/2028 •  | 5700 | 5649 |
|  3.974% due 02/07/2030 •  | 14862 | 14756 |
|  4.083% due 03/20/2051 •  | 12200 | 9936 |
|  4.571% due 04/27/2033 •  | 88000 | 88014 |
|  5.080% due 01/20/2027 •  | 1300 | 1303 |
|  5.202% due 04/25/2029 •  | 4825 | 4947 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.288% due 04/25/2034 •  | $— | 5000 | $— | 5175 |
|  5.308% (SOFRRATE + 1.010%) due 01/24/2031 ~ |  | 14000 |  | 14029 |
|  5.468% due 01/23/2035 •  |  | 22300 |  | 23300 |
|  5.511% due 01/24/2036 •  |  | 30000 |  | 31373 |
|  5.872% due 09/15/2034 •  |  | 2521 |  | 2702 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  |  | 24214 |  | 24578 |
|  5.746% due 08/09/2033 •  |  | 2400 |  | 2524 |
|  5.851% due 03/21/2035 •  |  | 12100 |  | 16484 |
|  6.224% due 05/09/2034 •  | $— | 12195 |  | 13123 |
|  6.375% due 12/15/2025 •(h)(i) |  | 4000 |  | 5389 |
|  6.692% due 09/13/2034 •  | $— | 13720 |  | 15185 |
|  7.437% due 11/02/2033 •  |  | 7300 |  | 8379 |
|  8.375% due 09/15/2031 •(h)(i) |  | 2200 |  | 3120 |
|  8.875% due 09/15/2027 •(h)(i) |  | 1347 |  | 1910 |
|  9.250% due 09/15/2028 •(h)(i) |  | 23900 |  | 34821 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.875% due 09/13/2034 •(i) | $— | 1000 |  | 1003 |
|  7.625% due 02/11/2035 •(i) |  | 10000 |  | 10545 |
|  8.450% due 06/29/2038 •(i) |  | 400 |  | 444 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  2.875% due 03/15/2032 |  | 7900 |  | 7393 |
|  3.850% due 03/15/2052 |  | 13600 |  | 10682 |
|  4.200% due 08/15/2048 |  | 13700 |  | 11714 |
|  Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
|  4.500% due 02/11/2043 |  | 245 |  | 233 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 6100 |  | 6093 |
|  6.150% due 04/02/2030 |  | 9800 |  | 10055 |
|  6.600% due 06/10/2029 |  | 3500 |  | 3642 |
|  8.000% due 05/25/2028 |  | 5600 |  | 5981 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.000% due 01/30/2032 |  | 5300 |  | 4555 |
|  2.800% due 09/30/2050 |  | 10500 |  | 6576 |
|  3.200% due 01/30/2052 |  | 43000 |  | 29369 |
|  3.500% due 09/10/2049 |  | 5500 |  | 4020 |
|  4.000% due 10/02/2047 |  | 4600 |  | 3668 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.750% due 09/16/2026 |  | 8300 |  | 8172 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  2.500% due 07/15/2028 |  | 4181 |  | 3967 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 |  | 28800 |  | 26241 |
|  4.125% due 10/07/2051 |  | 10500 |  | 7707 |
|  4.375% due 02/15/2032 |  | 11000 |  | 10527 |
|  6.250% due 04/18/2034 |  | 13000 |  | 13642 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.052% due 01/13/2031 •  |  | 10700 |  | 10069 |
|  3.132% due 01/20/2033 •(l) |  | 12400 |  | 11291 |
|  5.125% due 01/13/2029 •  |  | 10100 |  | 10304 |
|  5.786% due 01/13/2033 •  |  | 9400 |  | 9872 |
|  7.375% due 06/11/2030 •(h)(i) |  | 4200 |  | 5470 |
|  7.375% due 09/10/2034 •(h)(i) | $— | 12400 |  | 12989 |
|  8.500% due 08/14/2028 •(h)(i) |  | 5400 |  | 5776 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  |  | 4200 |  | 4345 |
|  5.936% due 05/30/2035 •  |  | 7700 |  | 8069 |
|  6.293% due 01/14/2036 •  |  | 16450 |  | 17612 |
|  7.003% due 10/19/2034 •  |  | 15544 |  | 17347 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  4.550% due 10/01/2029 (l) |  | 3400 |  | 3252 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  3.850% due 12/22/2051 |  | 8600 |  | 5677 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 |  | 2200 |  | 2188 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  6.077% due 09/15/2055 |  | 3000 |  | 3115 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 |  | 10000 |  | 10774 |
|  Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. |
|  3.450% due 04/15/2050 |  | 19000 |  | 13343 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 |  | 14900 |  | 10542 |
|  3.625% due 02/15/2052 |  | 33900 |  | 24541 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.700% due 09/20/2047 | $— | 34350 | $— | 30133 |
|  5.330% due 01/15/2036 |  | 1400 |  | 1408 |
|  5.813% due 03/03/2055 |  | 6000 |  | 6050 |
|  5.968% due 03/04/2054 |  | 32700 |  | 33738 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.500% due 03/15/2029 |  | 10300 |  | 10330 |
|  4.950% due 03/17/2052 |  | 14800 |  | 13054 |
|  5.550% due 06/23/2035 |  | 2700 |  | 2780 |
|  6.250% due 06/23/2055 |  | 4300 |  | 4528 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 |  | 14500 |  | 14392 |
|  7.200% due 12/12/2028 |  | 15000 |  | 16031 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  5.268% due 05/10/2033 •  |  | 3800 |  | 3887 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 |  | 5700 |  | 5666 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 |  | 3600 |  | 3490 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 |  | 10000 |  | 10673 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  2.850% due 12/15/2051 |  | 3800 |  | 2489 |
|  3.050% due 12/15/2061 |  | 10748 |  | 6741 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 |  | 2500 |  | 2244 |
|  4.100% due 06/15/2051 |  | 38200 |  | 27729 |
|  7.500% due 05/30/2029 |  | 17800 |  | 18978 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 |  | 22200 |  | 22532 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 |  | 2200 |  | 2288 |
|  6.375% due 01/23/2032 |  | 2900 |  | 3071 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 |  | 2000 |  | 2121 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.200% due 10/21/2026 |  | 13052 |  | 12947 |
|  3.668% due 07/24/2028 •  |  | 10000 |  | 9914 |
|  4.075% due 04/23/2029 •  |  | 44000 |  | 43899 |
|  5.333% due 03/27/2036 •  |  | 10200 |  | 10430 |
|  5.827% due 02/13/2035 •  |  | 13400 |  | 13902 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.125% due 02/15/2034 |  | 3500 |  | 3535 |
|  5.500% due 06/15/2033 |  | 7400 |  | 7686 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.784% due 03/14/2032 (i) |  | 13700 |  | 12976 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.758% due 04/06/2033 •  |  | 37195 |  | 35379 |
|  4.375% due 06/29/2027 •(h)(i) |  | 21400 |  | 25318 |
|  4.625% due 12/29/2025 •(h)(i) |  | 9200 |  | 10844 |
|  5.447% due 03/05/2030 •  | $— | 6100 |  | 6320 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.250% due 03/15/2026 |  | 3600 |  | 3564 |
|  2.900% due 12/01/2033 |  | 4000 |  | 3389 |
|  4.500% due 10/15/2030 (b) |  | 2100 |  | 2087 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.900% due 04/05/2032 |  | 18900 |  | 18059 |
|  4.350% due 04/05/2042 |  | 10400 |  | 8990 |
|  4.400% due 04/05/2052 |  | 30500 |  | 25252 |
|  6.375% due 09/15/2054 •(l) |  | 7000 |  | 7195 |
|  6.875% due 12/15/2052 •  |  | 12500 |  | 12822 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 |  | 3700 |  | 3764 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 |  | 11400 |  | 10441 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  |  | 16100 |  | 16935 |
|  7.250% due 09/23/2028 •(h)(i) |  | 35700 |  | 45194 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(k) | $— | 6900 |  | 6988 |
|  6.740% due 03/20/2030 «(k) |  | 8200 |  | 8370 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 |  | 700 |  | 613 |
|  2.250% due 01/15/2031 |  | 5253 |  | 4677 |
|  2.500% due 07/15/2031 |  | 385 |  | 343 |
|  3.100% due 11/15/2029 |  | 7500 |  | 7137 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.250% due 01/15/2051 | $— | 16025 | $— | 10827 |
|  3.800% due 02/15/2028 |  | 14700 |  | 14533 |
|  4.000% due 11/15/2049 |  | 39410 |  | 30306 |
|  4.300% due 02/15/2029 |  | 4400 |  | 4382 |
|  4.450% due 02/15/2026 |  | 13095 |  | 13089 |
|  4.750% due 05/15/2047 |  | 16840 |  | 14895 |
|  5.200% due 09/01/2034 |  | 17549 |  | 17745 |
|  5.200% due 02/15/2049 |  | 18710 |  | 17245 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 |  | 5000 |  | 4981 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(h) |  | 8400 |  | 8738 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  |  | 2100 |  | 2136 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  |  | 12200 |  | 12156 |
|  3.729% due 01/14/2032 •  |  | 16000 |  | 15009 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  4.450% due 07/15/2028 |  | 8886 |  | 8956 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 |  | 7900 |  | 7839 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 |  | 36000 |  | 32091 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 |  | 2700 |  | 2494 |
|  3.750% due 08/15/2029 |  | 11360 |  | 10940 |
|  4.500% due 06/01/2027 |  | 9325 |  | 9334 |
|  4.750% due 12/15/2026 |  | 100 |  | 100 |
|  4.950% due 04/15/2028 |  | 14200 |  | 14313 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  5.500% due 06/15/2034 |  | 250 |  | 260 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 |  | 17681 |  | 11569 |
|  3.900% due 04/15/2032 (l) |  | 49725 |  | 47721 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 |  | 2689 |  | 2699 |
|  4.572% due 02/15/2029 |  | 6032 |  | 6062 |
|  5.000% due 04/20/2048 |  | 15017 |  | 13835 |
|  6.700% due 03/28/2055 •  |  | 13000 |  | 13562 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 •(h)(i) |  | 8000 |  | 9406 |
|  8.500% due 10/15/2028 •(h)(i) |  | 1200 |  | 1590 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | $— | 5000 |  | 4509 |
|  5.400% due 12/01/2035 |  | 2200 |  | 2210 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.550% due 06/15/2031 |  | 7500 |  | 6720 |
|  2.650% due 09/01/2050 |  | 11800 |  | 7244 |
|  3.625% due 05/01/2027 |  | 900 |  | 894 |
|  5.375% due 04/01/2035 |  | 8000 |  | 8265 |
|  5.500% due 04/01/2034 |  | 1011 |  | 1051 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 |  | 10000 |  | 8686 |
|  3.900% due 04/01/2029 |  | 2900 |  | 2861 |
|  4.950% due 01/15/2033 |  | 2800 |  | 2818 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 |  | 5000 |  | 5200 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 |  | 7200 |  | 7230 |
|  4.850% due 04/17/2028 |  | 9600 |  | 9730 |
|  5.625% due 08/16/2032 |  | 7450 |  | 7748 |
|  6.000% due 12/07/2033 |  | 15000 |  | 15984 |
|  6.100% due 03/15/2055 (l) |  | 19700 |  | 20225 |
|  6.350% due 03/22/2054 |  | 11900 |  | 12592 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  |  | 21600 |  | 18231 |
|  7.000% due 10/15/2064 •  |  | 11100 |  | 11574 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 |  | 3300 |  | 3192 |
|  5.450% due 09/30/2034 |  | 2200 |  | 2208 |
|  FMR LLC | FMR LLC | FMR LLC | FMR LLC | FMR LLC |
|  5.150% due 02/01/2043 |  | 1550 |  | 1490 |
|  6.450% due 11/15/2039 |  | 500 |  | 555 |
|  6.500% due 12/14/2040 |  | 10000 |  | 11195 |
|  Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC |
|  9.300% due 03/01/2030 |  | 10500 |  | 12041 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.850% due 05/17/2027 | 5000 | 5064 |
|  5.918% due 03/20/2028 | 4000 | 4069 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 | 2800 | 1797 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 6200 | 5749 |
|  6.125% due 01/15/2030 | 8000 | 7968 |
|  6.875% due 08/15/2029 | 1330 | 1363 |
|  7.875% due 01/15/2029 | 17000 | 17866 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 4000 | 4075 |
|  5.400% due 01/13/2030 | 2700 | 2801 |
|  5.500% due 01/08/2029 | 4200 | 4349 |
|  5.900% due 01/13/2035 | 10600 | 11016 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 1810 | 1918 |
|  7.950% due 06/15/2033 | 10000 | 11597 |
|  7.950% due 10/15/2054 •  | 5500 | 5829 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 15074 | 13574 |
|  4.000% due 01/15/2030 | 13040 | 12639 |
|  4.000% due 01/15/2031 | 3100 | 2970 |
|  5.250% due 02/15/2033 | 1800 | 1804 |
|  5.300% due 01/15/2029 | 28800 | 29350 |
|  5.625% due 09/15/2034 | 19234 | 19483 |
|  5.750% due 06/01/2028 | 1166 | 1199 |
|  5.750% due 11/01/2037 | 17300 | 17193 |
|  6.250% due 09/15/2054 | 15000 | 15123 |
|  6.750% due 12/01/2033 | 4400 | 4771 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 4000 | 3630 |
|  3.102% due 02/24/2033 •  | 1700 | 1560 |
|  3.436% due 02/24/2043 •  | 14100 | 11130 |
|  3.691% due 06/05/2028 •  | 14644 | 14540 |
|  4.411% due 04/23/2039 •  | 9100 | 8420 |
|  5.016% due 10/23/2035 •  | 50000 | 50357 |
|  5.049% due 07/23/2030 •  | 6200 | 6356 |
|  5.330% due 07/23/2035 •  | 17724 | 18252 |
|  5.536% due 01/28/2036 •  | 20000 | 20887 |
|  5.734% due 01/28/2056 •  | 25900 | 26872 |
|  6.750% due 10/01/2037 | 80100 | 89782 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 21100 | 20996 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 21200 | 19786 |
|  Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC |
|  5.125% due 10/07/2034 | 10900 | 11022 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 21450 | 21170 |
|  Great-West Lifeco Finance Delaware LP | Great-West Lifeco Finance Delaware LP | Great-West Lifeco Finance Delaware LP |
|  4.150% due 06/03/2047 | 3200 | 2644 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |
|  4.850% due 01/24/2077 | 7903 | 6667 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 16600 | 16902 |
|  6.750% due 07/15/2035 | 15100 | 15577 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  4.500% due 04/15/2026 | 6600 | 6605 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(k) | 2600 | 2634 |
|  4.980% due 06/07/2030 «(k) | 1700 | 1736 |
|  5.160% due 06/07/2032 «(k) | 4200 | 4325 |
|  Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |
|  6.598% due 02/12/2067 •  | 3600 | 3370 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  5.375% due 02/15/2035 | 11100 | 11348 |
|  6.750% due 02/01/2041 | 3500 | 3862 |
|  High Street Funding Trust II | High Street Funding Trust II | High Street Funding Trust II |
|  4.682% due 02/15/2048 | 8800 | 7765 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 | 2700 | 2387 |
|  4.200% due 04/15/2029 | 2198 | 2155 |
|  7.650% due 02/01/2034 | 1822 | 2069 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 18000 | 17611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.700% due 07/01/2034 | 25 | 26 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 10000 | 10171 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.804% due 05/24/2032 •  | 46910 | 42530 |
|  4.583% due 06/19/2029 •  | 3050 | 3072 |
|  5.402% due 08/11/2033 •  | 500 | 519 |
|  5.450% due 03/03/2036 •  | 15900 | 16414 |
|  5.875% due 09/28/2026 •(h)(i) | 17200 | 23204 |
|  6.500% due 03/23/2028 •(h)(i)(l) | 17900 | 18307 |
|  6.500% due 09/15/2037 | 18115 | 19467 |
|  6.800% due 06/01/2038 | 4300 | 4796 |
|  7.000% due 04/07/2038 | 1900 | 2714 |
|  7.625% due 05/17/2032 | 11347 | 12713 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 7600 | 6534 |
|  4.650% due 04/01/2029 (l) | 4537 | 4226 |
|  5.950% due 02/15/2028 | 2400 | 2369 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 13696 | 14235 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.000% due 09/15/2060 | 9146 | 5671 |
|  4.600% due 03/15/2033 | 17886 | 18000 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 15000 | 16518 |
|  7.778% due 06/20/2054 •  | 26000 | 31253 |
|  7.800% due 11/28/2053 | 34100 | 42163 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 3600 | 3113 |
|  2.700% due 01/15/2034 | 7800 | 6623 |
|  4.150% due 04/15/2032 | 14500 | 14034 |
|  4.875% due 02/01/2035 | 2600 | 2570 |
|  4.950% due 01/15/2033 | 8100 | 8144 |
|  5.450% due 08/15/2030 | 4400 | 4580 |
|  5.500% due 08/15/2033 | 2200 | 2288 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 1571 | 1380 |
|  3.750% due 05/28/2051 | 5200 | 3611 |
|  4.500% due 04/08/2052 | 60700 | 48036 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 22200 | 23850 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  | 12500 | 11215 |
|  2.739% due 10/15/2030 •  | 20175 | 19057 |
|  2.963% due 01/25/2033 •  | 31000 | 28370 |
|  3.509% due 01/23/2029 •  | 12100 | 11942 |
|  3.702% due 05/06/2030 •  | 5000 | 4916 |
|  3.897% due 01/23/2049 •  | 4720 | 3809 |
|  4.005% due 04/23/2029 •  | 12113 | 12086 |
|  4.586% due 04/26/2033 •  | 23000 | 23081 |
|  4.946% due 10/22/2035 •  | 13500 | 13620 |
|  4.995% due 07/22/2030 •  | 7300 | 7490 |
|  5.012% due 01/23/2030 •  | 30500 | 31251 |
|  5.294% due 07/22/2035 •  | 12300 | 12709 |
|  5.336% due 01/23/2035 •  | 15000 | 15596 |
|  5.350% due 06/01/2034 •  | 33100 | 34500 |
|  5.502% due 01/24/2036 •  | 15600 | 16329 |
|  5.534% due 11/29/2045 •  | 40340 | 41511 |
|  5.572% due 04/22/2036 •  | 10000 | 10546 |
|  5.576% (SOFRRATE + 1.635%) due 07/23/2036 ~ | 11400 | 11826 |
|  5.581% due 04/22/2030 •  | 5300 | 5537 |
|  5.766% due 04/22/2035 •  | 9460 | 10083 |
|  6.087% due 10/23/2029 •  | 3356 | 3542 |
|  6.254% due 10/23/2034 •  | 11400 | 12566 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 10000 | 10129 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 •(h)(i) | 600 | 737 |
|  8.000% due 09/05/2028 •(h)(i) | 2400 | 3135 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.650% due 11/15/2033 | 15850 | 12982 |
|  3.050% due 02/15/2030 | 1500 | 1385 |
|  4.250% due 08/15/2029 (l) | 12400 | 12171 |
|  4.750% due 12/15/2028 | 2000 | 2013 |
|  5.875% due 10/15/2035 | 14200 | 14402 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 01/15/2036 | $— | 3300 | $— | 3416 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 |  | 15900 |  | 15600 |
|  KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC |
|  3.625% due 02/25/2050 |  | 26000 |  | 19101 |
|  KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC |
|  3.500% due 08/25/2050 |  | 43777 |  | 31527 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 |  | 1400 |  | 1429 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 400 |  | 402 |
|  6.000% due 03/15/2031 |  | 4000 |  | 4230 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 (l) |  | 18493 |  | 18574 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.950% due 05/15/2060 |  | 20300 |  | 14450 |
|  4.300% due 02/01/2061 |  | 14500 |  | 9144 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 10000 |  | 7437 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.550% due 08/16/2028 |  | 20200 |  | 20412 |
|  5.590% due 11/26/2035 •  |  | 14500 |  | 15079 |
|  5.679% due 01/05/2035 •(l) |  | 11629 |  | 12195 |
|  8.000% due 09/27/2029 •(h)(i) |  | 750 |  | 812 |
|  8.500% due 09/27/2027 •(h)(i) |  | 4600 |  | 6502 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.750% due 06/15/2035 | $— | 19800 |  | 20320 |
|  LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC |
|  3.200% due 04/06/2041 |  | 2700 |  | 2085 |
|  M&G PLC | M&G PLC | M&G PLC | M&G PLC | M&G PLC |
|  5.560% due 07/20/2055 •  |  | 1900 |  | 2416 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | $— | 800 |  | 812 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.200% due 03/01/2048 |  | 4900 |  | 4120 |
|  4.350% due 01/30/2047 |  | 4800 |  | 4121 |
|  4.900% due 03/15/2049 |  | 5200 |  | 4787 |
|  5.000% due 03/15/2035 |  | 10000 |  | 10128 |
|  5.350% due 11/15/2044 |  | 20000 |  | 19855 |
|  5.400% due 03/15/2055 |  | 34900 |  | 34253 |
|  5.450% due 03/15/2053 |  | 10800 |  | 10730 |
|  5.700% due 09/15/2053 (l) |  | 20000 |  | 20500 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  3.729% due 10/15/2070 |  | 11166 |  | 7523 |
|  4.900% due 04/01/2077 |  | 4800 |  | 4085 |
|  5.077% due 02/15/2069 •  |  | 27500 |  | 25034 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.100% due 04/26/2048 •  |  | 7100 |  | 7179 |
|  6.100% due 06/11/2055 •  |  | 15000 |  | 15619 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 |  | 4495 |  | 4476 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  |  | 15100 |  | 16057 |
|  9.250% due 04/08/2068 |  | 51066 |  | 61365 |
|  10.750% due 08/01/2069 |  | 5132 |  | 6864 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 |  | 13900 |  | 12553 |
|  2.309% due 07/20/2032 •  |  | 3000 |  | 2659 |
|  3.751% due 07/18/2039 |  | 1200 |  | 1054 |
|  4.315% due 04/19/2033 •  |  | 25000 |  | 24593 |
|  5.133% due 07/20/2033 •  |  | 17300 |  | 17805 |
|  5.188% due 09/12/2036 •  |  | 16900 |  | 17180 |
|  5.441% due 02/22/2034 •  |  | 11600 |  | 12155 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  |  | 18400 |  | 16399 |
|  2.172% due 05/22/2032 •  |  | 6556 |  | 5779 |
|  2.201% due 07/10/2031 •  |  | 9800 |  | 8855 |
|  5.422% due 05/13/2036 •  |  | 10000 |  | 10359 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) |  | 62100 |  | 44862 |
|  2.239% due 07/21/2032 •  |  | 28500 |  | 25178 |
|  2.943% due 01/21/2033 •  |  | 5200 |  | 4729 |
|  3.217% due 04/22/2042 •  |  | 15200 |  | 11893 |
|  4.654% due 10/18/2030 •  |  | 14800 |  | 14966 |
|  4.889% due 07/20/2033 •  |  | 2700 |  | 2742 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.042% due 07/19/2030 •  | $— | 3400 | $— | 3485 |
|  5.250% due 04/21/2034 •  |  | 6500 |  | 6705 |
|  5.297% due 04/20/2037 •  |  | 16019 |  | 16256 |
|  5.320% due 07/19/2035 •  |  | 18000 |  | 18580 |
|  5.424% due 07/21/2034 •  |  | 11400 |  | 11881 |
|  5.466% due 01/18/2035 •  |  | 8373 |  | 8724 |
|  5.587% due 01/18/2036 •  |  | 15600 |  | 16341 |
|  5.656% due 04/18/2030 •  |  | 1900 |  | 1984 |
|  5.664% due 04/17/2036 •  |  | 8000 |  | 8444 |
|  5.831% due 04/19/2035 •  |  | 10000 |  | 10664 |
|  6.627% due 11/01/2034 •  |  | 8255 |  | 9242 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.450% due 12/12/2028 |  | 3100 |  | 3208 |
|  Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. |
|  6.144% due 01/16/2064 •  |  | 25000 |  | 25905 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 10600 |  | 9597 |
|  5.350% due 02/01/2033 |  | 900 |  | 893 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  |  | 1500 |  | 1499 |
|  6.557% due 10/18/2027 •  |  | 10755 |  | 11001 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 |  | 10000 |  | 7734 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  4.350% due 04/30/2050 |  | 2250 |  | 1791 |
|  9.375% due 08/15/2039 |  | 32300 |  | 43837 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(h)(i) |  | 19400 |  | 17780 |
|  5.076% due 01/27/2030 •  |  | 42350 |  | 43269 |
|  5.778% due 03/01/2035 •  |  | 10453 |  | 11027 |
|  7.300% due 11/19/2034 •(h)(i) |  | 10000 |  | 10560 |
|  7.625% due 09/30/2035 •(h)(i) |  | 11000 |  | 14928 |
|  8.125% due 11/10/2033 •(h)(i) | $— | 5000 |  | 5637 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 |  | 6200 |  | 6205 |
|  4.875% due 04/15/2045 |  | 13688 |  | 12020 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
|  4.450% due 05/15/2069 |  | 16700 |  | 13310 |
|  6.750% due 11/15/2039 |  | 4260 |  | 4870 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 |  | 3300 |  | 3543 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  |  | 36900 |  | 33248 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 |  | 39200 |  | 38600 |
|  2.750% due 03/09/2028 |  | 9503 |  | 8924 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 6100 |  | 6323 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 11600 |  | 10963 |
|  2.608% due 07/14/2031 |  | 12400 |  | 11144 |
|  2.679% due 07/16/2030 |  | 11200 |  | 10298 |
|  2.999% due 01/22/2032 |  | 14100 |  | 12765 |
|  3.103% due 01/16/2030 |  | 2200 |  | 2077 |
|  5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 3800 |  | 3832 |
|  5.842% due 01/18/2028 |  | 12400 |  | 12825 |
|  6.181% due 01/18/2033 |  | 30000 |  | 32470 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(h)(i) |  | 2500 |  | 2329 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 2400 |  | 2457 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  3.450% due 03/30/2051 |  | 31400 |  | 22318 |
|  3.625% due 09/30/2059 |  | 62990 |  | 43883 |
|  3.850% due 09/30/2047 |  | 10340 |  | 8040 |
|  6.063% due 03/30/2040 |  | 1 |  | 1 |
|  6.170% due 05/29/2055 |  | 7000 |  | 7539 |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.850% due 06/11/2051 |  | 37900 |  | 27606 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 |  | 500 |  | 464 |
|  3.625% due 10/01/2029 |  | 4000 |  | 3839 |
|  4.750% due 01/15/2028 |  | 7000 |  | 7064 |
|  5.250% due 01/15/2026 |  | 10061 |  | 10064 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Omnis Funding Trust | Omnis Funding Trust | Omnis Funding Trust |
|  6.722% due 05/15/2055 | 10000 | 10794 |
|  OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. |
|  4.250% due 10/15/2050 | 5400 | 4245 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust |
|  3.875% due 03/20/2027 | 3900 | 3877 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  5.950% due 09/15/2055 | 25100 | 25965 |
|  9.250% due 06/15/2039 | 63816 | 87090 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 | 5700 | 3945 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 17987 | 13556 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
|  5.350% due 04/15/2032 | 1816 | 1885 |
|  5.600% due 04/15/2035 | 800 | 838 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  3.800% due 04/29/2061 | 40000 | 26828 |
|  7.625% due 06/15/2040 | 32535 | 38447 |
|  Pine Street Trust II | Pine Street Trust II | Pine Street Trust II |
|  5.568% due 02/15/2049 | 23800 | 22601 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(k) | 24000 | 27075 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 14700 | 15369 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  4.125% due 04/15/2047 | 1700 | 1433 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.250% due 01/15/2035 | 3500 | 3582 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 | 20000 | 20841 |
|  5.467% due 12/08/2028 | 2000 | 2076 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 7500 | 6737 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.700% due 02/15/2032 | 11400 | 10270 |
|  3.200% due 02/15/2031 | 6700 | 6320 |
|  3.400% due 01/15/2028 | 1265 | 1247 |
|  3.400% due 01/15/2030 | 1725 | 1671 |
|  3.950% due 08/15/2027 | 3316 | 3314 |
|  4.450% due 09/15/2026 | 2350 | 2355 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.125% due 03/15/2028 | 1100 | 1100 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 11800 | 10508 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | 6900 | 7141 |
|  5.500% due 01/11/2031 | 4500 | 4699 |
|  6.000% due 11/21/2028 | 3000 | 3156 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 | 7659 | 6959 |
|  3.900% due 10/15/2029 | 3368 | 3265 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 18300 | 16940 |
|  6.875% due 04/15/2034 | 8000 | 8816 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.400% due 07/13/2027 | 3080 | 3089 |
|  5.473% due 03/20/2029 •  | 4100 | 4180 |
|  5.741% due 03/20/2031 •  | 3200 | 3305 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 17160 | 15703 |
|  3.823% due 11/03/2028 •  | 47925 | 47456 |
|  4.858% due 09/11/2030 •  | 5680 | 5747 |
|  5.694% due 04/15/2031 •  | 8900 | 9290 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 | 10300 | 9792 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.375% due 03/01/2049 | 8800 | 8131 |
|  5.900% due 04/15/2035 | 600 | 624 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  3.250% due 09/13/2049 | 175 | 123 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 11300 | 11491 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  2.300% due 06/15/2028 | 4200 | 3985 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.221% due 06/15/2033 •(l) | 10500 | 11040 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.265% due 02/18/2036 •  | 15500 | 14234 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 5600 | 5491 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1900 | 1728 |
|  5.400% due 04/30/2030 | 5000 | 5094 |
|  Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. |
|  3.375% due 04/15/2081 •  | 16300 | 15117 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.130% due 07/08/2030 | 37100 | 33612 |
|  3.040% due 07/16/2029 | 7000 | 6696 |
|  5.424% due 07/09/2031 | 34930 | 36664 |
|  5.558% due 07/09/2034 | 20100 | 21216 |
|  5.710% due 01/13/2030 | 14600 | 15401 |
|  5.808% due 09/14/2033 (l) | 6800 | 7302 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 | 6800 | 6156 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.750% due 03/01/2031 •(h)(i)(l) | 6000 | 5724 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  3.300% due 05/15/2050 | 30000 | 20733 |
|  4.270% due 05/15/2047 | 11300 | 9390 |
|  4.900% due 09/15/2044 | 18400 | 17024 |
|  6.850% due 12/16/2039 | 5129 | 5892 |
|  Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC |
|  6.052% due 10/13/2039 | 276 | 379 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  8.125% due 10/31/2082 •(i) | 20000 | 21166 |
|  Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
|  8.000% due 11/30/2039 | 7933 | 9961 |
|  Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. |
|  4.050% due 03/07/2048 | 4000 | 3313 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  6.123% due 10/28/2033 •  | 12000 | 12933 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 23500 | 21707 |
|  6.950% due 01/30/2044 | 25270 | 25096 |
|  7.375% due 02/13/2034 | 2900 | 3129 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 54700 | 52490 |
|  UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 | 34800 | 37474 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.746% due 02/11/2033 •  | 10900 | 9723 |
|  3.091% due 05/14/2032 •  | 57529 | 53249 |
|  3.179% due 02/11/2043 •  | 1100 | 840 |
|  3.869% due 01/12/2029 •  | 6450 | 6397 |
|  4.125% due 04/15/2026 | 34600 | 34605 |
|  4.151% due 12/23/2029 •  | 21400 | 21355 |
|  4.194% due 04/01/2031 •  | 2250 | 2225 |
|  4.282% due 01/09/2028 | 13400 | 13406 |
|  4.550% due 04/17/2026 | 13000 | 13036 |
|  4.875% due 02/12/2027 •(h)(i) | 7400 | 7312 |
|  4.988% due 08/05/2033 •  | 5000 | 5056 |
|  5.379% due 09/06/2045 •  | 15000 | 15017 |
|  5.617% due 09/13/2030 •  | 1200 | 1254 |
|  5.699% due 02/08/2035 •  | 11400 | 12015 |
|  5.959% due 01/12/2034 •  | 40000 | 42801 |
|  6.301% due 09/22/2034 •  | 12900 | 14090 |
|  6.537% due 08/12/2033 •  | 38750 | 42758 |
|  6.600% due 08/05/2030 •(h)(i) | 15000 | 15101 |
|  6.850% due 09/10/2029 •(h)(i) | 8500 | 8797 |
|  7.000% due 02/10/2030 •(h)(i) | 17000 | 17471 |
|  7.125% due 08/10/2034 •(h)(i) | 7700 | 7931 |
|  9.250% due 11/13/2028 •(h)(i) | 19900 | 22004 |
|  9.250% due 11/13/2033 •(h)(i) | 7000 | 8346 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.500% due 07/01/2027 | 3323 | 3290 |
|  Unum Group | Unum Group | Unum Group |
|  4.046% due 08/15/2041 | 15000 | 12267 |
|  6.000% due 06/15/2054 | 3800 | 3852 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 1200 | 1213 |
|  5.125% due 11/15/2031 | 3200 | 3249 |
|  5.125% due 05/15/2032 | 11100 | 11214 |
|  5.625% due 04/01/2035 | 11500 | 11783 |
|  5.625% due 05/15/2052 | 24400 | 23295 |
|  5.750% due 04/01/2034 | 2400 | 2495 |
|  6.125% due 04/01/2054 | 4000 | 4061 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.125% due 08/15/2030 | 4633 | 4479 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  2.000% due 08/15/2050 | 407 | 226 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | 6800 | 6569 |
|  5.000% due 09/20/2034 | 5200 | 5175 |
|  W.R. Berkley Corp. | W.R. Berkley Corp. | W.R. Berkley Corp. |
|  4.000% due 05/12/2050 | 4900 | 3857 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 9300 | 9042 |
|  2.572% due 02/11/2031 •  | 16817 | 15632 |
|  2.879% due 10/30/2030 •  | 30900 | 29263 |
|  3.000% due 04/22/2026 | 2000 | 1989 |
|  3.584% due 05/22/2028 •  | 21300 | 21112 |
|  4.611% due 04/25/2053 •  | 64700 | 56882 |
|  4.892% due 09/15/2036 •  | 23200 | 23163 |
|  5.211% due 12/03/2035 •  | 47750 | 48807 |
|  5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 13700 | 13791 |
|  5.557% due 07/25/2034 •  | 63737 | 66972 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  6.600% due 01/15/2038 | 10000 | 11298 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.500% due 07/01/2030 | 11500 | 11613 |
|  5.125% due 07/01/2035 | 11700 | 11922 |
|  6.500% due 03/15/2041 | 29850 | 33296 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.875% due 12/15/2033 | 14477 | 16216 |
|  6.950% due 10/01/2027 | 4500 | 4749 |
|  7.375% due 03/15/2032 | 39647 | 45442 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 | 13550 | 10294 |
|  5.350% due 05/15/2033 | 3944 | 4084 |
|  |  | 7560939 |
| INDUSTRIALS 32.0% | INDUSTRIALS 32.0% | INDUSTRIALS 32.0% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 15352 | 9512 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 8499 | 7165 |
|  4.300% due 05/14/2036 | 19258 | 18517 |
|  4.400% due 11/06/2042 | 40050 | 36140 |
|  4.450% due 05/14/2046 | 33150 | 29361 |
|  4.500% due 05/14/2035 | 20877 | 20494 |
|  4.550% due 03/15/2035 | 1697 | 1671 |
|  4.700% due 05/14/2045 | 13300 | 12208 |
|  4.850% due 06/15/2044 | 36900 | 34843 |
|  5.200% due 03/15/2035 | 11600 | 12011 |
|  5.400% due 03/15/2054 | 4800 | 4776 |
|  5.500% due 03/15/2064 | 7800 | 7802 |
|  5.600% due 03/15/2055 | 14000 | 14335 |
|  Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
|  4.600% due 11/02/2047 | 7900 | 7334 |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 4185 | 3949 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 17500 | 16631 |
|  Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. |
|  2.211% due 06/15/2030 | 11150 | 10232 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  2.750% due 08/15/2051 | 5402 | 3434 |
|  3.150% due 09/15/2049 | 6000 | 4135 |
|  3.650% due 04/01/2050 | 2700 | 2042 |
|  4.250% due 09/15/2048 | 1474 | 1233 |
|  5.400% due 03/15/2053 | 10300 | 10231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA |
|  1.750% due 07/30/2031 | 4600 | 4996 |
|  Aetna, Inc. | Aetna, Inc. | Aetna, Inc. |
|  4.750% due 03/15/2044 | 50 | 43 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  5.250% due 10/01/2030 | 4529 | 4637 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.800% due 10/01/2054 | 9900 | 9186 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 (l) | 12040 | 12067 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.000% due 09/23/2029 | 500 | 477 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.700% due 06/03/2060 | 2769 | 1640 |
|  3.100% due 05/12/2051 | 18352 | 12780 |
|  3.250% due 05/12/2061 | 40500 | 27117 |
|  4.100% due 04/13/2062 | 10000 | 8055 |
|  4.250% due 08/22/2057 | 19550 | 16442 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 17790 | 16153 |
|  3.000% due 04/15/2030 | 419 | 403 |
|  3.150% due 08/15/2033 | 6065 | 5692 |
|  3.200% due 12/15/2029 | 5266 | 5105 |
|  3.350% due 04/15/2031 | 3106 | 2999 |
|  3.375% due 11/01/2028 | 5195 | 5113 |
|  3.500% due 08/15/2033 | 2736 | 2507 |
|  3.575% due 07/15/2029 | 5662 | 5554 |
|  3.600% due 03/22/2029 | 5574 | 5468 |
|  3.600% due 04/15/2031 | 2395 | 2278 |
|  3.650% due 08/15/2030 | 1892 | 1841 |
|  3.700% due 04/01/2028 | 5043 | 5014 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.000% due 03/08/2031 | 5600 | 6554 |
|  3.250% due 03/08/2034 | 5600 | 6508 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.800% due 08/15/2041 | 3700 | 2730 |
|  3.375% due 02/21/2050 | 4515 | 3271 |
|  4.663% due 06/15/2051 | 144713 | 126503 |
|  4.875% due 03/01/2053 | 800 | 714 |
|  4.950% due 10/01/2041 | 4650 | 4406 |
|  5.250% due 03/02/2033 | 27706 | 28708 |
|  5.600% due 03/02/2043 | 8792 | 8913 |
|  5.650% due 03/02/2053 | 41810 | 41732 |
|  5.750% due 03/02/2063 | 35965 | 35907 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.750% due 09/22/2046 | 2400 | 2129 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 9100 | 8808 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|  4.700% due 02/01/2036 | 82070 | 81069 |
|  4.900% due 02/01/2046 | 105682 | 99080 |
|  Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
|  4.900% due 02/01/2046 | 1520 | 1421 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.950% due 01/15/2042 | 2250 | 2164 |
|  5.450% due 01/23/2039 | 3150 | 3256 |
|  5.800% due 01/23/2059 | 27601 | 28793 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  2.800% due 02/08/2061 | 7100 | 4286 |
|  2.850% due 08/05/2061 | 7900 | 4810 |
|  2.950% due 09/11/2049 | 20600 | 14123 |
|  3.750% due 09/12/2047 | 21600 | 17395 |
|  3.850% due 08/04/2046 | 53395 | 44222 |
|  4.850% due 05/10/2053 (l) | 6800 | 6618 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  5.400% due 03/15/2049 | 10000 | 9169 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  2.950% due 02/15/2032 | 600 | 536 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 14400 | 15099 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  5.000% due 02/26/2034 | 21061 | 21729 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  4.375% due 11/16/2045 | 1400 | 1249 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.150% due 05/15/2038 | 22540 | 21306 |
|  5.300% due 05/15/2048 | 21150 | 19269 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 15000 | 10872 |
|  Barrick North America Finance LLC | Barrick North America Finance LLC | Barrick North America Finance LLC |
|  5.700% due 05/30/2041 | 4768 | 4907 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.200% due 07/15/2034 | 14484 | 13453 |
|  4.375% due 12/15/2028 | 5700 | 5681 |
|  4.400% due 07/15/2044 | 4000 | 3209 |
|  4.625% due 06/25/2038 | 2400 | 2174 |
|  4.875% due 06/25/2048 | 24000 | 20273 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.250% due 01/21/2029 | 400 | 421 |
|  6.375% due 11/21/2030 | 24305 | 25984 |
|  6.500% due 11/21/2033 | 21900 | 23633 |
|  6.875% due 11/21/2053 (l) | 8900 | 9696 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.794% due 05/20/2050 | 17200 | 13180 |
|  5.110% due 02/08/2034 | 6646 | 6795 |
|  Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL |
|  4.029% due 06/07/2036 | 6200 | 7418 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 270300 | 270300 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  3.080% due 07/01/2051 | 14000 | 9219 |
|  Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
|  3.700% due 03/15/2032 | 5527 | 5168 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  6.000% due 08/15/2033 | 800 | 820 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.500% due 08/11/2030 | 6000 | 6011 |
|  4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 3300 | 3315 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 6000 | 6035 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2035 | 2255 | 1958 |
|  3.600% due 05/01/2034 | 8470 | 7665 |
|  3.625% due 02/01/2031 | 1400 | 1342 |
|  3.650% due 03/01/2047 | 1945 | 1423 |
|  3.750% due 02/01/2050 | 3200 | 2366 |
|  3.825% due 03/01/2059 | 4515 | 3198 |
|  3.950% due 08/01/2059 | 9500 | 6833 |
|  5.040% due 05/01/2027 | 8000 | 8088 |
|  5.705% due 05/01/2040 | 63800 | 65139 |
|  5.805% due 05/01/2050 | 115490 | 115457 |
|  5.930% due 05/01/2060 | 107175 | 107151 |
|  6.259% due 05/01/2027 | 3600 | 3706 |
|  6.528% due 05/01/2034 | 14500 | 16041 |
|  6.858% due 05/01/2054 | 360 | 411 |
|  7.008% due 05/01/2064 | 2000 | 2317 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 08/04/2033 | 5900 | 6199 |
|  5.950% due 04/15/2035 | 5200 | 5425 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.500% due 11/15/2035 | 36000 | 40420 |
|  7.375% due 01/15/2040 | 41000 | 50080 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  4.893% due 09/11/2033 | 58653 | 59525 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  3.700% due 03/15/2052 | 8400 | 6274 |
|  4.250% due 10/26/2049 | 9728 | 8071 |
|  4.350% due 11/15/2047 | 2884 | 2461 |
|  5.550% due 02/22/2054 | 10800 | 10772 |
|  5.650% due 02/22/2064 | 28925 | 28708 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 16868 | 15983 |
|  3.350% due 12/15/2030 | 1050 | 1012 |
|  4.250% due 05/15/2034 | 2522 | 2464 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 42501 | 37324 |
|  3.137% due 11/15/2035 | 57112 | 49432 |
|  3.419% due 04/15/2033 | 22730 | 21044 |
|  3.469% due 04/15/2034 | 52213 | 47671 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 02/15/2041 | $— | 22400 | $— | 18444 |
|  4.150% due 11/15/2030 |  | 918 |  | 915 |
|  4.150% due 04/15/2032 |  | 44100 |  | 43266 |
|  4.300% due 11/15/2032 |  | 21250 |  | 20983 |
|  5.150% due 11/15/2031 |  | 1600 |  | 1663 |
|  5.200% due 04/15/2032 |  | 10000 |  | 10415 |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
|  4.450% due 03/15/2043 |  | 27000 |  | 24378 |
|  4.450% due 01/15/2053 |  | 4909 |  | 4221 |
|  5.200% due 04/15/2054 |  | 42483 |  | 40814 |
|  5.500% due 03/15/2055 |  | 11700 |  | 11740 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 |  | 26700 |  | 23164 |
|  3.701% due 01/15/2039 |  | 1430 |  | 1228 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.000% due 12/02/2041 |  | 12500 |  | 9375 |
|  4.300% due 05/15/2043 |  | 5000 |  | 4351 |
|  4.700% due 05/01/2048 |  | 15900 |  | 14208 |
|  4.950% due 08/15/2045 |  | 24795 |  | 23305 |
|  6.125% due 09/15/2115 |  | 51558 |  | 53260 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 |  | 11800 |  | 11030 |
|  5.550% due 08/22/2034 |  | 16600 |  | 17031 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 25913 |  | 24100 |
|  2.500% due 03/01/2031 |  | 3800 |  | 3276 |
|  2.625% due 08/01/2031 |  | 1100 |  | 946 |
|  3.375% due 02/15/2030 |  | 700 |  | 644 |
|  4.625% due 12/15/2029 |  | 4188 |  | 4063 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 |  | 20066 |  | 20261 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 |  | 15877 |  | 11590 |
|  3.500% due 03/01/2042 |  | 13700 |  | 9873 |
|  3.700% due 04/01/2051 |  | 7185 |  | 4743 |
|  3.850% due 04/01/2061 |  | 94400 |  | 58883 |
|  3.900% due 06/01/2052 |  | 22775 |  | 15436 |
|  4.400% due 12/01/2061 |  | 65700 |  | 45557 |
|  4.800% due 03/01/2050 |  | 36900 |  | 29245 |
|  5.050% due 03/30/2029 |  | 8 |  | 8 |
|  5.125% due 07/01/2049 |  | 39500 |  | 32684 |
|  5.250% due 04/01/2053 (l) |  | 24971 |  | 20880 |
|  5.850% due 12/01/2035 |  | 11100 |  | 11210 |
|  6.484% due 10/23/2045 |  | 19 |  | 19 |
|  6.700% due 12/01/2055 |  | 7200 |  | 7291 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 |  | 21010 |  | 17632 |
|  3.700% due 11/15/2029 |  | 5000 |  | 4861 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.550% due 10/30/2035 |  | 13600 |  | 13903 |
|  5.750% due 08/15/2034 |  | 17680 |  | 18389 |
|  5.950% due 06/30/2033 |  | 16975 |  | 17977 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 |  | 8900 |  | 9179 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 |  | 11500 |  | 11651 |
|  6.000% due 01/15/2056 |  | 3200 |  | 3322 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
|  2.500% due 03/15/2051 |  | 12860 |  | 7871 |
|  5.300% due 05/13/2054 |  | 1000 |  | 996 |
|  5.400% due 05/13/2064 |  | 975 |  | 971 |
|  Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC |
|  6.850% due 06/15/2037 |  | 10900 |  | 12000 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.650% due 08/15/2062 |  | 18400 |  | 9700 |
|  2.800% due 01/15/2051 |  | 250 |  | 153 |
|  2.887% due 11/01/2051 |  | 1879 |  | 1158 |
|  2.937% due 11/01/2056 |  | 127118 |  | 75502 |
|  3.450% due 02/01/2050 |  | 20000 |  | 13993 |
|  3.969% due 11/01/2047 |  | 34422 |  | 26921 |
|  3.999% due 11/01/2049 |  | 98621 |  | 76120 |
|  4.000% due 03/01/2048 |  | 12260 |  | 9608 |
|  5.350% due 05/15/2053 |  | 596 |  | 559 |
|  5.500% due 05/15/2064 |  | 169 |  | 159 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  3.347% due 10/01/2029 |  | 10000 |  | 9672 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.187% due 10/01/2049 | $— | 2100 | $— | 1671 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 |  | 2200 |  | 2223 |
|  5.750% due 08/01/2035 |  | 10100 |  | 10289 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.100% due 02/15/2048 |  | 12200 |  | 9635 |
|  4.500% due 05/09/2047 |  | 8100 |  | 6810 |
|  4.750% due 05/09/2032 |  | 2661 |  | 2677 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(k) |  | 9909 |  | 10226 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  4.500% due 06/30/2043 |  | 21841 |  | 17628 |
|  4.700% due 12/15/2042 |  | 4070 |  | 3356 |
|  4.800% due 02/01/2035 |  | 13000 |  | 12286 |
|  5.800% due 12/15/2053 |  | 19854 |  | 18084 |
|  CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
|  4.750% due 04/27/2052 |  | 12170 |  | 10771 |
|  4.950% due 04/27/2062 |  | 9200 |  | 8220 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.750% due 04/01/2030 |  | 4900 |  | 4748 |
|  4.125% due 04/01/2040 |  | 4543 |  | 3862 |
|  5.050% due 03/25/2048 |  | 36500 |  | 32504 |
|  5.125% due 07/20/2045 |  | 33485 |  | 30415 |
|  5.250% due 02/21/2033 |  | 3000 |  | 3070 |
|  5.300% due 12/05/2043 |  | 7100 |  | 6650 |
|  5.450% due 09/15/2035 |  | 13800 |  | 14049 |
|  5.625% due 02/21/2053 |  | 18200 |  | 17307 |
|  5.875% due 06/01/2053 |  | 4600 |  | 4523 |
|  6.000% due 06/01/2063 |  | 2200 |  | 2169 |
|  6.050% due 06/01/2054 |  | 500 |  | 506 |
|  6.200% due 09/15/2055 |  | 12600 |  | 12977 |
|  6.250% due 09/15/2065 |  | 23500 |  | 23920 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 |  | 6817 |  | 6438 |
|  5.773% due 01/10/2033 |  | 780 |  | 800 |
|  5.880% due 01/10/2028 |  | 1076 |  | 1085 |
|  5.926% due 01/10/2034 |  | 19016 |  | 19362 |
|  6.036% due 12/10/2028 |  | 584 |  | 597 |
|  6.943% due 01/10/2030 |  | 14731 |  | 15396 |
|  7.507% due 01/10/2032 |  | 45051 |  | 48022 |
|  8.353% due 07/10/2031 |  | 8321 |  | 9089 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  2.375% due 12/14/2028 |  | 7000 |  | 6598 |
|  2.500% due 12/14/2031 |  | 4204 |  | 3725 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 |  | 5612 |  | 5117 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 |  | 13398 |  | 13476 |
|  5.300% due 10/01/2029 |  | 10487 |  | 10831 |
|  6.020% due 06/15/2026 |  | 23645 |  | 23839 |
|  8.100% due 07/15/2036 |  | 129 |  | 157 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 |  | 26563 |  | 25825 |
|  7.375% due 01/15/2026 |  | 35442 |  | 35614 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 |  | 2150 |  | 2163 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.750% due 09/15/2054 |  | 2000 |  | 1857 |
|  7.950% due 04/15/2032 |  | 5535 |  | 6450 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  4.250% due 03/15/2052 |  | 7100 |  | 5578 |
|  5.550% due 04/01/2035 |  | 11155 |  | 11457 |
|  5.750% due 04/18/2054 |  | 14015 |  | 13500 |
|  5.900% due 04/18/2064 |  | 4000 |  | 3854 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 |  | 17400 |  | 16652 |
|  5.800% due 12/15/2034 |  | 5984 |  | 6174 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.650% due 10/15/2054 |  | 7200 |  | 7103 |
|  6.200% due 01/15/2055 |  | 5000 |  | 5249 |
|  Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. |
|  4.600% due 12/15/2044 |  | 4115 |  | 3613 |
|  4.800% due 11/01/2043 |  | 800 |  | 720 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 (l) |  | 25700 |  | 23807 |
|  El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC |
|  3.500% due 02/15/2032 |  | 9802 |  | 9069 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.375% due 06/15/2032 | $— | 25670 | $— | 30818 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  3.600% due 03/15/2051 |  | 1350 |  | 967 |
|  3.700% due 09/15/2049 |  | 5640 |  | 4156 |
|  4.375% due 12/01/2047 |  | 30200 |  | 25208 |
|  4.550% due 03/01/2048 |  | 7500 |  | 6417 |
|  4.550% due 05/15/2052 |  | 12100 |  | 10159 |
|  4.625% due 05/15/2042 |  | 7700 |  | 6947 |
|  5.100% due 01/15/2044 |  | 13244 |  | 12570 |
|  5.125% due 02/15/2053 |  | 2000 |  | 1828 |
|  5.200% due 02/15/2035 |  | 7700 |  | 7851 |
|  5.700% due 02/15/2055 |  | 2200 |  | 2179 |
|  5.850% due 11/01/2064 |  | 10000 |  | 9961 |
|  6.100% due 10/15/2052 |  | 1900 |  | 1980 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.600% due 08/14/2034 |  | 526 |  | 528 |
|  4.900% due 10/15/2035 |  | 786 |  | 797 |
|  5.050% due 08/14/2054 |  | 48065 |  | 45889 |
|  5.200% due 08/14/2064 |  | 2600 |  | 2503 |
|  Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA |
|  3.950% due 01/21/2050 |  | 3600 |  | 2790 |
|  Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP |
|  5.500% due 09/15/2040 |  | 3000 |  | 2982 |
|  7.375% due 10/15/2045 |  | 19892 |  | 23337 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 |  | 18906 |  | 16101 |
|  3.400% due 08/01/2051 |  | 29500 |  | 20251 |
|  4.500% due 06/10/2044 |  | 10948 |  | 9361 |
|  5.625% due 04/05/2034 |  | 6930 |  | 7237 |
|  5.700% due 03/08/2033 (l) |  | 36914 |  | 38860 |
|  5.950% due 04/05/2054 |  | 2900 |  | 2981 |
|  6.700% due 11/15/2053 |  | 18800 |  | 21012 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.900% due 03/15/2035 |  | 14773 |  | 14386 |
|  4.950% due 01/15/2043 |  | 27800 |  | 24728 |
|  5.000% due 05/15/2044 |  | 44517 |  | 39573 |
|  5.000% due 05/15/2050 |  | 5300 |  | 4540 |
|  5.150% due 02/01/2043 |  | 26785 |  | 24418 |
|  5.150% due 03/15/2045 |  | 42386 |  | 38067 |
|  5.300% due 04/01/2044 |  | 12314 |  | 11289 |
|  5.300% due 04/15/2047 |  | 22750 |  | 20564 |
|  5.350% due 05/15/2045 |  | 20088 |  | 18443 |
|  5.400% due 10/01/2047 |  | 5038 |  | 4615 |
|  5.550% due 05/15/2034 |  | 5600 |  | 5748 |
|  5.950% due 05/15/2054 |  | 12300 |  | 11920 |
|  6.000% due 06/15/2048 |  | 600 |  | 592 |
|  6.050% due 09/01/2054 |  | 7000 |  | 6878 |
|  6.125% due 12/15/2045 |  | 23548 |  | 23724 |
|  6.200% due 04/01/2055 |  | 9200 |  | 9261 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 |  | 3200 |  | 3294 |
|  5.950% due 05/15/2054 |  | 17900 |  | 17906 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.900% due 03/15/2051 |  | 8400 |  | 5420 |
|  3.100% due 06/15/2041 |  | 14600 |  | 11153 |
|  4.200% due 09/01/2048 |  | 7555 |  | 6225 |
|  4.750% due 09/15/2052 |  | 15800 |  | 14114 |
|  5.000% due 07/15/2044 |  | 4300 |  | 3921 |
|  5.150% due 09/15/2034 |  | 2475 |  | 2529 |
|  5.700% due 03/15/2054 |  | 4500 |  | 4552 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.200% due 01/31/2050 |  | 10062 |  | 8218 |
|  4.450% due 02/15/2043 |  | 77745 |  | 68740 |
|  4.800% due 02/01/2049 |  | 3575 |  | 3194 |
|  4.850% due 08/15/2042 |  | 11300 |  | 10560 |
|  4.850% due 03/15/2044 |  | 32362 |  | 29786 |
|  4.950% due 02/15/2035 |  | 2005 |  | 2023 |
|  5.100% due 02/15/2045 |  | 31665 |  | 30123 |
|  5.200% due 01/15/2036 |  | 11200 |  | 11388 |
|  5.550% due 02/16/2055 |  | 6350 |  | 6281 |
|  5.750% due 03/01/2035 |  | 13761 |  | 14584 |
|  7.433% (TSFR3M + 3.248%) due 08/16/2077 ~ |  | 8000 |  | 8006 |
|  Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
|  3.250% due 11/18/2049 |  | 5000 |  | 3596 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 |  | 2600 |  | 2725 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 3575 | 3677 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 | 5000 | 4622 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  5.100% due 01/15/2044 | 10877 | 9970 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 2800 | 2821 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  4.300% due 01/15/2029 | 700 | 701 |
|  6.150% due 10/01/2038 | 2409 | 2616 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 | 11423 | 9425 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 6400 | 5892 |
|  4.317% due 12/30/2039 | 55500 | 46199 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 | 15685 | 15845 |
|  Ford Foundation | Ford Foundation | Ford Foundation |
|  2.415% due 06/01/2050 | 3800 | 2293 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  5.576% due 01/25/2049 (l) | 8000 | 7794 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  5.400% due 11/14/2034 | 3520 | 3610 |
|  5.450% due 03/15/2043 | 1225 | 1181 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  3.000% due 12/01/2031 | 24600 | 21952 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 9751 | 9865 |
|  Georgetown University | Georgetown University | Georgetown University |
|  5.115% due 04/01/2053 | 3300 | 3111 |
|  Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
|  5.550% due 10/25/2042 | 8730 | 8577 |
|  6.900% due 11/15/2037 | 100 | 113 |
|  Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
|  3.125% due 03/26/2026 | 500 | 668 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 4400 | 3347 |
|  GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
|  4.634% due 07/31/2029 | 2354 | 2359 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 4600 | 4835 |
|  6.103% due 08/23/2042 | 6000 | 6316 |
|  6.129% due 02/23/2038 | 2600 | 2769 |
|  6.510% due 02/23/2042 | 10700 | 11610 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.625% due 03/24/2032 | 3700 | 3508 |
|  4.000% due 03/24/2052 | 3053 | 2442 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 15500 | 15925 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  3.900% due 11/19/2029 | 1 | 1 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | 23764 | 16269 |
|  3.625% due 03/15/2032 | 17875 | 16774 |
|  4.625% due 03/15/2052 | 39825 | 32910 |
|  5.250% due 06/15/2049 | 11000 | 10083 |
|  5.450% due 09/15/2034 | 4900 | 5028 |
|  5.500% due 06/01/2033 | 850 | 883 |
|  5.500% due 06/15/2047 | 26202 | 25011 |
|  5.750% due 03/01/2035 | 14400 | 15062 |
|  5.900% due 06/01/2053 | 5300 | 5236 |
|  5.950% due 09/15/2054 | 10000 | 9985 |
|  6.000% due 04/01/2054 | 10520 | 10548 |
|  6.100% due 04/01/2064 | 5200 | 5225 |
|  6.200% due 03/01/2055 | 11000 | 11363 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 | 900 | 1291 |
|  Heineken NV | Heineken NV | Heineken NV |
|  4.350% due 03/29/2047 | 7848 | 6572 |
|  Hess Corp. | Hess Corp. | Hess Corp. |
|  5.600% due 02/15/2041 | 1000 | 1038 |
|  Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
|  5.875% due 02/26/2035 | 800 | 837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 | 8800 | 6772 |
|  Holcim Sterling Finance Netherlands BV | Holcim Sterling Finance Netherlands BV | Holcim Sterling Finance Netherlands BV |
|  2.250% due 04/04/2034 | 5200 | 5515 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.200% due 04/01/2043 | 304 | 265 |
|  4.250% due 04/01/2046 | 545 | 468 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
|  5.250% due 03/01/2054 | 1270 | 1223 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  8.150% due 06/15/2038 | 1000 | 1216 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  4.375% due 09/15/2028 | 1100 | 1102 |
|  5.050% due 03/30/2028 | 1100 | 1118 |
|  5.375% due 12/15/2031 | 1900 | 1944 |
|  5.750% due 04/23/2030 | 5850 | 6087 |
|  5.750% due 03/30/2032 | 500 | 522 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.000% due 06/15/2028 | 1500 | 1411 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 9798 | 10114 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 10800 | 7913 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  5.700% due 02/10/2053 | 3990 | 3861 |
|  5.900% due 02/10/2063 | 479 | 467 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  5.450% due 02/01/2029 | 1600 | 1652 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1860 | 1652 |
|  4.000% due 05/15/2034 | 9807 | 9244 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
|  3.550% due 03/01/2036 | 350 | 321 |
|  Juniper Networks, Inc. | Juniper Networks, Inc. | Juniper Networks, Inc. |
|  5.950% due 03/15/2041 | 42478 | 42982 |
|  Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
|  4.150% due 05/01/2047 | 14300 | 11988 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.500% due 04/15/2052 (l) | 42243 | 34152 |
|  5.150% due 05/15/2035 | 70 | 69 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
|  4.700% due 11/01/2042 | 6209 | 5470 |
|  5.000% due 03/01/2043 | 33335 | 30625 |
|  5.400% due 09/01/2044 | 300 | 286 |
|  5.500% due 03/01/2044 | 5536 | 5354 |
|  5.625% due 09/01/2041 | 1700 | 1697 |
|  5.800% due 03/15/2035 | 10942 | 11476 |
|  6.375% due 03/01/2041 | 10715 | 11490 |
|  6.500% due 02/01/2037 | 12219 | 13276 |
|  6.500% due 09/01/2039 | 36840 | 40011 |
|  6.550% due 09/15/2040 | 30300 | 33027 |
|  6.950% due 01/15/2038 | 800 | 901 |
|  7.400% due 03/15/2031 | 5000 | 5705 |
|  7.500% due 11/15/2040 | 25567 | 30097 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.300% due 12/01/2034 | 990 | 1011 |
|  5.550% due 06/01/2045 | 4190 | 4073 |
|  7.800% due 08/01/2031 | 2000 | 2321 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.125% due 07/01/2027 | 1000 | 1334 |
|  4.375% due 06/01/2046 | 3000 | 2498 |
|  4.875% due 10/01/2049 | 4450 | 3895 |
|  5.000% due 06/04/2042 | 8855 | 8179 |
|  5.200% due 07/15/2045 | 333 | 308 |
|  5.500% due 06/01/2050 | 3400 | 3215 |
|  6.500% due 02/09/2040 | 44988 | 48793 |
|  7.125% due 08/01/2039 | 1043 | 1191 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.400% due 07/31/2033 | 191 | 199 |
|  5.500% due 08/15/2054 | 8548 | 8508 |
|  Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
|  4.800% due 10/01/2034 | 4900 | 4864 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 35500 | 35227 |
|  3.900% due 08/08/2029 (l) | 70142 | 67895 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.200% due 08/15/2034 | $— | 17615 | $— | 18444 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 |  | 7900 |  | 7051 |
|  4.375% due 05/15/2030 |  | 2000 |  | 1994 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  2.413% due 06/01/2050 |  | 12600 |  | 7748 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 |  | 20800 |  | 16847 |
|  5.200% due 02/15/2055 |  | 20510 |  | 19754 |
|  5.200% due 02/15/2064 |  | 7412 |  | 7002 |
|  5.700% due 11/15/2054 |  | 25498 |  | 26329 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  5.800% due 09/15/2062 |  | 752 |  | 755 |
|  5.850% due 04/01/2063 |  | 12400 |  | 12526 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  3.625% due 04/01/2051 |  | 360 |  | 241 |
|  Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP |
|  7.700% due 02/15/2026 |  | 8555 |  | 8654 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 |  | 6087 |  | 5288 |
|  2.850% due 04/15/2031 |  | 8335 |  | 7673 |
|  3.500% due 10/15/2032 |  | 17801 |  | 16504 |
|  4.625% due 06/15/2030 |  | 4364 |  | 4410 |
|  5.250% due 10/15/2035 |  | 9100 |  | 9185 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 |  | 3100 |  | 3173 |
|  5.200% due 03/01/2035 |  | 13500 |  | 13806 |
|  5.650% due 05/01/2045 |  | 9500 |  | 9643 |
|  5.700% due 05/01/2055 |  | 18500 |  | 18753 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 |  | 8364 |  | 7727 |
|  4.875% due 06/22/2028 |  | 6300 |  | 6400 |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  5.600% due 07/01/2111 |  | 1668 |  | 1694 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  3.625% due 09/01/2049 |  | 10972 |  | 8225 |
|  4.450% due 03/01/2047 |  | 2000 |  | 1738 |
|  4.875% due 12/09/2045 |  | 345 |  | 319 |
|  6.300% due 10/15/2037 |  | 700 |  | 781 |
|  MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. |
|  3.966% due 08/06/2061 (l) |  | 10300 |  | 6899 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.450% due 08/15/2052 |  | 1000 |  | 859 |
|  4.650% due 08/15/2062 |  | 26200 |  | 22498 |
|  5.400% due 08/15/2054 (l) |  | 6400 |  | 6328 |
|  5.550% due 08/15/2064 |  | 20000 |  | 19869 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.327% due 02/06/2029 |  | 6565 |  | 6766 |
|  6.750% due 11/01/2029 |  | 575 |  | 625 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  2.500% due 09/15/2050 |  | 29900 |  | 18760 |
|  2.675% due 06/01/2060 |  | 28895 |  | 17299 |
|  2.921% due 03/17/2052 |  | 17621 |  | 11963 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 |  | 6000 |  | 3838 |
|  4.875% due 12/17/2048 |  | 9000 |  | 8282 |
|  5.250% due 07/15/2044 |  | 4144 |  | 4061 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  5.500% due 09/01/2044 |  | 5686 |  | 5680 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  4.700% due 04/15/2048 |  | 2800 |  | 2347 |
|  4.900% due 04/15/2058 |  | 19120 |  | 15923 |
|  4.950% due 03/14/2052 |  | 45604 |  | 38937 |
|  5.200% due 03/01/2047 |  | 5000 |  | 4503 |
|  5.200% due 12/01/2047 |  | 2100 |  | 1885 |
|  5.500% due 02/15/2049 |  | 200 |  | 186 |
|  5.950% due 04/01/2055 |  | 19200 |  | 18783 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 |  | 5000 |  | 4470 |
|  3.875% due 02/15/2031 |  | 600 |  | 575 |
|  National Football League | National Football League | National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(k) |  | 12200 |  | 12509 |
|  5.420% due 10/05/2037 «(k) |  | 4000 |  | 4119 |
|  5.580% due 10/05/2033 «(k) |  | 10000 |  | 10283 |
|  5.680% due 10/05/2035 «(k) |  | 5000 |  | 5118 |
|  5.890% due 10/05/2043 «(k) |  | 5000 |  | 5024 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
|  2.000% due 09/16/2038 | 919 | 803 |
|  2.000% due 04/17/2040 | 3300 | 2743 |
|  Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. |
|  4.556% due 11/01/2052 | 2500 | 2181 |
|  NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
|  4.450% due 01/15/2043 | 19107 | 16704 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 1400 | 1457 |
|  5.700% due 03/17/2035 | 5900 | 6171 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  4.875% due 04/15/2028 | 1295 | 1324 |
|  5.400% due 08/15/2054 | 4105 | 4137 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  5.450% due 06/09/2044 | 14200 | 14291 |
|  Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. |
|  5.750% due 11/15/2041 | 3982 | 4107 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(k) | 22400 | 22652 |
|  5.420% due 10/05/2037 «(k) | 8000 | 8109 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 9700 | 6890 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  3.400% due 10/16/2051 | 3500 | 2399 |
|  4.100% due 09/15/2042 | 14000 | 11497 |
|  4.300% due 01/15/2049 | 18375 | 15110 |
|  5.625% due 02/01/2054 | 1500 | 1478 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 7600 | 8047 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  3.850% due 04/15/2045 | 9500 | 7733 |
|  4.900% due 06/01/2034 | 150 | 152 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 | 14900 | 11082 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 800 | 638 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 4800 | 4917 |
|  5.502% due 07/16/2035 | 6300 | 6519 |
|  NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
|  3.500% due 04/01/2050 | 125 | 96 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 10000 | 10018 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.150% due 05/01/2027 | 1800 | 1773 |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
|  2.510% due 05/15/2031 | 5600 | 4711 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 21327 | 21932 |
|  6.200% due 09/15/2043 | 47644 | 48999 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.600% due 04/01/2040 | 22300 | 17920 |
|  3.600% due 04/01/2050 | 28506 | 20081 |
|  3.650% due 03/25/2041 | 13880 | 11123 |
|  3.800% due 11/15/2037 | 8405 | 7270 |
|  3.850% due 04/01/2060 | 65142 | 44832 |
|  3.900% due 05/15/2035 | 5000 | 4559 |
|  3.950% due 03/25/2051 | 17100 | 12723 |
|  4.000% due 07/15/2046 | 2750 | 2144 |
|  4.000% due 11/15/2047 | 62830 | 48726 |
|  4.100% due 03/25/2061 | 50490 | 36391 |
|  4.500% due 07/08/2044 | 1400 | 1198 |
|  4.700% due 09/27/2034 | 96 | 94 |
|  4.900% due 02/06/2033 | 2295 | 2316 |
|  5.200% due 09/26/2035 | 10000 | 10059 |
|  5.375% due 09/27/2054 | 13255 | 12185 |
|  5.500% due 08/03/2035 | 20000 | 20589 |
|  5.500% due 09/27/2064 | 10870 | 9963 |
|  5.550% due 02/06/2053 | 35400 | 33519 |
|  5.875% due 09/26/2045 | 15000 | 15049 |
|  6.000% due 08/03/2055 | 24100 | 24211 |
|  6.100% due 09/26/2065 | 14300 | 14284 |
|  6.500% due 04/15/2038 | 500 | 549 |
|  6.900% due 11/09/2052 | 8500 | 9464 |
|  Orlando Health Obligated Group | Orlando Health Obligated Group | Orlando Health Obligated Group |
|  3.327% due 10/01/2050 | 8500 | 6091 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  6.625% due 08/15/2037 | 3310 | 3519 |
|  Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 | 1100 | 1078 |
|  6.875% due 04/30/2036 | 130 | 138 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  4.787% due 11/15/2048 | 2200 | 1904 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 8300 | 8108 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.350% due 02/12/2028 | 7200 | 7174 |
|  6.750% due 09/21/2047 | 39095 | 32290 |
|  6.950% due 01/28/2060 | 8284 | 6819 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.875% due 08/21/2042 | 1875 | 1559 |
|  4.125% due 03/04/2043 | 2575 | 2203 |
|  4.250% due 11/10/2044 | 24400 | 21063 |
|  4.375% due 11/15/2041 | 11100 | 9965 |
|  4.875% due 11/15/2043 | 2500 | 2337 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  1.900% due 08/15/2030 | 14227 | 12784 |
|  7.200% due 01/15/2028 | 24475 | 26057 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 200 | 154 |
|  3.300% due 07/12/2051 | 22880 | 16146 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 1929 | 1962 |
|  6.332% due 09/30/2027 | 1032 | 1046 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  7.500% due 07/15/2038 | 5262 | 5625 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 7440 | 7031 |
|  4.550% due 03/15/2052 | 2987 | 2478 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 (b) | 15000 | 15093 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.300% due 09/02/2040 | 8584 | 6589 |
|  3.350% due 09/02/2051 | 500 | 335 |
|  3.550% due 09/02/2050 | 1000 | 703 |
|  4.450% due 03/25/2031 | 4400 | 4365 |
|  5.950% due 09/25/2055 | 7600 | 7638 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.150% due 05/15/2045 | 1200 | 1013 |
|  4.450% due 11/16/2038 | 6200 | 5839 |
|  4.500% due 06/01/2042 | 2200 | 1991 |
|  5.375% due 02/27/2053 | 12574 | 12310 |
|  6.100% due 03/15/2034 (l) | 37200 | 40748 |
|  6.400% due 03/15/2054 | 33912 | 37967 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.900% due 03/01/2032 | 460 | 422 |
|  3.250% due 12/01/2049 | 1700 | 1224 |
|  3.700% due 03/01/2052 (l) | 2701 | 2088 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 | 20047 | 20029 |
|  4.500% due 05/15/2030 | 25932 | 26034 |
|  5.000% due 03/15/2027 | 35565 | 35791 |
|  5.875% due 06/30/2026 | 957 | 960 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 35700 | 33347 |
|  6.875% due 09/19/2033 | 25000 | 27527 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.250% due 11/24/2050 | 14600 | 10024 |
|  3.500% due 11/24/2070 | 19600 | 12735 |
|  5.250% due 07/17/2034 | 3800 | 3914 |
|  5.750% due 07/17/2054 | 5200 | 5180 |
|  5.875% due 07/17/2064 | 6400 | 6316 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.125% due 01/15/2031 | 1263 | 1172 |
|  9.625% due 12/01/2032 | 1790 | 2029 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  4.500% due 06/01/2047 | 1757 | 1520 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  3.000% due 06/01/2031 | 21130 | 19131 |
|  Snam SpA | Snam SpA | Snam SpA |
|  6.500% due 05/28/2055 | 8900 | 9566 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  6.176% due 10/01/2054 | 3900 | 3806 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 | 28000 | 24067 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 13400 | 13239 |
|  4.250% due 07/01/2036 | 5100 | 4743 |
|  4.850% due 03/15/2035 | 3600 | 3566 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
|  8.000% due 03/01/2032 (l) | 8346 | 9708 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 2400 | 2386 |
|  4.600% due 06/15/2028 | 800 | 800 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 4744 | 4507 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 09/20/2029 | 11050 | 11094 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  2.900% due 06/15/2050 | 7400 | 4974 |
|  4.625% due 09/11/2034 | 7226 | 7194 |
|  4.625% due 03/15/2046 | 6475 | 5861 |
|  5.200% due 02/10/2035 | 14350 | 14804 |
|  Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
|  7.000% due 11/15/2028 | 17772 | 19055 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 1950 | 1543 |
|  3.361% due 08/15/2050 | 2600 | 1853 |
|  5.164% due 08/15/2033 | 3500 | 3599 |
|  5.547% due 08/15/2053 | 2600 | 2614 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | 400 | 409 |
|  5.700% due 04/01/2055 | 6300 | 6363 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  6.600% due 04/01/2050 | 1353 | 1505 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 11280 | 10756 |
|  2.550% due 02/15/2031 | 10400 | 9453 |
|  2.700% due 03/15/2032 | 7674 | 6881 |
|  3.300% due 02/15/2051 | 47800 | 32604 |
|  3.400% due 10/15/2052 | 32506 | 22290 |
|  3.500% due 04/15/2031 | 958 | 912 |
|  3.600% due 11/15/2060 | 47797 | 32501 |
|  3.750% due 04/15/2027 | 5020 | 4992 |
|  4.375% due 04/15/2040 | 17804 | 16084 |
|  4.500% due 04/15/2050 (l) | 52300 | 44026 |
|  5.250% due 06/15/2055 | 11300 | 10528 |
|  5.500% due 01/15/2055 | 3600 | 3484 |
|  5.650% due 01/15/2053 (l) | 29000 | 28673 |
|  5.750% due 01/15/2034 | 187 | 198 |
|  5.750% due 01/15/2054 | 10000 | 10007 |
|  5.800% due 09/15/2062 | 9300 | 9362 |
|  5.875% due 11/15/2055 | 16025 | 16381 |
|  6.000% due 06/15/2054 | 3300 | 3419 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 | 3885 | 3975 |
|  5.500% due 03/11/2035 | 10800 | 11039 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  5.500% due 02/15/2035 | 1390 | 1415 |
|  6.250% due 07/01/2052 | 14300 | 14599 |
|  6.500% due 02/15/2053 | 3000 | 3161 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 9200 | 8735 |
|  2.650% due 08/09/2031 | 2450 | 2200 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.895% due 03/06/2048 | 16000 | 13744 |
|  5.213% due 03/08/2047 | 14700 | 13222 |
|  5.520% due 03/01/2049 | 1685 | 1567 |
|  7.045% due 06/20/2036 | 11697 | 13202 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4500 | 4216 |
|  7.625% due 04/01/2037 | 320 | 377 |
|  Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP |
|  4.150% due 01/15/2048 | 400 | 322 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 2012 | 3023 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2033 | 23100 | 19124 |
|  5.125% due 09/28/2039 | 2200 | 2072 |
|  6.500% due 02/09/2034 | 400 | 381 |
|  Thomas Jefferson University | Thomas Jefferson University | Thomas Jefferson University |
|  3.847% due 11/01/2057 | 4754 | 3372 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 18420 | 21618 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 18500 | 14873 |
|  5.500% due 09/01/2041 | 14800 | 13571 |
|  5.875% due 11/15/2040 | 5200 | 4973 |
|  6.550% due 05/01/2037 | 7306 | 7603 |
|  6.750% due 06/15/2039 | 52495 | 54946 |
|  7.300% due 07/01/2038 | 2080 | 2274 |
|  Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
|  5.600% due 06/15/2035 | 900 | 923 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 4106 | 3613 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.425% due 09/10/2064 | 11000 | 10605 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  5.650% due 11/23/2043 | 10791 | 10868 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  3.950% due 05/15/2050 | 23200 | 18202 |
|  5.400% due 08/15/2041 | 21385 | 21054 |
|  Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania |
|  4.674% due 09/01/2112 | 2500 | 2120 |
|  Trustees of Tufts College | Trustees of Tufts College | Trustees of Tufts College |
|  5.017% due 04/15/2112 | 3000 | 2580 |
|  TTX Co. | TTX Co. | TTX Co. |
|  4.600% due 02/01/2049 | 3700 | 3297 |
|  UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group |
|  5.363% due 07/01/2052 | 1900 | 1797 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  2.891% due 04/06/2036 | 2666 | 2246 |
|  2.950% due 03/10/2052 | 345 | 225 |
|  3.250% due 02/05/2050 | 593 | 418 |
|  3.550% due 05/20/2061 | 22710 | 15735 |
|  3.750% due 02/05/2070 | 8493 | 5919 |
|  3.799% due 04/06/2071 | 12500 | 8824 |
|  3.950% due 08/15/2059 | 10 | 8 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 2876 | 2644 |
|  3.100% due 01/07/2030 | 19821 | 19174 |
|  3.100% due 04/07/2030 | 2640 | 2507 |
|  3.450% due 06/01/2029 | 1751 | 1717 |
|  3.450% due 01/07/2030 | 614 | 590 |
|  3.500% due 09/01/2031 | 3123 | 3002 |
|  3.750% due 03/03/2028 | 4168 | 4134 |
|  4.000% due 10/11/2027 | 8059 | 8044 |
|  4.150% due 02/25/2033 | 6916 | 6763 |
|  4.550% due 02/25/2033 | 10879 | 10474 |
|  5.450% due 08/15/2038 | 37848 | 39066 |
|  5.875% due 04/15/2029 | 17259 | 17753 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.050% due 05/15/2041 | 22011 | 16753 |
|  3.250% due 05/15/2051 | 20000 | 13650 |
|  3.700% due 08/15/2049 | 5800 | 4359 |
|  3.875% due 08/15/2059 | 700 | 515 |
|  4.200% due 01/15/2047 | 285 | 237 |
|  4.950% due 05/15/2062 | 5000 | 4400 |
|  5.150% due 07/15/2034 | 19100 | 19610 |
|  5.200% due 04/15/2063 | 67307 | 61678 |
|  5.300% due 06/15/2035 | 5700 | 5895 |
|  5.375% due 04/15/2054 | 14700 | 14128 |
|  5.500% due 07/15/2044 | 20000 | 20049 |
|  5.625% due 07/15/2054 | 17400 | 17318 |
|  5.750% due 07/15/2064 | 31088 | 30975 |
|  5.950% due 06/15/2055 | 1200 | 1252 |
|  UPMC | UPMC | UPMC |
|  5.377% due 05/15/2043 | 3000 | 2946 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 | 2285 | 2200 |
|  6.400% due 06/28/2054 | 3800 | 3910 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 9800 | 11387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | $| 15400 | 13887 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
|  3.625% due 05/15/2050 |  | 11900 | 8893 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 |  | 1300 | 1311 |
|  5.700% due 08/01/2035 |  | 10600 | 10784 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  1.800% due 08/15/2028 |  | 5600 | 5255 |
|  4.700% due 05/15/2030 |  | 25900 | 26229 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 |  | 3500 | 3531 |
|  5.050% due 03/27/2028 |  | 6700 | 6789 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | EUR | 2450 | 2791 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  2.750% due 09/01/2049 | $| 3406 | 2197 |
|  3.800% due 05/13/2060 |  | 8354 | 6262 |
|  4.750% due 09/15/2044 |  | 1600 | 1488 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.050% due 03/15/2042 |  | 10440 | 8341 |
|  5.141% due 03/15/2052 |  | 1391 | 1038 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 |  | 5000 | 5145 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |
|  3.129% due 06/01/2050 |  | 4400 | 2829 |
|  Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. |
|  3.750% due 04/28/2061 |  | 24300 | 16940 |
|  5.150% due 01/15/2049 |  | 16000 | 14681 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.250% due 02/01/2050 |  | 475 | 414 |
|  5.300% due 03/01/2048 |  | 8531 | 7430 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.300% due 09/30/2035 |  | 11500 | 11675 |
|  5.300% due 08/15/2052 |  | 10250 | 9631 |
|  5.600% due 03/15/2035 |  | 8288 | 8606 |
|  5.800% due 11/15/2054 |  | 3641 | 3657 |
|  6.000% due 03/15/2055 |  | 4947 | 5109 |
|  8.750% due 03/15/2032 |  | 1710 | 2076 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  4.500% due 03/04/2029 |  | 3809 | 3807 |
|  5.100% due 09/12/2034 |  | 14400 | 14297 |
|  5.400% due 05/19/2030 |  | 6500 | 6676 |
|  5.700% due 05/19/2032 |  | 2940 | 3054 |
|  5.700% due 09/12/2054 |  | 25000 | 23966 |
|  6.000% due 05/19/2035 |  | 14000 | 14621 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 |  | 23214 | 22176 |
|  Yale University | Yale University | Yale University | Yale University |
|  2.402% due 04/15/2050 |  | 6900 | 4213 |
|  Yara International ASA | Yara International ASA | Yara International ASA | Yara International ASA |
|  3.148% due 06/04/2030 |  | 4800 | 4509 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  1.164% due 11/15/2027 | EUR | 3300 | 3764 |
|  4.250% due 08/15/2035 | $| 1681 | 1569 |
|  5.200% due 09/15/2034 |  | 15053 | 15419 |
|  5.500% due 02/19/2035 |  | 11000 | 11465 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  3.950% due 09/12/2047 |  | 9000 | 7233 |
|  4.450% due 08/20/2048 |  | 7500 | 6517 |
|  |  |  | 8712898 |
| UTILITIES 15.9% | UTILITIES 15.9% | UTILITIES 15.9% | UTILITIES 15.9% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.450% due 05/15/2051 |  | 7000 | 4843 |
|  4.150% due 05/01/2049 |  | 14400 | 11305 |
|  5.700% due 05/15/2034 |  | 2900 | 3020 |
|  6.650% due 02/15/2033 |  | 1000 | 1103 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 |  | 7000 | 6767 |
|  5.450% due 06/01/2028 |  | 2019 | 2068 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.125% due 07/15/2051 |  | 1300 | 883 |
|  3.450% due 10/01/2049 |  | 3600 | 2642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.700% due 12/01/2047 | $— | 100 | $— | 78 |
|  3.850% due 12/01/2042 |  | 2950 |  | 2431 |
|  3.940% due 09/01/2032 |  | 5500 |  | 5342 |
|  4.300% due 07/15/2048 |  | 8700 |  | 7430 |
|  5.200% due 06/01/2041 |  | 200 |  | 200 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  3.600% due 03/01/2032 |  | 13500 |  | 12497 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  2.900% due 06/15/2051 |  | 32500 |  | 21107 |
|  3.250% due 03/15/2050 |  | 2600 |  | 1828 |
|  3.700% due 12/01/2047 |  | 2200 |  | 1722 |
|  4.150% due 03/15/2046 |  | 5451 |  | 4603 |
|  5.625% due 03/01/2055 |  | 5000 |  | 5101 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  3.875% due 02/15/2062 •  |  | 7938 |  | 7699 |
|  5.625% due 03/01/2033 |  | 1489 |  | 1566 |
|  5.950% due 11/01/2032 |  | 140 |  | 150 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  5.000% due 09/01/2044 |  | 13395 |  | 12538 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  3.750% due 09/01/2047 |  | 5000 |  | 3893 |
|  4.300% due 12/01/2042 |  | 8700 |  | 7643 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  6.000% due 06/20/2039 |  | 2900 |  | 3779 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.400% due 05/15/2044 | $— | 8350 |  | 7072 |
|  4.450% due 06/01/2045 |  | 2000 |  | 1701 |
|  4.500% due 08/01/2032 |  | 3800 |  | 3766 |
|  5.800% due 10/01/2035 |  | 2176 |  | 2251 |
|  6.375% due 04/01/2036 |  | 5146 |  | 5563 |
|  6.700% due 08/15/2037 |  | 3600 |  | 4006 |
|  7.000% due 04/01/2038 |  | 5478 |  | 6219 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.500% due 12/01/2049 |  | 7100 |  | 5115 |
|  4.500% due 04/01/2042 |  | 6104 |  | 5406 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.150% due 09/04/2036 |  | 2800 |  | 3105 |
|  3.500% due 09/15/2053 | $— | 57101 |  | 39527 |
|  3.550% due 09/15/2055 |  | 124782 |  | 86057 |
|  3.650% due 06/01/2051 |  | 6050 |  | 4378 |
|  3.650% due 09/15/2059 |  | 272284 |  | 186313 |
|  3.800% due 12/01/2057 |  | 215980 |  | 154135 |
|  3.850% due 06/01/2060 |  | 29624 |  | 21082 |
|  4.300% due 12/15/2042 |  | 175 |  | 152 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  2.850% due 02/15/2052 |  | 7836 |  | 4983 |
|  3.375% due 09/15/2049 |  | 5000 |  | 3603 |
|  4.125% due 03/15/2049 |  | 5300 |  | 4367 |
|  4.300% due 10/01/2048 |  | 6200 |  | 5297 |
|  Avista Corp. | Avista Corp. | Avista Corp. | Avista Corp. | Avista Corp. |
|  4.000% due 04/01/2052 |  | 12800 |  | 9989 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  2.900% due 06/15/2050 |  | 1681 |  | 1100 |
|  3.200% due 09/15/2049 |  | 2400 |  | 1660 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.250% due 10/15/2050 |  | 3400 |  | 2788 |
|  4.450% due 01/15/2049 |  | 24790 |  | 21221 |
|  4.500% due 02/01/2045 |  | 580 |  | 514 |
|  4.600% due 05/01/2053 |  | 18900 |  | 16278 |
|  6.125% due 04/01/2036 |  | 5200 |  | 5660 |
|  BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC |
|  5.125% due 10/15/2041 |  | 30145 |  | 29255 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  4.200% due 09/15/2046 |  | 4284 |  | 3472 |
|  6.000% due 01/15/2035 |  | 5625 |  | 5993 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  4.487% due 02/15/2042 |  | 7784 |  | 6739 |
|  5.843% due 01/10/2035 |  | 3000 |  | 3167 |
|  6.119% due 07/20/2053 |  | 17500 |  | 18048 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.487% due 03/04/2049 |  | 7500 |  | 6143 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  2.900% due 07/01/2050 |  | 4400 |  | 2902 |
|  3.350% due 04/01/2051 |  | 13900 |  | 9897 |
|  3.600% due 03/01/2052 |  | 16270 |  | 12099 |
|  4.950% due 04/01/2033 |  | 7000 |  | 7127 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  6.000% due 12/01/2040 | 18175 | 18921 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  5.950% due 12/15/2036 | 7000 | 7453 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  4.700% due 03/31/2043 | 3837 | 3400 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.695% due 10/01/2054 | 10000 | 9638 |
|  6.497% due 08/15/2043 | 4675 | 5005 |
|  6.544% due 11/15/2053 | 12300 | 13205 |
|  6.714% due 08/15/2063 | 9800 | 10756 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.000% due 03/01/2050 | 5200 | 3464 |
|  3.125% due 03/15/2051 | 19200 | 12959 |
|  3.850% due 03/15/2052 | 8400 | 6414 |
|  Connecticut Light & Power Co. | Connecticut Light & Power Co. | Connecticut Light & Power Co. |
|  2.050% due 07/01/2031 | 4845 | 4286 |
|  4.000% due 04/01/2048 | 1300 | 1057 |
|  4.300% due 04/15/2044 | 13009 | 11352 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.000% due 12/01/2060 | 6480 | 3952 |
|  3.600% due 06/15/2061 | 16585 | 11574 |
|  4.125% due 05/15/2049 | 18110 | 14704 |
|  4.200% due 03/15/2042 | 5000 | 4374 |
|  4.300% due 12/01/2056 | 1270 | 1033 |
|  4.500% due 05/15/2058 | 29031 | 24336 |
|  5.700% due 06/15/2040 | 4900 | 5076 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 | 21664 | 22029 |
|  5.750% due 03/15/2054 | 8211 | 8329 |
|  5.800% due 03/01/2033 | 8852 | 9462 |
|  6.250% due 10/01/2039 | 12875 | 14007 |
|  6.500% due 10/01/2053 | 6980 | 7787 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 | 8100 | 6724 |
|  4.100% due 11/15/2045 | 2150 | 1793 |
|  4.350% due 04/15/2049 | 14000 | 12006 |
|  Dayton Power & Light Co. | Dayton Power & Light Co. | Dayton Power & Light Co. |
|  3.950% due 06/15/2049 | 11000 | 8327 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.250% due 08/15/2031 | 8877 | 7860 |
|  4.850% due 08/15/2052 | 7800 | 6790 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  3.250% due 04/01/2051 | 8400 | 5936 |
|  3.650% due 03/01/2052 | 5600 | 4202 |
|  3.950% due 06/15/2042 | 500 | 423 |
|  4.300% due 07/01/2044 | 9150 | 7925 |
|  5.400% due 04/01/2053 | 10000 | 9944 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.850% due 03/15/2032 | 3600 | 3284 |
|  3.200% due 08/15/2049 | 16000 | 11196 |
|  3.450% due 04/15/2051 | 5600 | 4069 |
|  3.550% due 03/15/2052 | 8000 | 5899 |
|  3.700% due 12/01/2047 | 15355 | 11829 |
|  3.750% due 06/01/2045 | 4358 | 3464 |
|  3.875% due 03/15/2046 | 2034 | 1644 |
|  3.950% due 03/15/2048 | 9915 | 7991 |
|  4.000% due 09/30/2042 | 3500 | 2981 |
|  4.250% due 12/15/2041 | 16400 | 14530 |
|  4.850% due 01/15/2034 | 910 | 922 |
|  5.350% due 01/15/2053 | 12014 | 11800 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.300% due 06/15/2041 | 3025 | 2331 |
|  3.500% due 06/15/2051 | 6750 | 4765 |
|  3.950% due 08/15/2047 | 4670 | 3645 |
|  4.200% due 06/15/2049 | 5000 | 4030 |
|  6.100% due 09/15/2053 | 3227 | 3401 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  4.200% due 07/15/2048 | 7600 | 6278 |
|  5.650% due 04/01/2040 | 6000 | 6288 |
|  Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
|  4.900% due 07/15/2043 | 2000 | 1885 |
|  5.400% due 04/01/2053 | 7000 | 6864 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.650% due 04/01/2053 | 2000 | 2019 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.500% due 08/15/2050 | 25000 | 15058 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.600% due 09/15/2047 | $— | 44900 | $— | 34174 |
|  4.000% due 04/01/2052 |  | 3687 |  | 2910 |
|  4.100% due 03/15/2043 |  | 6026 |  | 5148 |
|  5.250% due 03/15/2033 |  | 9850 |  | 10257 |
|  5.350% due 03/15/2053 |  | 9300 |  | 9083 |
|  5.550% due 03/15/2055 |  | 4750 |  | 4782 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  2.532% due 10/01/2030 |  | 3700 |  | 3331 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  6.650% due 04/30/2038 |  | 1520 |  | 1687 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 6400 |  | 6658 |
|  8.125% due 06/15/2053 •(l) |  | 7200 |  | 7369 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.950% due 10/13/2045 |  | 19324 |  | 17612 |
|  5.000% due 09/21/2048 |  | 12622 |  | 11266 |
|  6.000% due 04/22/2064 |  | 41474 |  | 41054 |
|  6.000% due 01/22/2114 (l) |  | 17924 |  | 17751 |
|  6.250% due 05/23/2033 |  | 10000 |  | 10920 |
|  6.375% due 01/13/2055 |  | 10800 |  | 11313 |
|  6.900% due 05/23/2053 |  | 8492 |  | 9485 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  2.875% due 07/12/2041 |  | 2000 |  | 1438 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.750% due 05/25/2047 |  | 24780 |  | 21491 |
|  7.750% due 10/14/2052 |  | 7000 |  | 8628 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  2.650% due 06/15/2051 |  | 9375 |  | 5678 |
|  3.350% due 06/15/2052 |  | 7400 |  | 5152 |
|  4.200% due 04/01/2049 |  | 5800 |  | 4764 |
|  5.750% due 06/01/2054 |  | 10000 |  | 10269 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 (l) |  | 13000 |  | 9626 |
|  Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
|  3.500% due 06/01/2051 |  | 1500 |  | 1076 |
|  5.000% due 09/01/2033 |  | 6800 |  | 6940 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  4.500% due 03/30/2039 |  | 4000 |  | 3724 |
|  5.000% due 09/15/2052 |  | 11900 |  | 10757 |
|  5.800% due 09/01/2053 |  | 2200 |  | 2238 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  3.450% due 04/15/2050 |  | 8300 |  | 5963 |
|  5.250% due 03/15/2035 |  | 5000 |  | 5101 |
|  5.700% due 03/15/2053 |  | 6500 |  | 6594 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  4.125% due 04/01/2049 |  | 15431 |  | 12511 |
|  4.200% due 06/15/2047 |  | 1200 |  | 991 |
|  4.200% due 03/15/2048 |  | 2000 |  | 1656 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  |  | 1000 |  | 1026 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  3.350% due 03/15/2026 |  | 2838 |  | 2825 |
|  5.125% due 05/15/2033 |  | 3976 |  | 4033 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  5.600% due 03/15/2053 |  | 4103 |  | 4015 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 |  | 20000 |  | 19683 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 |  | 7500 |  | 5249 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 |  | 2600 |  | 2499 |
|  5.450% due 07/15/2044 |  | 10100 |  | 9886 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  2.875% due 12/04/2051 |  | 1100 |  | 712 |
|  3.700% due 12/01/2047 |  | 16800 |  | 13084 |
|  4.050% due 10/01/2044 |  | 4200 |  | 3555 |
|  5.100% due 04/01/2033 |  | 1440 |  | 1491 |
|  5.700% due 03/15/2055 |  | 4900 |  | 5085 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 |  | 1851 |  | 1813 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  1.500% due 02/17/2027 |  | 200 |  | 182 |
|  2.950% due 01/27/2029 | $— | 21000 |  | 15440 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 03/15/2051 |  | 19600 |  | 13739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.750% due 09/01/2040 | $— | 1425 | $— | 1358 |
|  5.125% due 05/15/2052 (l) |  | 30600 |  | 29226 |
|  5.400% due 06/01/2040 |  | 9085 |  | 9340 |
|  Idaho Power Co. | Idaho Power Co. | Idaho Power Co. | Idaho Power Co. | Idaho Power Co. |
|  4.850% due 08/15/2040 |  | 8000 |  | 7562 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  3.250% due 05/01/2051 |  | 19500 |  | 13238 |
|  4.250% due 08/15/2048 |  | 5570 |  | 4549 |
|  4.550% due 03/15/2046 |  | 500 |  | 440 |
|  5.625% due 04/01/2053 |  | 13219 |  | 13319 |
|  Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. |
|  5.650% due 12/01/2032 |  | 30000 |  | 31501 |
|  5.700% due 04/01/2054 |  | 3600 |  | 3628 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  6.250% due 07/15/2039 |  | 5000 |  | 5417 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 |  | 14524 |  | 14233 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  2.750% due 03/01/2032 |  | 6000 |  | 5369 |
|  5.150% due 01/15/2036 |  | 10000 |  | 10117 |
|  6.150% due 06/01/2037 |  | 8562 |  | 9298 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 |  | 4910 |  | 3442 |
|  4.375% due 10/01/2045 |  | 7100 |  | 6130 |
|  5.125% due 11/01/2040 |  | 14500 |  | 14222 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  3.586% due 01/18/2052 |  | 12700 |  | 8636 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.869% due 01/31/2034 |  | 10000 |  | 10367 |
|  Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. |
|  4.250% due 04/01/2049 |  | 1900 |  | 1564 |
|  5.450% due 04/15/2033 |  | 15000 |  | 15709 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  5.867% due 02/26/2054 |  | 9100 |  | 9245 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  2.700% due 08/01/2052 |  | 1000 |  | 632 |
|  3.150% due 04/15/2050 |  | 1200 |  | 826 |
|  3.650% due 08/01/2048 |  | 6000 |  | 4584 |
|  3.950% due 08/01/2047 |  | 8262 |  | 6675 |
|  4.250% due 07/15/2049 |  | 5300 |  | 4440 |
|  4.400% due 10/15/2044 |  | 500 |  | 439 |
|  5.300% due 02/01/2055 |  | 17000 |  | 16593 |
|  5.350% due 01/15/2034 |  | 5000 |  | 5230 |
|  5.850% due 09/15/2054 |  | 19415 |  | 20469 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 |  | 12200 |  | 12257 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.100% due 07/30/2051 |  | 18550 |  | 12574 |
|  4.250% due 03/15/2042 |  | 7400 |  | 6475 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.400% due 12/15/2043 |  | 9061 |  | 8977 |
|  National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC |
|  3.949% due 09/20/2032 |  | 9700 |  | 11841 |
|  National Grid PLC | National Grid PLC | National Grid PLC | National Grid PLC | National Grid PLC |
|  5.809% due 06/12/2033 | $— | 3700 |  | 3947 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  6.000% due 03/15/2054 |  | 5000 |  | 5209 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.300% due 09/15/2049 |  | 10200 |  | 6798 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.119% due 11/28/2042 |  | 3850 |  | 3274 |
|  5.664% due 01/17/2054 |  | 1665 |  | 1658 |
|  5.783% due 09/16/2052 |  | 10550 |  | 10627 |
|  5.996% due 07/03/2055 |  | 5000 |  | 5167 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 (l) |  | 6830 |  | 5457 |
|  4.375% due 05/15/2047 |  | 14845 |  | 12513 |
|  5.650% due 02/01/2045 |  | 8640 |  | 8618 |
|  5.800% due 02/01/2042 |  | 6723 |  | 6878 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  3.200% due 04/01/2052 |  | 1400 |  | 988 |
|  4.500% due 06/01/2052 |  | 6800 |  | 5898 |
|  5.400% due 03/15/2054 |  | 6881 |  | 6834 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.400% due 03/01/2044 |  | 1500 |  | 1317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.550% due 06/01/2052 | $— | 5900 | $— | 5141 |
|  4.950% due 09/15/2052 |  | 9200 |  | 8484 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  3.750% due 08/01/2050 |  | 10600 |  | 7686 |
|  4.500% due 04/01/2047 |  | 36100 |  | 30598 |
|  5.050% due 10/01/2048 |  | 28500 |  | 26010 |
|  5.250% due 09/01/2050 |  | 25000 |  | 23327 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  5.500% due 01/15/2033 |  | 4000 |  | 4159 |
|  6.875% due 07/15/2036 |  | 3500 |  | 4020 |
|  8.250% due 10/15/2038 |  | 1000 |  | 1289 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  5.000% due 06/01/2033 |  | 3600 |  | 3651 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
|  5.850% due 06/01/2040 |  | 4000 |  | 4252 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  2.700% due 11/15/2051 |  | 7204 |  | 4431 |
|  3.100% due 09/15/2049 |  | 6000 |  | 4076 |
|  4.100% due 11/15/2048 |  | 421 |  | 345 |
|  4.600% due 06/01/2052 |  | 8700 |  | 7462 |
|  4.950% due 09/15/2052 |  | 2644 |  | 2412 |
|  5.250% due 09/30/2040 |  | 15100 |  | 15181 |
|  5.300% due 06/01/2042 |  | 600 |  | 594 |
|  7.250% due 01/15/2033 |  | 1900 |  | 2190 |
|  7.500% due 09/01/2038 |  | 2590 |  | 3175 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.450% due 09/01/2049 |  | 5900 |  | 4768 |
|  4.950% due 07/13/2047 |  | 4900 |  | 4267 |
|  5.050% due 11/01/2034 |  | 15000 |  | 14800 |
|  5.200% due 07/15/2048 |  | 67423 |  | 60306 |
|  5.450% due 06/01/2047 |  | 20500 |  | 18932 |
|  5.700% due 11/01/2054 |  | 26490 |  | 25026 |
|  5.850% due 11/01/2064 |  | 30000 |  | 28665 |
|  6.625% due 09/01/2053 |  | 5700 |  | 6068 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 22900 |  | 20411 |
|  3.150% due 01/01/2026 |  | 19651 |  | 19590 |
|  3.250% due 06/01/2031 |  | 9400 |  | 8649 |
|  3.300% due 03/15/2027 |  | 4910 |  | 4846 |
|  3.300% due 12/01/2027 |  | 8000 |  | 7831 |
|  3.300% due 08/01/2040 |  | 11300 |  | 8570 |
|  3.500% due 08/01/2050 |  | 68788 |  | 47001 |
|  3.750% due 08/15/2042 |  | 18181 |  | 13890 |
|  3.950% due 12/01/2047 |  | 12183 |  | 9117 |
|  4.000% due 12/01/2046 |  | 22370 |  | 16890 |
|  4.200% due 06/01/2041 |  | 2000 |  | 1643 |
|  4.250% due 03/15/2046 |  | 26543 |  | 20925 |
|  4.300% due 03/15/2045 |  | 9100 |  | 7311 |
|  4.500% due 07/01/2040 |  | 22679 |  | 19746 |
|  4.500% due 12/15/2041 |  | 27149 |  | 22440 |
|  4.600% due 06/15/2043 |  | 19804 |  | 16692 |
|  4.650% due 08/01/2028 |  | 12000 |  | 12037 |
|  4.750% due 02/15/2044 |  | 15157 |  | 13001 |
|  4.950% due 07/01/2050 |  | 32577 |  | 27985 |
|  5.250% due 03/01/2052 |  | 2000 |  | 1781 |
|  5.700% due 03/01/2035 |  | 10000 |  | 10251 |
|  6.000% due 08/15/2035 |  | 16000 |  | 16758 |
|  6.100% due 10/15/2055 (b) |  | 17500 |  | 17476 |
|  6.150% due 03/01/2055 |  | 28100 |  | 28288 |
|  6.700% due 04/01/2053 |  | 37196 |  | 39822 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 |  | 1200 |  | 1108 |
|  2.900% due 06/15/2052 |  | 23756 |  | 14511 |
|  3.300% due 03/15/2051 |  | 17431 |  | 11505 |
|  4.100% due 02/01/2042 |  | 2419 |  | 2007 |
|  4.125% due 01/15/2049 |  | 6400 |  | 4987 |
|  4.150% due 02/15/2050 |  | 5545 |  | 4320 |
|  5.300% due 02/15/2031 |  | 3800 |  | 3942 |
|  5.350% due 12/01/2053 |  | 27100 |  | 25022 |
|  5.450% due 02/15/2034 |  | 11800 |  | 12093 |
|  5.500% due 05/15/2054 |  | 15008 |  | 14186 |
|  5.800% due 01/15/2055 |  | 15537 |  | 15242 |
|  6.250% due 10/15/2037 |  | 10000 |  | 10729 |
|  7.375% due 09/15/2055 •  |  | 6500 |  | 6853 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  2.800% due 06/15/2050 |  | 6500 |  | 4208 |
|  4.150% due 10/01/2044 |  | 8900 |  | 7583 |
|  4.600% due 05/15/2052 |  | 9400 |  | 8338 |
|  4.800% due 10/15/2043 |  | 1185 |  | 1096 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 | 14100 | 10441 |
|  4.875% due 07/17/2049 | 11200 | 9702 |
|  6.250% due 01/25/2049 | 1200 | 1237 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  5.231% due 06/01/2042 | 5000 | 5124 |
|  5.256% due 01/15/2040 | 5000 | 5120 |
|  5.536% due 07/15/2049 | 8000 | 8109 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  3.350% due 06/01/2050 | 9095 | 6307 |
|  5.050% due 05/15/2052 | 5000 | 4546 |
|  5.100% due 02/15/2035 | 7000 | 7127 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 8700 | 8727 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  5.150% due 06/01/2042 | 300 | 274 |
|  5.700% due 09/15/2034 | 14602 | 15061 |
|  6.650% due 01/15/2037 | 2329 | 2530 |
|  6.700% due 05/15/2036 | 3073 | 3292 |
|  PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. |
|  3.000% due 10/01/2049 | 16700 | 11201 |
|  5.200% due 07/15/2041 | 5500 | 5502 |
|  Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
|  7.750% due 03/01/2031 | 5000 | 5767 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  3.200% due 03/01/2050 | 10500 | 7259 |
|  3.800% due 06/15/2047 | 5000 | 3860 |
|  3.950% due 03/15/2043 | 1500 | 1215 |
|  4.100% due 06/15/2048 | 8626 | 6932 |
|  4.300% due 03/15/2044 | 3600 | 3046 |
|  4.500% due 06/01/2052 | 4600 | 3878 |
|  5.250% due 04/01/2053 | 10000 | 9483 |
|  5.350% due 05/15/2034 | 16925 | 17490 |
|  5.750% due 05/15/2054 | 9700 | 9906 |
|  5.850% due 05/15/2055 | 20741 | 21365 |
|  6.250% due 09/01/2037 | 700 | 760 |
|  Public Service Co. of New Hampshire | Public Service Co. of New Hampshire | Public Service Co. of New Hampshire |
|  3.600% due 07/01/2049 | 4700 | 3567 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  3.150% due 08/15/2051 | 2300 | 1505 |
|  6.625% due 11/15/2037 | 1135 | 1268 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 | 5902 | 5962 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 | 6010 | 5873 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  4.223% due 06/15/2048 | 3800 | 3120 |
|  5.448% due 06/01/2053 | 4400 | 4322 |
|  5.764% due 07/15/2040 | 8200 | 8390 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 2413 | 2502 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 | 5900 | 5823 |
|  5.875% due 09/18/2055 | 9800 | 9689 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  2.950% due 08/15/2051 | 15400 | 10087 |
|  3.320% due 04/15/2050 | 10305 | 7237 |
|  3.700% due 03/15/2052 | 15130 | 11156 |
|  3.750% due 06/01/2047 | 7550 | 5809 |
|  3.950% due 11/15/2041 | 1968 | 1639 |
|  4.100% due 06/15/2049 | 18761 | 15124 |
|  4.150% due 05/15/2048 | 12140 | 9882 |
|  4.300% due 04/01/2042 | 5097 | 4404 |
|  4.500% due 08/15/2040 | 2600 | 2401 |
|  5.350% due 04/01/2053 | 38086 | 36671 |
|  5.400% due 04/15/2035 | 9915 | 10245 |
|  5.550% due 04/15/2054 | 4500 | 4432 |
|  6.000% due 06/01/2039 | 3357 | 3656 |
|  Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 |
|  5.060% due 04/08/2043 | 22700 | 21882 |
|  Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 |
|  5.500% due 04/08/2044 | 27700 | 27983 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  5.112% due 12/14/2049 | 3000 | 2904 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sempra | Sempra | Sempra |
|  3.250% due 06/15/2027 | 1100 | 1081 |
|  6.000% due 10/15/2039 | 15145 | 15793 |
|  6.375% due 04/01/2056 •  | 20700 | 21256 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 | 4800 | 4907 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 | 6800 | 5983 |
|  2.950% due 02/01/2051 | 13000 | 7964 |
|  3.450% due 02/01/2052 | 14000 | 9325 |
|  3.650% due 02/01/2050 | 12765 | 8934 |
|  3.650% due 06/01/2051 | 31200 | 21610 |
|  3.900% due 12/01/2041 | 42994 | 33573 |
|  3.900% due 03/15/2043 | 6655 | 5215 |
|  4.000% due 04/01/2047 | 106850 | 80958 |
|  4.050% due 03/15/2042 | 3834 | 3079 |
|  4.125% due 03/01/2048 | 26468 | 20252 |
|  4.650% due 10/01/2043 | 41350 | 35268 |
|  4.875% due 03/01/2049 | 17583 | 14889 |
|  5.150% due 06/01/2029 | 9890 | 10065 |
|  5.200% due 06/01/2034 | 9400 | 9351 |
|  5.750% due 04/01/2035 | 8073 | 8337 |
|  5.900% due 03/01/2055 | 413 | 401 |
|  6.000% due 01/15/2034 | 5900 | 6183 |
|  6.050% due 03/15/2039 | 12000 | 12362 |
|  6.200% due 09/15/2055 | 17400 | 17562 |
|  6.650% due 04/01/2029 | 6995 | 7340 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.750% due 09/15/2042 | 4900 | 3951 |
|  3.950% due 02/15/2050 | 8127 | 6371 |
|  4.300% due 01/15/2049 | 1942 | 1617 |
|  5.050% due 09/01/2034 | 17850 | 18171 |
|  5.125% due 11/15/2040 | 1300 | 1281 |
|  5.200% due 06/01/2033 | 3500 | 3622 |
|  5.600% due 04/01/2054 | 9785 | 9835 |
|  6.000% due 06/15/2055 | 7100 | 7446 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  4.400% due 05/30/2047 | 15925 | 13424 |
|  5.875% due 03/15/2041 | 7500 | 7783 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 | 1000 | 965 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 | 11261 | 10833 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  2.750% due 10/01/2026 | 900 | 888 |
|  3.250% due 11/01/2051 | 550 | 367 |
|  3.850% due 02/01/2048 | 24272 | 18357 |
|  5.300% due 04/01/2033 | 7000 | 7172 |
|  6.200% due 03/15/2040 | 14340 | 15197 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 18050 | 12195 |
|  3.700% due 08/15/2047 | 3465 | 2626 |
|  3.750% due 06/15/2049 | 4000 | 3003 |
|  4.400% due 11/15/2048 | 1000 | 839 |
|  4.500% due 08/15/2041 | 3900 | 3522 |
|  5.150% due 06/01/2052 | 13000 | 11285 |
|  6.000% due 10/01/2036 | 2000 | 2077 |
|  6.000% due 06/01/2054 | 13170 | 13734 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  7.000% due 04/16/2040 | 19300 | 25097 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 4100 | 4129 |
|  6.000% due 04/15/2028 | 5000 | 5206 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  4.450% due 06/15/2049 | 18500 | 15746 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|  4.875% due 02/01/2031 | 12800 | 12841 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | 16667 | 15827 |
|  6.150% due 05/15/2037 | 4900 | 5333 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  3.900% due 04/01/2052 | 31000 | 24272 |
|  5.125% due 03/15/2055 | 8300 | 7863 |
|  5.450% due 03/15/2053 | 15600 | 15306 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.987% due 10/30/2056 | 29357 | 18117 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 11/20/2060 | 500 | 304 |
|  3.400% due 03/22/2041 (l) | 9422 | 7449 |
|  3.550% due 03/22/2051 | 100 | 73 |
|  3.700% due 03/22/2061 | 1400 | 987 |
|  3.850% due 11/01/2042 | 14860 | 12083 |
|  3.875% due 03/01/2052 (l) | 29380 | 22569 |
|  4.862% due 08/21/2046 | 6470 | 5891 |
|  5.050% due 05/09/2033 | 65 | 67 |
|  5.500% due 02/23/2054 | 1602 | 1579 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  3.800% due 09/15/2047 | 12700 | 9852 |
|  4.000% due 11/15/2046 | 10600 | 8543 |
|  4.600% due 12/01/2048 | 4744 | 4160 |
|  5.450% due 04/01/2053 | 6500 | 6364 |
|  5.600% due 09/15/2055 | 10000 | 9969 |
|  6.000% due 05/15/2037 | 400 | 430 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.700% due 12/30/2034 | 3000 | 3107 |
|  6.000% due 04/15/2034 | 4100 | 4326 |
|  6.950% due 10/15/2033 | 5067 | 5655 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.750% due 06/28/2054 | 13673 | 13471 |
|  5.875% due 06/28/2064 | 17754 | 17685 |
|  6.250% due 11/30/2032 | 2650 | 2874 |
|  7.000% due 04/04/2079 •  | 5700 | 6030 |
|  Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. |
|  2.850% due 12/01/2051 | 25500 | 16165 |
|  3.300% due 09/01/2049 | 3100 | 2181 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.600% due 06/01/2032 | 9171 | 9106 |
|  6.500% due 07/01/2036 | 6900 | 7630 |
|  |  | 4323209 |
|  Total Corporate Bonds & Notes (Cost $22,329,080) | Total Corporate Bonds & Notes (Cost $22,329,080) | 20597046 |
| MUNICIPAL BONDS & NOTES 2.2% | MUNICIPAL BONDS & NOTES 2.2% | MUNICIPAL BONDS & NOTES 2.2% |
| CALIFORNIA 0.8% | CALIFORNIA 0.8% | CALIFORNIA 0.8% |
|  Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 |
|  7.046% due 12/01/2044 | 7000 | 7999 |
|  Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 |
|  6.263% due 04/01/2049 | 4800 | 5079 |
|  Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 |
|  6.907% due 10/01/2050 | 28895 | 32999 |
|  7.043% due 04/01/2050 | 15775 | 18145 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 |
|  6.486% due 05/15/2049 | 4500 | 4802 |
|  California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 | California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 | California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 |
|  6.875% due 11/01/2026 | 2550 | 2628 |
|  California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 |
|  7.500% due 04/01/2034 | 4840 | 5683 |
|  7.550% due 04/01/2039 | 3607 | 4406 |
|  California State General Obligation Bonds, (BABs), Series 2010 | California State General Obligation Bonds, (BABs), Series 2010 | California State General Obligation Bonds, (BABs), Series 2010 |
|  7.625% due 03/01/2040 | 7575 | 9196 |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 |
|  7.804% due 03/01/2035 | 9010 | 10134 |
|  California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 |
|  6.484% due 11/01/2041 | 2000 | 2155 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 690 | 617 |
|  3.714% due 06/01/2041 | 14115 | 11087 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  7.488% due 08/01/2033 | 13140 | 14440 |
|  7.618% due 08/01/2040 | 5200 | 6224 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 | 2000 | 2164 |
|  Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 |
|  7.168% due 07/01/2040 | 875 | 988 |
|  Northern California Power Agency Revenue Bonds, (BABs), Series 2010 | Northern California Power Agency Revenue Bonds, (BABs), Series 2010 | Northern California Power Agency Revenue Bonds, (BABs), Series 2010 |
|  7.311% due 06/01/2040 | 500 | 564 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 |
|  6.583% due 05/15/2049 | 4305 | 4648 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 |
|  6.548% due 05/15/2048 | 25100 | 27090 |
|  Riverside County, California Revenue Bonds, Series 2020 | Riverside County, California Revenue Bonds, Series 2020 | Riverside County, California Revenue Bonds, Series 2020 |
|  3.818% due 02/15/2038 | 2500 | 2366 |
|  San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 | San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 | San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 |
|  6.138% due 05/01/2049 | 1795 | 1876 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 | 27844 | 23670 |
|  University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 |
|  4.767% due 05/15/2115 | 7803 | 6508 |
|  |  | 205468 |
| GEORGIA 0.2% | GEORGIA 0.2% | GEORGIA 0.2% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.637% due 04/01/2057 | 2212 | 2427 |
|  6.655% due 04/01/2057 | 40737 | 44376 |
|  |  | 46803 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 |
|  6.200% due 12/01/2040 | 900 | 949 |
|  Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 |
|  6.899% due 12/01/2040 | 14975 | 16746 |
|  Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 |
|  6.832% due 02/01/2035 | 1080 | 1116 |
|  Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 |
|  6.090% due 10/01/2034 | 5000 | 5398 |
|  |  | 24209 |
| INDIANA 0.0% | INDIANA 0.0% | INDIANA 0.0% |
|  Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 |
|  6.596% due 02/01/2039 | 1750 | 1958 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  Massachusetts Port Authority Revenue Bonds, Series 2011 | Massachusetts Port Authority Revenue Bonds, Series 2011 | Massachusetts Port Authority Revenue Bonds, Series 2011 |
|  6.202% due 07/01/2031 | 2360 | 2504 |
| MICHIGAN 0.1% | MICHIGAN 0.1% | MICHIGAN 0.1% |
|  Michigan State University Revenue Bonds, Series 2022 | Michigan State University Revenue Bonds, Series 2022 | Michigan State University Revenue Bonds, Series 2022 |
|  4.165% due 08/15/2122 | 16800 | 12443 |
|  University of Michigan Revenue Bonds, Series 2020 | University of Michigan Revenue Bonds, Series 2020 | University of Michigan Revenue Bonds, Series 2020 |
|  2.437% due 04/01/2040 | 15000 | 11338 |
|  2.562% due 04/01/2050 | 7000 | 4453 |
|  University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 |
|  4.454% due 04/01/2122 | 7400 | 5976 |
|  |  | 34210 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEVADA 0.0% | NEVADA 0.0% | NEVADA 0.0% |
|  Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 |
|  0.000% due 06/01/2036 (e) | 6375 | 3773 |
| NEW JERSEY 0.0% | NEW JERSEY 0.0% | NEW JERSEY 0.0% |
|  New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 | New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 | New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 |
|  7.102% due 01/01/2041 | 920 | 1067 |
| NEW MEXICO 0.0% | NEW MEXICO 0.0% | NEW MEXICO 0.0% |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.406% due 08/01/2046 | 6100 | 5249 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 |
|  6.027% due 01/01/2046 | 460 | 456 |
|  New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 |
|  5.427% due 03/15/2039 | 1140 | 1167 |
|  New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 |
|  5.289% due 03/15/2033 | 452 | 460 |
|  5.389% due 03/15/2040 | 200 | 203 |
|  New York State Dormitory Authority Revenue Bonds, Series 2010 | New York State Dormitory Authority Revenue Bonds, Series 2010 | New York State Dormitory Authority Revenue Bonds, Series 2010 |
|  5.051% due 09/15/2027 | 2735 | 2789 |
|  New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 |
|  5.770% due 03/15/2039 | 7370 | 7625 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2010 | Port Authority of New York & New Jersey Revenue Bonds, Series 2010 | Port Authority of New York & New Jersey Revenue Bonds, Series 2010 |
|  5.647% due 11/01/2040 | 500 | 533 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2011 | Port Authority of New York & New Jersey Revenue Bonds, Series 2011 | Port Authority of New York & New Jersey Revenue Bonds, Series 2011 |
|  4.926% due 10/01/2051 | 200 | 188 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2012 | Port Authority of New York & New Jersey Revenue Bonds, Series 2012 | Port Authority of New York & New Jersey Revenue Bonds, Series 2012 |
|  4.458% due 10/01/2062 | 84130 | 71916 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2014 | Port Authority of New York & New Jersey Revenue Bonds, Series 2014 | Port Authority of New York & New Jersey Revenue Bonds, Series 2014 |
|  5.310% due 08/01/2046 | 2800 | 2796 |
|  |  | 88133 |
| OHIO 0.2% | OHIO 0.2% | OHIO 0.2% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 |
|  6.449% due 02/15/2044 | 1000 | 1069 |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.334% due 02/15/2028 | 890 | 925 |
|  7.734% due 02/15/2033 | 7325 | 8536 |
|  8.084% due 02/15/2050 | 40725 | 52353 |
|  Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 |
|  4.800% due 06/01/2111 | 67 | 57 |
|  |  | 62940 |
| PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 11500 | 12677 |
| TEXAS 0.4% | TEXAS 0.4% | TEXAS 0.4% |
|  Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 |
|  7.088% due 01/01/2042 | 14000 | 15799 |
|  Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 |
|  0.000% due 02/15/2033 (e) | 19795 | 14131 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 02/15/2035 (e) | 8205 | 5244 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 22067 | 22749 |
|  5.169% due 04/01/2041 | 25300 | 25805 |
|  Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 |
|  5.178% due 04/01/2030 | 16000 | 16335 |
|  University of Texas System Revenue Bonds, Series 2020 | University of Texas System Revenue Bonds, Series 2020 | University of Texas System Revenue Bonds, Series 2020 |
|  2.439% due 08/15/2049 | 8700 | 5455 |
|  |  | 105518 |
| VIRGINIA 0.0% | VIRGINIA 0.0% | VIRGINIA 0.0% |
|  University of Virginia Revenue Bonds, (BABs), Series 2009 | University of Virginia Revenue Bonds, (BABs), Series 2009 | University of Virginia Revenue Bonds, (BABs), Series 2009 |
|  6.200% due 09/01/2039 | 1245 | 1378 |
| WISCONSIN 0.0% | WISCONSIN 0.0% | WISCONSIN 0.0% |
|  Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 | Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 | Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 |
|  0.000% due 04/01/2036 (e) | 1900 | 1118 |
|  0.000% due 04/01/2037 (e) | 2150 | 1190 |
|  0.000% due 04/01/2038 (e) | 2800 | 1454 |
|  0.000% due 04/01/2039 (e) | 2500 | 1216 |
|  |  | 4978 |
|  Total Municipal Bonds & Notes (Cost $622,970) | Total Municipal Bonds & Notes (Cost $622,970) | 600865 |
| U.S. GOVERNMENT AGENCIES 14.9% | U.S. GOVERNMENT AGENCIES 14.9% | U.S. GOVERNMENT AGENCIES 14.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 08/01/2054 - 01/01/2055 | 37273 | 37621 |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  4.305% due 10/25/2052 ~ | 18050 | 15462 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.552% due 08/15/2032 ~ | 1 | 1 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 12/01/2042 - 04/01/2049 | 5985 | 5581 |
|  4.000% due 10/01/2040 - 08/01/2049 | 559 | 537 |
|  5.500% due 10/01/2054 | 316 | 324 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 07/20/2052 - 07/20/2055 | 101497 | 92653 |
|  4.500% due 09/15/2033 | 3 | 3 |
|  8.500% due 09/15/2030 | 2 | 2 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 11/01/2055 | 200 | 182 |
|  4.000% due 10/01/2055 - 11/01/2055 | 171300 | 161067 |
|  4.500% due 11/01/2055 | 116600 | 113028 |
|  5.000% due 10/01/2055 - 11/01/2055 | 123400 | 122687 |
|  6.000% due 10/01/2055 - 11/01/2055 | 47800 | 48620 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 | 81831 | 77114 |
|  4.500% due 10/01/2055 - 11/01/2055 | 1505938 | 1460232 |
|  5.000% due 11/01/2055 | 1612649 | 1598439 |
|  6.000% due 11/01/2055 | 300000 | 306441 |
|  Total U.S. Government Agencies<br>(Cost $4,053,873) | Total U.S. Government Agencies<br>(Cost $4,053,873) | 4039994 |
| U.S. TREASURY OBLIGATIONS 22.5% | U.S. TREASURY OBLIGATIONS 22.5% | U.S. TREASURY OBLIGATIONS 22.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2051 | 221800 | 126742 |
|  2.000% due 02/15/2050 (n)(p) | 14100 | 8435 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.250% due 02/15/2052 (n) | 84300 | 52309 |
|  2.375% due 02/15/2042 (l)(n) | 514700 | 381572 |
|  2.500% due 02/15/2045 (l)(n) | 498818 | 357454 |
|  2.500% due 02/15/2046 (n) | 185185 | 130780 |
|  2.500% due 05/15/2046 (n)(p) | 189000 | 132957 |
|  2.750% due 11/15/2042 (n) | 100000 | 77480 |
|  2.750% due 08/15/2047 (n) | 216500 | 157013 |
|  2.750% due 11/15/2047 (n) | 100512 | 72679 |
|  2.875% due 08/15/2045 (n) | 170392 | 129521 |
|  2.875% due 05/15/2049 (l)(n) | 633400 | 462233 |
|  2.875% due 05/15/2052 (n)(p) | 79743 | 56920 |
|  3.000% due 02/15/2048 (n)(p) | 17600 | 13294 |
|  3.000% due 08/15/2048 (n) | 207264 | 155885 |
|  3.000% due 02/15/2049 | 151900 | 113768 |
|  3.125% due 02/15/2043 (n) | 321900 | 262839 |
|  3.125% due 05/15/2048 (n)(p) | 91885 | 70877 |
|  3.250% due 05/15/2042 (n) | 156686 | 131690 |
|  3.375% due 08/15/2042 (n) | 122000 | 103993 |
|  3.375% due 11/15/2048 (n)(p) | 57500 | 46207 |
|  3.875% due 02/15/2043 (n)(p) | 128300 | 116482 |
|  3.875% due 05/15/2043 (l)(n) | 176200 | 159654 |
|  4.000% due 11/15/2052 (n) | 210654 | 186462 |
|  4.250% due 02/15/2054 (n) | 189500 | 174969 |
|  4.250% due 08/15/2054 (l) | 138500 | 127896 |
|  4.500% due 11/15/2054 (l)(n)(p) | 502600 | 484067 |
|  4.625% due 11/15/2044 (l) | 11700 | 11594 |
|  4.625% due 05/15/2054 (l) | 351800 | 345740 |
|  4.625% due 02/15/2055 (l) | 539600 | 530578 |
|  4.750% due 02/15/2045 (l) | 18800 | 18922 |
|  4.750% due 05/15/2055 (l) | 191590 | 192249 |
|  4.750% due 08/15/2055 (l) | 386200 | 387588 |
|  4.875% due 08/15/2045 (l) | 128800 | 131688 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 | 166900 | 168269 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 11/15/2041 (a) | 35800 | 16580 |
|  0.000% due 02/15/2042 (a)(n) | 17670 | 8067 |
|  0.000% due 05/15/2042 (a) | 21000 | 9433 |
|  0.000% due 11/15/2042 (a) | 26900 | 11743 |
|  Total U.S. Treasury Obligations (Cost $6,861,692) | Total U.S. Treasury Obligations (Cost $6,861,692) | 6126629 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
|  5.690% due 10/13/2037 | 20220 | 18109 |
|  Bank | Bank | Bank |
|  2.283% due 09/15/2064 | 7400 | 6974 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.492% due 02/15/2039 •  | 4500 | 4489 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.163% due 02/15/2039 •  | 5589 | 5587 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.932% due 02/25/2035 •  | 7 | 7 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.790% due 12/25/2067 þ | 5742 | 5743 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  5.665% due 07/15/2038 •  | 3000 | 2733 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 2000 | 2073 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 | 6910 | 6443 |
|  4.248% due 07/05/2033 | 6100 | 5803 |
|  4.997% due 04/15/2037 •  | 976 | 963 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.290% due 03/25/2028 •  | 2 | 2 |
|  5.381% due 01/25/2029 •  | 10 | 9 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.821% due 02/15/2039 | 9900 | 9278 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ | 6812 | 6562 |
|  6.864% due 10/25/2063 þ | 4764 | 4835 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 8000 | 7876 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  | 585 | 586 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.706% due 08/25/2056 •  | 693 | 695 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ | 850 | 865 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.238% due 09/25/2034 ~ | 68 | 67 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.272% due 05/25/2058 •  | 742 | 759 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 1000 | 980 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $94,900) | Total Non-Agency Mortgage-Backed Securities (Cost $94,900) | 91438 |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 7674 | 7693 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 169 | 169 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 5026 | 5029 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 3254 | 3262 |
|  |  | 17158 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.142% due 11/25/2034 •  | 3053 | 3088 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.127% due 03/25/2034 •  | 1827 | 1889 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.732% due 06/25/2036 •  | 4018 | 3906 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  6.272% due 08/25/2037 •  | 6 | 6 |
|  |  | 8889 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.614% due 11/26/2036 •  | 5 | 5 |
| OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 4092 | 3929 |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  | 811 | 812 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 5296 | 5302 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 7152 | 7165 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 3581 | 3583 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 1771 | 1759 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.759% due 01/15/2031 •  | 1982 | 1984 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 8975 | 8751 |
|  LCM XVIII LP | LCM XVIII LP | LCM XVIII LP |
|  5.607% due 04/20/2031 •  | 166 | 166 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 1498 | 1501 |
|  Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. |
|  5.525% due 01/20/2032 •  | 6838 | 6828 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 9856 | 6653 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 3329 | 3332 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 3000 | 3004 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 3000 | 3005 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 2633 | 2617 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 1354 | 1354 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  3.706% due 02/15/2057 | 7100 | 6538 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 4800 | 4811 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.839% due 01/15/2032 •  | 1487 | 1490 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.525% due 07/20/2032 •  | 3651 | 3653 |
|  5.621% due 10/17/2032 •  | 1848 | 1850 |
|  |  | 80087 |
|  Total Asset-Backed Securities (Cost $109,762) | Total Asset-Backed Securities (Cost $109,762) | 106139 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 37100 | 21772 |
|  3.125% due 04/16/2030 | 13700 | 13328 |
|  3.125% due 09/30/2049 | 5200 | 3782 |
|  3.875% due 04/16/2050 | 12600 | 10344 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  5.000% due 01/27/2045 | 46630 | 37943 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 11500 | 12144 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.000% due 01/31/2052 | 3200 | 2531 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  3.875% due 07/03/2050 | 18000 | 12983 |
|  4.125% due 01/17/2048 | 13300 | 10406 |
|  4.500% due 04/03/2120 | 4600 | 3350 |
|  5.375% due 03/12/2029 | 5000 | 5145 |
|  5.375% due 02/19/2030 (l) | 17400 | 17969 |
|  5.500% due 03/12/2034 | 5000 | 5143 |
|  5.750% due 03/12/2054 | 20000 | 18959 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 | 5500 | 6496 |
|  3.771% due 05/24/2061 | 59442 | 37609 |
|  4.500% due 03/19/2034 | 4400 | 5250 |
|  4.750% due 03/22/2031 | 15000 | 14914 |
|  5.125% due 03/19/2038 | 1700 | 2034 |
|  5.375% due 03/22/2033 | 4800 | 4802 |
|  5.625% due 09/22/2035 | 9600 | 9567 |
|  6.338% due 05/04/2053 | 1564 | 1524 |
|  6.400% due 05/07/2054 | 25000 | 24488 |
|  6.875% due 05/13/2037 | 8200 | 8864 |
|  7.375% due 05/13/2055 | 3100 | 3412 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (g) | 170500 | 8437 |
|  4.000% due 11/30/2028 (g) | 124669 | 6789 |
|  4.000% due 08/24/2034 (g) | 32493 | 1700 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 | 2700 | 690 |
|  5.400% due 08/12/2034 | 21100 | 5886 |
|  7.300% due 08/12/2033 | 192055 | 61688 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 1800 | 1838 |
|  5.400% due 08/12/2034 | 365300 | 101909 |
|  5.875% due 08/08/2054 | 1400 | 1409 |
|  6.150% due 08/12/2032 | 121496 | 37096 |
|  6.900% due 08/12/2037 | 3900 | 1175 |
|  6.950% due 08/12/2031 | 88832 | 28338 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | 6800 | 6091 |
|  5.103% due 04/23/2048 | 28900 | 28786 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.500% due 04/04/2053 (l) | 12400 | 12048 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | $| 7300 | 7226 |
|  5.750% due 09/30/2049 |  | 38900 | 31220 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | EUR | 9100 | 9395 |
|  2.875% due 04/13/2042 |  | 9100 | 6868 |
|  3.750% due 02/07/2034 |  | 2900 | 2972 |
|  5.250% due 03/10/2030 |  | 12700 | 15375 |
|  5.250% due 05/30/2032 |  | 8700 | 10207 |
|  5.625% due 02/22/2036 |  | 4900 | 5603 |
|  5.625% due 05/30/2037 |  | 9700 | 10902 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 5000 | 5931 |
|  3.450% due 02/02/2061 | $| 13100 | 8582 |
|  3.750% due 03/05/2037 | EUR | 7100 | 8255 |
|  4.500% due 10/26/2046 | $| 47700 | 41428 |
|  4.625% due 10/04/2047 |  | 14800 | 12925 |
|  5.000% due 04/17/2049 |  | 15000 | 13822 |
|  5.000% due 01/18/2053 |  | 25000 | 22632 |
|  5.125% due 01/13/2028 |  | 20000 | 20440 |
|  5.375% due 01/13/2031 |  | 20000 | 21032 |
|  5.750% due 01/16/2054 |  | 34400 | 34611 |
|  State of Israel | State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 |  | 2100 | 1403 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | GBP | 101327 | 114093 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(f) | $| 25 | 13 |
|  0.000% due 02/01/2034 þ(f) |  | 93 | 39 |
|  0.000% due 02/01/2035 þ(f) |  | 79 | 38 |
|  0.000% due 02/01/2036 þ(f) |  | 65 | 32 |
|  4.500% due 02/01/2034 þ |  | 137 | 77 |
|  4.500% due 02/01/2035 þ |  | 182 | 101 |
|  4.500% due 02/01/2036 þ |  | 137 | 74 |
|  Total Sovereign Issues (Cost $1,058,472) | Total Sovereign Issues (Cost $1,058,472) | Total Sovereign Issues (Cost $1,058,472) | 1003935 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (c)(k) |  | 14866 | 892 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « |  | 179471 | 3888 |
|  Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | 4780 |
| CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% |  | 20200 | 24933 |
|  Total Convertible Preferred Securities (Cost $24,500) | Total Convertible Preferred Securities (Cost $24,500) | Total Convertible Preferred Securities (Cost $24,500) | 24933 |
| PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% |
| BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(h) |  | 6400000 | 6280 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(h)(i) | 15000000 | 16550 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(h) | 93500000 | 94562 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(h) | 5700000 | 5617 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 06/01/2026 •(h) | 11000000 | 10880 |
|  4.000% due 12/01/2030 •(h) | 57000000 | 53611 |
|  5.000% due 12/01/2027 •(h) | 8150000 | 8024 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.875% due 02/18/2026 •(h) | 40000000 | 39664 |
|  4.000% due 12/10/2025 •(h) | 3000000 | 2989 |
|  6.875% (H15T5Y + 2.890%) due 12/31/2099 ~ | 29000000 | 29940 |
|  6.950% due 02/15/2030 •(h) | 26469000 | 27223 |
|  7.000% due 08/15/2034 •(h) | 17100000 | 18205 |
|  7.125% due 08/15/2029 •(h) | 9000000 | 9308 |
|  7.200% due 05/15/2029 •(h) | 9400000 | 9733 |
|  7.625% due 11/15/2028 •(h) | 5100000 | 5363 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(h) | 12600000 | 12264 |
|  6.450% due 10/01/2027 •(h) | 15000000 | 15136 |
|  7.125% due 01/01/2030 •(h) | 15000000 | 15582 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(h) | 8500000 | 8360 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.000% due 09/15/2030 •(h) | 5400000 | 5673 |
|  7.750% due 06/15/2029 •(h) | 4000000 | 4200 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(h) | 21900000 | 21477 |
|  6.125% due 11/10/2034 •(h)(l) | 32000000 | 32614 |
|  6.850% due 02/10/2030 •(h) | 15000000 | 15607 |
|  7.500% due 02/10/2029 •(h) | 3500000 | 3726 |
|  7.500% due 05/10/2029 •(h) | 10000000 | 10589 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(h) | 26000000 | 25711 |
|  4.625% due 06/01/2026 (h) | 829000 | 16804 |
|  6.500% due 04/01/2030 •(h) | 41000000 | 42492 |
|  6.730% (TSFR3M + 2.745%) due 01/01/2026 ~(h) | 12700000 | 12761 |
|  6.875% due 06/01/2029 •(h) | 18050000 | 19053 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 | 23640000 | 26480 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(h) | 2700000 | 2622 |
|  6.250% due 03/15/2030 •(h) | 1100000 | 1130 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(h) | 11900000 | 12402 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(h) | 13555000 | 13542 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(h) | 26874000 | 26658 |
|  6.850% due 09/15/2029 •(h) | 20000000 | 21061 |
|  |  | 703893 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (e) | 516000 | 62 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.000% due 11/07/2032 |  | 16945 | $— | 9235 |
|  |  |  |  | 9297 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  4.875% due 10/15/2025 •(h) |  | 7450000 |  | 7453 |
|  Total Preferred Securities (Cost $735,976) | Total Preferred Securities (Cost $735,976) | Total Preferred Securities (Cost $735,976) |  | 720643 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.600% due 10/06/2025 | $— | 600 |  | 600 |
|  | **SHARES** | **SHARES** |  |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (j) |  | 977960 |  | 978 |
|  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **PRINCIPAL**<br> **AMOUNT**<br> (000S) |  |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.101% due 11/04/2025 - 01/27/2026 (d)(e)(l)(n)(p) | $— | 4372 |  | 4341 |
| Total Short-Term Instruments<br>(Cost $5,919) | Total Short-Term Instruments<br>(Cost $5,919) | Total Short-Term Instruments<br>(Cost $5,919) |  | 5919 |
| Total Investments in Securities<br>(Cost $35,971,191) | Total Investments in Securities<br>(Cost $35,971,191) | Total Investments in Securities<br>(Cost $35,971,191) |  | 33392115 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 3705424 |  | 36087 |
| Total Short-Term Instruments (Cost $36,086) | Total Short-Term Instruments (Cost $36,086) | Total Short-Term Instruments (Cost $36,086) |  | 36087 |
| Total Investments in Affiliates<br>(Cost $36,086) | Total Investments in Affiliates<br>(Cost $36,086) | Total Investments in Affiliates<br>(Cost $36,086) |  | 36087 |
| Total Investments 122.9%<br>(Cost $36,007,277) | Total Investments 122.9%<br>(Cost $36,007,277) | Total Investments 122.9%<br>(Cost $36,007,277) | $— | 33428202 |
|  Financial Derivative<br>Instruments (m)(o) (0.1)%<br> (Cost or Premiums, net $499,939) | Financial Derivative<br>Instruments (m)(o) (0.1)%<br> (Cost or Premiums, net $499,939) | Financial Derivative<br>Instruments (m)(o) (0.1)%<br> (Cost or Premiums, net $499,939) |  | (17267) |
| Other Assets and Liabilities, net (22.8)% | Other Assets and Liabilities, net (22.8)% | Other Assets and Liabilities, net (22.8)% |  | (6201715) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 27209220 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

(b) When-issued security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Security becomes interest bearing at a future date.

(g) Principal amount of security is adjusted for inflation.

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) Contingent convertible security.

(j) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | $9909 | $10226 | 0.04% |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 03/20/2025 | 6900 | 6988 | 0.03 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 8200 | 8370 | 0.03 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 2600 | 2634 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 1700 | 1736 | 0.01 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 4200 | 4325 | 0.02 |
|  MNSN Holdings, Inc. | 04/26/2022 | 289 | 892 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 - 08/23/2021 | 55458 | 44862 | 0.16 |
|  NFL Football Club Term Notes 5.250% due 10/05/2034 | 06/27/2025 | 22400 | 22652 | 0.08 |
|  NFL Football Club Term Notes 5.420% due 10/05/2037 | 06/27/2025 | 8000 | 8109 | 0.03 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 12200 | 12509 | 0.05 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 4000 | 4119 | 0.01 |
|  National Football League 5.580% due 10/05/2033 | 03/14/2024 | 10000 | 10283 | 0.04 |
|  National Football League 5.680% due 10/05/2035 | 03/14/2024 | 5000 | 5118 | 0.02 |
|  National Football League 5.890% due 10/05/2043 | 03/14/2024 | 5000 | 5024 | 0.02 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 8700 | 8701 | 0.03 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 24000 | 27075 | 0.10 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 5392 | 6102 | 0.02 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189725 | 0.70% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.270% | 09/30/2025 | 10/01/2025 | $(33825) | $(33829) |
|  | 4.550 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315809) |
|  BRC | (1.250) | 09/19/2025 | TBD<sup>(2)</sup> | (2749) | (2747) |
|  | 2.250 | 09/19/2025 | TBD<sup>(2)</sup> | (779) | (780) |
|  | 3.000 | 09/19/2025 | TBD<sup>(2)</sup> | (1082) | (1083) |
|  | 3.250 | 09/24/2025 | TBD<sup>(2)</sup> | (3873) | (3875) |
|  | 3.500 | 09/19/2025 | TBD<sup>(2)</sup> | (2857) | (2860) |
|  | 3.850 | 09/19/2025 | TBD<sup>(2)</sup> | (28181) | (28217) |
|  | 3.950 | 09/19/2025 | TBD<sup>(2)</sup> | (9274) | (9287) |
|  | 4.050 | 09/19/2025 | TBD<sup>(2)</sup> | (17197) | (17220) |
|  | 4.150 | 09/19/2025 | TBD<sup>(2)</sup> | (94226) | (94356) |
|  | 4.150 | 09/24/2025 | TBD<sup>(2)</sup> | (3022) | (3024) |
|  | 4.150 | 10/01/2025 | 10/06/2025 | (132342) | (132342) |
|  | 4.190 | 10/01/2025 | 10/06/2025 | (165737) | (165737) |
|  | 4.340 | 09/30/2025 | 10/02/2025 | (275220) | (275253) |
|  DEU | 4.180 | 10/01/2025 | 10/03/2025 | (178736) | (178737) |
|  | 4.250 | 09/22/2025 | 10/17/2025 | (1702) | (1704) |
|  | 4.250 | 09/24/2025 | 10/01/2025 | (144245) | (144364) |
|  | 4.260 | 09/19/2025 | 10/10/2025 | (4090) | (4096) |
|  | 4.310 | 09/26/2025 | 10/03/2025 | (18964) | (18976) |
|  IND | 4.230 | 10/01/2025 | 10/02/2025 | (101250) | (101250) |
|  JML | 1.750 | 09/19/2025 | TBD<sup>(2)</sup> | (2922) | (2924) |
|  JPS | 4.000 | 09/19/2025 | 10/31/2025 | (683) | (683) |
|  | 4.050 | 09/19/2025 | 10/31/2025 | (33602) | (33647) |
|  | 4.050 | 09/24/2025 | 10/31/2025 | (2011) | (2012) |
|  | 4.350 | 09/24/2025 | 10/01/2025 | (34278) | (34307) |
|  MEI | 2.500 | 09/19/2025 | 10/31/2025 | (6998) | (7004) |

---

---

| | | |
|:---|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(1)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  | 4.050% | 09/19/2025 | TBD<sup>(2)</sup> | $(9687) | $(9700) |
|  MSC | 3.500 | 09/24/2025 | 10/31/2025 | (5582) | (5586) |
|  NOM | 3.900 | 09/30/2025 | TBD<sup>(2)</sup> | (4429) | (4430) |
|  | 4.050 | 09/19/2025 | TBD<sup>(2)</sup> | (3740) | (3745) |
|  NXN | 4.255 | 09/18/2025 | 10/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116413) | (1118128) |
|  | 4.255 | 09/26/2025 | 10/23/2025 | (11875) | (11883) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2769595) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  BCY | 4.250% | 09/25/2025 | 10/14/2025 | $(17308) | $(17320) |
|  GSC | 4.270 | 09/30/2025 | 10/16/2025 | (1569) | (1569) |
|  | 4.270 | 10/01/2025 | 10/16/2025 | (6729) | (6730) |
|  | 4.280 | 09/22/2025 | 10/08/2025 | (5932) | (5938) |
|  TDM | 4.240 | 09/22/2025 | 10/02/2025 | (1186) | (1188) |
|  | 4.240 | 09/22/2025 | 10/23/2025 | (593) | (594) |
|  | 4.240 | 10/01/2025 | 10/23/2025 | (9301) | (9301) |
|  | 4.270 | 09/18/2025 | 10/08/2025 | (5349) | (5358) |
|  | 4.270 | 09/22/2025 | 10/08/2025 | (3485) | (3489) |
|  | 4.270 | 10/01/2025 | 10/20/2025 | (2485) | (2485) |
|  UBS | 4.250 | 10/01/2025 | 10/22/2025 | (6729) | (6729) |
|  | 4.260 | 09/18/2025 | 10/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10172) | (10187) |
|  | 4.260 | 09/22/2025 | 10/24/2025 | (4004) | (4008) |
|  | 4.260 | 09/26/2025 | 10/16/2025 | (7038) | (7042) |
|  | 4.260 | 09/26/2025 | 10/24/2025 | (4593) | (4596) |
|  | 4.260 | 09/30/2025 | 10/24/2025 | (1661) | (1661) |
|  | 4.260 | 10/01/2025 | 10/16/2025 | (26170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26170) |
|  | 4.260 | 10/01/2025 | 10/24/2025 | (10468) | (10468) |
|  | 4.320 | 09/15/2025 | 10/15/2025 | (14482) | (14509) |
|  | 4.320 | 09/17/2025 | 10/15/2025 | (14636) | (14661) |
|  | 4.320 | 09/18/2025 | 10/15/2025 | (5651) | (5660) |
|  | 4.320 | 09/22/2025 | 10/15/2025 | (2966) | (2969) |
|  | 4.320 | 09/26/2025 | 10/15/2025 | (4445) | (4448) |
|  | 4.320 | 09/30/2025 | 10/15/2025 | (4060) | (4060) |
|  | 4.320 | 10/01/2025 | 10/15/2025 | (18693) | (18693) |
|  | 4.340 | 09/10/2025 | 10/06/2025 | (9381) | (9404) |
|  | 4.340 | 09/17/2025 | 10/06/2025 | (83) | (83) |
|  | 4.340 | 09/18/2025 | 10/06/2025 | (716) | (717) |
|  | 4.340 | 09/22/2025 | 10/06/2025 | (8898) | (8908) |
|  | 4.340 | 09/26/2025 | 10/06/2025 | (593) | (593) |
|  | 4.340 | 09/30/2025 | 10/06/2025 | (5259) | (5260) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214798) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(3)</sup> |
|  U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500% | 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | $(145699) | $(145514) |
|  Total Short Sales (0.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145699) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145514) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349638) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349638) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350144 | $506 |
|  BRC | 0 | (736781) | 0 | (736781) | 445869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290912) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(4)</sup>** |
|  DEU | $0 | $(347877) | $0 | $(347877) | $166028 | $(181849) |
|  IND | 0 | (101250) | 0 | (101250) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101250) |
|  JML | 0 | (2924) | 0 | (2924) | 2862 | (62) |
|  JPS | 0 | (70649) | 0 | (70649) | 71689 | 1040 |
|  MEI | 0 | (16704) | 0 | (16704) | 17215 | 511 |
|  MSC | 0 | (5586) | 0 | (5586) | 5783 | 197 |
|  NOM | 0 | (8175) | 0 | (8175) | 8551 | 376 |
|  NXN | 0 | (1130011) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109788 | (20223) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (17320) | (17320) | 17058 | (262) |
|  GSC | 0 | 0 | (14237) | (14237) | 14143 | (94) |
|  TDM | 0 | 0 | (22415) | (22415) | 22213 | (202) |
|  UBS | 0 | 0 | (160826) | (160826) | 159798 | (1028) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2769595) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214798) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(48932) | $(146331) | $(195263) |
|  U.S. Treasury Obligations | (528309) | (1392732) | 0 | 0 | (1921041) |
|  Sovereign Issues | 0 | (37308) | 0 | (9700) | (47008) |
|  Preferred Securities | 0 | 0 | 0 | (28217) | (28217) |
|  Total | $(528309) | $(1430040) | $(48932) | $(184248) | $(2191529) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (214798) | 0 | 0 | (214798) |
|  Total | $0 | $(214798) | $0 | $0 | $(214798) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644838) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48932) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184248) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2406327) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(5)</sup> | $(2406327) |

---

(l) Securities with an aggregate market value of $2,390,209 and cash of $1,887 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(2921356) at a weighted average interest rate of 4.386%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Payable for sale-buyback transactions includes $(369) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(578066) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 1953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | $(363) | $(397) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 1472 | 1472 | (335) | (315) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 432 | 432 | (162) | (97) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 260 | 260 | (58) | (73) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 172 | 172 | (75) | (18) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900) |

---

94 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 797 | $797 | $(148) | $(89) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | (320) | (176) |
|  |  |  |  |  | $(468) | $(265) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1461) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1165) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 5193 | $1258069 | $11469 | $325 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 7248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754378 | 16179 | 544 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 6992 | 1693812 | 15359 | 524 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 10307 | 2497257 | 23008 | 644 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 958 | 231956 | 2049 | 72 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 9554 | 2313621 | 20153 | 716 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 129 | 17843 | 5 | 24 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 204 | 187316 | (1812) | 152 | (152) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22939 | 2754114 | 72065 | 0 | (12903) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 4577 | 526713 | 5273 | 0 | (286) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13341) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 19403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118717) | $2046 | $0 | $(758) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14099) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  Citigroup, Inc. | (1.000)% | Quarterly | 12/20/2032 | 0.725% | $7500 | $305 | $(436) | $(131) | $3 | $0 |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.049 | 21300 | (3584) | (50) | (3634) | 11 | 0 |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | 269 | (616) | (347) | 6 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3010) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.170% | $11600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1988) | $139 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2027 | 0.428 | 15000 | 2072 | (903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (6) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 87600 | (468) | 1853 | 1385 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.222 | 16300 | 110 | (78) | 32 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 31000 | 393 | (134) | 259 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | 79 | (49) | 30 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.265 | 1600 | (4) | 48 | 44 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 0.759 | 9000 | (19) | 2230 | 2211 | 0 | (2) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | $5200 | 62 | (26) | 36 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 0.962 | 5000 | 1153 | 111 | 1264 | 0 | (5) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | $11700 | 73 | (9) | 64 | 0 | (1) |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2025 | 0.220 | 4900 | 890 | (832) | 58 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 46950 | 127 | (34) | 93 | 0 | (1) |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 33000 | 209 | (21) | 188 | 0 | (2) |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.161 | 15900 | 469 | (369) | 100 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 36500 | 804 | (46) | 758 | 0 | (34) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  Teck Resources Ltd. | 5.000% | Quarterly | 06/20/2026 | 0.107% | $10800 | $1877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485) | $392 | $1 | $0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.245 | 7700 | 82 | 103 | 185 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | $10000 | 240 | (151) | 89 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 45200 | (132) | 860 | 728 | 0 | (7) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 9700 | (24) | 195 | 171 | 1 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350 | 106 | 72 | 178 | 0 | (3) |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.124 | $10900 | 78 | 40 | 118 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10304 | $(613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.EM-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $200 | $(7) | $4 | $(3) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179850 | (26444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) | (27132) | 0 | 0 |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 219970 | 4949 | 899 | 5848 | 73 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21502) | $215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21287) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $36892 | $(1371) | $1409 | $38 | $0 | $(6) |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 276 | (8) | 9 | 1 | 0 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 32292 | (1171) | 1312 | 141 | 0 | (13) |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 7 | 0 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 5100 | (223) | 215 | (8) | 0 | (2) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 1600 | (61) | 53 | (8) | 0 | (1) |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2000 | (58) | 42 | (16) | 0 | (1) |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1400 | (31) | 1 | (30) | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 81680 | 1150 | 452 | 1602 | 4 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 38800 | 566 | 267 | 833 | 3 | 0 |
|  CDX.IG-42 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 31565 | 587 | 119 | 706 | 1 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 43810 | 829 | 182 | 1011 | 5 | 0 |
|  CDX.IG-44 5-Year Index | 0.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12940320 | 227603 | 69972 | 297575 | 1006 | (393) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 6445600 | 145164 | 2975 | 148139 | 1047 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 47360 | 1204 | 5 | 1209 | 13 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 608600 | $(3412) | $(105) | $(3517) | $837 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 |  | 4200 | (12) | (84) | (96) | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | $— | 275000 | 1177 | 14654 | 15831 | 0 | (39) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 |  | 776800 | 60943 | (21916) | 39027 | 0 | (216) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 |  | 400000 | 25816 | (11550) | 14266 | 0 | (106) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 593560 | (10846) | 4903 | (5943) | 0 | (330) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 |  | 2354200 | 54136 | (554) | 53582 | 0 | (1118) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 500000 | 7081 | (2688) | 4393 | 0 | (223) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2031 |  | 785750 | (502) | (8078) | (8580) | 0 | (300) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.704 | Annual | 04/30/2031 |  | 344000 | 0 | (3941) | (3941) | 0 | (131) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.769 | Annual | 04/30/2031 |  | 218500 | 0 | (3334) | (3334) | 0 | (85) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 510660 | 18869 | (24161) | (5292) | 0 | (77) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 301000 | (14925) | 13307 | (1618) | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 18100 | (53) | 212 | 159 | 0 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 |  | 145377 | (1145) | 1762 | 617 | 430 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 71000 | 0 | 2494 | 2494 | 209 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 249200 | 4161 | 16587 | 20748 | 721 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | AUD | 940100 | 7577 | 3637 | 11214 | 881 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 |  | 256600 | (2938) | (907) | (3845) | 925 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | EUR | 443500 | 2279 | (940) | 1339 | 744 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 166530 | (1738) | (1323) | (3061) | 0 | (1302) |
|  |  |  |  |  |  |  | $146468 | $(22025) | $124443 | $4759 | $(3960) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $506433 | $53495 | $559928 | $6933 | $(4449) |

---

96 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1165) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14099) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19790) |

---

(n) Securities with an aggregate market value of $1,025,992 and cash of $23,854 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $62 and liability of $(20) is outstanding at period end. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin liability of $(77) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 105767 | $123361 | $0 | $(815) |
|  | 10/2025 | $1350 | 2055 | 10 | 0 |
|  | 11/2025 | 2055 | $1350 | 0 | (10) |
|  BOA | 10/2025 | 367298 | 2479 | 0 | (5) |
|  | 10/2025 | $543 | 81329 | 7 | 0 |
|  | 11/2025 | 81047 | $543 | 0 | (7) |
|  | 12/2025 | $5310 | 99908 | 101 | 0 |
|  BPS | 10/2025 | 50270 | $59537 | 518 | 0 |
|  | 10/2025 | $2017 | 1708 | 0 | (12) |
|  | 10/2025 | 453 | 67265 | 2 | 0 |
|  | 11/2025 | 67032 | $453 | 0 | (2) |
|  | 12/2025 | $3841 | 73220 | 125 | 0 |
|  BRC | 10/2025 | 722 | 13513 | 14 | 0 |
|  | 11/2025 | 5564 | $3678 | 0 | (5) |
|  | 11/2025 | 52402 | 14222 | 0 | (848) |
|  BSH | 11/2025 | 158800 | 42940 | 0 | (2735) |
|  | 11/2025 | $453 | 67032 | 2 | 0 |
|  | 12/2025 | 90319 | $25311 | 0 | (653) |
|  | 12/2025 | $10 | 36 | 0 | 0 |
|  | 01/2026 | 113 | $32 | 0 | (1) |
|  | 03/2026 | 14645 | 4193 | 0 | (6) |
|  | 05/2026 | 46829 | 13176 | 0 | (224) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  CBK | 10/2025 | 14392 | $9394 | $0 | $(129) |
|  | 10/2025 | 12143 | 16514 | 183 | 0 |
|  | 10/2025 | 60025 | 16761 | 0 | (516) |
|  | 10/2025 | $1516 | 2315 | 16 | 0 |
|  | 10/2025 | 2732 | 2320 | 0 | (8) |
|  | 10/2025 | 35 | 5199 | 0 | 0 |
|  | 11/2025 | 22 | 82 | 1 | 0 |
|  | 12/2025 | 72164 | $19740 | 0 | (1003) |
|  | 01/2026 | 76821 | 21462 | 0 | (598) |
|  | 03/2026 | 57006 | 16217 | 0 | (128) |
|  | 05/2026 | 28067 | 7915 | 0 | (117) |
|  DUB | 11/2025 | 52251 | 14913 | 0 | (116) |
|  | 02/2026 | 14478 | 4071 | 0 | (84) |
|  FAR | 10/2025 | 21 | 14 | 0 | 0 |
|  | 10/2025 | 43479 | 296 | 2 | 0 |
|  | 10/2025 | $1558 | 2387 | 21 | 0 |
|  | 10/2025 | 272110 | 232911 | 1339 | 0 |
|  | 10/2025 | 335 | 50000 | 4 | 0 |
|  | 11/2025 | 2387 | $1559 | 0 | (21) |
|  | 11/2025 | 232911 | 272657 | 0 | (1340) |
|  | 12/2025 | 983394 | 51894 | 0 | (1371) |
|  | 12/2025 | $65 | 1229 | 2 | 0 |
|  GLM | 10/2025 | 63509 | $75214 | 652 | 0 |
|  | 10/2025 | $806 | 15084 | 17 | 0 |
|  JPM | 12/2025 | 2178 | 40648 | 24 | 0 |
|  MBC | 10/2025 | 17393 | $20598 | 178 | 0 |
|  | 10/2025 | $224 | 33337 | 1 | 0 |
|  | 11/2025 | 56995 | $385 | 0 | (1) |
|  | 12/2025 | $26900 | 500173 | 191 | 0 |
|  MYI | 10/2025 | 3971 | $27 | 0 | 0 |
|  | 10/2025 | $739 | 110312 | 7 | 0 |
|  | 11/2025 | 1511 | 2700 | 9 | 0 |
|  | 11/2025 | 109931 | $739 | 0 | (7) |
|  RBC | 12/2025 | $1221 | 22791 | 14 | 0 |
|  SCX | 10/2025 | 20330 | $138 | 1 | 0 |
|  | 10/2025 | $270006 | 201858 | 1473 | 0 |
|  | 10/2025 | 430 | 63479 | 0 | (1) |
|  | 11/2025 | 201858 | $270054 | 0 | (1473) |
|  | 11/2025 | 275 | 2 | 0 | 0 |
|  | 12/2025 | $2097 | 38853 | 7 | 0 |
|  SSB | 10/2025 | 189715 | $255720 | 572 | 0 |
|  | 10/2025 | 79889 | 21687 | 0 | (1305) |
|  UAG | 10/2025 | $1385 | 2092 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13541) |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 36200 | $(110) | $(13) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 36700 | (101) | (5) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 50600 | (131) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 36700 | (101) | (224) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 50600 | (131) | (199) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 37800 | (96) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 37800 | (96) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 26000 | (60) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 26000 | (60) | (58) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 51100 | (156) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 51100 | (148) | (171) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 51000 | (175) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 51000 | (175) | (14) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 35000 | (112) | (1) |

---

---

| | | |
|:---|:---|:---|
| **98** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698% | 10/06/2025 | 35000 | $(112) | $(62) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 36700 | (99) | (128) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 36700 | (99) | (62) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 21400 | (55) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 21400 | (55) | (4) |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 2100 | (7) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 2100 | (7) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2086) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Colombia Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.766% | $1400 | $(37) | $41 | $4 | $0 |
|  | Italy Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | 80 | 410 | 490 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 1100 | (30) | 33 | 3 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 700 | (62) | 62 | 0 | 0 |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.624 | 9300 | (242) | 269 | 27 | 0 |
|  | NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.124 | 8400 | 183 | (164) | 19 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 1100 | (29) | 32 | 3 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 300 | (11) | 12 | 1 | 0 |
|  | Italy Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.082 | 13100 | 9 | 139 | 148 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.624 | 9400 | (245) | 273 | 28 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 12300 | (498) | 515 | 17 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 5700 | (508) | 506 | 0 | (2) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.638 | 8800 | 1230 | (577) | 653 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 5200 | (55) | 129 | 74 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 200 | (8) | 8 | 0 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 9300 | (73) | 128 | 55 | 0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.626 | 73600 | (936) | 406 | 0 | (530) |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 3400 | (192) | 197 | 5 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 4000 | (357) | 356 | 0 | (1) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 | 1500 | (21) | 24 | 3 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 23100 | 65 | 138 | 203 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 16700 | (57) | 239 | 182 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 7200 | (139) | 237 | 98 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 31300 | (330) | 775 | 445 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2263) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1800 | $(53) | $59 | $6 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 1881 | (70) | 70 | 0 | 0 |
| MEI | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 1 | 0 | 0 | 0 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 7700 | (228) | 253 | 25 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 2395 | (92) | 92 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 4900 | (140) | 156 | 16 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 7500 | (9) | 47 | 38 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3200 | (92) | 103 | 11 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | Pay | iBoxx USD Liquid Investment Grade Index  | 2707216 | 3.750% (SOFR<br>less a<br>specified<br>spread) | Monthly | 09/23/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301205 | $0 | $(382) | $0 | $(382) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2947) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 99

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $10 | $0 | $0 | $10 | $(825) | $0 | $0 | $(825) | $(815) | $733 | $(82) |
|  BOA | 108 | 0 | 494 | 602 | (12) | (453) | 0 | (465) | 137 | 0 | 137 |
|  BPS | 645 | 0 | 3 | 648 | (14) | 0 | 0 | (14) | 634 | (910) | (276) |
|  BRC | 14 | 0 | 46 | 60 | (853) | (77) | 0 | (930) | (870) | 783 | (87) |
|  BSH | 2 | 0 | 0 | 2 | (3619) | 0 | 0 | (3619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) |
|  CBK | 200 | 0 | 152 | 352 | (2499) | (182) | 0 | (2681) | (2329) | 2329 | 0 |
|  DUB | 0 | 0 | 0 | 0 | (200) | (30) | 0 | (230) | (230) | 302 | 72 |
|  FAR | 1368 | 0 | 0 | 1368 | (2732) | 0 | 0 | (2732) | (1364) | 1197 | (167) |
|  GLM | 669 | 0 | 0 | 669 | 0 | (253) | 0 | (253) | 416 | (760) | (344) |
|  GST | 0 | 0 | 778 | 778 | 0 | 0 | (2) | (2) | 776 | (990) | (214) |
|  JPM | 24 | 0 | 55 | 79 | 0 | 0 | (912) | (912) | (833) | 1330 | 497 |
|  MBC | 370 | 0 | 0 | 370 | (1) | 0 | 0 | (1) | 369 | (270) | 99 |
|  MYC | 0 | 0 | 961 | 961 | 0 | (5) | (1) | (6) | 955 | (800) | 155 |
|  MYI | 16 | 0 | 0 | 16 | (7) | 0 | 0 | (7) | 9 | 0 | 9 |
|  RBC | 14 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 14 | 0 | 14 |
|  SAL | 0 | 0 | 54 | 54 | 0 | 0 | 0 | 0 | 54 | 0 | 54 |
|  SCX | 1481 | 0 | 0 | 1481 | (1474) | 0 | 0 | (1474) | 7 | 0 | 7 |
|  SSB | 572 | 0 | 0 | 572 | (1305) | 0 | 0 | (1305) | (733) | 415 | (318) |
|  UAG | 0 | 0 | 11 | 11 | 0 | (2) | 0 | (2) | 9 | 0 | 9 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13541) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15458) |  |  |  |

---

(p) Securities with an aggregate market value of $10,442 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **100** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3001 | $3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2174 | 0 | 0 | 4759 | 6933 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | $0 | $0 | $7760 | $9934 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5493 | $0 | $5493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2554 | 0 | 0 | 0 | 2554 |
|  | $0 | $2554 | $0 | $5493 | $0 | $8047 |
|  | $0 | $4728 | $0 | $5493 | $7760 | $17981 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1165 | $1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 14099 | 14099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 566 | 0 | 0 | 3960 | 4526 |
|  | $0 | $566 | $0 | $0 | $19224 | $19790 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $13541 | $0 | $13541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1002 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 533 | 382 | 0 | 0 | 915 |
|  | $0 | $533 | $382 | $13541 | $1002 | $15458 |
|  | $0 | $1099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35248 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $6243 | $6243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 79525 | 0 | 0 | 119549 | 199074 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79525 | $0 | $0 | $13052 | $92577 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(48628) | $0 | $(48628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (2056) | (2056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 874 | 0 | 0 | 15583 | 16457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2665 | (8769) | 0 | 0 | (6104) |
|  | $0 | $3539 | $(8769) | $(48628) | $13527 | $(40331) |
|  | $0 | $83064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8769) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48628) | $26579 | $52246 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $315 | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105888 | 105888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 102793 | 0 | 0 | (88820) | 13973 |
|  | $0 | $102793 | $0 | $0 | $17383 | $120176 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1717 | $0 | $1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1524 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (68) | 0 | 0 | 414 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (312) | (1072) | 0 | 0 | (1384) |
|  | $0 | $(380) | $(1072) | $1717 | $1938 | $2203 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | $19321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122379 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 101

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $14032 | $55762 | $69794 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 7509811 | 51128 | 7560939 |
| &nbsp;&nbsp; Industrials | 0 | 8364558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8712898 |
| &nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305733 | 0 | 4323209 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 205468 | 0 | 205468 |
| &nbsp;&nbsp; Georgia | 0 | 46803 | 0 | 46803 |
| &nbsp;&nbsp; Illinois | 0 | 24209 | 0 | 24209 |
| &nbsp;&nbsp; Indiana | 0 | 1958 | 0 | 1958 |
| &nbsp;&nbsp; Massachusetts | 0 | 2504 | 0 | 2504 |
| &nbsp;&nbsp; Michigan | 0 | 34210 | 0 | 34210 |
| &nbsp;&nbsp; Nevada | 0 | 3773 | 0 | 3773 |
| &nbsp;&nbsp; New Jersey | 0 | 1067 | 0 | 1067 |
| &nbsp;&nbsp; New Mexico | 0 | 5249 | 0 | 5249 |
| &nbsp;&nbsp; New York | 0 | 88133 | 0 | 88133 |
| &nbsp;&nbsp; Ohio | 0 | 62940 | 0 | 62940 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12677 | 0 | 12677 |
| &nbsp;&nbsp; Texas | 0 | 105518 | 0 | 105518 |
| &nbsp;&nbsp; Virginia | 0 | 1378 | 0 | 1378 |
| &nbsp;&nbsp; Wisconsin | 0 | 4978 | 0 | 4978 |
|  U.S. Government Agencies | 0 | 4039994 | 0 | 4039994 |
|  U.S. Treasury Obligations | 0 | 6126629 | 0 | 6126629 |
|  Non-Agency Mortgage-Backed Securities | 0 | 91438 | 0 | 91438 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 17158 | 0 | 17158 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8889 | 0 | 8889 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp; Other ABS | 0 | 80087 | 0 | 80087 |
|  Sovereign Issues | 0 | 1003935 | 0 | 1003935 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 892 | 0 | 0 | 892 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 3888 | 3888 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 24933 | 0 | 0 | 24933 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 16804 | 687089 | 0 | 703893 |
| &nbsp;&nbsp; Industrials | 0 | 9297 | 0 | 9297 |
| &nbsp;&nbsp; Utilities | 0 | 7453 | 0 | 7453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category<br>and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | $0 | $600 | $0 | $600 |
| &nbsp;&nbsp; Mutual Funds | 0 | 978 | 0 | 978 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4341 | 0 | 4341 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32872892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33392115 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36087 | $0 | $0 | $36087 |
|  Total Investments | $96192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32872892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33428202 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(145514) | $0 | $(145514) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 176 | 9758 | 0 | 9934 |
|  Over the counter | 0 | 8047 | 0 | 8047 |
|  | $176 | $17805 | $0 | $17981 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (340) | (19373) | 0 | (19713) |
|  Over the counter | 0 | (15458) | 0 | (15458) |
|  | $(340) | $(34831) | $0 | $(35171) |
|  Total Financial Derivative Instruments | $(164) | $(17026) | $0 | $(17190) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32710352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33265498 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |
|  Loan Participations and Assignments | $57139 | $0 | $(2346) | $2 | $2 | $965 | $0 | $0 | $55762 | $834 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 50354 | 23600 | (23600) | 0 | 0 | 774 | 0 | 0 | 51128 | 1034 |
| &nbsp;&nbsp; Industrials | 30076 | 316900 | (191) | 0 | 0 | 1555 | 0 | 0 | 348340 | 1555 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 67 | 0 | 0 | 0 | 0 | 825 | 0 | (892) | 0 | 0 |
| &nbsp;&nbsp; Industrials | 4520 | 0 | 0 | 0 | 0 | (632) | 0 | 0 | 3888 | (632) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $27461 | Discounted Cash Flow | Discount Rate | 4.070-6.010 | 5.573 |
|  | 28301 | Indicative Market Quotation | Broker Quote | 95.559 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 51128 | Discounted Cash Flow | Discount Rate | 4.320-6.778 | 6.186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 47279 | Discounted Cash Flow | Discount Rate | 4.470-5.850 | 5.072 |
|  | 30761 | Proxy Pricing | Base Price | 100.000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270300 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3888 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Total | $459118 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **102** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 109.3% | INVESTMENTS IN SECURITIES 109.3% | INVESTMENTS IN SECURITIES 109.3% |
| CORPORATE BONDS & NOTES 22.6% | CORPORATE BONDS & NOTES 22.6% | CORPORATE BONDS & NOTES 22.6% |
| BANKING & FINANCE 14.7% | BANKING & FINANCE 14.7% | BANKING & FINANCE 14.7% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 4800 | 4717 |
|  3.875% due 01/23/2028 | 500 | 496 |
|  American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 | 6250 | 6130 |
|  6.338% due 10/30/2026 •  | 900 | 902 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.800% due 11/15/2028 | 2600 | 2716 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 4400 | 4430 |
|  5.380% due 01/07/2030 | 2500 | 2581 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 10/15/2032 | 3000 | 2965 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 2000 | 2037 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 6100 | 6030 |
|  1.734% due 07/22/2027 •  | 3000 | 2940 |
|  2.592% due 04/29/2031 •  | 7000 | 6489 |
|  4.271% due 07/23/2029 •  | 2000 | 2007 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 2800 | 2816 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 2200 | 2249 |
|  5.896% due 07/13/2026 | 2500 | 2535 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 7000 | 7001 |
|  4.972% due 05/16/2029 •  | 1800 | 1827 |
|  6.490% due 09/13/2029 •  | 4300 | 4555 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 2500 | 2337 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 10500 | 10014 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 | 1700 | 1752 |
|  5.975% due 01/18/2027 •  | 1500 | 1506 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.550% due 04/09/2027 | 5000 | 5087 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.250% due 06/02/2026 | 1070 | 1070 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.149% due 10/29/2027 •  | 950 | 979 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  4.650% due 08/15/2029 | 3800 | 3878 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 | 1000 | 1026 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.494% due 10/17/2029 | 4000 | 4077 |
|  4.655% due 08/22/2028 •  | 900 | 908 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.900% due 12/01/2033 | 750 | 635 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.850% due 04/05/2029 | 3900 | 3842 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.750% due 07/02/2026 | 1000 | 1012 |
|  5.900% due 09/19/2028 | 2000 | 2094 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.035% due 05/28/2032 •  | 3400 | 3107 |
|  7.146% due 07/13/2027 •  | 5000 | 5107 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  4.300% due 03/15/2027 | 700 | 700 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.200% due 11/18/2029 | 600 | 575 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.650% due 06/09/2028 | 1600 | 1620 |
|  4.950% due 06/09/2030 | 2100 | 2143 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.522% (SOFRRATE + 1.325%)<br>due 09/08/2028 ~ | 3900 | 3933 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 600 | 608 |
|  5.625% due 08/16/2032 | 1500 | 1560 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 3600 | 3364 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 100 | 98 |
|  2.640% due 02/24/2028 •  | 6125 | 5997 |
|  3.691% due 06/05/2028 •  | 6500 | 6454 |
|  5.727% due 04/25/2030 •  | 4600 | 4814 |
|  6.026% (SOFRRATE + 1.850%)<br>due 03/15/2028 ~ | 5000 | 5088 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 4000 | 4185 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  3.250% due 07/15/2026 | 1000 | 993 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 2600 | 2561 |
|  4.755% due 06/09/2028 •  | 3350 | 3379 |
|  5.887% due 08/14/2027 •  | 9000 | 9122 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.335% due 03/19/2030 •  | 3300 | 3406 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 400 | 340 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.600% due 10/01/2029 | 1700 | 1716 |
|  4.700% due 06/05/2028 | 3700 | 3744 |
|  5.129% (SOFRRATE + 0.950%)<br>due 09/12/2028 ~ | 2500 | 2511 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 4800 | 4732 |
|  3.540% due 05/01/2028 •  | 4300 | 4264 |
|  4.851% due 07/25/2028 •  | 10000 | 10134 |
|  5.571% due 04/22/2028 •  | 4500 | 4599 |
|  6.087% due 10/23/2029 •  | 5000 | 5277 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  4.625% due 08/18/2030 | 1200 | 1208 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 4100 | 4047 |
|  5.985% due 08/07/2027 •  | 3700 | 3753 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.850% due 01/17/2029 | 6300 | 6441 |
|  4.950% due 01/10/2030 | 3000 | 3080 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.080% due 04/19/2028 •  | 1000 | 999 |
|  5.422% due 02/22/2029 •  | 5000 | 5144 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 4000 | 3534 |
|  3.125% due 07/27/2026 | 1000 | 993 |
|  5.164% due 04/20/2029 •  | 5400 | 5528 |
|  5.652% due 04/13/2028 •  | 8000 | 8181 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.450% due 12/12/2028 | 3000 | 3105 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 | 2700 | 2760 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 5500 | 5397 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2500 | 2591 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.999% due 01/22/2032 | 1000 | 905 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.674% due 09/09/2030 | 1500 | 1508 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.900% due 06/12/2028 | 2000 | 2049 |
|  4.960% due 01/13/2030 | 1500 | 1540 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 4300 | 4413 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.375% due 04/14/2026 | 1200 | 1183 |
|  4.500% due 08/28/2029 | 2500 | 2524 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 2800 | 2894 |
|  5.300% due 01/21/2028 •  | 3250 | 3299 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  4.800% due 01/09/2028 | 3800 | 3853 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.250% due 04/01/2029 | 3400 | 3512 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.992% due 01/12/2027 | 1800 | 1819 |
|  5.432% due 01/14/2032 | 3000 | 3126 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.400% due 01/15/2030 | 700 | 678 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 | 300 | 300 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.448% due 05/24/2029 | 2000 | 2077 |
|  6.000% due 11/21/2028 | 5000 | 5261 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.950% due 06/12/2030 | 3000 | 3046 |
|  5.050% due 01/10/2028 | 1500 | 1526 |
|  5.064% due 09/02/2027 •  | 2700 | 2703 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 500 | 488 |
|  3.244% due 10/05/2026 | 1000 | 990 |
|  4.400% due 07/13/2027 | 300 | 301 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 1000 | 982 |
|  3.823% due 11/03/2028 •  | 300 | 297 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 3600 | 3440 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.716% due 09/14/2028 | 3000 | 3134 |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  4.375% due 04/11/2027 | 208 | 207 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 3900 | 3610 |
|  4.703% due 08/05/2027 •  | 4100 | 4114 |
|  6.442% due 08/11/2028 •  | 5650 | 5872 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.500% due 07/16/2028 | 5600 | 5642 |
|  |  | 345825 |
| INDUSTRIALS 4.0% | INDUSTRIALS 4.0% | INDUSTRIALS 4.0% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 2500 | 2361 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 949 | 934 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 6200 | 6309 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 23500 | 23500 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  5.100% due 06/01/2029 | 2800 | 2896 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  6.020% due 06/15/2026 | 1154 | 1163 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.750% due 02/15/2030 | 1000 | 1017 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 2600 | 2646 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 5400 | 5558 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 | 500 | 462 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 6250 | 6344 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 11/15/2031 | 500 | 449 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 | 2000 | 1973 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 2455 | 2180 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 3400 | 3419 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 900 | 782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.600% due 03/01/2028 | 2000 | 2025 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.620% due 07/16/2028 | 1500 | 1515 |
|  5.643% (SOFRRATE + 1.310%)<br>due 07/16/2030 ~ | 1000 | 1019 |
|  ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
|  5.100% due 04/01/2029 | 1800 | 1857 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.125% due 04/28/2028 | 4400 | 4409 |
|  Reliance, Inc. | Reliance, Inc. | Reliance, Inc. |
|  2.150% due 08/15/2030 | 500 | 449 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 11/08/2026 | 3000 | 3051 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 1600 | 1624 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 2800 | 2565 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.200% due 10/01/2029 | 2600 | 2598 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 303 | 278 |
|  2.900% due 11/01/2029 | 1126 | 1070 |
|  4.550% due 02/25/2033 | 1081 | 1041 |
|  5.875% due 04/15/2029 | 959 | 986 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 1100 | 1132 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 03/15/2028 | 700 | 689 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  3.900% due 06/01/2028 | 800 | 794 |
|  Yale University | Yale University | Yale University |
|  4.701% due 04/15/2032 | 5300 | 5400 |
|  |  | 94495 |
| UTILITIES 3.9% | UTILITIES 3.9% | UTILITIES 3.9% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 2000 | 2049 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 2300 | 2313 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  3.700% due 07/15/2030 | 165 | 162 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.700% due 01/15/2030 | 1500 | 1533 |
|  4.900% due 02/15/2029 | 3500 | 3590 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  4.250% due 05/14/2027 | 2600 | 2614 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 5514 | 5587 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  5.450% due 06/01/2034 | 3500 | 3665 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.150% due 06/15/2029 | 5350 | 5555 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  5.100% due 05/06/2027 | 3500 | 3559 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 1000 | 984 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2000 | 2052 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  5.600% due 10/01/2028 | 3500 | 3557 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  4.950% due 12/15/2029 | 1250 | 1278 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.400% due 03/01/2032 | 3000 | 2928 |
|  5.000% due 06/04/2028 | 1500 | 1521 |
|  5.450% due 06/15/2027 | 1600 | 1628 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 3675 | 3744 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.150% due 05/15/2030 | 500 | 514 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 7000 | 7043 |
|  5.300% due 03/01/2028 | 2100 | 2138 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  5.450% due 06/15/2035 | 3100 | 3217 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 3578 | 3600 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 4200 | 4230 |
|  Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC |
|  4.265% due 08/01/2036 | 8749 | 8739 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 2300 | 2360 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.401% due 07/02/2037 | 812 | 825 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5119 |
|  5.088% due 05/01/2029 | 5349 | 5379 |
|  |  | 91483 |
|  Total Corporate Bonds & Notes (Cost $527,187) | Total Corporate Bonds & Notes (Cost $527,187) | 531803 |
| MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.332% due 06/01/2027 | 2000 | 1936 |
|  University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 |
|  1.316% due 05/15/2027 | 2600 | 2505 |
|  |  | 4441 |
| FLORIDA 0.2% | FLORIDA 0.2% | FLORIDA 0.2% |
|  Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 |
|  1.154% due 10/01/2025 | 2000 | 2000 |
|  1.471% due 10/01/2026 | 700 | 684 |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 |
|  5.526% due 07/01/2034 | 3400 | 3546 |
|  |  | 6230 |
| LOUISIANA 0.1% | LOUISIANA 0.1% | LOUISIANA 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.275% due 02/01/2036 | 2200 | 2172 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 | University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 | University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 |
|  6.423% due 05/01/2029 | 30 | 30 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York State Urban Development Corp. Revenue Notes, Series 2019 | New York State Urban Development Corp. Revenue Notes, Series 2019 | New York State Urban Development Corp. Revenue Notes, Series 2019 |
|  3.540% due 03/15/2028 | 7000 | 6961 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Oregon Department of Transportation State Revenue Notes, Series 2020 | Oregon Department of Transportation State Revenue Notes, Series 2020 | Oregon Department of Transportation State Revenue Notes, Series 2020 |
|  1.084% due 11/15/2027 | 2000 | 1894 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 |
|  5.000% due 02/15/2029 | 1800 | 1864 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 |
|  0.640% due 02/15/2026 | 2500 | 2471 |
|  |  | 4335 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 | 300 | 273 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 |
|  1.820% due 06/01/2026 | 800 | 788 |
|  2.551% due 06/01/2029 | 500 | 469 |
|  |  | 1530 |
| WISCONSIN 0.0% | WISCONSIN 0.0% | WISCONSIN 0.0% |
|  Wisconsin State Revenue Notes, Series 2021 | Wisconsin State Revenue Notes, Series 2021 | Wisconsin State Revenue Notes, Series 2021 |
|  1.486% due 05/01/2029 | 600 | 552 |
|  Total Municipal Bonds & Notes (Cost $27,866) | Total Municipal Bonds & Notes (Cost $27,866) | 28145 |
| U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  1.050% due 08/13/2026 | 4800 | 4692 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.800% due 10/28/2026 | 9200 | 8920 |
|  2.500% due 12/01/2032 | 754 | 730 |
|  4.000% due 08/01/2042 - 11/01/2052 | 41233 | 39051 |
|  4.170% due 04/01/2028 | 5826 | 5828 |
|  4.380% due 05/01/2028 | 23 | 23 |
|  4.500% due 02/01/2049 - 02/01/2053 | 15748 | 15371 |
|  4.840% due 04/01/2028 | 2451 | 2468 |
|  5.500% due 03/01/2054 | 49050 | 49558 |
|  6.000% due 02/01/2055 - 03/01/2055 | 19077 | 19513 |
|  6.400% due 06/01/2037 •  | 43 | 45 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 3463 | 3295 |
|  4.650% due 08/25/2028 ~ | 2500 | 2540 |
|  4.850% due 09/25/2028 | 4300 | 4401 |
|  5.430% due 06/25/2031 ~ | 2600 | 2715 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 12/15/2040 - 05/25/2047 | 1491 | 1382 |
|  2.500% due 09/25/2048 | 1220 | 1135 |
|  3.000% due 08/15/2046 | 393 | 380 |
|  4.960% due 07/15/2041 •  | 515 | 511 |
|  5.296% due 11/25/2054 •  | 21856 | 21894 |
|  5.356% due 08/25/2054 •  | 2547 | 2556 |
|  5.406% due 08/25/2054 •  | 1504 | 1511 |
|  5.506% due 03/25/2055 - 08/25/2055 •  | 6390 | 6415 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.810% due 10/15/2037 •  | 397 | 392 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.630% due 05/01/2027 | 5400 | 5208 |
|  2.500% due 02/01/2035 | 1096 | 1062 |
|  3.000% due 01/01/2035 - 06/01/2052 | 20498 | 18300 |
|  3.020% due 03/01/2028 | 2594 | 2538 |
|  3.290% due 04/01/2027 | 6006 | 5946 |
|  3.500% due 12/01/2033 | 1298 | 1283 |
|  4.000% due 08/01/2042 - 04/01/2055 | 5532 | 5224 |
|  4.250% due 04/01/2030 | 5800 | 5820 |
|  4.320% due 03/01/2030 | 4598 | 4634 |
|  4.500% due 08/01/2048 - 10/01/2052 | 39898 | 38904 |
|  4.600% due 04/01/2030 | 6700 | 6822 |
|  5.500% due 04/01/2034 - 04/01/2039 | 75 | 77 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.239% due 07/01/2034 •  | 19 | 20 |
|  6.470% due 10/01/2037 •  | 37 | 38 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.750% due 11/25/2050 | 2151 | 1608 |
|  4.711% due 06/25/2037 •  | 30 | 29 |
|  4.900% due 12/25/2046 •  | 327 | 325 |
|  4.910% due 10/25/2046 •  | 449 | 441 |
|  4.921% due 07/25/2049 •  | 1172 | 1144 |
|  4.960% due 01/25/2047 •  | 351 | 350 |
|  4.981% due 03/25/2041 •  | 700 | 697 |
|  5.406% due 01/25/2055 •  | 1804 | 1807 |
|  5.506% due 03/25/2055 •  | 905 | 908 |
|  5.556% due 10/25/2053 - 07/25/2055 •  | 5267 | 5296 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.500% due 10/20/2045 | 1374 | 1141 |
|  4.816% due 08/20/2065 •  | 153 | 153 |
|  4.906% due 06/20/2065 •  | 106 | 106 |
|  4.912% due 09/20/2065 •  | 217 | 217 |
|  4.926% due 02/20/2067 •  | 264 | 264 |
|  4.986% due 10/20/2065 •  | 546 | 547 |
|  5.006% due 07/20/2063 •  | 58 | 58 |
|  5.036% due 06/20/2065 •  | 237 | 237 |
|  5.046% due 06/20/2065 •  | 278 | 278 |
|  5.066% due 03/20/2065 •  | 530 | 530 |
|  5.116% due 12/20/2064 - 11/20/2065 •  | 680 | 680 |
|  5.236% due 02/20/2066 •  | 3 | 3 |
|  5.346% due 04/20/2066 •  | 759 | 762 |
|  5.366% due 04/20/2066 •  | 1079 | 1083 |
|  5.466% due 01/20/2067 •  | 511 | 514 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  3.875% due 08/01/2030 | 11800 | 11836 |
|  4.375% due 08/01/2034 | 2700 | 2731 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 43600 | 38305 |
|  4.000% due 11/01/2055 | 10900 | 10272 |
|  6.500% due 11/01/2055 | 18900 | 19545 |
|  Total U.S. Government Agencies (Cost $391,782) | Total U.S. Government Agencies (Cost $391,782) | 393069 |
| U.S. TREASURY OBLIGATIONS 37.1% | U.S. TREASURY OBLIGATIONS 37.1% | U.S. TREASURY OBLIGATIONS 37.1% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  2.125% due 01/15/2035 | 29991 | 30885 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 09/30/2026 | 688000 | 686615 |
|  3.750% due 06/30/2027 | 37300 | 37370 |
|  3.875% due 07/31/2027 | 75600 | 75918 |
|  4.250% due 05/15/2035 | 43000 | 43403 |
|  Total U.S. Treasury Obligations (Cost $869,816) | Total U.S. Treasury Obligations (Cost $869,816) | 874191 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% |
|  1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
|  5.690% due 10/13/2037 | 1693 | 1715 |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 7000 | 6762 |
|  Bank | Bank | Bank |
|  2.808% due 10/17/2052 | 2001 | 1954 |
|  2.978% due 11/15/2062 | 12500 | 11804 |
|  3.279% due 11/15/2054 | 753 | 737 |
|  3.432% due 05/15/2062 | 1899 | 1870 |
|  3.623% due 04/15/2052 | 2153 | 2135 |
|  4.005% due 02/15/2052 | 7100 | 7017 |
|  4.217% due 08/15/2061 ~ | 7000 | 6981 |
|  Bank5 | Bank5 | Bank5 |
|  4.745% due 11/15/2058 (a) | 2000 | 2024 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  3.488% due 02/15/2050 | 410 | 407 |
|  5.137% due 12/15/2057 | 2200 | 2259 |
|  5.433% due 02/15/2062 | 3200 | 3354 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.615% due 03/15/2062 | 2896 | 2868 |
|  4.957% due 08/15/2058 | 3800 | 3873 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.176% due 04/15/2057 | 2500 | 2572 |
|  5.660% due 04/15/2057 | 2800 | 2934 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.057% due 10/15/2058 (a) | 1300 | 1319 |
|  5.092% due 11/15/2057 | 3500 | 3584 |
|  5.153% due 12/15/2057 | 2000 | 2052 |
|  5.462% due 02/15/2057 | 4000 | 4118 |
|  5.566% due 11/15/2057 ~ | 1000 | 1039 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.994% due 10/15/2036 •  | 387 | 387 |
|  5.185% due 12/15/2038 •  | 3387 | 3386 |
|  BX Trust | BX Trust | BX Trust |
|  4.853% due 09/15/2034 •  | 8482 | 8465 |
|  4.899% due 04/15/2039 •  | 1172 | 1170 |
|  5.164% due 10/15/2036 •  | 8300 | 8295 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.268% due 09/15/2050 | 437 | 433 |
|  3.297% due 10/12/2050 | 1731 | 1716 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  4.181% due 05/10/2051 | 759 | 759 |
|  EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust |
|  5.170% due 10/15/2038 •  | 5484 | 5479 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 4596 | 4599 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2000 | 1980 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.248% due 07/05/2033 | 2800 | 2664 |
|  5.439% due 07/05/2033 •  | 1072 | 1043 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  3.242% due 10/15/2050 | 414 | 411 |
|  3.409% due 10/15/2050 | 2000 | 1957 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.606% due 08/15/2049 | 66 | 65 |
|  2.860% due 11/15/2049 | 464 | 462 |
|  MSSG Trust | MSSG Trust | MSSG Trust |
|  3.397% due 09/13/2039 | 3400 | 3249 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 2700 | 2685 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.151% due 01/15/2039 •  | 1926 | 1924 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  5.123% due 11/15/2036 •  | 2550 | 2546 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  3.215% due 08/15/2050 | 986 | 978 |
|  3.460% due 04/15/2052 | 2293 | 2260 |
|  3.903% due 02/15/2051 | 752 | 752 |
|  4.119% due 06/15/2051 | 1033 | 1029 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.911% due 06/15/2049 | 42 | 42 |
|  3.390% due 11/15/2050 | 428 | 425 |
|  4.147% due 06/15/2051 | 322 | 323 |
|  5.439% due 11/15/2057 | 4100 | 4242 |
|  5.920% due 11/15/2057 ~ | 2700 | 2845 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $137,257) | Total Non-Agency Mortgage-Backed Securities (Cost $137,257) | 139949 |
| ASSET-BACKED SECURITIES 11.9% | ASSET-BACKED SECURITIES 11.9% | ASSET-BACKED SECURITIES 11.9% |
| AUTOMOBILE SEQUENTIAL 4.3% | AUTOMOBILE SEQUENTIAL 4.3% | AUTOMOBILE SEQUENTIAL 4.3% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 | 4000 | 4095 |
|  5.360% due 06/20/2030 | 7000 | 7251 |
|  5.440% due 02/22/2028 | 4000 | 4060 |
|  5.780% due 04/20/2028 | 6400 | 6539 |
|  6.020% due 02/20/2030 | 6550 | 6887 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.660% due 11/15/2029 | 2000 | 2042 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 3036 | 3076 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 | 344 | 344 |
|  6.000% due 07/17/2028 | 4521 | 4582 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.040% due 11/11/2030 | 7000 | 6991 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 1467 | 1486 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.060% due 05/15/2027 | 4133 | 4144 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  5.280% due 02/15/2036 | 3700 | 3821 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.780% due 08/16/2028 | 4109 | 4157 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.770% due 08/11/2036 | 6000 | 6298 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  6.150% due 03/25/2030 | 3400 | 3559 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.570% due 03/21/2029 | 3700 | 3731 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.530% due 04/17/2028 | 5000 | 5047 |
|  5.840% due 09/15/2027 | 8700 | 8758 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 6000 | 6024 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.470% due 10/20/2028 | 2475 | 2493 |
|  5.470% due 12/20/2029 | 3200 | 3263 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  5.660% due 11/20/2026 | 737 | 739 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.150% due 11/15/2028 | 3351 | 3371 |
|  |  | 102758 |
| CMBS OTHER 1.5% | CMBS OTHER 1.5% | CMBS OTHER 1.5% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | 484 | 484 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 1535 | 1538 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 1832 | 1833 |
|  6.385% due 06/17/2039 •  | 5254 | 5263 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 3215 | 3221 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 1972 | 1975 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.446% due 07/15/2039 •  | 1279 | 1282 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  | 2179 | 2179 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.631% due 01/15/2043 •  | 2150 | 2156 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.074% due 04/20/2037 •  | 1751 | 1756 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 11/15/2038 •  | 1189 | 1191 |
|  5.931% due 01/17/2037 •  | 1435 | 1439 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.769% due 09/17/2037 •  | 1351 | 1353 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 3594 | 3598 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 3135 | 3145 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 3340 | 3349 |
|  |  | 35762 |
| CREDIT CARD BULLET 0.6% | CREDIT CARD BULLET 0.6% | CREDIT CARD BULLET 0.6% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.950% due 10/15/2027 | 3800 | 3801 |
|  BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust |
|  4.790% due 05/15/2028 | 5600 | 5629 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.230% due 12/08/2027 | 3900 | 3908 |
|  |  | 13338 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 105

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.420% due 05/15/2028 | 5600 | 5615 |
|  4.950% due 10/15/2027 | 5200 | 5202 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 3700 | 3769 |
|  |  | 14586 |
| OTHER ABS 4.9% | OTHER ABS 4.9% | OTHER ABS 4.9% |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 2800 | 2803 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 2500 | 2504 |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 33 | 33 |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.674% due 04/22/2031 •  | 210 | 210 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 4085 | 4090 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 2000 | 2007 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.482% due 04/22/2035 •  | 1500 | 1503 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.577% due 01/20/2031 •  | 270 | 270 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.709% due 01/15/2035 •  | 3700 | 3705 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 4100 | 4120 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 2000 | 2002 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 2982 | 2985 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  | 6000 | 6030 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 3699 | 3719 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 2300 | 2302 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 937 | 934 |
|  5.271% due 09/25/2068 •  | 1564 | 1558 |
|  5.471% due 07/25/2069 •  | 2052 | 2060 |
|  5.471% due 01/27/2070 •  | 913 | 919 |
|  5.521% due 05/25/2067 •  | 620 | 622 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 1500 | 1503 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 829 | 830 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 472 | 472 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 891 | 892 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 2600 | 2604 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 5800 | 5806 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  5.378% due 04/15/2035 •  | 2000 | 2008 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 1197 | 1199 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.715% due 07/16/2040 •  | 883 | 887 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.621% due 07/26/2066 •  | 3424 | 3478 |
|  6.480% due 03/15/2072 | 612 | 629 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 3600 | 3627 |
|  0.000% due 06/22/2065 •  | 3600 | 3605 |
|  5.280% due 04/20/2062 •  | 4800 | 4798 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 247 | 248 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 4400 | 4408 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  | 970 | 972 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  4.750% due 03/15/2043 «(a) | 1700 | 1694 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 905 | 906 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 4500 | 4502 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 1622 | 1702 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.630% due 11/15/2035 | 2140 | 2131 |
|  4.995% due 01/15/2053 •  | 1882 | 1865 |
|  5.130% due 04/15/2054 | 1922 | 1959 |
|  5.822% due 02/16/2055 •  | 610 | 616 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  5.567% due 04/19/2034 •  | 1000 | 1001 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 3000 | 3005 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 2100 | 2102 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 409 | 410 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 3327 | 3330 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 3900 | 3921 |
|  4.350% due 08/20/2032 | 2500 | 2528 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 1200 | 1202 |
|  |  | 115216 |
|  Total Asset-Backed Securities (Cost $278,394) | Total Asset-Backed Securities (Cost $278,394) | 281660 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. |
|  4.250% due 07/25/2028 | 1800 | 1825 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | 1100 | 1156 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  2.500% due 04/20/2026 | 2200 | 2183 |
|  Total Sovereign Issues (Cost $5,082) | Total Sovereign Issues (Cost $5,082) | 5164 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (b)(d) | 1397 | 84 |
|  Total Common Stocks (Cost $27) | Total Common Stocks (Cost $27) | 84 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1593 | 868 |
| Total Preferred Securities (Cost $1,548) | Total Preferred Securities (Cost $1,548) | 868 |
| SHORT-TERM INSTRUMENTS 13.7% | SHORT-TERM INSTRUMENTS 13.7% | SHORT-TERM INSTRUMENTS 13.7% |
| REPURCHASE AGREEMENTS (e) 13.7% | REPURCHASE AGREEMENTS (e) 13.7% | REPURCHASE AGREEMENTS (e) 13.7% |
|  |  | 322600 |
| Total Short-Term Instruments<br>(Cost $322,600) | Total Short-Term Instruments<br>(Cost $322,600) | 322600 |
| Total Investments in Securities<br>(Cost $2,561,559) | Total Investments in Securities<br>(Cost $2,561,559) | 2577533 |
| Total Investments 109.3%<br>(Cost $2,561,559) | Total Investments 109.3%<br>(Cost $2,561,559) | 2577533 |
|  Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $179) | Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $179) | 441 |
| Other Assets and Liabilities, net (9.3)% | Other Assets and Liabilities, net (9.3)% | (219109) |
| Net Assets 100.0% | Net Assets 100.0% | 2358865 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

(a) When-issued security.

(b) Security did not produce income within the last twelve months.

(c) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **106** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(d) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNSN Holdings, Inc. | 06/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | 0.00% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(e) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148800 | U.S. Treasury Notes 1.250% - 1.625% due 10/31/2026 -11/30/2026 | $(151920) | $148800 | $148800 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 173800 | U.S. Treasury Notes 1.250% - 4.500% due 11/30/2026 -03/31/2029 | (177455) | 173800 | 173821 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329375) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322621 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $322621 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329375) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6754) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 3213 | $669584 | $596 | $351 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1400 | 152873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | 55 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 18 | 2025 | 17 | 0 | 0 |
|  |  |  |  | $469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 144 | $(17289) | $(510) | $81 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 407 | (46837) | (393) | 26 | 0 |
|  |  |  |  | $(903) | $107 | $0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 107

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.510% | Annual | 11/30/2028 | $6100 | $0 | $17 | $17 | $0 | $(4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 6500 | 0 | 17 | 17 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 13200 | (24) | 130 | 106 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 14100 | 145 | (221) | (76) | 0 | (7) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65188 | (396) | 408 | 12 | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 2400 | 0 | 22 | 22 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 3900 | 0 | 13 | 13 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 7100 | 0 | 67 | 67 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 58723 | (58) | (893) | (951) | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 7700 | (75) | (144) | (219) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 4100 | 587 | 119 | 706 | 11 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |

---

Cash of $14,933 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $513 | $513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11 | 11 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $83 | $83 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $5159 | $5159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 941 | 0 | 0 | (1139) | (198) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 |

---

108 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(3924) | $(3924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (50) | 0 | 0 | (307) | (357) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4231) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4281) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $345825 | $0 | $345825 |
| &nbsp;&nbsp; Industrials | 0 | 70995 | 23500 | 94495 |
| &nbsp;&nbsp; Utilities | 0 | 91483 | 0 | 91483 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 4441 | 0 | 4441 |
| &nbsp;&nbsp; Florida | 0 | 6230 | 0 | 6230 |
| &nbsp;&nbsp; Louisiana | 0 | 2172 | 0 | 2172 |
| &nbsp;&nbsp; Massachusetts | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp; New York | 0 | 6961 | 0 | 6961 |
| &nbsp;&nbsp; Oregon | 0 | 1894 | 0 | 1894 |
| &nbsp;&nbsp; Texas | 0 | 4335 | 0 | 4335 |
| &nbsp;&nbsp; West Virginia | 0 | 1530 | 0 | 1530 |
| &nbsp;&nbsp; Wisconsin | 0 | 552 | 0 | 552 |
|  U.S. Government Agencies | 0 | 393069 | 0 | 393069 |
|  U.S. Treasury Obligations | 0 | 874191 | 0 | 874191 |
|  Non-Agency Mortgage-Backed Securities | 0 | 139949 | 0 | 139949 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 102758 | 0 | 102758 |
| &nbsp;&nbsp; CMBS Other | 0 | 35762 | 0 | 35762 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 13338 | 0 | 13338 |
| &nbsp;&nbsp; Credit Card Other | 0 | 14586 | 0 | 14586 |
| &nbsp;&nbsp; Other ABS | 0 | 113522 | 1694 | 115216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Sovereign Issues | $0 | $5164 | $0 | $5164 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 84 | 0 | 0 | 84 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Industrials | 0 | 868 | 0 | 868 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 322600 | 0 | 322600 |
|  Total Investments | $84 | $2552255 | $25194 | $2577533 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $524 | $0 | $524 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(83) | $0 | $(83) |
|  Total Financial Derivative Instruments | $0 | $441 | $0 | $441 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577974 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $23500 | $0 | $0 | $0 | $0 | $0 | $0 | $23500 | $0 |
|  U.S. Government Agencies | 12515 | 0 | (12459) | 0 | 0 | (56) | 0 | 0 | 0 | 0 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 0 | 1700 | 0 | 0 | 0 | (6) | 0 | 0 | 1694 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 6 | 0 | 0 | 0 | 0 | 78 | 0 | (84) | 0 | 0 |
|  Totals | $12521 | $25200 | $(12459) | $0 | $0 | $16 | $0 | $(84) | $25194 | $0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 109

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $23500 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | $1694 | Proxy Pricing | Base Price | 99.998 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25194 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **110** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 124.0% | INVESTMENTS IN SECURITIES 124.0% | INVESTMENTS IN SECURITIES 124.0% |
| CORPORATE BONDS & NOTES 22.4% | CORPORATE BONDS & NOTES 22.4% | CORPORATE BONDS & NOTES 22.4% |
| BANKING & FINANCE 13.0% | BANKING & FINANCE 13.0% | BANKING & FINANCE 13.0% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 4000 | 3931 |
|  4.625% due 09/10/2029 | 3650 | 3684 |
|  American Express Co. | American Express Co. | American Express Co. |
|  6.489% due 10/30/2031 •  | 2100 | 2302 |
|  Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. |
|  5.700% due 12/15/2028 | 1300 | 1361 |
|  Andrew W Mellon Foundation | Andrew W Mellon Foundation | Andrew W Mellon Foundation |
|  0.947% due 08/01/2027 | 7000 | 6615 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 6700 | 6745 |
|  5.380% due 01/07/2030 | 4500 | 4645 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 3000 | 3100 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.033% due 01/17/2035 | 2200 | 2366 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.922% due 10/24/2031 •  | 2900 | 2577 |
|  3.419% due 12/20/2028 •  | 2000 | 1970 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 1000 | 1006 |
|  4.740% due 11/10/2032 •  | 2000 | 2024 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.790% due 07/13/2028 | 5550 | 5781 |
|  5.896% due 07/13/2026 | 3450 | 3498 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.667% due 03/10/2032 •  | 1400 | 1268 |
|  2.894% due 11/24/2032 •  | 8000 | 7212 |
|  7.437% due 11/02/2033 •  | 9300 | 10674 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 5900 | 5627 |
|  2.871% due 04/19/2032 •  | 7050 | 6408 |
|  3.052% due 01/13/2031 •  | 4400 | 4140 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.936% due 05/30/2035 •  | 1200 | 1258 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.650% due 06/10/2029 | 3000 | 3081 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  5.795% due 04/24/2035 | 5750 | 6027 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 | 550 | 550 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 5000 | 5188 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.624% due 10/30/2031 •  | 3100 | 3507 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  4.650% due 08/15/2029 | 5500 | 5613 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 5600 | 5154 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 | 2000 | 2053 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.550% due 03/01/2028 | 2240 | 2269 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.494% due 10/17/2029 | 4000 | 4077 |
|  5.710% due 01/21/2033 •  | 4000 | 4209 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.750% due 07/02/2026 | 6000 | 6073 |
|  5.900% due 09/19/2028 | 2000 | 2094 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  7.146% due 07/13/2027 •  | 6000 | 6129 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.950% due 06/09/2030 | 5200 | 5307 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 3250 | 3322 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  4.650% due 09/08/2028 | 1000 | 1004 |
|  5.875% due 01/16/2030 | 1800 | 1872 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.750% due 05/20/2035 | 6000 | 6225 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 2100 | 1826 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 1600 | 1587 |
|  5.400% due 01/13/2030 | 5700 | 5912 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 7175 | 7124 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 6000 | 6277 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 1550 | 1442 |
|  3.973% due 05/22/2030 •  | 5000 | 4926 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.163% due 04/01/2027 •  | 4000 | 4009 |
|  5.550% due 03/19/2035 •  | 4500 | 4677 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 1800 | 1557 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.600% due 10/01/2029 | 2700 | 2725 |
|  4.700% due 06/05/2028 | 5600 | 5666 |
|  5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~ | 4000 | 4018 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.953% due 02/04/2032 •  | 13900 | 12291 |
|  2.739% due 10/15/2030 •  | 2700 | 2550 |
|  5.581% due 04/22/2030 •  | 3500 | 3657 |
|  KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC |
|  3.750% due 07/01/2029 | 1600 | 1572 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  4.625% due 08/18/2030 | 2000 | 2014 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 7800 | 7699 |
|  4.550% due 08/16/2028 | 2000 | 2021 |
|  LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC |
|  2.000% due 04/06/2028 | 1400 | 1328 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.850% due 01/17/2029 | 8400 | 8588 |
|  4.950% due 01/10/2030 | 3000 | 3080 |
|  5.150% due 05/30/2029 | 2900 | 2991 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  1.875% due 01/11/2027 | 5500 | 5358 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 6000 | 5419 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  | 2000 | 1782 |
|  2.172% due 05/22/2032 •  | 15450 | 13619 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 1100 | 972 |
|  2.475% due 01/21/2028 •  | 16100 | 15759 |
|  5.656% due 04/18/2030 •  | 2000 | 2089 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.800% due 07/27/2026 | 2200 | 2231 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 | 4000 | 4089 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 10000 | 9813 |
|  4.800% due 04/05/2026 | 3000 | 3010 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 3800 | 3939 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.359% due 09/09/2035 | 2900 | 2949 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.900% due 06/12/2028 | 4000 | 4098 |
|  4.960% due 01/13/2030 | 1300 | 1334 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 6000 | 6157 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.500% due 08/28/2029 | 5150 | 5199 |
|  4.875% due 07/17/2032 | 3600 | 3670 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 4400 | 4548 |
|  5.300% due 01/21/2028 •  | 1750 | 1776 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.650% due 08/27/2031 | 4300 | 4349 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  4.800% due 01/09/2028 | 5500 | 5577 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.500% due 04/01/2034 | 5600 | 5820 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.618% due 04/15/2026 | 3000 | 2960 |
|  4.992% due 01/12/2027 | 1800 | 1819 |
|  5.432% due 01/14/2032 | 2000 | 2084 |
|  5.467% due 12/08/2028 | 1000 | 1038 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.700% due 01/18/2029 | 2500 | 2370 |
|  5.448% due 05/24/2029 | 4200 | 4361 |
|  6.000% due 11/21/2028 | 5000 | 5261 |
|  Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
|  6.100% due 04/01/2034 | 5800 | 6115 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.950% due 06/12/2030 | 5750 | 5838 |
|  5.050% due 01/10/2028 | 1500 | 1526 |
|  5.064% due 09/02/2027 •  | 4250 | 4255 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 1000 | 982 |
|  2.469% due 01/11/2028 •  | 2700 | 2638 |
|  3.823% due 11/03/2028 •  | 4000 | 3961 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 8000 | 7940 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.700% due 07/25/2033 | 3900 | 4081 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 7500 | 7174 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 12000 | 10591 |
|  3.091% due 05/14/2032 •  | 6600 | 6109 |
|  4.703% due 08/05/2027 •  | 4000 | 4014 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2800 | 2722 |
|  4.478% due 04/04/2031 •  | 10000 | 10058 |
|  |  | 472937 |
| INDUSTRIALS 5.3% | INDUSTRIALS 5.3% | INDUSTRIALS 5.3% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 4299 | 4061 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 | 311 | 305 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1343 | 1219 |
|  3.375% due 11/01/2028 | 3015 | 2967 |
|  3.650% due 08/15/2030 | 1833 | 1784 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 2000 | 2138 |
|  6.500% due 11/21/2033 | 1800 | 1942 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 36200 | 36200 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.464% due 06/01/2030 | 12000 | 11639 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 571 | 519 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  4.950% due 03/14/2030 | 3000 | 3055 |
|  CHRISTUS Health | CHRISTUS Health | CHRISTUS Health |
|  4.341% due 07/01/2028 | 3000 | 3010 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  5.100% due 06/01/2029 | 2000 | 2068 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  2.782% due 10/01/2030 | 4700 | 4347 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 788 | 840 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.800% due 01/15/2035 | 4100 | 4316 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.550% due 03/15/2031 | 3200 | 2906 |
|  5.200% due 02/15/2035 | 3200 | 3263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.200% due 04/01/2030 | 2200 | 2269 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 8100 | 8337 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 5000 | 5075 |
|  5.150% due 08/12/2034 | 1200 | 1215 |
|  Georgetown University | Georgetown University | Georgetown University |
|  2.247% due 04/01/2030 | 4500 | 4085 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 1500 | 1577 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 5952 | 5285 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.400% due 03/15/2035 | 2500 | 2556 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 5300 | 5330 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 3500 | 3567 |
|  5.000% due 03/01/2032 | 2700 | 2763 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.876% due 07/16/2030 | 3200 | 3253 |
|  ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
|  5.100% due 04/01/2029 | 2700 | 2785 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  1.375% due 11/15/2025 | 3100 | 3088 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.375% due 04/30/2030 | 5100 | 5125 |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  5.403% due 10/01/2033 | 3000 | 3086 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 4825 | 4984 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.750% due 05/28/2035 | 2000 | 2076 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 | 1800 | 1806 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 7700 | 7053 |
|  3.695% due 08/15/2028 | 1300 | 1290 |
|  5.213% due 08/15/2032 | 2100 | 2176 |
|  5.537% due 08/15/2035 | 400 | 420 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | 2800 | 2862 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.700% due 01/15/2035 | 3350 | 3291 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1514 | 1391 |
|  3.100% due 01/07/2030 | 693 | 671 |
|  3.450% due 01/07/2030 | 520 | 500 |
|  4.550% due 02/25/2033 | 3051 | 2938 |
|  5.875% due 04/15/2029 | 3393 | 3490 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 1300 | 1327 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 2900 | 2984 |
|  Yale University | Yale University | Yale University |
|  4.701% due 04/15/2032 | 8100 | 8253 |
|  |  | 193487 |
| UTILITIES 4.1% | UTILITIES 4.1% | UTILITIES 4.1% |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 3600 | 3620 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.700% due 01/15/2030 | 1750 | 1788 |
|  4.900% due 02/15/2029 | 5300 | 5436 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  5.250% due 05/15/2035 | 5500 | 5664 |
|  DTE Electric Securitization Funding II LLC | DTE Electric Securitization Funding II LLC | DTE Electric Securitization Funding II LLC |
|  5.970% due 03/01/2033 | 3933 | 4128 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 8615 | 8729 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  5.450% due 06/01/2034 | 6000 | 6282 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  5.400% due 04/01/2034 | 900 | 938 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.150% due 06/15/2029 | 8500 | 8826 |
|  5.300% due 06/15/2034 | 3000 | 3131 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 | 3100 | 3211 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  5.100% due 05/06/2027 | 8000 | 8134 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 3000 | 2952 |
|  4.250% due 10/01/2029 | 1400 | 1402 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.650% due 08/15/2028 | 2000 | 2079 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2400 | 2462 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  4.950% due 12/15/2029 | 1500 | 1534 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2400 | 2315 |
|  3.300% due 03/15/2027 | 3000 | 2961 |
|  5.450% due 06/15/2027 | 3500 | 3560 |
|  6.100% due 01/15/2029 | 1200 | 1256 |
|  6.400% due 06/15/2033 | 1900 | 2043 |
|  6.950% due 03/15/2034 | 2700 | 2999 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 2200 | 2282 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 6936 | 7067 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.150% due 05/15/2030 | 800 | 823 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.350% due 05/15/2034 | 5000 | 5167 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 | 3700 | 3737 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  5.330% due 06/15/2034 | 1900 | 1962 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1285 | 1135 |
|  5.400% due 04/15/2035 | 3000 | 3100 |
|  Sempra | Sempra | Sempra |
|  5.400% due 08/01/2026 | 1600 | 1614 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 1000 | 1006 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 5511 | 5547 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 6000 | 6043 |
|  Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC |
|  4.265% due 08/01/2036 | 8670 | 8659 |
|  4.966% due 02/01/2044 | 4600 | 4561 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 3600 | 3695 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5119 |
|  5.088% due 05/01/2029 | 3343 | 3362 |
|  |  | 150329 |
|  Total Corporate Bonds & Notes (Cost $821,321) | Total Corporate Bonds & Notes (Cost $821,321) | 816753 |
| MUNICIPAL BONDS & NOTES 2.5% | MUNICIPAL BONDS & NOTES 2.5% | MUNICIPAL BONDS & NOTES 2.5% |
| ALABAMA 0.1% | ALABAMA 0.1% | ALABAMA 0.1% |
|  Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 |
|  4.263% due 09/15/2032 | 3545 | 3535 |
| CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% |
|  California State University Revenue Notes, Series 2020 | California State University Revenue Notes, Series 2020 | California State University Revenue Notes, Series 2020 |
|  1.338% due 11/01/2027 | 1000 | 951 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.490% due 11/01/2028 | 5400 | 5029 |
|  1.690% due 11/01/2029 | 4400 | 4031 |
|  1.740% due 11/01/2030 | 2600 | 2328 |
|  Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/15/2030 (b) | 5200 | 4218 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.787% due 06/01/2031 | 1000 | 903 |
|  3.037% due 06/01/2032 | 4200 | 3763 |
|  Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 | Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 | Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 |
|  5.410% due 08/01/2026 | 720 | 729 |
|  Monterey Park, California Revenue Notes, Series 2021 | Monterey Park, California Revenue Notes, Series 2021 | Monterey Park, California Revenue Notes, Series 2021 |
|  1.630% due 06/01/2028 | 250 | 234 |
|  1.893% due 06/01/2030 | 300 | 269 |
|  Riverside County, California Revenue Bonds, Series 2020 | Riverside County, California Revenue Bonds, Series 2020 | Riverside County, California Revenue Bonds, Series 2020 |
|  3.818% due 02/15/2038 | 1000 | 946 |
|  Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 |
|  7.605% due 10/01/2040 | 500 | 601 |
|  University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 |
|  1.316% due 05/15/2027 | 1200 | 1156 |
|  1.366% due 05/15/2027 | 3000 | 2886 |
|  |  | 28044 |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 |
|  1.936% due 10/01/2028 | 1000 | 942 |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 |
|  5.526% due 07/01/2034 | 5100 | 5319 |
|  |  | 6261 |
| KANSAS 0.1% | KANSAS 0.1% | KANSAS 0.1% |
|  Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 |
|  1.861% due 09/01/2028 | 2000 | 1882 |
|  1.961% due 09/01/2029 | 600 | 554 |
|  |  | 2436 |
| LOUISIANA 0.1% | LOUISIANA 0.1% | LOUISIANA 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.145% due 02/01/2033 | 4400 | 4391 |
| MICHIGAN 0.1% | MICHIGAN 0.1% | MICHIGAN 0.1% |
|  Michigan Finance Authority Revenue Notes, Series 2019 | Michigan Finance Authority Revenue Notes, Series 2019 | Michigan Finance Authority Revenue Notes, Series 2019 |
|  2.466% due 12/01/2025 | 1100 | 1097 |
|  2.596% due 12/01/2026 | 1400 | 1382 |
|  |  | 2479 |
| NEW YORK 0.6% | NEW YORK 0.6% | NEW YORK 0.6% |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 |
|  5.008% due 08/01/2027 | 900 | 917 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 |
|  2.980% due 11/01/2027 | 7000 | 6895 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.375% due 05/01/2037 | 5500 | 5299 |

---

---

| | | |
|:---|:---|:---|
| **112** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 |
|  1.496% due 03/15/2027 | 9400 | 9106 |
|  |  | 22217 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 |
|  5.000% due 02/15/2029 | 2000 | 2071 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 4413 | 4550 |
|  Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 |
|  5.028% due 04/01/2026 | 575 | 576 |
|  |  | 7197 |
| UTAH 0.1% | UTAH 0.1% | UTAH 0.1% |
|  Utah Municipal Power Agency Revenue Bonds, Series 2016 | Utah Municipal Power Agency Revenue Bonds, Series 2016 | Utah Municipal Power Agency Revenue Bonds, Series 2016 |
|  3.237% due 07/01/2028 | 2000 | 1967 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 |
|  1.820% due 06/01/2026 | 3300 | 3250 |
|  2.020% due 06/01/2027 | 4400 | 4246 |
|  2.351% due 06/01/2028 | 3000 | 2853 |
|  |  | 10349 |
| WISCONSIN 0.1% | WISCONSIN 0.1% | WISCONSIN 0.1% |
|  Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 |
|  2.299% due 05/01/2028 | 2100 | 2021 |
|  Total Municipal Bonds & Notes (Cost $93,067) | Total Municipal Bonds & Notes (Cost $93,067) | 90897 |
| U.S. GOVERNMENT AGENCIES 43.9% | U.S. GOVERNMENT AGENCIES 43.9% | U.S. GOVERNMENT AGENCIES 43.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 04/01/2051 - 10/01/2053 | 33943 | 28679 |
|  3.000% due 10/01/2046 - 06/01/2052 | 98729 | 87231 |
|  3.500% due 06/01/2044 - 10/01/2048 | 804 | 754 |
|  4.000% due 05/01/2047 - 01/01/2055 | 59154 | 56032 |
|  4.500% due 10/01/2048 - 01/01/2053 | 97631 | 95216 |
|  5.000% due 02/01/2053 - 12/01/2053 | 74444 | 74104 |
|  6.000% due 02/01/2055 - 03/01/2055 | 84893 | 86830 |
|  6.500% due 04/01/2054 - 05/01/2055 | 26997 | 27961 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 6431 | 6120 |
|  4.650% due 08/25/2028 ~ | 4800 | 4877 |
|  4.850% due 09/25/2028 | 1400 | 1433 |
|  5.430% due 06/25/2031 ~ | 3000 | 3133 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 12/15/2040 - 05/25/2047 | 14899 | 13411 |
|  1.250% due 12/15/2044 | 1238 | 1048 |
|  2.500% due 09/25/2048 | 3141 | 2922 |
|  4.787% due 09/15/2035 •  | 5 | 5 |
|  4.810% due 08/15/2040 - 10/15/2040 •  | 1504 | 1485 |
|  4.887% due 02/15/2041 •  | 133 | 132 |
|  4.900% due 07/15/2040 •  | 1327 | 1318 |
|  4.937% due 04/15/2041 •  | 41 | 41 |
|  4.957% due 11/15/2036 •  | 34 | 34 |
|  4.960% due 07/15/2041 - 03/15/2042 •  | 3431 | 3427 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.037% due 04/15/2041 •  | $— | 330 | $— | 328 |
|  5.296% due 11/25/2054 •  |  | 32785 |  | 32841 |
|  5.356% due 08/25/2054 •  |  | 3855 |  | 3868 |
|  5.406% due 08/25/2054 •  |  | 2220 |  | 2231 |
|  5.506% due 03/25/2055 - 08/25/2055 •  |  | 7959 |  | 7989 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.810% due 10/15/2037 •  |  | 2009 |  | 1986 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.630% due 05/01/2027 |  | 8200 |  | 7909 |
|  2.500% due 03/01/2051 - 07/01/2053 |  | 37170 |  | 31430 |
|  3.000% due 01/01/2035 - 07/01/2052 |  | 260096 |  | 229446 |
|  3.020% due 03/01/2028 |  | 1 |  | 1 |
|  3.290% due 04/01/2027 - 03/01/2028 |  | 12484 |  | 12330 |
|  3.430% due 05/01/2028 |  | 65 |  | 64 |
|  3.500% due 10/01/2034 - 07/01/2048 |  | 5336 |  | 5154 |
|  4.000% due 01/01/2046 - 04/01/2055 |  | 78665 |  | 74778 |
|  4.250% due 04/01/2030 |  | 8700 |  | 8729 |
|  4.320% due 03/01/2030 |  | 7112 |  | 7169 |
|  4.500% due 08/01/2048 - 05/01/2053 |  | 64642 |  | 63124 |
|  4.600% due 04/01/2030 |  | 8700 |  | 8859 |
|  5.000% due 01/01/2028 - 07/01/2053 |  | 6776 |  | 6789 |
|  5.500% due 01/01/2026 - 02/01/2054 |  | 29051 |  | 29381 |
|  6.239% due 07/01/2034 •  |  | 55 |  | 56 |
|  6.470% due 10/01/2037 •  |  | 110 |  | 114 |
|  6.500% due 05/01/2054 - 05/01/2055 |  | 22998 |  | 23833 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.750% due 11/25/2050 |  | 13308 |  | 9950 |
|  4.711% due 06/25/2037 •  |  | 105 |  | 104 |
|  4.721% due 11/25/2045 •  |  | 291 |  | 287 |
|  4.771% due 12/25/2045 •  |  | 166 |  | 164 |
|  4.821% due 03/25/2035 - 03/25/2046 •  |  | 342 |  | 338 |
|  4.860% due 11/25/2046 •  |  | 254 |  | 251 |
|  4.863% due 03/25/2036 •  |  | 203 |  | 200 |
|  4.880% due 11/25/2046 - 12/25/2056 •  |  | 2158 |  | 2118 |
|  4.900% due 12/25/2046 •  |  | 1432 |  | 1421 |
|  4.910% due 07/25/2046 - 10/25/2046 •  |  | 2310 |  | 2272 |
|  4.960% due 01/25/2047 •  |  | 1405 |  | 1398 |
|  5.201% due 06/25/2040 •  |  | 119 |  | 119 |
|  5.406% due 01/25/2055 •  |  | 2345 |  | 2349 |
|  5.506% due 03/25/2055 •  |  | 905 |  | 908 |
|  5.556% due 10/25/2053 - 07/25/2055 •  |  | 7047 |  | 7085 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 09/20/2045 |  | 1192 |  | 1111 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.500% due 10/20/2045 |  | 4734 |  | 3934 |
|  3.000% due 01/20/2067 |  | 2072 |  | 2032 |
|  4.912% due 09/20/2065 •  |  | 870 |  | 870 |
|  4.916% due 08/20/2066 •  |  | 0 |  | 1 |
|  5.006% due 07/20/2063 •  |  | 222 |  | 222 |
|  5.036% due 06/20/2065 •  |  | 1827 |  | 1827 |
|  5.066% due 03/20/2065 •  |  | 1438 |  | 1438 |
|  5.116% due 12/20/2064 - 06/20/2066 •  |  | 2145 |  | 2148 |
|  5.146% due 08/20/2061 •  |  | 1 |  | 1 |
|  5.196% due 09/20/2063 •  |  | 7 |  | 7 |
|  5.216% due 10/20/2063 - 09/20/2065 •  |  | 130 |  | 131 |
|  5.236% due 02/20/2066 •  |  | 8 |  | 8 |
|  5.266% due 05/20/2066 •  |  | 1164 |  | 1167 |
|  5.346% due 04/20/2066 •  |  | 1977 |  | 1984 |
|  5.366% due 04/20/2066 •  |  | 2114 |  | 2122 |
|  5.386% due 07/20/2065 •  |  | 59 |  | 59 |
|  5.416% due 12/20/2066 •  |  | 1600 |  | 1607 |
|  5.466% due 01/20/2067 •  |  | 1921 |  | 1931 |
|  5.616% due 03/20/2066 •  |  | 947 |  | 954 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.000% due 10/01/2055 - 11/01/2055 | 120100 | 107232 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  3.875% due 08/01/2030 | 18750 | 18806 |
|  4.375% due 08/01/2034 | 3200 | 3237 |
|  7.125% due 05/01/2030 | 10000 | 11404 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 11/01/2055 | 76600 | 64559 |
|  3.000% due 11/01/2055 | 23500 | 20646 |
|  4.000% due 11/01/2055 | 280200 | 264050 |
|  6.500% due 11/01/2055 | 7600 | 7859 |
|  Total U.S. Government Agencies (Cost $1,586,520) | Total U.S. Government Agencies (Cost $1,586,520) | 1604913 |
| U.S. TREASURY OBLIGATIONS 14.2% | U.S. TREASURY OBLIGATIONS 14.2% | U.S. TREASURY OBLIGATIONS 14.2% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  2.125% due 01/15/2035 | 46062 | 47434 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 04/30/2030 (f) | 11500 | 11575 |
|  4.000% due 07/31/2029 (f) | 92800 | 93842 |
|  4.000% due 06/30/2032 | 29900 | 30059 |
|  4.125% due 07/31/2031 | 131760 | 133788 |
|  4.375% due 01/31/2032 | 1100 | 1131 |
|  4.625% due 02/15/2035 | 14400 | 14968 |
|  4.875% due 10/31/2030 (f) | 175425 | 184433 |
|  Total U.S. Treasury Obligations (Cost $507,396) | Total U.S. Treasury Obligations (Cost $507,396) | 517230 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.0% |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 1200 | 1177 |
|  Bank | Bank | Bank |
|  1.805% due 11/15/2053 | 6000 | 5698 |
|  2.933% due 09/15/2062 | 8263 | 8040 |
|  3.183% due 08/15/2061 | 4300 | 4066 |
|  4.775% due 10/15/2057 | 3000 | 3005 |
|  Bank5 | Bank5 | Bank5 |
|  4.745% due 11/15/2058 (a) | 3500 | 3542 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.534% due 09/15/2058 | 2000 | 2007 |
|  5.433% due 02/15/2062 | 3300 | 3458 |
|  5.586% due 07/15/2058 ~ | 2400 | 2536 |
|  5.609% due 12/15/2057 | 5100 | 5325 |
|  5.720% due 02/15/2062 | 1700 | 1815 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.615% due 12/15/2054 | 1626 | 1528 |
|  2.888% due 08/15/2057 | 3499 | 3420 |
|  2.957% due 12/15/2062 | 5075 | 4970 |
|  3.780% due 02/15/2051 ~ | 433 | 431 |
|  4.232% due 01/15/2052 | 5700 | 5632 |
|  5.439% due 08/15/2058 ~ | 2700 | 2810 |
|  5.660% due 04/15/2057 | 7400 | 7755 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.057% due 10/15/2058 (a) | 2400 | 2435 |
|  5.566% due 11/15/2057 ~ | 7000 | 7276 |
|  5.625% due 12/15/2057 ~ | 4500 | 4693 |
|  5.857% due 02/15/2057 | 6000 | 6287 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.994% due 10/15/2036 •  | 476 | 476 |
|  5.185% due 12/15/2038 •  | 2199 | 2198 |
|  BX Trust | BX Trust | BX Trust |
|  5.164% due 10/15/2036 •  | 3000 | 2998 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.817% due 11/15/2052 | 6767 | 6605 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  2.873% due 08/15/2057 | 1394 | 1361 |
|  3.091% due 10/10/2049 | 3700 | 3644 |
|  3.510% due 09/10/2050 | 4200 | 4117 |
|  4.228% due 05/10/2051 | 3800 | 3746 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  2.957% due 09/15/2052 | 6938 | 6814 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  6.115% due 10/15/2037 •  | 5300 | 5248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  5.332% due 06/15/2034 •  | 13 | 13 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 21841 | 21858 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.614% due 12/15/2036 •  | 6000 | 2970 |
|  JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust |
|  3.639% due 11/15/2047 | 218 | 214 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.982% due 11/13/2052 | 2651 | 2600 |
|  2.994% due 12/15/2049 | 60 | 60 |
|  3.144% due 06/15/2049 | 2900 | 2867 |
|  Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
|  3.306% due 04/15/2048 | 293 | 289 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.606% due 08/15/2049 | 153 | 152 |
|  3.067% due 11/15/2052 | 5135 | 5022 |
|  3.587% due 12/15/2050 | 700 | 691 |
|  3.809% due 12/15/2048 | 1678 | 1673 |
|  MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust |
|  6.014% due 12/15/2056 ~ | 4000 | 4334 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  | 18000 | 17953 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  2.866% due 10/15/2052 | 5562 | 5428 |
|  2.987% due 12/15/2052 | 778 | 760 |
|  3.366% due 10/15/2050 | 960 | 952 |
|  3.504% due 12/15/2050 | 2989 | 2965 |
|  3.903% due 02/15/2051 | 1755 | 1754 |
|  4.195% due 08/15/2051 | 683 | 683 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.651% due 02/15/2053 | 1250 | 1214 |
|  2.652% due 08/15/2049 | 1600 | 1575 |
|  3.311% due 06/15/2052 | 4750 | 4499 |
|  4.147% due 06/15/2051 | 752 | 753 |
|  5.920% due 11/15/2057 ~ | 9900 | 10432 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ | 3000 | 3061 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $227,266) | Total Non-Agency Mortgage-Backed Securities (Cost $227,266) | 219885 |
| ASSET-BACKED SECURITIES 11.5% | ASSET-BACKED SECURITIES 11.5% | ASSET-BACKED SECURITIES 11.5% |
| AUTOMOBILE SEQUENTIAL 3.8% | AUTOMOBILE SEQUENTIAL 3.8% | AUTOMOBILE SEQUENTIAL 3.8% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 | 6000 | 6143 |
|  5.360% due 06/20/2030 | 11000 | 11395 |
|  5.440% due 02/22/2028 | 5000 | 5076 |
|  5.810% due 12/20/2029 | 7900 | 8239 |
|  6.020% due 02/20/2030 | 3500 | 3680 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.660% due 11/15/2029 | 3950 | 4033 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 4684 | 4745 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  6.000% due 07/17/2028 | 7233 | 7332 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.240% due 08/11/2031 | 11200 | 11186 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 2054 | 2080 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  5.280% due 02/15/2036 | 3800 | 3924 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.710% due 02/16/2029 | 5000 | 5133 |
|  5.780% due 08/16/2028 | 1748 | 1769 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  4.520% due 03/11/2037 | 6700 | 6793 |
|  4.980% due 12/11/2036 | 6300 | 6472 |
|  5.770% due 08/11/2036 | 5400 | 5668 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.570% due 09/25/2029 | 8000 | 8251 |
|  6.150% due 03/25/2030 | 3400 | 3559 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.510% due 11/21/2030 | 1000 | 1010 |
|  4.570% due 03/21/2029 | 4700 | 4739 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.530% due 04/17/2028 | 6500 | 6561 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 10000 | 10040 |
|  4.970% due 09/15/2028 | 2200 | 2216 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.520% due 04/20/2028 | 1000 | 1013 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.940% due 01/21/2031 | 500 | 508 |
|  4.950% due 05/21/2029 | 810 | 816 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  5.660% due 11/20/2026 | 737 | 739 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.020% due 06/20/2028 | 3368 | 3390 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.030% due 11/15/2029 | 900 | 913 |
|  5.150% due 11/15/2028 | 1828 | 1839 |
|  |  | 139262 |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | 1420 | 1419 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 4553 | 4565 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 3141 | 3143 |
|  6.255% due 08/17/2041 •  | 1850 | 1852 |
|  6.385% due 06/17/2039 •  | 2402 | 2406 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 1834 | 1837 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.157% due 11/15/2037 •  | 2642 | 2639 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 876 | 858 |
|  5.750% due 07/16/2035 •  | 1295 | 1292 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.631% due 01/15/2043 •  | 3500 | 3509 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 11/15/2038 •  | 1577 | 1579 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.769% due 09/17/2037 •  | 1225 | 1226 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 905 | 905 |
|  5.957% due 12/15/2035 •  | 1136 | 1138 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 4478 | 4493 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 4073 | 4084 |
|  |  | 36945 |
| CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.800% due 05/15/2030 | 2000 | 2047 |
|  4.870% due 05/15/2028 | 10000 | 10056 |
|  4.950% due 10/15/2027 | 2500 | 2501 |
|  5.240% due 04/15/2031 | 6000 | 6267 |
|  BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust |
|  4.790% due 05/15/2028 | 12600 | 12665 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.230% due 12/08/2027 | 9600 | 9618 |
|  |  | 43154 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.420% due 05/15/2028 | 8300 | 8322 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5000 | 5094 |
|  |  | 13416 |
| OTHER ABS 5.1% | OTHER ABS 5.1% | OTHER ABS 5.1% |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 4200 | 4204 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 735 | 728 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 2900 | 2858 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 6800 | 6810 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  0.000% due 10/15/2038 •(a) | 3900 | 3900 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 2000 | 2008 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.709% due 01/15/2035 •  | 5691 | 5699 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 6200 | 6231 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 3000 | 3003 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 1052 | 1054 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  | 9200 | 9245 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 2220 | 2231 |
|  5.350% due 03/20/2031 | 5660 | 5727 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 3600 | 3603 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 2699 | 2690 |
|  5.271% due 09/25/2068 •  | 3678 | 3663 |
|  5.471% due 01/27/2070 •  | 4646 | 4675 |
|  5.521% due 05/25/2067 •  | 2355 | 2364 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 2200 | 2204 |
|  5.618% due 01/25/2035 •  | 4500 | 4516 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 2488 | 2491 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 2142 | 2144 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 3984 | 3984 |
|  5.475% due 10/20/2034 •  | 4500 | 4505 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 3200 | 3200 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 943 | 944 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 1000 | 1003 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 1760 | 1764 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.715% due 07/16/2040 •  | 1315 | 1321 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  5.165% due 01/15/2043 •  | 209 | 209 |
|  5.265% due 04/15/2069 •  | 1229 | 1224 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.271% due 07/26/2066 •  | 1849 | 1856 |
|  6.480% due 03/15/2072 | 894 | 919 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 5500 | 5541 |
|  0.000% due 06/22/2065 •  | 5600 | 5608 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 2800 | 2803 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 2800 | 2803 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 2000 | 2000 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 6700 | 6712 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 3500 | 3504 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  | 2803 | 2808 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 4200 | 4203 |
|  Pawnee Equipment Receivables LLC | Pawnee Equipment Receivables LLC | Pawnee Equipment Receivables LLC |
|  5.170% due 02/15/2028 | 78 | 78 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  4.750% due 03/15/2043 «(a) | 2700 | 2691 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | 660 | 661 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 431 | 432 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 2324 | 2440 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.995% due 01/15/2053 •  | 2286 | 2265 |
|  5.020% due 03/17/2053 | 2252 | 2280 |
|  5.122% due 09/15/2054 •  | 410 | 409 |
|  5.130% due 04/15/2054 | 2883 | 2938 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 2600 | 2604 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 435 | 438 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 4700 | 4707 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(a) | 2600 | 2600 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 629 | 629 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 1095 | 1096 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 4911 | 4915 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.350% due 08/20/2032 | 7500 | 7583 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 3300 | 3304 |
|  5.491% due 04/17/2030 •  | 425 | 426 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.378% due 10/15/2034 •  | 5172 | 5180 |
|  |  | 187636 |
|  Total Asset-Backed Securities (Cost $416,122) | Total Asset-Backed Securities (Cost $416,122) | 420413 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | 1900 | $— | 1998 |
| Total Sovereign Issues (Cost $1,891) | Total Sovereign Issues (Cost $1,891) |  | 1998 |
| SHORT-TERM INSTRUMENTS 23.4% | SHORT-TERM INSTRUMENTS 23.4% | SHORT-TERM INSTRUMENTS 23.4% | SHORT-TERM INSTRUMENTS 23.4% |
| REPURCHASE AGREEMENTS (d) 23.4% | REPURCHASE AGREEMENTS (d) 23.4% |  |  |
|  |  |  | 856400 |
| Total Short-Term Instruments (Cost $856,400) | Total Short-Term Instruments (Cost $856,400) |  | 856400 |
| Total Investments in Securities (Cost $4,509,983) | Total Investments in Securities (Cost $4,509,983) |  | 4528489 |
| Total Investments 124.0% (Cost $4,509,983) | Total Investments 124.0% (Cost $4,509,983) | $— | 4528489 |
|  Financial Derivative Instruments (e) 0.0%<br> (Cost or Premiums, net $911) |  |  | 266 |
| Other Assets and Liabilities, net (24.0)% | Other Assets and Liabilities, net (24.0)% |  | (876010) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3652745 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

(a) When-issued security.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393500 | U.S. Treasury Notes 1.250% - 1.750% due 11/30/2026 - 12/31/2026 | $(401734) | $393500 | $393500 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 462900 | U.S. Treasury Notes 0.375% - 4.125% due 12/31/2025 - 10/31/2029 | (472728) | 462900 | 462955 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874462) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856455 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $856455 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874462) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18007) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 115

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 2323 | $484110 | $431 | $254 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 4608 | 503172 | (184) | 180 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1336 | 150300 | 904 | 0 | (21) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 20 | $(2401) | $(59) | $11 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.800% | Annual | 09/05/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2270) | $(132) | $(2402) | $0 | $(117) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 15400 | (35) | 158 | 123 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 72600 | 748 | (1139) | (391) | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 140170 | (140) | (2129) | (2269) | 0 | (48) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 39400 | (383) | (739) | (1122) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 20900 | 2991 | 607 | 3598 | 59 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3374) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2463) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(21) | $(217) | $(238) |

---

(f) Securities with an aggregate market value of $22,504 and cash of $9,138 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **116** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 59 | 59 |
|  | $0 | $0 | $0 | $0 | $504 | $504 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $21 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 217 | 217 |
|  | $0 | $0 | $0 | $0 | $238 | $238 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $13169 | $13169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1145 | 2812 |
|  | $0 | $1667 | $0 | $0 | $14314 | $15981 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(6358) | $(6358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (265) | 0 | 0 | (3951) | (4216) |
|  | $0 | $(265) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10574) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $472937 | $0 | $472937 |
| &nbsp;&nbsp; Industrials | 0 | 157287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200 | 193487 |
| &nbsp;&nbsp; Utilities | 0 | 150329 | 0 | 150329 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | 3535 | 0 | 3535 |
| &nbsp;&nbsp; California | 0 | 28044 | 0 | 28044 |
| &nbsp;&nbsp; Florida | 0 | 6261 | 0 | 6261 |
| &nbsp;&nbsp; Kansas | 0 | 2436 | 0 | 2436 |
| &nbsp;&nbsp; Louisiana | 0 | 4391 | 0 | 4391 |
| &nbsp;&nbsp; Michigan | 0 | 2479 | 0 | 2479 |
| &nbsp;&nbsp; New York | 0 | 22217 | 0 | 22217 |
| &nbsp;&nbsp; Texas | 0 | 7197 | 0 | 7197 |
| &nbsp;&nbsp; Utah | 0 | 1967 | 0 | 1967 |
| &nbsp;&nbsp; West Virginia | 0 | 10349 | 0 | 10349 |
| &nbsp;&nbsp; Wisconsin | 0 | 2021 | 0 | 2021 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604913 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604913 |
|  U.S. Treasury Obligations | 0 | 517230 | 0 | 517230 |
|  Non-Agency Mortgage-Backed Securities | 0 | 219885 | 0 | 219885 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 139262 | 0 | 139262 |
| &nbsp;&nbsp; CMBS Other | 0 | 36945 | 0 | 36945 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Credit Card Bullet | $0 | $43154 | $0 | $43154 |
| &nbsp;&nbsp; Credit Card Other | 0 | 13416 | 0 | 13416 |
| &nbsp;&nbsp; Other ABS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | 182345 | 2691 | 187636 |
|  Sovereign Issues | 0 | 1998 | 0 | 1998 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 856400 | 0 | 856400 |
|  Total Investments | $2600 | $4486998 | $38891 | $4528489 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $504 | $0 | $504 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(238) | $0 | $(238) |
|  Total Financial Derivative Instruments | $0 | $266 | $0 | $266 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528755 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 117

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $36200 | $0 | $0 | $0 | $0 | $0 | $0 | $36200 | $0 |
|  U.S. Government Agencies | 17411 | 0 | (17330) | 0 | 0 | (81) | 0 | 0 | 0 | 0 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 0 | 2700 | 0 | 0 | 0 | (9) | 0 | 0 | 2691 | (9) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17330) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 2691 | Proxy Pricing | Base Price | 99.998 |  |
|  Total | $38891 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **118** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 323.0% | INVESTMENTS IN SECURITIES 323.0% | INVESTMENTS IN SECURITIES 323.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (d) | 38 | 47 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.036% due 12/10/2028 | 468 | 478 |
|  Total Corporate Bonds & Notes (Cost $517) | Total Corporate Bonds & Notes (Cost $517) | 525 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 | Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 | Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 |
|  0.000% due 08/01/2034 (c) | 6860 | 3838 |
|  Total Municipal Bonds & Notes (Cost $5,190) | Total Municipal Bonds & Notes (Cost $5,190) | 3838 |
| U.S. GOVERNMENT AGENCIES 292.0% | U.S. GOVERNMENT AGENCIES 292.0% | U.S. GOVERNMENT AGENCIES 292.0% |
|  Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. |
|  8.850% due 04/25/2030 «~ | 22 | 23 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  1.500% due 12/01/2050 - 04/01/2051 | 157 | 122 |
|  2.000% due 04/01/2036 | 6850 | 6332 |
|  2.500% due 01/01/2032 - 03/01/2052 | 8113 | 7068 |
|  3.000% due 02/01/2040 - 04/01/2052 | 63589 | 56832 |
|  3.500% due 09/01/2032 - 02/01/2050 | 1754 | 1689 |
|  4.000% due 06/01/2029 - 12/01/2048 | 6575 | 6385 |
|  4.164% due 07/01/2030 •  | 40 | 39 |
|  4.500% due 03/01/2029 - 06/01/2048 | 5474 | 5482 |
|  4.515% due 03/01/2029 •  | 1 | 1 |
|  5.000% due 11/01/2025 - 06/01/2053 | 4604 | 4687 |
|  5.500% due 11/01/2030 - 06/01/2041 | 9135 | 9467 |
|  6.000% due 07/01/2027 - 05/01/2040 | 1280 | 1350 |
|  6.262% due 01/01/2028 •  | 2 | 2 |
|  6.285% due 03/01/2033 •  | 23 | 23 |
|  6.346% due 11/01/2029 •  | 34 | 34 |
|  6.348% due 12/01/2032 •  | 4 | 4 |
|  6.357% due 07/01/2027 •  | 0 | 1 |
|  6.369% due 09/01/2028 •  | 1 | 1 |
|  6.390% due 05/01/2032 •  | 4 | 4 |
|  6.406% due 11/01/2027 •  | 10 | 10 |
|  6.430% due 08/01/2035 •  | 3 | 4 |
|  6.488% due 05/01/2032 •  | 57 | 58 |
|  6.497% due 07/01/2035 •  | 67 | 69 |
|  6.499% due 03/01/2032 •  | 2 | 2 |
|  6.500% due 08/01/2027 - 10/01/2036 •  | 24 | 24 |
|  6.500% due 04/01/2029 - 08/01/2037 | 245 | 259 |
|  6.532% due 06/01/2028 - 02/01/2031 •  | 5 | 5 |
|  6.535% due 07/01/2030 •  | 1 | 1 |
|  6.635% due 12/01/2035 •  | 164 | 169 |
|  6.639% due 12/01/2026 •  | 1 | 1 |
|  6.643% due 02/01/2027 •  | 7 | 7 |
|  6.647% due 11/01/2034 •  | 9 | 9 |
|  6.650% due 12/01/2029 •  | 1 | 1 |
|  6.750% due 03/01/2033 •  | 8 | 8 |
|  7.000% due 01/01/2026 - 12/01/2032 | 9 | 9 |
|  7.125% due 10/01/2035 •  | 10 | 10 |
|  8.000% due 06/01/2030 - 09/01/2030 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  4.660% due 01/25/2031 | $— | 6100 | $— | 6190 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 01/15/2035 - 05/15/2041 •  |  | 6691 |  | 6348 |
|  0.000% due 08/15/2056 - 10/15/2058 (b)(c) |  | 33717 |  | 21700 |
|  0.347% due 05/15/2035 •  |  | 2642 |  | 2678 |
|  1.640% due 10/15/2037 ~(a) |  | 42 |  | 2 |
|  1.646% due 10/15/2037 ~(a) |  | 86 |  | 4 |
|  1.755% due 03/15/2037 ~(a) |  | 102 |  | 6 |
|  1.774% due 05/15/2037 ~(a) |  | 251 |  | 14 |
|  1.887% due 11/15/2036 ~(a) |  | 278 |  | 16 |
|  1.931% due 08/15/2041 ~(a) |  | 88 |  | 5 |
|  1.936% due 02/15/2038 ~(a) |  | 177 |  | 10 |
|  1.941% due 11/15/2038 ~(a) |  | 292 |  | 16 |
|  2.000% due 11/25/2050 (a) |  | 5552 |  | 755 |
|  2.012% due 10/15/2041 ~(a) |  | 181 |  | 11 |
|  2.019% due 06/15/2038 ~(a) |  | 229 |  | 14 |
|  2.190% due 08/15/2036 ~(a) |  | 110 |  | 8 |
|  2.500% due 12/15/2027 (a) |  | 426 |  | 9 |
|  3.000% due 08/15/2032 |  | 3262 |  | 3142 |
|  3.000% due 02/15/2033 - 09/15/2048 (a) |  | 2370 |  | 215 |
|  3.500% due 08/15/2026 (a) |  | 76 |  | 1 |
|  4.000% due 01/15/2046 (a) |  | 3009 |  | 525 |
|  4.787% due 06/15/2048 - 12/15/2048 •  |  | 2554 |  | 2503 |
|  4.810% due 08/15/2040 - 10/15/2040 •  |  | 4205 |  | 4149 |
|  4.837% due 12/15/2029 •  |  | 17 |  | 17 |
|  4.937% due 09/15/2026 - 12/15/2031 •  |  | 6 |  | 6 |
|  4.960% due 12/15/2046 •  |  | 320 |  | 317 |
|  5.021% due 01/25/2050 •  |  | 1305 |  | 1276 |
|  5.087% due 08/15/2035 •  |  | 177 |  | 177 |
|  5.437% due 04/15/2031 •  |  | 132 |  | 133 |
|  5.487% due 06/15/2031 •  |  | 9 |  | 9 |
|  5.687% due 07/15/2027 •  |  | 19 |  | 19 |
|  6.000% due 11/15/2028 - 09/15/2032 |  | 76 |  | 77 |
|  6.250% due 12/15/2028 |  | 26 |  | 27 |
|  6.500% due 06/15/2027 - 06/15/2032 |  | 191 |  | 197 |
|  7.500% due 01/15/2030 |  | 16 |  | 17 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.262% due 12/15/2043 •  |  | 1114 |  | 1035 |
|  2.500% due 10/15/2052 (a) |  | 38684 |  | 6136 |
|  3.500% due 01/15/2043 - 08/15/2045 (a) |  | 10097 |  | 1614 |
|  4.810% due 10/15/2037 •  |  | 448 |  | 443 |
|  5.037% due 03/15/2044 •  |  | 794 |  | 792 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.552% due 08/15/2032 ~ |  | 5 |  | 5 |
|  4.583% due 07/25/2031 •  |  | 18 |  | 18 |
|  4.721% due 05/25/2031 •  |  | 59 |  | 59 |
|  4.751% due 09/25/2031 •  |  | 19 |  | 19 |
|  6.500% due 10/25/2043 |  | 112 |  | 115 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.500% due 06/01/2051 |  | 118 |  | 91 |
|  2.000% due 11/01/2026 - 03/01/2033 |  | 1128 |  | 1065 |
|  2.500% due 01/01/2033 - 04/01/2052 |  | 27800 |  | 23783 |
|  3.000% due 10/01/2026 - 05/01/2058 |  | 143523 |  | 127848 |
|  3.500% due 10/01/2025 - 01/01/2059 |  | 88396 |  | 82640 |
|  3.575% due 02/01/2026 |  | 9000 |  | 8963 |
|  4.000% due 12/01/2025 - 06/01/2049 |  | 56294 |  | 54880 |
|  4.198% due 10/01/2031 •  |  | 11 |  | 11 |
|  4.213% due 11/01/2028 •  |  | 8 |  | 8 |
|  4.374% due 02/01/2028 ~ |  | 5992 |  | 6010 |
|  4.387% due 08/01/2028 •  |  | 6 |  | 6 |
|  4.390% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.428% due 11/01/2028 •  |  | 4 |  | 4 |
|  4.437% due 05/01/2036 •  |  | 28 |  | 28 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.440% due 06/01/2033 | $— | 2000 | $— | 2002 |
|  4.461% due 02/01/2028 •  |  | 3 |  | 3 |
|  4.490% due 04/01/2033 |  | 2000 |  | 2015 |
|  4.500% due 12/01/2025 - 04/01/2059 |  | 27066 |  | 26911 |
|  4.542% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.550% due 05/01/2028 |  | 200 |  | 203 |
|  4.580% due 08/01/2033 |  | 1000 |  | 1014 |
|  4.599% due 03/01/2035 •  |  | 24 |  | 23 |
|  4.617% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.630% due 07/01/2033 |  | 3452 |  | 3498 |
|  4.700% due 04/01/2033 |  | 3682 |  | 3713 |
|  4.860% due 07/01/2033 |  | 2500 |  | 2579 |
|  4.900% due 10/01/2028 |  | 709 |  | 726 |
|  4.990% due 03/01/2031 |  | 1474 |  | 1514 |
|  5.000% due 10/01/2025 - 06/01/2053 |  | 6278 |  | 6336 |
|  5.066% due 02/01/2031 •  |  | 11 |  | 11 |
|  5.300% due 09/01/2038 |  | 1010 |  | 1066 |
|  5.421% due 08/01/2042 - 10/01/2044 •  |  | 453 |  | 455 |
|  5.497% due 02/01/2031 •  |  | 8 |  | 8 |
|  5.500% due 11/01/2028 - 02/01/2042 |  | 5924 |  | 6076 |
|  5.570% due 10/01/2028 |  | 861 |  | 884 |
|  5.610% due 10/01/2028 |  | 883 |  | 908 |
|  5.613% due 09/01/2034 •  |  | 1 |  | 1 |
|  5.621% due 10/01/2030 - 09/01/2040 •  |  | 26 |  | 26 |
|  5.730% due 10/01/2028 |  | 1122 |  | 1176 |
|  5.750% due 12/01/2030 •  |  | 11 |  | 11 |
|  5.828% due 05/01/2030 •  |  | 5 |  | 5 |
|  5.890% due 11/01/2035 •  |  | 53 |  | 54 |
|  6.000% due 09/01/2028 - 05/01/2041 |  | 6191 |  | 6477 |
|  6.032% due 02/01/2030 •  |  | 13 |  | 13 |
|  6.047% due 03/01/2035 •  |  | 11 |  | 11 |
|  6.050% due 11/01/2035 •  |  | 205 |  | 207 |
|  6.125% due 08/01/2029 •  |  | 3 |  | 3 |
|  6.152% due 07/01/2032 •  |  | 11 |  | 11 |
|  6.160% due 09/01/2035 •  |  | 35 |  | 35 |
|  6.187% due 01/01/2035 •  |  | 5 |  | 5 |
|  6.233% due 05/01/2035 •  |  | 5 |  | 5 |
|  6.260% due 06/01/2035 •  |  | 53 |  | 55 |
|  6.275% due 06/01/2035 •  |  | 14 |  | 15 |
|  6.279% due 07/01/2035 •  |  | 11 |  | 11 |
|  6.290% due 07/01/2034 - 09/01/2035 •  |  | 51 |  | 51 |
|  6.305% due 07/01/2035 •  |  | 5 |  | 6 |
|  6.320% due 02/01/2027 •  |  | 1 |  | 1 |
|  6.358% due 12/01/2048 •  |  | 598 |  | 619 |
|  6.375% due 08/01/2035 •  |  | 21 |  | 21 |
|  6.395% due 06/01/2029 - 04/01/2032 •  |  | 12 |  | 13 |
|  6.405% due 11/01/2035 •  |  | 4 |  | 4 |
|  6.422% due 09/01/2035 •  |  | 28 |  | 29 |
|  6.447% due 06/01/2032 •  |  | 12 |  | 13 |
|  6.453% due 01/01/2049 •  |  | 1108 |  | 1146 |
|  6.460% due 05/01/2035 •  |  | 21 |  | 22 |
|  6.487% due 11/01/2048 •  |  | 412 |  | 426 |
|  6.499% due 02/01/2034 •  |  | 5 |  | 5 |
|  6.500% due 02/01/2026 - 04/01/2043 |  | 2887 |  | 3024 |
|  6.583% due 11/01/2035 •  |  | 3 |  | 3 |
|  6.600% due 01/01/2030 •  |  | 24 |  | 24 |
|  6.612% due 12/01/2031 •  |  | 1 |  | 1 |
|  6.654% due 09/01/2031 •  |  | 3 |  | 3 |
|  6.675% due 02/01/2035 •  |  | 12 |  | 12 |
|  6.848% due 12/01/2027 •  |  | 2 |  | 2 |
|  6.898% due 05/01/2036 •  |  | 8 |  | 8 |
|  6.912% due 02/01/2036 •  |  | 7 |  | 7 |
|  7.000% due 09/01/2032 |  | 3 |  | 3 |
|  7.435% due 09/01/2034 •  |  | 22 |  | 23 |
|  7.500% due 10/01/2028 |  | 4 |  | 4 |
|  8.000% due 07/01/2030 - 10/01/2030 |  | 3 |  | 3 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  2.674% due 09/26/2033 •  |  | 1 |  | 1 |
|  4.492% due 07/25/2032 •  |  | 20 |  | 20 |
|  7.500% due 07/25/2041 |  | 39 |  | 40 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **119** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  3.000% due 11/25/2043 (a) | $— | 1347 | $— | 182 |
|  6.500% due 04/25/2038 (a) |  | 94 |  | 21 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 10/25/2042 - 10/25/2045 •  |  | 1221 |  | 821 |
|  0.200% due 02/25/2043 •(a) |  | 1550 |  | 10 |
|  1.446% due 07/25/2044 ~(a) |  | 296 |  | 12 |
|  1.465% due 10/25/2046 ~(a) |  | 171 |  | 8 |
|  1.500% due 02/25/2036 (a) |  | 35065 |  | 1755 |
|  1.529% due 11/25/2049 •(a) |  | 1898 |  | 259 |
|  1.575% due 04/25/2046 ~(a) |  | 254 |  | 13 |
|  1.590% due 06/25/2042 •  |  | 379 |  | 340 |
|  1.595% due 07/25/2052 ~(a) |  | 305 |  | 15 |
|  1.625% due 07/25/2045 ~(a) |  | 1364 |  | 80 |
|  1.666% due 07/25/2044 ~(a) |  | 431 |  | 27 |
|  1.679% due 07/25/2042 - 08/25/2042 •(a) |  | 4640 |  | 512 |
|  1.698% due 04/25/2055 ~(a) |  | 490 |  | 24 |
|  1.734% due 03/25/2045 ~(a) |  | 651 |  | 37 |
|  1.744% due 08/25/2054 ~(a) |  | 582 |  | 31 |
|  1.745% due 01/25/2045 ~(a) |  | 262 |  | 14 |
|  1.897% due 08/25/2044 ~(a) |  | 260 |  | 18 |
|  1.980% due 08/25/2055 ~(a) |  | 302 |  | 17 |
|  2.500% due 02/25/2051 (a) |  | 7289 |  | 1247 |
|  3.000% due 04/25/2043 - 05/25/2048 |  | 392 |  | 361 |
|  3.000% due 04/25/2046 - 12/25/2048 (a) |  | 5891 |  | 717 |
|  3.500% due 04/25/2046 (a) |  | 173 |  | 14 |
|  4.000% due 06/25/2044 (a) |  | 37 |  | 2 |
|  4.523% due 12/25/2036 - 07/25/2037 •  |  | 709 |  | 697 |
|  4.871% due 06/25/2029 - 04/25/2032 •  |  | 13 |  | 13 |
|  4.901% due 04/18/2028 - 12/18/2032 •  |  | 8 |  | 8 |
|  4.921% due 06/25/2046 •  |  | 657 |  | 648 |
|  4.951% due 10/18/2030 •  |  | 5 |  | 5 |
|  4.971% due 06/25/2030 - 11/25/2059 •  |  | 10039 |  | 9909 |
|  5.000% due 11/25/2028 |  | 37 |  | 37 |
|  5.171% due 10/25/2037 •  |  | 1174 |  | 1175 |
|  5.371% due 04/25/2032 •  |  | 2 |  | 2 |
|  6.000% due 04/25/2031 |  | 66 |  | 68 |
|  6.373% due 05/25/2035 ~ |  | 27 |  | 28 |
|  6.500% due 10/25/2028 - 10/25/2031 |  | 160 |  | 166 |
|  6.850% due 12/18/2027 |  | 20 |  | 20 |
|  7.000% due 11/25/2026 - 12/20/2027 |  | 6 |  | 5 |
|  7.500% due 11/20/2026 |  | 17 |  | 17 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.823% due 02/25/2033 •  |  | 6 |  | 6 |
|  6.500% due 06/25/2028 |  | 7 |  | 7 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 6597 |  | 384 |
|  6.300% due 06/25/2031 ~ |  | 38 |  | 38 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  1.087% due 03/16/2051 ~(a) |  | 600 |  | 0 |
|  2.500% due 03/20/2027 - 09/20/2051 |  | 33798 |  | 29168 |
|  3.000% due 12/15/2042 - 05/20/2050 |  | 13581 |  | 12320 |
|  3.500% due 11/15/2041 - 02/20/2052 |  | 66591 |  | 61566 |
|  4.000% due 09/15/2040 - 03/15/2052 |  | 19346 |  | 18580 |
|  4.500% due 06/15/2035 - 01/20/2049 |  | 16376 |  | 16209 |
|  4.625% (H15T1Y + 1.500%) due 07/20/2026 - 09/20/2026 ~ |  | 3 |  | 3 |
|  4.625% due 07/20/2027 - 07/20/2035 •  |  | 1522 |  | 1537 |
|  4.750% due 12/20/2029 - 12/20/2032 •  |  | 274 |  | 278 |
|  4.861% due 01/20/2059 •  |  | 9 |  | 9 |
|  5.000% due 07/20/2027 - 08/20/2030 •  |  | 77 |  | 77 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 05/15/2033 - 12/20/2048 | $— | 9065 | $— | 9262 |
|  5.203% due 10/20/2058 •  |  | 1 |  | 1 |
|  5.500% due 07/20/2030 - 09/20/2030 •  |  | 18 |  | 18 |
|  5.500% due 09/15/2031 - 07/15/2041 |  | 3720 |  | 3882 |
|  5.625% (H15T1Y + 1.500%) due 01/20/2026 - 06/20/2026 ~ |  | 13 |  | 11 |
|  5.625% due 01/20/2027 - 04/20/2033 •  |  | 1002 |  | 1007 |
|  6.000% due 09/15/2036 - 12/15/2040 |  | 687 |  | 714 |
|  6.125% due 01/20/2034 •  |  | 833 |  | 859 |
|  6.500% due 01/15/2028 - 07/15/2039 |  | 719 |  | 748 |
|  7.000% due 06/20/2026 - 09/20/2028 |  | 2 |  | 2 |
|  7.500% due 06/15/2027 - 10/15/2031 |  | 13 |  | 12 |
|  8.000% due 12/15/2028 - 09/15/2031 |  | 12 |  | 13 |
|  8.500% due 08/15/2027 - 01/20/2031 |  | 92 |  | 92 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 03/20/2035 (b)(c) |  | 94 |  | 90 |
|  0.000% due 09/20/2045 •  |  | 1736 |  | 1167 |
|  0.221% due 09/20/2045 ~(a) |  | 634 |  | 28 |
|  0.256% due 08/20/2045 ~(a) |  | 198 |  | 8 |
|  0.259% due 06/20/2043 ~(a) |  | 424 |  | 22 |
|  0.315% due 12/20/2045 ~(a) |  | 333 |  | 16 |
|  0.341% due 11/20/2045 ~(a) |  | 470 |  | 23 |
|  0.807% due 06/20/2042 ~(a) |  | 438 |  | 25 |
|  0.857% due 06/20/2042 ~(a) |  | 403 |  | 18 |
|  3.000% due 06/20/2046 (a) |  | 136 |  | 8 |
|  3.000% due 11/20/2067 |  | 3069 |  | 2993 |
|  3.500% due 08/20/2042 - 09/20/2046 (a) |  | 5066 |  | 504 |
|  5.516% due 07/20/2070 - 08/20/2070 •  |  | 14001 |  | 14173 |
|  5.716% due 10/20/2070 •  |  | 6782 |  | 6909 |
|  5.889% due 09/20/2071 •  |  | 24571 |  | 25161 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 |  | 99600 |  | 82363 |
|  2.500% due 11/01/2055 |  | 94850 |  | 81678 |
|  3.000% due 10/01/2055 - 11/01/2055 |  | 253350 |  | 226212 |
|  3.500% due 11/01/2055 |  | 17882 |  | 16303 |
|  4.000% due 11/01/2055 |  | 38650 |  | 36339 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 42900 |  | 41593 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 54800 |  | 54512 |
|  5.500% due 10/01/2055 - 11/01/2055 |  | 33500 |  | 33734 |
|  6.000% due 10/01/2055 |  | 33600 |  | 34177 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 |  | 265 |  | 268 |
|  5.490% due 05/01/2028 |  | 271 |  | 275 |
|  5.870% due 05/01/2026 - 07/01/2028 |  | 167 |  | 170 |
|  6.220% due 12/01/2028 |  | 43 |  | 44 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  1.500% due 10/01/2055 |  | 14400 |  | 11061 |
|  2.000% due 10/01/2040 |  | 18600 |  | 17099 |
|  2.500% due 10/01/2055 |  | 5330 |  | 4491 |
|  3.000% due 10/01/2040 - 11/01/2055 |  | 427880 |  | 380177 |
|  3.500% due 10/01/2040 |  | 97900 |  | 94861 |
|  4.000% due 10/01/2055 |  | 29147 |  | 27474 |
|  4.500% due 10/01/2040 - 11/01/2055 |  | 508718 |  | 493362 |
|  5.000% due 10/01/2040 - 11/01/2055 |  | 431604 |  | 427888 |
|  5.500% due 10/01/2040 - 11/01/2055 |  | 347600 |  | 350336 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 213800 |  | 218392 |
|  7.000% due 11/01/2055 |  | 9000 |  | 9424 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.281% due 01/15/2030 ~ | 48 | 50 |
|  6.500% due 03/15/2029 | 62 | 62 |
|  Total U.S. Government Agencies<br>(Cost $3,480,945) | Total U.S. Government Agencies<br>(Cost $3,480,945) | 3409589 |
| U.S. TREASURY OBLIGATIONS 17.5% | U.S. TREASURY OBLIGATIONS 17.5% | U.S. TREASURY OBLIGATIONS 17.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 | 77200 | 71680 |
|  4.750% due 08/15/2055 | 131600 | 132073 |
|  Total U.S. Treasury Obligations (Cost $206,349) | Total U.S. Treasury Obligations (Cost $206,349) | 203753 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.450% due 09/25/2035 ~ | 132 | 117 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.830% due 05/20/2035 •  | 180 | 169 |
|  6.253% due 10/25/2036 þ | 357 | 318 |
|  6.337% due 01/25/2037 þ | 367 | 345 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.046% due 02/25/2036 ~ | 71 | 66 |
|  5.841% due 07/25/2034 ~ | 1 | 1 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  6.768% due 06/20/2031 ~ | 17 | 17 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.167% due 11/25/2036 ~ | 143 | 64 |
|  4.467% due 11/25/2036 ~ | 283 | 161 |
|  4.475% due 11/25/2036 ~ | 389 | 198 |
|  5.425% due 05/25/2035 ~ | 69 | 67 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.812% due 11/25/2030 ~ | 1 | 1 |
|  6.375% due 08/25/2033 ~ | 85 | 83 |
|  6.500% due 01/25/2034 ~ | 1 | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ | 478 | 382 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.748% due 05/20/2045 •  | 91 | 58 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.164% due 09/25/2036 ~ | 14 | 12 |
|  6.000% due 07/25/2037 | 1502 | 654 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.452% due 05/25/2036 •  | 41 | 40 |
|  4.453% due 01/25/2035 ~ | 114 | 107 |
|  4.522% due 08/25/2035 •  | 58 | 56 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.462% due 11/25/2037 ~ | 263 | 249 |
|  4.593% due 09/25/2047 ~ | 203 | 183 |
|  4.732% due 05/25/2035 •  | 343 | 303 |
|  4.812% due 02/25/2035 •  | 26 | 25 |
|  4.852% due 04/25/2035 •  | 183 | 175 |
|  4.912% due 03/25/2035 •  | 27 | 25 |
|  4.932% due 02/25/2035 •  | 217 | 206 |
|  4.952% due 02/25/2035 •  | 5 | 5 |
|  4.952% due 03/25/2036 •  | 5 | 1 |
|  4.954% due 09/25/2034 ~ | 107 | 101 |
|  4.972% due 02/25/2036 •  | 15 | 6 |
|  6.250% due 07/19/2031 ~ | 2 | 2 |
|  6.305% due 06/19/2031 ~ | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.482% due 08/25/2035 ~ | 45 | 40 |
|  6.000% due 09/25/2035 •  | 46 | 47 |
|  6.490% due 05/25/2035 •  | 1 | 1 |
|  6.500% due 06/25/2054 ~ | 1553 | 1581 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 320 | 281 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.530% due 09/20/2046 •  | 5455 | 4868 |
|  4.650% due 07/20/2046 •  | 211 | 181 |
|  4.652% due 09/25/2046 •  | 1935 | 1820 |
|  4.672% due 05/25/2036 •  | 25 | 21 |
|  4.692% due 05/25/2035 •  | 276 | 265 |
|  4.712% due 05/25/2035 •  | 42 | 40 |

---

---

| | | |
|:---|:---|:---|
| **120** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.772% due 05/25/2035 •  | $— | 75 | $— | 69 |
|  4.772% due 09/25/2046 •  |  | 3654 |  | 3007 |
|  4.772% due 10/25/2046 •  |  | 266 |  | 208 |
|  4.792% due 07/25/2046 •  |  | 1474 |  | 1075 |
|  4.832% due 12/25/2035 •  |  | 128 |  | 120 |
|  4.890% due 12/20/2035 •  |  | 359 |  | 343 |
|  4.952% due 10/25/2046 •  |  | 1187 |  | 891 |
|  6.250% due 11/25/2036 |  | 525 |  | 385 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  3.948% due 08/25/2037 ~ |  | 80 |  | 35 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.683% due 06/25/2033 ~ |  | 3 |  | 3 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.079% due 04/25/2037 þ |  | 1715 |  | 477 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ |  | 968 |  | 806 |
|  4.699% due 05/27/2053 ~ |  | 4303 |  | 3878 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.372% due 10/25/2036 •  |  | 5 |  | 4 |
|  FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust |
|  6.750% due 08/21/2031 |  | 3 |  | 3 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.672% due 12/25/2046 •  |  | 1056 |  | 1045 |
|  4.812% due 04/25/2036 •  |  | 449 |  | 401 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ |  | 4 |  | 4 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.348% due 07/15/2031 •  |  | 2000 |  | 1554 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 ~ |  | 14111 |  | 12157 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.292% due 04/25/2036 ~ |  | 101 |  | 61 |
|  4.792% due 08/25/2046 •  |  | 2056 |  | 452 |
|  4.844% due 06/25/2034 ~ |  | 7 |  | 7 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  2.340% due 11/19/2034 ~ |  | 14 |  | 12 |
|  4.508% due 03/19/2037 •  |  | 172 |  | 160 |
|  4.688% due 05/19/2046 •  |  | 510 |  | 147 |
|  5.509% due 08/19/2034 ~ |  | 331 |  | 309 |
|  5.509% due 08/19/2036 ~ |  | 19 |  | 18 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.132% due 08/25/2029 •  |  | 45 |  | 44 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ |  | 1 |  | 1 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.872% due 11/25/2035 •  |  | 77 |  | 44 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.369% due 01/25/2036 ~ |  | 106 |  | 96 |
|  3.558% due 01/25/2036 ~ |  | 1 |  | 0 |
|  3.686% due 08/25/2035 ~ |  | 360 |  | 267 |
|  3.911% due 08/25/2036 ~ |  | 6412 |  | 5438 |
|  4.572% due 06/25/2037 •  |  | 285 |  | 97 |
|  4.580% due 12/25/2034 ~ |  | 2 |  | 2 |
|  4.692% due 05/25/2046 •  |  | 417 |  | 382 |
|  4.752% due 04/25/2035 •  |  | 38 |  | 32 |
|  4.752% due 07/25/2035 •  |  | 311 |  | 288 |
|  4.912% due 02/25/2035 •  |  | 57 |  | 53 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ |  | 5243 |  | 4566 |
|  3.000% due 05/25/2052 ~ |  | 6023 |  | 5227 |
|  5.172% due 12/25/2049 •  |  | 1101 |  | 1062 |
|  5.222% due 08/25/2049 •  |  | 575 |  | 551 |
|  5.439% due 10/25/2035 ~ |  | 447 |  | 421 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.912% due 11/25/2046 •  |  | 1568 |  | 1207 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.632% due 12/25/2036 •  |  | 207 |  | 200 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.752% due 05/25/2037 •  |  | 318 |  | 125 |
|  4.952% due 05/25/2047 •  |  | 3114 |  | 2599 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  7.000% due 08/25/2034 |  | 60 |  | 41 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  4.122% due 10/25/2032 ~ |  | 28 |  | 26 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  | 44 | 42 |
|  5.145% due 11/15/2031 •  | 6 | 5 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  | 54 | 52 |
|  4.745% due 06/15/2030 •  | 44 | 43 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.872% due 03/25/2037 •  | 836 | 195 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.954% due 10/25/2028 •  | 2 | 2 |
|  5.087% due 04/25/2035 ~ | 3 | 2 |
|  5.206% due 01/25/2029 ~ | 436 | 364 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.782% due 02/25/2047 •  | 750 | 298 |
|  5.252% due 07/25/2035 ~ | 253 | 206 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 1929 | 1727 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 4065 | 3931 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  7.000% due 02/19/2030 ~ | 85 | 85 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 2491 | 2155 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 5 | 4 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.104% due 08/25/2035 ~ | 421 | 147 |
|  4.812% due 05/25/2046 •  | 331 | 265 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.534% due 09/25/2035 ~ | 581 | 364 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.699% due 01/20/2047 ~ | 223 | 158 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  | 23 | 22 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.948% due 10/19/2026 •  | 3 | 3 |
|  Sequoia Mortgage Trust 6 | Sequoia Mortgage Trust 6 | Sequoia Mortgage Trust 6 |
|  4.888% due 04/19/2027 •  | 2 | 2 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  0.000% due 07/25/2034 ~ | 9 | 8 |
|  3.925% due 01/25/2035 ~ | 49 | 49 |
|  4.461% due 11/25/2035 ~ | 132 | 121 |
|  4.529% due 08/25/2035 ~ | 4 | 4 |
|  4.652% due 07/25/2035 ~ | 15 | 13 |
|  5.007% due 06/25/2034 •  | 139 | 136 |
|  5.945% due 10/25/2037 •  | 643 | 588 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  | 57 | 22 |
|  4.652% due 06/25/2036 •  | 39 | 38 |
|  4.692% due 05/25/2036 •  | 350 | 247 |
|  4.732% due 05/25/2045 •  | 393 | 375 |
|  4.748% due 07/19/2035 •  | 329 | 324 |
|  4.872% due 08/25/2036 •  | 1896 | 1399 |
|  4.908% due 10/19/2034 •  | 24 | 23 |
|  4.948% due 03/19/2034 •  | 124 | 118 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 107 | 103 |
|  Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. |
|  6.750% due 05/02/2030 ~ | 49 | 0 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.555% due 06/25/2033 ~ | 1 | 1 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ | 845 | 189 |
|  6.470% due 09/25/2036 þ | 9085 | 232 |
|  6.515% due 07/25/2037 þ | 1317 | 490 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.520% due 06/25/2043 ~ | 62 | 60 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 4891 | 4706 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.712% due 04/25/2037 ~ | 424 | 383 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.357% due 12/25/2036 ~ | 405 | 372 |
|  4.792% due 11/25/2045 •  | 335 | 325 |
|  4.852% due 10/25/2045 •  | 22 | 21 |
|  4.912% due 01/25/2045 •  | 72 | 72 |
|  4.912% due 07/25/2045 •  | 12 | 12 |
|  4.932% due 01/25/2045 •  | 184 | 184 |
|  4.993% due 11/25/2046 •  | 102 | 88 |
|  5.055% due 12/25/2035 ~ | 77 | 73 |
|  5.153% due 02/25/2046 •  | 403 | 371 |
|  5.272% due 07/25/2044 •  | 35 | 34 |
|  5.322% due 12/25/2045 •  | 687 | 606 |
|  5.353% due 11/25/2042 •  | 12 | 11 |
|  5.403% due 01/25/2047 •  | 460 | 428 |
|  5.471% due 08/25/2033 ~ | 84 | 83 |
|  5.553% due 06/25/2042 •  | 55 | 52 |
|  5.553% due 08/25/2042 •  | 107 | 104 |
|  5.677% due 09/25/2033 ~ | 38 | 38 |
|  6.187% due 03/25/2034 ~ | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.768% due 07/25/2036 þ | 2106 | 444 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  6.721% due 11/25/2030 ~ | 9 | 9 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.421% due 07/25/2034 ~ | 5 | 5 |
| Total Non-Agency Mortgage-Backed Securities (Cost $101,491) | Total Non-Agency Mortgage-Backed Securities (Cost $101,491) | 86780 |
| ASSET-BACKED SECURITIES 5.8% | ASSET-BACKED SECURITIES 5.8% | ASSET-BACKED SECURITIES 5.8% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 2575 | 2575 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 1776 | 1777 |
|  |  | 4352 |
| HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.972% due 06/25/2034 •  | 86 | 87 |
|  5.292% due 03/25/2032 •  | 95 | 97 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ | 476 | 377 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 119 | 46 |
|  4.932% due 11/25/2035 •  | 89 | 96 |
|  5.322% due 07/25/2034 •  | 67 | 66 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  5.082% due 06/25/2029 •  | 113 | 85 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  | 54 | 53 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.212% due 06/25/2029 •  | 137 | 141 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.007% due 10/25/2035 •  | 540 | 536 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.352% due 05/25/2037 •  | 1 | 1 |
|  4.785% due 06/15/2031 •  | 183 | 181 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.805% due 05/28/2037 •  | 559 | 531 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.247% due 02/25/2034 •  | 264 | 270 |
|  5.772% due 11/25/2042 •  | 82 | 82 |
|  6.140% due 06/25/2043 ~ | 7 | 7 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.009% due 01/25/2037 •  | 240 | 71 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.572% due 01/25/2032 •  | 35 | 35 |
|  5.122% due 01/25/2032 •  | 160 | 174 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.872% due 07/25/2033 •  | 13 | 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **121** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.912% due 08/25/2032 •  | $— | 306 | $— | 304 |
|  4.932% due 11/25/2032 •  |  | 4 |  | 4 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  5.622% due 01/25/2032 •  |  | 28 |  | 28 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  |  | 123 |  | 86 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  5.272% due 09/25/2032 •  |  | 673 |  | 689 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  |  | 662 |  | 622 |
|  4.672% due 09/25/2037 •  |  | 355 |  | 328 |
|  5.172% due 10/25/2047 •  |  | 661 |  | 619 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  3.691% due 08/25/2032 •  |  | 79 |  | 76 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.085% due 09/15/2029 •  |  | 6 |  | 6 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.322% due 05/25/2037 •  |  | 696 |  | 686 |
|  5.372% due 05/25/2037 •  |  | 276 |  | 272 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.012% due 05/25/2040 •  |  | 91 |  | 90 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.962% due 07/25/2035 •  |  | 1708 |  | 1676 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.752% due 01/25/2034 •  |  | 50 |  | 50 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.752% due 08/25/2036 •  |  | 5742 |  | 1793 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  |  | 32 |  | 14 |
|  GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust |
|  4.752% due 01/25/2029 •  |  | 4 |  | 3 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.357% due 10/25/2036 •  |  | 7472 |  | 35 |
|  4.412% due 12/25/2036 •  |  | 844 |  | 452 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  |  | 539 |  | 421 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.432% due 08/25/2036 •  |  | 33 |  | 15 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  |  | 53 |  | 53 |
|  5.322% due 10/25/2034 •  |  | 24 |  | 22 |
|  5.697% due 03/25/2032 •  |  | 13 |  | 20 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.022% due 12/25/2034 •  |  | 360 |  | 366 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.392% due 10/25/2037 •  |  | 947 |  | 139 |
|  4.432% due 09/25/2037 •  |  | 121 |  | 24 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.750% due 04/25/2037 ~ |  | 445 |  | 215 |
|  6.000% due 02/25/2037 ~ |  | 623 |  | 345 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.532% due 03/25/2037 •  |  | 1340 |  | 875 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.552% due 01/25/2037 •  |  | 444 |  | 261 |
|  5.052% due 02/25/2035 •  |  | 1081 |  | 1037 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.962% due 11/25/2035 •  |  | 159 |  | 154 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ |  | 421 |  | 425 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.434% due 08/25/2033 •  | 141 | 129 |
|  4.992% due 11/25/2034 •  | 109 | 97 |
|  5.032% due 12/25/2032 •  | 14 | 13 |
|  5.472% due 08/25/2032 •  | 189 | 181 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.217% due 09/25/2035 •  | 1368 | 1349 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.562% due 06/25/2033 •  | 35 | 34 |
|  SACO I Trust | SACO I Trust | SACO I Trust |
|  4.792% due 06/25/2036 •  | 16 | 17 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 2001 | 428 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 57 | 15 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.202% due 06/25/2035 •  | 7190 | 6972 |
|  5.547% due 12/25/2034 •  | 976 | 951 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.962% due 09/25/2035 •  | 328 | 315 |
|  |  | 25655 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.532% due 03/25/2037 •  | 62 | 61 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 196 | 52 |
|  |  | 113 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract |
|  7.900% due 01/15/2028 ~ | 26 | 25 |
| WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  | 401 | 386 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.072% due 02/25/2033 •  | 12 | 13 |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.721% due 07/25/2051 þ | 5385 | 5393 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.872% due 03/25/2036 •  | 30 | 30 |
|  |  | 5822 |
| OTHER ABS 2.7% | OTHER ABS 2.7% | OTHER ABS 2.7% |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.760% due 10/24/2031 •  | 772 | 773 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 1806 | 1809 |
|  5.690% due 07/17/2037 •  | 5000 | 5016 |
|  Dryden 41 Senior Loan Fund | Dryden 41 Senior Loan Fund | Dryden 41 Senior Loan Fund |
|  5.549% due 04/15/2031 •  | 1203 | 1204 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  5.561% due 04/18/2031 •  | 1643 | 1645 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 2761 | 2764 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 314 | 315 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 2583 | 2588 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 814 | 814 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.780% due 01/25/2032 •  | 590 | 591 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 1479 | 1481 |
|  Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. |
|  5.699% due 07/15/2031 •  | 397 | 397 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 2435 | 2439 |
|  OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. |
|  5.475% due 07/20/2030 •  | 145 | 145 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | 5565 | 5568 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.829% due 12/15/2033 •  | 1006 | 989 |
|  Tiaa CLO III Ltd. | Tiaa CLO III Ltd. | Tiaa CLO III Ltd. |
|  5.729% due 01/16/2031 •  | 72 | 72 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 2940 | 2947 |
|  |  | 31557 |
|  Total Asset-Backed Securities (Cost $79,657) | Total Asset-Backed Securities (Cost $79,657) | 67524 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (e) | 529779 | 530 |
| Total Short-Term Instruments (Cost $530) | Total Short-Term Instruments (Cost $530) | 530 |
| Total Investments in Securities (Cost $3,874,679) | Total Investments in Securities (Cost $3,874,679) | 3772539 |
| INVESTMENTS IN AFFILIATES 2.2% | INVESTMENTS IN AFFILIATES 2.2% | INVESTMENTS IN AFFILIATES 2.2% |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2582945 | 25155 |
| Total Short-Term<br>Instruments (Cost $25,154) | Total Short-Term<br>Instruments (Cost $25,154) | 25155 |
| Total Investments in Affiliates<br>(Cost $25,154) | Total Investments in Affiliates<br>(Cost $25,154) | 25155 |
| Total Investments 325.2%<br>(Cost $3,899,833) | Total Investments 325.2%<br>(Cost $3,899,833) | 3797694 |
|  Financial Derivative<br>Instruments (f)(g) 0.0%<br> (Cost or Premiums, net $2,229) | Financial Derivative<br>Instruments (f)(g) 0.0%<br> (Cost or Premiums, net $2,229) | 537 |
| Other Assets and Liabilities, net (225.2)% | Other Assets and Liabilities, net (225.2)% | (2630360) |
| Net Assets 100.0% | Net Assets 100.0% | 1167871 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

---

| | | |
|:---|:---|:---|
| **122** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

(b) Principal only security.

(c) Zero coupon security.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (80.3)% | U.S. Government Agencies (80.3)% | U.S. Government Agencies (80.3)% | U.S. Government Agencies (80.3)% | U.S. Government Agencies (80.3)% | U.S. Government Agencies (80.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246300 | $(195151) | $(198575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 264600 | (242636) | (241707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 10/01/2055 | 46524 | (43945) | (43854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 152283 | (143806) | (143506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 11/01/2055 | 299700 | (310014) | (309928) |
|  Total Short Sales (80.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935552) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937570) |

---

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(16,936) at a weighted average interest rate of 4.409%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 11264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 521 | 62553 | 1647 | 0 | (293) |
|  |  |  |  | $3890 | $440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 3214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361575) | $(1710) | $50 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 5072 | (583676) | (6168) | 317 | 0 |
|  |  |  |  | $(7878) | $367 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 06/21/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $(21) | $124 | $103 | $0 | $(3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 04/10/2030 | 30900 | 154 | (32) | 122 | 15 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 05/08/2030 | 22910 | 175 | (69) | 106 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 39200 | 547 | 251 | 798 | 0 | (18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.118 | Annual | 10/10/2030 | 33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) | 1205 | 1012 | 15 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.135 | Annual | 10/10/2030 | 32200 | (134) | 1127 | 993 | 14 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.145 | Annual | 10/10/2030 | 13400 | (54) | 475 | 421 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/10/2030 | 41400 | (208) | 1531 | 1323 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.185 | Annual | 10/10/2030 | 66000 | 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 11/08/2030 | 37700 | (266) | 1207 | 941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.180 | Annual | 11/08/2030 | 43000 | (288) | 1765 | 1477 | 19 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.192 | Annual | 11/08/2030 | 12500 | (83) | 521 | 438 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 12/22/2030 | 20500 | 829 | (839) | (10) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 01/10/2031 | 47300 | 210 | 240 | 450 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/12/2031 | 6900 | 145 | (221) | (76) | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **123** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.013% | Annual | 04/09/2031 | $14000 | $301 | $74 | $375 | $0 | $(5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.170 | Annual | 04/15/2031 | 13800 | 289 | (41) | 248 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 04/26/2031 | 10500 | 232 | (82) | 150 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 60000 | (459) | (436) | (895) | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.480 | Annual | 02/07/2032 | 23000 | 267 | (159) | 108 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Annual | 07/15/2032 | 26700 | 0 | 2792 | 2792 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.998 | Annual | 09/16/2032 | 11000 | 99 | 241 | 340 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.275 | Annual | 10/06/2032 | 16400 | 0 | 422 | 422 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/28/2032 | 5300 | 40 | 53 | 93 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.453 | Annual | 03/08/2033 | 14600 | 54 | 86 | 140 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.260 | Annual | 06/08/2033 | 8800 | 94 | 98 | 192 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 5 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 33500 | (125) | (206) | (331) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 26800 | 1129 | (167) | 962 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73100 | (1251) | 669 | (582) | 0 | (2) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422) |

---

Cash of $23,538 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000% | 10/24/2025 | 81800 | $65 | $0 |
| MYC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 11/28/2025 | 23500 | 361 | 12 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Structured Asset Investment Loan Trust 5.034% due 11/25/2034 | 1.950% | Monthly | 11/25/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(3) | $3 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

124 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  BRC | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $(40) | $(40) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  MYC | 0 | 12 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | (159) | (147) |
|  Total Over the Counter | $0 | $12 | $0 | $12 | $0 | $0 | $0 | $0 |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $807 | $807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 140 | 140 |
|  | $0 | $0 | $0 | $0 | $947 | $947 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $12 | $12 |
|  | $0 | $0 | $0 | $0 | $959 | $959 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $293 | $293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 129 | 129 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5911 | 5911 |
|  | $0 | $0 | $0 | $0 | $17792 | $17792 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 125

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(13282) | $(13282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (5021) | (5021) |
|  | $0 | $0 | $0 | $0 | $(18303) | $(18303) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(262) | $(262) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18565) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18565) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value<br>at 09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $47 | $0 | $47 |
| &nbsp;&nbsp; Industrials | 0 | 478 | 0 | 478 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Texas | 0 | 3838 | 0 | 3838 |
|  U.S. Government Agencies | 0 | 3409566 | 23 | 3409589 |
|  U.S. Treasury Obligations | 0 | 203753 | 0 | 203753 |
|  Non-Agency Mortgage-Backed Securities | 0 | 86780 | 0 | 86780 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 4352 | 0 | 4352 |
| &nbsp;&nbsp; Home Equity Other | 0 | 25655 | 0 | 25655 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 113 | 0 | 113 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 25 | 0 | 25 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 5822 | 0 | 5822 |
| &nbsp;&nbsp; Other ABS | 0 | 31557 | 0 | 31557 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 530 | 0 | 530 |
|  | $0 | $3772516 | $23 | $3772539 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $25155 | $0 | $0 | $25155 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value<br>at 09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(937570) | $0 | $(937570) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 947 | 0 | 947 |
|  Over the counter | 0 | 12 | 0 | 12 |
|  | $0 | $959 | $0 | $959 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(422) | $0 | $(422) |
|  Total Financial Derivative Instruments | $0 | $537 | $0 | $537 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860661 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **126** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Municipal Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.9% | INVESTMENTS IN SECURITIES 97.9% | INVESTMENTS IN SECURITIES 97.9% |
| MUNICIPAL BONDS & NOTES 97.4% | MUNICIPAL BONDS & NOTES 97.4% | MUNICIPAL BONDS & NOTES 97.4% |
| ARIZONA 2.1% | ARIZONA 2.1% | ARIZONA 2.1% |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2050 | 2000 | 2079 |
| ARKANSAS 1.4% | ARKANSAS 1.4% | ARKANSAS 1.4% |
|  County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 |
|  4.250% due 03/01/2048 | 1500 | 1421 |
| CALIFORNIA 8.2% | CALIFORNIA 8.2% | CALIFORNIA 8.2% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 500 | 538 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 445 | 448 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 705 | 679 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 1250 | 1132 |
|  Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|  5.500% due 11/15/2027 | 1000 | 1047 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 2300 | 2381 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 |
|  5.500% due 05/01/2055 | 1000 | 1066 |
|  South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2048 | 1000 | 953 |
|  |  | 8244 |
| COLORADO 3.8% | COLORADO 3.8% | COLORADO 3.8% |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 1000 | 1028 |
|  Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 | Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 | Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 |
|  5.250% due 11/15/2055 | 1700 | 1818 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  4.000% due 12/01/2043 | 1000 | 911 |
|  |  | 3757 |
| CONNECTICUT 2.7% | CONNECTICUT 2.7% | CONNECTICUT 2.7% |
|  Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2047 | 3000 | 2699 |
| DISTRICT OF COLUMBIA 1.6% | DISTRICT OF COLUMBIA 1.6% | DISTRICT OF COLUMBIA 1.6% |
|  District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 500 | 522 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 |
|  5.250% due 10/01/2053 | 1000 | 1031 |
|  |  | 1553 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| FLORIDA 2.5% | FLORIDA 2.5% | FLORIDA 2.5% |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2044 | 1500 | 1447 |
|  Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 |
|  5.000% due 03/15/2042 | 1000 | 1014 |
|  |  | 2461 |
| GEORGIA 1.2% | GEORGIA 1.2% | GEORGIA 1.2% |
|  DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 200 | 208 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2059 | 1000 | 998 |
|  |  | 1206 |
| ILLINOIS 4.0% | ILLINOIS 4.0% | ILLINOIS 4.0% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2055 | 1000 | 998 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2037 | 1000 | 1088 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 1000 | 1032 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 1000 | 887 |
|  |  | 4005 |
| INDIANA 0.9% | INDIANA 0.9% | INDIANA 0.9% |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 12/01/2049 | 1000 | 894 |
| KENTUCKY 1.0% | KENTUCKY 1.0% | KENTUCKY 1.0% |
|  University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2050 | 1000 | 1046 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2040 | 685 | 731 |
| MARYLAND 1.7% | MARYLAND 1.7% | MARYLAND 1.7% |
|  Maryland Department of Transportation State Revenue Bonds, Series 2021 | Maryland Department of Transportation State Revenue Bonds, Series 2021 | Maryland Department of Transportation State Revenue Bonds, Series 2021 |
|  5.000% due 08/01/2034 | 1600 | 1724 |
| MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 300 | 317 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 1000 | 1008 |
|  |  | 1325 |
| MICHIGAN 1.3% | MICHIGAN 1.3% | MICHIGAN 1.3% |
|  Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2053 | 1250 | 1314 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MINNESOTA 2.5% | MINNESOTA 2.5% | MINNESOTA 2.5% |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 2500 | 2529 |
| NEVADA 2.6% | NEVADA 2.6% | NEVADA 2.6% |
|  Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2049 | 1000 | 1033 |
|  Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 |
|  0.000% due 06/01/2034 (a) | 980 | 651 |
|  0.000% due 06/01/2036 (a) | 1520 | 899 |
|  |  | 2583 |
| NEW JERSEY 4.0% | NEW JERSEY 4.0% | NEW JERSEY 4.0% |
|  Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2053 | 1000 | 1038 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2040 | 1000 | 970 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2039 | 1000 | 989 |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2054 | 1000 | 1058 |
|  |  | 4055 |
| NEW YORK 12.3% | NEW YORK 12.3% | NEW YORK 12.3% |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 300 | 318 |
|  5.250% due 06/15/2053 | 400 | 422 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  5.000% due 08/01/2042 | 3100 | 3182 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2048 | 1000 | 1043 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2048 | 500 | 554 |
|  New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2042 | 2000 | 2130 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2046 | 1000 | 1044 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (c) | 695 | 651 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2063 | 1000 | 1030 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 06/30/2049 | 1000 | 1002 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 1000 | 968 |
|  |  | 12344 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2036 | 400 | 437 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 127

------

Schedule of Investments PIMCO Municipal Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OREGON 1.0% | OREGON 1.0% | OREGON 1.0% |
|  Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 |
|  5.000% due 06/15/2052 | 1000 | 1036 |
| PENNSYLVANIA 13.2% | PENNSYLVANIA 13.2% | PENNSYLVANIA 13.2% |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2039 | 2500 | 2450 |
|  Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2037 | 1000 | 981 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 12/31/2057 | 1575 | 1587 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/30/2053 | 1000 | 1005 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2041 | 3000 | 2969 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 1000 | 893 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2043 | 3250 | 3329 |
|  |  | 13214 |
| RHODE ISLAND 1.0% | RHODE ISLAND 1.0% | RHODE ISLAND 1.0% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2043 | 1000 | 1016 |
| TENNESSEE 1.1% | TENNESSEE 1.1% | TENNESSEE 1.1% |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 | Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 | Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 |
|  6.568% due 07/01/2037 | 1000 | 1100 |
| TEXAS 16.3% | TEXAS 16.3% | TEXAS 16.3% |
|  Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 745 | 769 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 1000 | 1033 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 |
|  4.000% due 10/01/2049 | 1880 | 1707 |
|  Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 |
|  5.000% due 07/01/2038 | 150 | 159 |
|  Houston, Texas General Obligation Bonds, Series 2024 | Houston, Texas General Obligation Bonds, Series 2024 | Houston, Texas General Obligation Bonds, Series 2024 |
|  5.250% due 03/01/2049 | 1000 | 1066 |
|  Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.500% due 02/15/2047 | 1000 | 1006 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 1550 | 1464 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2050 | 1500 | 1567 |
|  Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2048 | 1115 | 1159 |
|  SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 | SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 | SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 |
|  5.500% due 08/01/2027 | 2000 | 2070 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 |
|  5.500% due 02/01/2050 | 1000 | 1071 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 900 | 957 |
|  Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 |
|  5.000% due 08/01/2057 | 1000 | 1011 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 800 | 827 |
|  5.000% due 10/15/2058 | 500 | 519 |
|  |  | 16385 |
| UTAH 3.9% | UTAH 3.9% | UTAH 3.9% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2037 | 1200 | 1308 |
|  5.250% due 07/01/2043 | 1500 | 1558 |
|  5.250% due 07/01/2048 | 1000 | 1030 |
|  |  | 3896 |
| VIRGINIA 3.3% | VIRGINIA 3.3% | VIRGINIA 3.3% |
|  Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2057 | 2500 | 2285 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2048 | 1000 | 1028 |
|  |  | 3313 |
| WASHINGTON 0.9% | WASHINGTON 0.9% | WASHINGTON 0.9% |
|  Port of Seattle, Washington Revenue Bonds, Series 2021 | Port of Seattle, Washington Revenue Bonds, Series 2021 | Port of Seattle, Washington Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2041 | 1000 | 936 |
| WISCONSIN 0.5% | WISCONSIN 0.5% | WISCONSIN 0.5% |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 550 | 503 |
| Total Municipal Bonds & Notes<br>(Cost $99,692) | Total Municipal Bonds & Notes<br>(Cost $99,692) | 97806 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b) | 475780 | 476 |
| Total Short-Term Instruments<br>(Cost $476) | Total Short-Term Instruments<br>(Cost $476) | 476 |
| Total Investments in Securities<br>(Cost $100,168) | Total Investments in Securities<br>(Cost $100,168) | 98282 |
| INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 102141 | 995 |
| Total Short-Term Instruments<br>(Cost $994) | Total Short-Term Instruments<br>(Cost $994) | 995 |
| Total Investments in Affiliates<br>(Cost $994) | Total Investments in Affiliates<br>(Cost $994) | 995 |
| Total Investments 98.9%<br>(Cost $101,162) | Total Investments 98.9%<br>(Cost $101,162) | 99277 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% | 1100 |
| Net Assets 100.0% | Net Assets 100.0% | 100377 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(c) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200% | 11/01/2054 | 11/18/2021 | $759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | 0.65% |

---

128 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2079 |
| &nbsp;&nbsp; Arkansas | 0 | 1421 | 0 | 1421 |
| &nbsp;&nbsp; California | 0 | 8244 | 0 | 8244 |
| &nbsp;&nbsp; Colorado | 0 | 3757 | 0 | 3757 |
| &nbsp;&nbsp; Connecticut | 0 | 2699 | 0 | 2699 |
| &nbsp;&nbsp; District of Columbia | 0 | 1553 | 0 | 1553 |
| &nbsp;&nbsp; Florida | 0 | 2461 | 0 | 2461 |
| &nbsp;&nbsp; Georgia | 0 | 1206 | 0 | 1206 |
| &nbsp;&nbsp; Illinois | 0 | 4005 | 0 | 4005 |
| &nbsp;&nbsp; Indiana | 0 | 894 | 0 | 894 |
| &nbsp;&nbsp; Kentucky | 0 | 1046 | 0 | 1046 |
| &nbsp;&nbsp; Louisiana | 0 | 731 | 0 | 731 |
| &nbsp;&nbsp; Maryland | 0 | 1724 | 0 | 1724 |
| &nbsp;&nbsp; Massachusetts | 0 | 1325 | 0 | 1325 |
| &nbsp;&nbsp; Michigan | 0 | 1314 | 0 | 1314 |
| &nbsp;&nbsp; Minnesota | 0 | 2529 | 0 | 2529 |
| &nbsp;&nbsp; Nevada | 0 | 2583 | 0 | 2583 |
| &nbsp;&nbsp; New Jersey | 0 | 4055 | 0 | 4055 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12344 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12344 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Ohio | $0 | $437 | $0 | $437 |
| &nbsp;&nbsp; Oregon | 0 | 1036 | 0 | 1036 |
| &nbsp;&nbsp; Pennsylvania | 0 | 13214 | 0 | 13214 |
| &nbsp;&nbsp; Rhode Island | 0 | 1016 | 0 | 1016 |
| &nbsp;&nbsp; Tennessee | 0 | 1100 | 0 | 1100 |
| &nbsp;&nbsp; Texas | 0 | 16385 | 0 | 16385 |
| &nbsp;&nbsp; Utah | 0 | 3896 | 0 | 3896 |
| &nbsp;&nbsp; Virginia | 0 | 3313 | 0 | 3313 |
| &nbsp;&nbsp; Washington | 0 | 936 | 0 | 936 |
| &nbsp;&nbsp; Wisconsin | 0 | 503 | 0 | 503 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 476 | 0 | 476 |
|  | $0 | $98282 | $0 | $98282 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $995 | $0 | $0 | $995 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99277 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **129** |

---

------

Schedule of Investments PIMCO Real Return Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 178.4% | INVESTMENTS IN SECURITIES 178.4% | INVESTMENTS IN SECURITIES 178.4% | INVESTMENTS IN SECURITIES 178.4% | INVESTMENTS IN SECURITIES 178.4% |
| U.S. TREASURY OBLIGATIONS 178.3% | U.S. TREASURY OBLIGATIONS 178.3% | U.S. TREASURY OBLIGATIONS 178.3% | U.S. TREASURY OBLIGATIONS 178.3% | U.S. TREASURY OBLIGATIONS 178.3% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 02/15/2051 | $— | 7482 | $— | 4155 |
|  0.125% due 02/15/2052 |  | 7775 |  | 4219 |
|  0.250% due 02/15/2050 |  | 8770 |  | 5194 |
|  0.625% due 02/15/2043 |  | 9554 |  | 7264 |
|  0.750% due 02/15/2042 |  | 11179 |  | 8874 |
|  0.750% due 02/15/2045 |  | 16928 |  | 12636 |
|  0.875% due 02/15/2047 |  | 9541 |  | 7053 |
|  1.000% due 02/15/2046 |  | 12502 |  | 9650 |
|  1.000% due 02/15/2048 |  | 9117 |  | 6839 |
|  1.000% due 02/15/2049 |  | 6804 |  | 5025 |
|  1.375% due 02/15/2044 |  | 13500 |  | 11556 |
|  1.500% due 02/15/2053 |  | 9237 |  | 7401 |
|  1.750% due 01/15/2028 |  | 9327 |  | 9483 |
|  2.125% due 02/15/2040 |  | 2242 |  | 2261 |
|  2.125% due 02/15/2041 |  | 6387 |  | 6387 |
|  2.125% due 02/15/2054 |  | 10947 |  | 10115 |
|  2.375% due 01/15/2027 |  | 11053 |  | 11252 |
|  2.375% due 02/15/2055 (c) |  | 7473 |  | 7303 |
|  3.625% due 04/15/2028 |  | 5512 |  | 5866 |
|  3.875% due 04/15/2029 |  | 3551 |  | 3883 |
|  0.125% due 07/15/2026 (c) |  | 37869 |  | 37739 |
|  0.125% due 10/15/2026 |  | 18418 |  | 18318 |
|  0.125% due 04/15/2027 |  | 17734 |  | 17492 |
|  0.125% due 01/15/2030 |  | 21734 |  | 20756 |
|  0.125% due 07/15/2030 |  | 18899 |  | 17975 |
|  0.125% due 01/15/2031 (c) |  | 33306 |  | 31285 |
|  0.125% due 07/15/2031 (c) |  | 34542 |  | 32269 |
|  0.125% due 01/15/2032 |  | 19391 |  | 17861 |
|  0.250% due 07/15/2029 |  | 17806 |  | 17279 |
|  0.375% due 01/15/2027 |  | 24338 |  | 24154 |
|  0.375% due 07/15/2027 (c) |  | 35655 |  | 35419 |
|  0.500% due 01/15/2028 |  | 23965 |  | 23693 |
|  0.625% due 07/15/2032 (c) |  | 33243 |  | 31475 |
|  0.750% due 07/15/2028 |  | 24065 |  | 23959 |
|  0.875% due 01/15/2029 |  | 24435 |  | 24255 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.125% due 01/15/2033 (c) | 30473 | 29545 |
|  1.250% due 04/15/2028 | 26493 | 26599 |
|  1.375% due 07/15/2033 (c) | 30845 | 30382 |
|  1.625% due 10/15/2027 (c) | 29443 | 29921 |
|  1.625% due 10/15/2029 | 12422 | 12672 |
|  1.625% due 04/15/2030 | 25471 | 25869 |
|  1.750% due 01/15/2034 (c) | 36466 | 36651 |
|  1.875% due 07/15/2034 (c) | 29340 | 29778 |
|  1.875% due 07/15/2035 (c) | 12173 | 12275 |
|  2.125% due 04/15/2029 (c) | 32062 | 33103 |
|  2.125% due 01/15/2035 (c) | 26613 | 27406 |
|  2.375% due 10/15/2028 (c) | 26577 | 27688 |
|  Total U.S. Treasury Obligations (Cost $844,129) | Total U.S. Treasury Obligations (Cost $844,129) | 842234 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.552% due 01/25/2035 •  | 22 | 22 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 07/25/2030 •  | 123 | 114 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $140) | Total Non-Agency Mortgage-Backed Securities (Cost $140) | 136 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b) | 546054 | 546 |
| Total Short-Term Instruments<br>(Cost $546) | Total Short-Term Instruments<br>(Cost $546) | 546 |
| Total Investments in Securities (Cost $844,815) | Total Investments in Securities (Cost $844,815) | 842916 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term Floating<br>NAV Portfolio III | 87385 | $— | 851 |
| Total Short-Term Instruments<br>(Cost $851) | Total Short-Term Instruments<br>(Cost $851) |  | 851 |
| Total Investments in Affiliates<br>(Cost $851) | Total Investments in Affiliates<br>(Cost $851) |  | 851 |
| Total Investments 178.6% (Cost $845,666) | Total Investments 178.6% (Cost $845,666) | $— | 843767 |
|  Financial Derivative Instruments (d)(e) 0.0%<br> (Cost or Premiums, net $0) |  |  | 33 |
| Other Assets and Liabilities, net (78.6)% | Other Assets and Liabilities, net (78.6)% |  | (371346) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 472454 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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

(a) Principal amount of security is adjusted for inflation.

(b) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113841) | $(113951) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (106025) | (106102) |
|  JPS | 4.150 | 09/23/2025 | 10/07/2025 | (12342) | (12353) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (15804) | (15828) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (126433) | (126434) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (126634) | (126649) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501317) |

---

130 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(113951) | $0 | $(113951) | $113491 | $(460) |
|  BSN | 0 | (106102) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105805 | (297) |
|  JPS | 0 | (12353) | 0 | (12353) | 12275 | (78) |
|  NOM | 0 | (15828) | 0 | (15828) | 15568 | (260) |
|  STR | 0 | (253083) | 0 | (253083) | 128677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124406) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(126649) | $(248235) | $0 | $0 | $(374884) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374884) |
|  Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | $(374884) |

---

(c) Securities with an aggregate market value of $375,816 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(359739) at a weighted average interest rate of 4.426%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(126433) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379 | $6 | $6 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 72 | 8286 | 81 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7711) | $(13) | $0 | $(4) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 61 | (7324) | (181) | 34 | 0 |
|  |  |  |  | $(194) | $34 | $(4) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 131

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | CPURNSA | 2.380% | Maturity | 10/15/2025 | $800 | $0 | $(3) | $(3) | $0 | $0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | 0 | (16) | (16) | 0 | (1) |
|  Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 | 2200 | 0 | 1 | 1 | 1 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/27/2026 | 4700 | 0 | 8 | 8 | 2 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

Cash of $749 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 90 | $104 | $0 | $(1) |
|  SOG | 10/2025 | $105 | 90 | 0 | 0 |
|  | 11/2025 | 90 | $106 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $40 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3 | 3 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |

---

132 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $0 | $0 | $0 | $0 | $9 | $9 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1 | $0 | $1 |
|  | $0 | $0 | $0 | $1 | $9 | $10 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $532 | $532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (11) | (11) |
|  | $0 | $0 | $0 | $0 | $521 | $521 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $0 | $(4) |
|  | $0 | $0 | $0 | $(4) | $521 | $517 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(335) | $(335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 77 | 77 |
|  | $0 | $0 | $0 | $0 | $(258) | $(258) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1) | $0 | $(1) |
|  | $0 | $0 | $0 | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $842234 | $0 | $842234 |
|  Non-Agency Mortgage-Backed Securities | 0 | 136 | 0 | 136 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 546 | 0 | 546 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842916 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | $0 | $0 | $851 |
|  Total Investments | $851 | $842916 | $0 | $843767 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $43 | $0 | $43 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (9) | 0 | (9) |
|  Over the counter | 0 | (1) | 0 | (1) |
|  | $0 | $(10) | $0 | $(10) |
|  Total Financial Derivative Instruments | $0 | $33 | $0 | $33 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843800 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Schedule of Investments PIMCO Sector Fund Series - AM

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 181.6% | INVESTMENTS IN SECURITIES 181.6% | INVESTMENTS IN SECURITIES 181.6% |
| U.S. GOVERNMENT AGENCIES 167.7% | U.S. GOVERNMENT AGENCIES 167.7% | U.S. GOVERNMENT AGENCIES 167.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 11/01/2053 | 4118 | 4102 |
|  5.500% due 04/01/2054 - 07/01/2054 | 3321 | 3372 |
|  6.000% due 05/01/2054 - 04/01/2055 | 4330 | 4493 |
|  6.500% due 09/01/2053 - 08/01/2055 | 611 | 641 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  3.000% due 10/25/2049 (a) | 2707 | 366 |
|  5.306% due 08/25/2054 •  | 818 | 821 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.500% due 04/25/2052 (a) | 3267 | 480 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 04/01/2043 - 08/01/2051 | 534 | 519 |
|  4.300% due 12/01/2029 | 401 | 405 |
|  4.740% due 04/01/2030 | 245 | 248 |
|  4.880% due 06/01/2028 | 500 | 511 |
|  5.140% due 02/01/2035 | 500 | 521 |
|  6.000% due 09/01/2054 - 04/01/2055 | 3121 | 3203 |
|  6.500% due 11/01/2053 - 07/01/2054 | 211 | 222 |
|  7.000% due 03/01/2045 | 500 | 524 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  2.000% due 04/25/2052 (a) | 950 | 123 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 10/25/2051 (a) | 1925 | 345 |
|  4.500% due 05/25/2049 (a) | 486 | 95 |
|  5.021% due 09/25/2041 •  | 1220 | 1214 |
|  5.606% due 05/25/2054 •  | 3574 | 3587 |
|  5.706% due 01/25/2055 •  | 3130 | 3150 |
|  5.806% due 06/25/2054 •  | 2663 | 2676 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.500% due 07/15/2049 - 07/20/2054 | 714 | 696 |
|  5.000% due 03/20/2053 | 2918 | 2927 |
|  5.500% due 03/20/2036 - 05/20/2036 | 2053 | 2109 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.076% due 03/20/2070 •  | 338 | 337 |
|  5.099% due 01/20/2068 •  | 375 | 377 |
|  5.289% due 08/20/2072 •  | 2608 | 2612 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.439% due 08/20/2053 •  | 1622 | 1625 |
|  5.889% due 07/20/2071 •  | 911 | 935 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 | 500 | 413 |
|  2.500% due 11/01/2055 | 3000 | 2583 |
|  3.000% due 11/01/2055 | 5000 | 4464 |
|  3.500% due 11/01/2055 | 5865 | 5347 |
|  4.000% due 11/01/2055 | 1500 | 1410 |
|  5.000% due 11/01/2055 | 1400 | 1391 |
|  6.500% due 11/01/2055 | 2000 | 2054 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 10/01/2040 - 11/01/2055 | 9300 | 7634 |
|  2.500% due 10/01/2040 - 11/01/2055 | 3200 | 2746 |
|  3.000% due 11/01/2055 | 6800 | 5974 |
|  3.500% due 10/01/2040 - 11/01/2055 | 2400 | 2275 |
|  4.500% due 10/01/2055 | 2100 | 2037 |
|  5.000% due 11/01/2055 | 2000 | 1982 |
|  5.500% due 11/01/2055 | 200 | 202 |
|  6.000% due 11/01/2055 | 2300 | 2349 |
|  6.500% due 11/01/2055 | 2900 | 2999 |
|  Total U.S. Government Agencies (Cost $88,728) | Total U.S. Government Agencies (Cost $88,728) | 89096 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 1720 | 1731 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.706% due 07/25/2054 •  | 1916 | 1926 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 1747 | 1680 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  5.379% due 06/25/2069 ~ | 1792 | 1801 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $7,082) | Total Non-Agency Mortgage-Backed Securities (Cost $7,082) | 7138 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b) | 252592 | $— | 252 |
| Total Short-Term Instruments (Cost $253) |  |  | 252 |
| Total Investments in Securities (Cost $96,063) |  |  | 96486 |
| INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% |
| SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 215893 |  | 2103 |
| Total Short-Term Instruments (Cost $2,102) |  |  | 2103 |
| Total Investments in Affiliates (Cost $2,102) |  |  | 2103 |
| Total Investments 185.6% (Cost $98,165) |  | $— | 98589 |
|  Financial Derivative Instruments (c)(d) 1.7%<br> (Cost or Premiums, net $1,054) |  |  | 902 |
| Other Assets and Liabilities, net (87.3)% | Other Assets and Liabilities, net (87.3)% |  | (46366) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 53125 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (5.8)% | U.S. Government Agencies (5.8)% | U.S. Government Agencies (5.8)% | U.S. Government Agencies (5.8)% | U.S. Government Agencies (5.8)% | U.S. Government Agencies (5.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 4.500% | 10/01/2055 | $100 | $(98) | $(97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 5.500 | 10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (1008) | (1008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 2100 | (1983) | (1979) |
|  Total Short Sales (5.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3089) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3084) |

---

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6,932) at a weighted average interest rate of 4.469%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **134** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4149) | $(17) | $0 | $(2) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 72 | (8100) | (15) | 1 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | $(7) | $(16) | $(23) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 1200 | 17 | (5) | 12 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 4100 | 36 | (16) | 20 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 600 | 39 | (17) | 22 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 900 | 30 | 2 | 32 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 1600 | (12) | 0 | (12) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 200 | (2) | 19 | 17 | 1 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Variation Margin<br>Asset | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability |  |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options |  |  |  |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2) | $(1) | $(3) |

---

Cash of $336 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000% | 03/30/2026 | 11600 | $3 | $3 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.906 | 03/04/2026 | 1600 | 18 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 200 | 18 | 16 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 200 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 100 | 9 | 9 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 100 | 9 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 1000 | 89 | 83 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 500 | 45 | 42 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.640 | 07/23/2035 | 600 | 54 | 55 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.640 | 07/23/2035 | 300 | 27 | 24 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 200 | 17 | 17 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 200 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.623 | 08/20/2035 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 200 | 17 | 18 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 200 | 17 | 16 |
| CBK Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/08/2025 | 10000 | 15 | 0 |
| FAR Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 10/14/2025 | 17500 | 5 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.181 | 12/04/2025 | 1400 | 7 | 3 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 04/03/2026 | 3900 | 13 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **135** |

---

------

Schedule of Investments PIMCO Sector Fund Series - AM (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310% | 04/24/2035 | 200 | $18 | $16 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 200 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 200 | 18 | 17 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 200 | 18 | 17 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 200 | 18 | 16 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 200 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 200 | 17 | 18 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 200 | 17 | 15 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 200 | 18 | 17 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 18 | 16 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $97.094 | 10/07/2025 | 500 | $1 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.875 | 10/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.891 | 10/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.961 | 10/07/2025 | 1000 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.164 | 10/07/2025 | 1000 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.813 | 11/06/2025 | 2200 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.945 | 12/04/2025 | 500 | 1 | 0 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.957 | 12/04/2025 | 500 | 0 | 1 |
|  |  |  |  |  | $7 | $1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200% | 03/30/2026 | 500 | $(3) | $(4) |
| BPS Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.248 | 10/07/2025 | 300 | (1) | 0 |
| FAR Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.410 | 10/14/2025 | 1000 | (5) | (2) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.681 | 12/04/2025 | 1600 | (6) | (5) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 700 | (1) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.221 | 10/07/2025 | 400 | (1) | 0 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.032 | 12/04/2025 | 400 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.036 | 12/04/2025 | 400 | (1) | (1) |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 300 | (1) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.081 | 11/06/2025 | 700 | 0 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 11/06/2025 | 800 | (1) | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $744 | $0 | $744 | $0 | $(4) | $0 | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
|  FAR | 0 | 4 | 0 | 4 | 0 | (7) | 0 | (7) | (3) | 0 | (3) |
|  GLM | 0 | 67 | 0 | 67 | 0 | 0 | 0 | 0 | 67 | 0 | 67 |
|  JPM | 0 | 67 | 0 | 67 | 0 | (2) | 0 | (2) | 65 | 0 | 65 |
|  MYC | 0 | 33 | 0 | 33 | 0 | 0 | 0 | 0 | 33 | 0 | 33 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **136** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2 | 2 |
|  | $0 | $0 | $0 | $0 | $3 | $3 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
|  | $0 | $0 | $0 | $0 | $918 | $918 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $0 | $0 | $0 | $0 | $3 | $3 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $13 | $13 |
|  | $0 | $0 | $0 | $0 | $16 | $16 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 9 | 9 |
|  | $0 | $0 | $0 | $0 | $(143) | $(143) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(56) | $(56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 74 | 74 |
|  | $0 | $0 | $0 | $0 | $18 | $18 |
|  | $0 | $0 | $0 | $0 | $(125) | $(125) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $67 | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 23 | 23 |
|  | $0 | $0 | $0 | $0 | $90 | $90 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(46) | $(46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (5) | (5) |
|  | $0 | $0 | $0 | $0 | $(51) | $(51) |
|  | $0 | $0 | $0 | $0 | $39 | $39 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 137

------

Schedule of Investments PIMCO Sector Fund Series - AM (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89096 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7138 | 0 | 7138 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 252 | 0 | 252 |
|  | $0 | $96486 | $0 | $96486 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2103 | $0 | $0 | $2103 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | $96486 | $0 | $98589 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(3084) | $0 | $(3084) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $3 | $0 | $3 |
|  Over the counter | 0 | 915 | 0 | 915 |
|  | $0 | $918 | $0 | $918 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (3) | 0 | (3) |
|  Over the counter | 0 | (13) | 0 | (13) |
|  | $0 | $(16) | $0 | $(16) |
|  Total Financial Derivative Instruments | $0 | $902 | $0 | $902 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96407 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **138** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Sector Fund Series - H September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 85.9% | INVESTMENTS IN SECURITIES 85.9% | INVESTMENTS IN SECURITIES 85.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.2% |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 « | 225 | 224 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 99 | 100 |
|  Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |
|  7.413% (TSFR1M + 3.250%) due 01/31/2031 ~ | 75 | 75 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  6.460% (TSFR6M + 2.250%) due 04/21/2032 ~ | 100 | 100 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 20 | 20 |
|  7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 200 | 200 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 74 | 73 |
|  7.030% (TSFR1M + 2.750%) due 03/26/2032 ~ | 50 | 49 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  TBD% due 09/23/2032 | 100 | 100 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 100 | 100 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.255% (TSFR1M + 3.000%) due 06/27/2031 ~ | 99 | 100 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  TBD% due 08/02/2032 | 100 | 100 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 125 | 125 |
|  INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. |
|  8.513% (TSFR1M + 4.250%) due 04/02/2029 ~ | 14 | 13 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.413% (TSFR1M + 3.250%) due 02/18/2030 ~ | 50 | 45 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 75 | 75 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 149 | 149 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 25 | 25 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.058% (TSFR3M + 3.750%) due 12/31/2030 ~ | 4 | 4 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.429% (TSFR3M + 5.000%) due 04/11/2029 ~ | 75 | 72 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  5.752% (TSFR3M + 1.750%) due 03/11/2032 ~ | 75 | 75 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  TBD% due 03/03/2028 | 100 | 98 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.252% (TSFR3M + 2.250%) due 03/31/2028 ~ | 98 | 98 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.723% (TSFR1M + 3.500%) due 10/30/2031 «~ | 100 | 100 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 224 | 216 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 100 | 95 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  7.197% - 7.308% (TSFR6M + 3.000%) due 04/30/2030 ~ | 50 | $| 50 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 99 |  | 95 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 50 |  | 49 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 75 |  | 75 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 100 |  | 99 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 74 |  | 75 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.163% (TSFR1M + 2.000%) due 04/30/2031 ~ | 100 |  | 99 |
|  X Corp. | X Corp. | X Corp. | X Corp. |
|  9.500% due 10/26/2029 | 50 |  | 50 |
|  10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 99 |  | 97 |
|  Total Loan Participations and Assignments<br>(Cost $3,117) | Total Loan Participations and Assignments<br>(Cost $3,117) | Total Loan Participations and Assignments<br>(Cost $3,117) | 3120 |
| CORPORATE BONDS & NOTES 78.9% | CORPORATE BONDS & NOTES 78.9% | CORPORATE BONDS & NOTES 78.9% | CORPORATE BONDS & NOTES 78.9% |
| BANKING & FINANCE 13.8% | BANKING & FINANCE 13.8% | BANKING & FINANCE 13.8% | BANKING & FINANCE 13.8% |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 25 |  | 26 |
|  7.000% due 01/15/2031 | 350 |  | 362 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 325 |  | 334 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 100 |  | 98 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.543% due 01/17/2031 •  | 50 |  | 51 |
|  8.000% due 11/01/2031 | 50 |  | 57 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 250 |  | 255 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.150% due 01/15/2031 | 150 |  | 148 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 250 |  | 265 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 125 |  | 136 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 50 |  | 49 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 350 |  | 352 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 125 |  | 126 |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
|  6.750% due 05/15/2028 | 75 |  | 76 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 125 |  | 127 |
|  EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 (a) | 175 |  | 175 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 375 |  | 399 |
|  9.250% due 04/01/2029 | 25 |  | 26 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 200 | 203 | 203 |
|  Freedom Mortgage Corp. |  |  |  |
|  12.000% due 10/01/2028 | 100 | 106 | 106 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | $50 | $52 |
|  9.125% due 05/15/2031 | 50 | 53 |
|  9.250% due 02/01/2029 | 450 | 474 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 275 | 255 |
|  6.125% due 01/15/2031 | 100 | 99 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 75 | 75 |
|  5.875% due 04/15/2033 | 350 | 353 |
|  7.000% due 05/01/2031 | 100 | 105 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 22 | 22 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 125 | 120 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  5.250% due 05/15/2027 | 75 | 74 |
|  9.000% due 06/15/2030 | 25 | 24 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 75 | 71 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 (a) | 475 | 472 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 375 | 358 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.125% due 11/01/2032 | 75 | 76 |
|  6.750% due 05/01/2033 | 525 | 546 |
|  7.125% due 04/30/2031 | 150 | 157 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  8.250% due 05/15/2030 | 125 | 131 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  4.750% due 03/01/2029 | 50 | 48 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.750% due 06/15/2029 | 50 | 49 |
|  5.500% due 08/01/2030 | 150 | 153 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 50 | 50 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 100 | 100 |
|  6.375% due 08/01/2030 | 25 | 25 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | 100 | 106 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  7.125% due 02/01/2032 | 125 | 131 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 125 | 125 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 75 | 81 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.625% due 09/29/2028 | 200 | 200 |
|  7.050% due 09/15/2028 | 475 | 495 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 350 | 342 |
|  6.125% due 05/15/2030 | 50 | 51 |
|  6.625% due 01/15/2028 | 400 | 410 |
|  6.625% due 05/15/2029 | 125 | 129 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  6.750% due 08/01/2032 | 50 | 52 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 75 | 57 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 150 | 156 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 125 | 127 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 125 | 121 |
|  7.125% due 11/15/2030 | 50 | 52 |
|  7.875% due 12/15/2029 | 300 | 319 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 250 | 258 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.750% due 10/15/2027 | 75 | 75 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **139** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 200 | $| 189 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 475 |  | 488 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  2.875% due 10/15/2026 | 125 |  | 123 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 150 |  | 140 |
|  3.875% due 02/15/2027 | 100 |  | 99 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (d) | 300 |  | 265 |
|  5.500% due 12/15/2027 | 50 |  | 49 |
|  SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 125 |  | 123 |
|  6.500% due 01/31/2030 | 175 |  | 182 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 (a) | 250 |  | 250 |
|  5.750% due 01/15/2031 (a) | 150 |  | 150 |
|  6.000% due 04/15/2030 | 50 |  | 51 |
|  6.500% due 10/15/2030 | 25 |  | 26 |
|  7.250% due 04/01/2029 | 50 |  | 53 |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
|  6.875% due 07/15/2032 | 75 |  | 77 |
|  Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV |
|  4.875% due 07/15/2031 | 25 |  | 24 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 100 |  | 101 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 200 |  | 199 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 100 |  | 103 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 175 |  | 157 |
|  |  |  | 13449 |
| INDUSTRIALS 62.5% | INDUSTRIALS 62.5% | INDUSTRIALS 62.5% | INDUSTRIALS 62.5% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 125 |  | 120 |
|  4.000% due 10/15/2030 | 875 |  | 826 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 100 |  | 103 |
|  Advance Auto Parts, Inc. |  |  |  |
|  7.000% due 08/01/2030 | 100 |  | 103 |
|  7.375% due 08/01/2033 | 275 |  | 284 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  3.500% due 03/15/2029 | 175 |  | 166 |
|  4.625% due 01/15/2027 | 100 |  | 100 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 350 |  | 363 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  7.125% due 03/15/2031 | 25 |  | 26 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  4.750% due 10/01/2027 | 75 |  | 75 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  7.875% due 04/30/2029 | 100 |  | 104 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  10.500% due 05/15/2027 | 100 |  | 36 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 | 350 |  | 301 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 25 |  | 26 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.750% due 04/20/2029 | 250 | 251 | 251 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 150 | 142 | 142 |
|  4.000% due 01/15/2028 | 200 | 196 | 196 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 225 | 242 | 242 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 250 | 238 | 238 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  6.625% due 10/15/2032 | $50 | 51 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 125 | 123 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 | 75 | 74 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 50 | 49 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 150 | 142 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 250 | 257 |
|  6.250% due 03/15/2033 | 50 | 52 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 200 | 194 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 475 | 432 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.875% due 11/01/2035 | 100 | 104 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 100 | 104 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 350 | 364 |
|  BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
|  7.000% due 03/15/2030 | 75 | 78 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 75 | 76 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 200 | 200 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 75 | 70 |
|  5.625% due 08/15/2030 | 675 | 684 |
|  6.500% due 05/15/2032 | 200 | 207 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 25 | 25 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  7.250% due 07/01/2031 | 175 | 186 |
|  Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC |
|  5.250% due 01/15/2029 | 275 | 274 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  4.500% due 03/01/2028 | 75 | 74 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  5.000% due 03/01/2030 | 200 | 198 |
|  6.750% due 05/15/2035 | 375 | 392 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 04/15/2029 | 250 | 242 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 25 | 24 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.500% due 02/15/2032 | 50 | 51 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 (a) | 300 | 300 |
|  5.750% due 08/01/2032 | 350 | 357 |
|  7.000% due 08/15/2029 | 225 | 237 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 | 100 | 105 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 08/15/2030 | 975 | 921 |
|  5.375% due 06/01/2029 | 1200 | 1193 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 175 | 176 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 100 | 88 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  6.625% due 09/15/2033 | 100 | 101 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 300 | 318 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  7.125% due 06/15/2031 | 100 | 121 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | $100 | 99 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | $200 | $199 |
|  6.750% due 03/15/2033 | 200 | 203 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  9.750% due 01/15/2034 | 750 | 769 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 50 | 52 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.375% due 07/01/2028 | 50 | 52 |
|  8.750% due 07/01/2031 | 225 | 231 |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
|  6.750% due 02/15/2030 | 75 | 78 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  7.000% due 03/15/2032 | 325 | 329 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 125 | 126 |
|  6.625% due 08/15/2033 | 425 | 433 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 75 | 76 |
|  6.750% due 04/15/2032 | 50 | 51 |
|  6.875% due 01/15/2030 | 50 | 51 |
|  8.750% due 04/15/2030 | 375 | 386 |
|  CMA CGM SA | CMA CGM SA | CMA CGM SA |
|  5.000% due 01/15/2031 | 100 | 120 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | $75 | 73 |
|  7.000% due 06/15/2027 | 275 | 275 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 40 | 40 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 125 | 121 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  6.500% due 10/01/2028 | 25 | 25 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 200 | 205 |
|  9.250% due 06/01/2030 | 250 | 259 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 400 | 397 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 75 | 73 |
|  7.625% due 04/01/2032 | 200 | 199 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 25 | 23 |
|  4.250% due 03/15/2029 | 25 | 24 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 325 | 310 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  5.875% due 06/01/2033 | 225 | 227 |
|  Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. |
|  7.375% due 12/15/2026 | 75 | 77 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 325 | 312 |
|  6.875% due 09/01/2032 | 50 | 52 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 275 | 286 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 25 | 26 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 300 | 318 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 | 93 | 93 |
|  10.000% due 02/15/2031 | 200 | 200 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 100 | 101 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 440 | 484 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 300 | 306 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 | 25 | 24 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 225 | 229 |

---

---

| | | |
|:---|:---|:---|
| **140** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Esab Corp. | Esab Corp. | Esab Corp. |
|  6.250% due 04/15/2029 | $50 | 51 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 50 | 47 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 100 | 107 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 200 | 190 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.500% due 09/15/2027 | 200 | 199 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 | 275 | 276 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | 150 | 150 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.875% due 10/01/2031 | 100 | 91 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.375% due 08/15/2029 | 425 | 415 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 250 | 258 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
|  7.125% due 07/01/2033 | 75 | 77 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 | 100 | 95 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 50 | 51 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 | 250 | 251 |
|  7.625% due 07/01/2029 | 150 | 152 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  6.375% due 07/15/2032 | 75 | 76 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  7.250% due 08/15/2033 | 200 | 198 |
|  9.625% due 07/15/2032 | 50 | 51 |
|  Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 | 200 | 194 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 50 | 51 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 200 | 194 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 175 | 160 |
|  4.000% due 05/01/2031 | 400 | 379 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  6.625% due 01/15/2032 | 150 | 152 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 250 | 242 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 275 | 281 |
|  7.375% due 07/15/2032 | 50 | 52 |
|  IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) |
|  6.750% due 11/15/2029 (b) | 100 | 125 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | $150 | 146 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  7.250% due 03/31/2031 | 100 | 117 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | $375 | 361 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 300 | 356 |
|  Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC |
|  6.750% due 08/01/2032 | $200 | 197 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 575 | 592 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 25 | 24 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 400 | 406 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 75 | 74 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | $| 150 | 154 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2030 |  | 225 | 230 |
|  0.000% due 07/24/2033 |  | 100 | 103 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.500% due 10/01/2033 |  | 150 | 153 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 |  | 200 | 198 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 |  | 100 | 93 |
|  4.000% due 02/15/2030 |  | 50 | 48 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.125% due 01/31/2030 |  | 75 | 72 |
|  4.375% due 01/31/2032 |  | 100 | 95 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.875% due 06/30/2033 |  | 300 | 306 |
|  7.000% due 03/31/2034 |  | 50 | 51 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 |  | 175 | 193 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 |  | 15 | 15 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 |  | 200 | 200 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 |  | 325 | 323 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.014% due 07/07/2032 •  | EUR | 100 | 116 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | $| 50 | 50 |
|  6.500% due 04/15/2032 |  | 125 | 126 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  4.625% due 06/01/2028 |  | 225 | 221 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 |  | 225 | 228 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 |  | 50 | 52 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 |  | 675 | 652 |
|  5.250% due 10/01/2029 |  | 150 | 149 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 |  | 225 | 194 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 |  | 75 | 75 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 (a) |  | 200 | 203 |
|  9.250% due 10/01/2028 |  | 25 | 26 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |
|  6.750% due 04/01/2032 |  | 25 | 26 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 |  | 225 | 208 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 |  | 38 | 37 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 |  | 50 | 43 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 |  | 13 | 12 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (b) |  | 7 | 8 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 |  | 150 | 140 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  6.750% due 02/01/2032 |  | 200 | 206 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 |  | 25 | 27 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.375% due 05/15/2030 |  | 150 | 149 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « |  | 100 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | $100 | $98 |
|  8.125% due 07/17/2035 | 200 | 215 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 350 | 363 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 200 | 148 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 75 | 77 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 375 | 342 |
|  6.375% due 08/15/2033 | 100 | 101 |
|  6.875% due 01/30/2030 | 100 | 104 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 150 | 144 |
|  6.125% due 02/15/2033 (a) | 100 | 118 |
|  7.250% due 06/15/2031 | $75 | 76 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 75 | 73 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  6.500% due 03/31/2032 | 50 | 51 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 100 | 97 |
|  3.875% due 12/01/2029 | 175 | 166 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 150 | 145 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 600 | 580 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 100 | 97 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 (a) | 100 | 101 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  6.625% due 08/15/2032 | 50 | 51 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 350 | 340 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 475 | 484 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 250 | 244 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | 50 | 50 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  3.500% due 03/01/2032 | 250 | 229 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 225 | 210 |
|  4.625% due 04/15/2030 | 425 | 410 |
|  6.250% due 10/15/2034 | 25 | 25 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  3.750% due 04/01/2031 | 100 | 92 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 100 | 104 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 450 | 438 |
|  5.750% due 04/15/2026 | 31 | 31 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 275 | 267 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 275 | 277 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 50 | 52 |
|  6.750% due 03/01/2033 | 450 | 468 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 425 | 441 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 125 | 131 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  9.750% due 04/15/2029 | 350 | 394 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 200 | 208 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 100 | 98 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 275 | 283 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 | 50 | 51 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 75 | 72 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  6.750% due 03/15/2033 | 175 | 183 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 275 | 286 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 325 | 315 |
|  4.125% due 01/15/2031 | 75 | 70 |
|  5.750% due 12/01/2034 | 75 | 75 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
|  6.750% due 08/15/2032 | 225 | 233 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 375 | 360 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  4.000% due 07/15/2028 | 775 | 750 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 50 | 50 |
|  7.000% due 08/01/2032 | 75 | 75 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 75 | 77 |
|  6.875% due 03/15/2034 | 375 | 381 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.375% due 06/01/2031 | 25 | 26 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.375% due 11/30/2029 | 50 | 53 |
|  9.750% due 11/15/2030 | 12 | 13 |
|  Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/12/2030 (b) | 36 | 14 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 250 | 243 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 475 | 471 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 75 | 75 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 150 | 159 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 125 | 123 |
|  4.625% due 12/01/2031 | 275 | 260 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 225 | 237 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 300 | 298 |
|  7.000% due 05/01/2029 | 75 | 78 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 75 | 74 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.625% due 06/15/2028 | 250 | 248 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 50 | 52 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 125 | 134 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 375 | 352 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 225 | 221 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 75 | 74 |
|  6.375% due 03/01/2029 | 1125 | 1152 |
|  6.750% due 01/31/2034 | 50 | 52 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 (a) | 300 | 303 |
|  8.750% due 02/15/2030 | 56 | 59 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.000% due 04/01/2027 | 150 | 152 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | $350 | $374 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  9.125% due 09/30/2030 | 125 | 123 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 125 | 118 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 25 | 26 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 150 | 148 |
|  5.750% due 04/15/2033 | 225 | 227 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 400 | 413 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 125 | 123 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 475 | 440 |
|  3.875% due 02/15/2031 | 125 | 118 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 50 | 47 |
|  8.500% due 07/31/2031 | 50 | 52 |
|  9.375% due 08/01/2032 | 575 | 613 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 | 100 | 100 |
|  7.125% due 03/15/2029 | 125 | 129 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 500 | 519 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 75 | 80 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 225 | 216 |
|  4.125% due 08/15/2031 | 250 | 236 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 50 | 52 |
|  9.500% due 02/01/2029 | 400 | 441 |
|  9.875% due 02/01/2032 | 750 | 817 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 100 | 105 |
|  6.750% due 01/15/2036 | 100 | 106 |
|  7.500% due 05/01/2033 | 50 | 55 |
|  7.750% due 05/01/2035 | 275 | 311 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 100 | 98 |
|  Victra Holdings LLC/Victra Finance Corp. | Victra Holdings LLC/Victra Finance Corp. | Victra Holdings LLC/Victra Finance Corp. |
|  8.750% due 09/15/2029 | 25 | 26 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  9.125% due 07/15/2031 | 175 | 188 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 875 | 826 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 50 | 51 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 45 | 44 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.750% due 07/15/2031 | 400 | 377 |
|  Vnom Sub, Inc. | Vnom Sub, Inc. | Vnom Sub, Inc. |
|  5.375% due 11/01/2027 | 50 | 50 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 425 | 424 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 250 | 226 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 25 | 26 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.279% due 03/15/2032 | 600 | 551 |
|  5.050% due 03/15/2042 | 275 | 220 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 50 | 52 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.750% due 09/15/2030 | 100 | 105 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (a) | 150 | 150 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 10/15/2033 (a) | 100 | 100 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 250 | 250 |
|  8.625% due 04/30/2030 | 50 | 51 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 22 | 22 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 25 | 25 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 85 | 86 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 200 | 207 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  6.625% due 08/15/2032 | 175 | 173 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 100 | 98 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 | 25 | 25 |
|  7.125% due 02/15/2031 | 375 | 404 |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. |
|  13.500% due 04/15/2031 | 50 | 48 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  3.625% due 03/15/2031 | 225 | 210 |
|  4.750% due 01/15/2030 | 100 | 100 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.875% due 04/14/2028 | 325 | 330 |
|  7.500% due 03/24/2031 | 150 | 149 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 100 | 94 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 50 | 40 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 75 | 71 |
|  |  | 60661 |
| UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 50 | 52 |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
|  6.625% due 09/01/2032 | 50 | 51 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 175 | 174 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 175 | 161 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 75 | 77 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(e) | 75 | 87 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 100 | 98 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.875% due 05/15/2032 | 100 | 104 |
|  8.250% due 01/15/2029 | 150 | 157 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 75 | 76 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.000% due 02/01/2031 | 225 | 218 |
|  6.875% due 05/15/2034 | 50 | 48 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.375% due 02/15/2032 | 75 | 77 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.750% due 07/15/2029 | 450 | 453 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  6.000% due 02/15/2028 | 125 | 124 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 175 | 174 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 175 | 171 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 175 | 138 |

---

---

| | | |
|:---|:---|:---|
| **142** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 50 | 53 |
|  |  | 2493 |
|  Total Corporate Bonds & Notes (Cost $75,606) |  | 76603 |
| U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.250% due 06/30/2027 | 2450 | 2434 |
|  4.000% due 02/15/2034 | 1025 | 1023 |
| Total U.S. Treasury Obligations<br>(Cost $3,411) | Total U.S. Treasury Obligations<br>(Cost $3,411) | 3457 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. (c) | 1490 | 0 |
| Total Common Stocks (Cost $22) | Total Common Stocks (Cost $22) | 0 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 | 1693 | $1 |
|  Total Warrants<br>(Cost $21) | Total Warrants<br>(Cost $21) | 1 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 228003 | 228 |
| Total Short-Term Instruments<br>(Cost $228) | Total Short-Term Instruments<br>(Cost $228) | 228 |
| Total Investments in Securities<br>(Cost $82,405) | Total Investments in Securities<br>(Cost $82,405) | 83409 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 15.1% | INVESTMENTS IN AFFILIATES 15.1% | INVESTMENTS IN AFFILIATES 15.1% |
| SHORT-TERM INSTRUMENTS 15.1% | SHORT-TERM INSTRUMENTS 15.1% | SHORT-TERM INSTRUMENTS 15.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1505877 | $14666 |
| Total Short-Term Instruments<br>(Cost $14,664) | Total Short-Term Instruments<br>(Cost $14,664) | 14666 |
| Total Investments in Affiliates<br>(Cost $14,664) | Total Investments in Affiliates<br>(Cost $14,664) | 14666 |
| Total Investments 101.0%<br>(Cost $97,069) | Total Investments 101.0%<br>(Cost $97,069) | $98075 |
|  Financial Derivative Instruments (g)(h) 0.0%<br> (Cost or Premiums, net $884) |  | 5 |
| Other Assets and Liabilities, net (1.0)% | Other Assets and Liabilities, net (1.0)% | (936) |
| Net Assets 100.0% | Net Assets 100.0% | $97144 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

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

(a) When-issued security.

(b) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Zero coupon security.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(245) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Long Guilt December Futures  | 12/2025 | 3 | $367 | $0 | $0 | $0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | (1) | 3 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 37 | 4040 | (7) | 1 | (1) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 16 | 1841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 | (1) |
|  |  |  |  | $9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 143

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | (151) | 0 | 0 | (1) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 8 | (900) | 2 | 0 | 0 |
|  |  |  |  | $2 | $0 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30,<br>2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30,<br>2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 12/20/2028 | 0.873% | $125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Calpine Corp. | 5.000 | Quarterly | 12/20/2028 | 0.464 | 100 | 10 | 4 | 14 | 0 | 0 |
|  Carnival Corp. | 1.000 | Quarterly | 12/20/2028 | 0.704 | 175 | (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 2 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 0.759 | EUR 100 | 22 | 2 | 24 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.754 | 25 | 1 | 0 | 1 | 0 | 0 |
|  |  |  |  |  |  | $31 | $26 | $57 | $0 | $0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $1300 | $93 | $6 | $99 | $0 | $(2) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | 315 | 123 | 438 | 1 | (2) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 4200 | 319 | 11 | 330 | 5 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/18/2031 | 900 | $(3) | $(2) | $(5) | $1 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | $200 | 3 | (1) | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 900 | 125 | (12) | 113 | 3 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 900 | 1 | (4) | (3) | 3 | 0 |
|  |  |  |  |  |  | $126 | $(19) | $107 | $7 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3) | $(4) | $(7) |

---

**Cash of $1,217 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **144** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 640 | $746 | $0 | $(5) |
|  BOA | 11/2025 | 302 | 355 | 0 | 0 |
|  BRC | 10/2025 | 302 | 354 | 0 | (1) |
|  | 10/2025 | $591 | 504 | 1 | 0 |
|  | 11/2025 | 504 | $592 | 0 | (1) |
|  CBK | 10/2025 | 101 | 119 | 0 | 0 |
|  MBC | 10/2025 | $128 | 109 | 0 | 0 |
|  UAG | 10/2025 | 150 | 128 | 1 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(</sup> <sup>1)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(5) | $0 | $0 | $(5) | $(5) | $0 | $(5) |
|  BRC | 1 | 0 | 0 | 1 | (2) | 0 | 0 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  UAG | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 7 | 13 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2 | $0 | $2 |
|  | $0 | $6 | $0 | $2 | $11 | $19 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 145

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $0 | $3 | $7 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7 | $0 | $7 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $105 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 128 | 0 | 0 | (27) | 101 |
|  | $0 | $128 | $0 | $0 | $78 | $206 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(10) | $0 | $(10) |
|  | $0 | $128 | $0 | $(10) | $78 | $196 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(55) | $(55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 201 | 0 | 0 | (3) | 198 |
|  | $0 | $201 | $0 | $0 | $(58) | $143 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1) | $0 | $(1) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $2721 | $399 | $3120 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 647 | 12802 | 0 | 13449 |
| &nbsp;&nbsp; Industrials | 603 | 59987 | 71 | 60661 |
| &nbsp;&nbsp; Utilities | 0 | 2493 | 0 | 2493 |
|  U.S. Treasury Obligations | 0 | 3457 | 0 | 3457 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 0 | 0 | 0 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 1 | 0 | 1 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 228 | 0 | 228 |
|  | $1250 | $81689 | $470 | $83409 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $14666 | $0 | $0 | $14666 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $17 | $0 | $17 |
|  Over the counter | 0 | 2 | 0 | 2 |
|  | $0 | $19 | $0 | $19 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1) | (6) | 0 | (7) |
|  Over the counter | 0 | (7) | 0 | (7) |
|  | $(1) | $(13) | $0 | $(14) |
|  Total Financial Derivative Instruments | $(1) | $6 | $0 | $5 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98080 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **146** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Sector Fund Series - I September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 123.2% | INVESTMENTS IN SECURITIES 123.2% | INVESTMENTS IN SECURITIES 123.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 3000 | 3000 |
|  TBD% due 04/30/2030 «~µ | 3000 | 3000 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 3000 | 3000 |
|  Total Loan Participations and Assignments<br>(Cost $9,000) | Total Loan Participations and Assignments<br>(Cost $9,000) | 9000 |
| CORPORATE BONDS & NOTES 72.6% | CORPORATE BONDS & NOTES 72.6% | CORPORATE BONDS & NOTES 72.6% |
| BANKING & FINANCE 32.2% | BANKING & FINANCE 32.2% | BANKING & FINANCE 32.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.575% due 10/13/2026 •  | 2000 | 2001 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 4400 | 4324 |
|  3.000% due 10/29/2028 | 200 | 193 |
|  6.100% due 01/15/2027 | 1500 | 1533 |
|  6.450% due 04/15/2027 | 3000 | 3095 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  5.625% due 10/25/2027 | 200 | 206 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  6.500% due 07/18/2028 | 800 | 841 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.750% due 10/01/2031 | 350 | 365 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.548% due 07/31/2033 •  | 1800 | 1808 |
|  6.184% due 07/26/2035 •  | 7655 | 7900 |
|  6.646% due 01/17/2040 •  | 2600 | 2601 |
|  8.000% due 11/01/2031 | 300 | 342 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.085% due 01/30/2031 •  | 1200 | 1238 |
|  5.249% (SOFRINDX + 1.000%) due 02/16/2028 ~ | 2900 | 2919 |
|  5.442% due 01/30/2036 •  | 4500 | 4682 |
|  5.645% due 04/23/2027 •  | 600 | 605 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  5.000% due 09/23/2035 | 3000 | 2941 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.500% due 01/31/2028 | 3000 | 2826 |
|  2.100% due 06/15/2030 | 900 | 812 |
|  3.550% due 07/15/2027 | 500 | 495 |
|  3.600% due 01/15/2028 | 800 | 790 |
|  5.000% due 01/31/2030 | 2725 | 2790 |
|  5.200% due 02/15/2029 | 1100 | 1132 |
|  5.650% due 03/15/2033 | 1797 | 1898 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.409% due 09/12/2034 | 2200 | 2164 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.350% due 10/23/2029 | 1250 | 1279 |
|  6.500% due 02/08/2029 | 3650 | 3733 |
|  7.950% due 08/11/2028 | 2700 | 2873 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  5.100% due 01/15/2031 | 1200 | 1192 |
|  5.875% due 03/01/2029 | 2000 | 2058 |
|  7.000% due 01/15/2027 | 1100 | 1133 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 2900 | 2871 |
|  5.150% due 01/15/2031 | 2300 | 2273 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.125% due 04/10/2030 | 4300 | 4370 |
|  5.375% due 07/15/2029 | 3000 | 3074 |
|  6.250% due 04/15/2028 | 300 | 313 |
|  6.750% due 10/25/2028 | 1800 | 1915 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 01/15/2028 | 1700 | 1718 |
|  4.950% due 10/15/2032 | 4100 | 4052 |
|  5.375% due 05/30/2030 | 1800 | 1847 |
|  5.750% due 03/01/2029 | 750 | 777 |
|  6.375% due 05/04/2028 | 2575 | 2687 |
|  Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
|  5.950% due 03/15/2030 | 4000 | 4022 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 1400 | 1447 |
|  7.883% due 11/15/2034 •  | 2000 | 2328 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 8600 | 8589 |
|  5.294% due 08/18/2027 | 800 | 816 |
|  5.552% due 03/14/2028 •  | 2200 | 2240 |
|  5.565% (SOFRRATE + 1.380%) due 03/14/2028 ~ | 1600 | 1612 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.922% due 10/24/2031 •  | 1800 | 1599 |
|  2.592% due 04/29/2031 •  | 2600 | 2410 |
|  3.419% due 12/20/2028 •  | 2565 | 2526 |
|  3.559% due 04/23/2027 •  | 580 | 578 |
|  3.593% due 07/21/2028 •  | 4200 | 4162 |
|  3.824% due 01/20/2028 •  | 1300 | 1294 |
|  4.948% due 07/22/2028 •  | 1288 | 1307 |
|  5.202% due 04/25/2029 •  | 12549 | 12865 |
|  5.288% due 04/25/2034 •  | 13100 | 13558 |
|  5.468% due 01/23/2035 •  | 3450 | 3605 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 1800 | 1840 |
|  5.538% due 01/22/2030 | 2200 | 2292 |
|  5.790% due 07/13/2028 | 4000 | 4167 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.476% due 11/11/2029 •  | 1500 | 1503 |
|  5.785% due 02/25/2036 •  | 3000 | 3132 |
|  6.496% due 09/13/2027 •  | 1900 | 1939 |
|  7.385% due 11/02/2028 •  | 1300 | 1379 |
|  7.437% due 11/02/2033 •  | 3000 | 3443 |
|  8.500% due 06/15/2030 •(e)(f) | 3000 | 4287 |
|  9.625% due 12/15/2029 •(e)(f) | 1500 | 1706 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  7.625% due 02/11/2035 •(f) | 3100 | 3269 |
|  8.125% due 01/08/2039 •(f) | 900 | 982 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 5700 | 5848 |
|  6.600% due 06/10/2029 | 1700 | 1769 |
|  8.000% due 05/25/2028 | 1718 | 1835 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  6.000% due 01/29/2032 | 3400 | 3510 |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
|  6.600% due 09/15/2029 | 1200 | 1251 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 185 | 194 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.283% due 11/19/2030 •  | 5200 | 5343 |
|  5.786% due 01/13/2033 •  | 1100 | 1155 |
|  5.906% due 11/19/2035 •  | 5200 | 5391 |
|  8.000% due 08/22/2031 •(e)(f) | 1200 | 1294 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.389% due 05/28/2031 •  | 4000 | 4106 |
|  5.876% due 01/14/2031 •  | 2000 | 2089 |
|  5.975% due 01/18/2027 •  | 500 | 502 |
|  6.293% due 01/14/2036 •  | 3300 | 3533 |
|  6.612% due 10/19/2027 •  | 800 | 818 |
|  6.915% due 01/14/2046 •  | 1750 | 1880 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 2500 | 2456 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  5.795% due 04/24/2035 | 3500 | 3669 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  6.250% due 06/23/2055 | 1500 | 1580 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 200 | 213 |
|  6.684% due 09/13/2027 •  | 3500 | 3577 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(f) | 1600 | 1626 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 2400 | 2565 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.183% due 01/30/2036 •  | 6100 | 6330 |
|  6.377% due 06/08/2034 •  | 200 | 216 |
|  7.624% due 10/30/2031 •  | 1600 | 1810 |
|  7.964% due 11/02/2034 •  | 500 | 591 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carlyle Group, Inc. | Carlyle Group, Inc. | Carlyle Group, Inc. |
|  5.050% due 09/19/2035 | 4500 | 4486 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 1150 | 1226 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 14080 | 14290 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 700 | 728 |
|  6.375% due 01/23/2032 | 3600 | 3813 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  6.200% due 06/18/2035 | 2450 | 2576 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  | 1600 | 1521 |
|  4.412% due 03/31/2031 •  | 4900 | 4893 |
|  4.503% due 09/11/2031 •  | 7800 | 7806 |
|  5.174% due 09/11/2036 •  | 4700 | 4750 |
|  5.333% due 03/27/2036 •  | 5100 | 5215 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  5.253% due 03/05/2031 •  | 3000 | 3076 |
|  5.718% due 07/23/2032 •  | 8500 | 8878 |
|  5.841% due 01/23/2030 •  | 1700 | 1772 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 | 600 | 595 |
|  6.375% due 09/15/2054 •  | 500 | 514 |
|  Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV |
|  5.500% due 01/30/2033 | 3100 | 3136 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 1400 | 1282 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.375% due 02/15/2032 | 2884 | 2961 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 3000 | 916 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.222% due 05/27/2031 •  | 600 | 616 |
|  5.862% due 01/09/2036 •  | 6900 | 7258 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 500 | 488 |
|  3.650% due 09/01/2027 | 800 | 792 |
|  4.900% due 09/01/2029 | 1400 | 1421 |
|  5.600% due 06/01/2029 | 880 | 915 |
|  5.800% due 03/01/2034 | 400 | 421 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(e) | 5700 | 5929 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.420% due 09/12/2031 •  | 1700 | 1685 |
|  5.705% due 03/01/2030 •  | 700 | 729 |
|  DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. |
|  5.950% due 04/15/2035 | 2600 | 2693 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.590% due 01/30/2035 «(g) | 2800 | 2870 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.706% due 02/08/2028 •  | 1100 | 1120 |
|  6.720% due 01/18/2029 •  | 4130 | 4339 |
|  6.819% due 11/20/2029 •  | 1900 | 2033 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  5.550% due 01/15/2028 | 1640 | 1688 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 2000 | 1847 |
|  3.750% due 08/15/2029 | 4400 | 4237 |
|  4.500% due 06/01/2027 | 200 | 200 |
|  4.950% due 04/15/2028 | 1400 | 1411 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  3.250% due 03/15/2031 | 3700 | 4333 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 | 1900 | 1868 |
|  3.000% due 07/15/2050 | 300 | 196 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | 3600 | 3246 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 | 2200 | 2287 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 5900 | 6031 |
|  5.700% due 04/01/2028 | 400 | 413 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 | 3000 | 3062 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **147** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 06/04/2029 | $— | 3300 | $— | 3442 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 |  | 2100 |  | 2184 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.565% due 08/26/2030 |  | 2400 |  | 2414 |
|  4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ |  | 1700 |  | 1701 |
|  First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
|  5.231% due 03/12/2031 •  |  | 4100 |  | 4165 |
|  First Industrial LP | First Industrial LP | First Industrial LP | First Industrial LP | First Industrial LP |
|  5.250% due 01/15/2031 |  | 1300 |  | 1334 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 |  | 1000 |  | 951 |
|  3.815% due 11/02/2027 |  | 400 |  | 390 |
|  4.125% due 08/17/2027 |  | 2005 |  | 1973 |
|  4.271% due 01/09/2027 |  | 400 |  | 397 |
|  4.950% due 05/28/2027 |  | 534 |  | 533 |
|  5.125% due 11/05/2026 |  | 1600 |  | 1606 |
|  5.303% due 09/06/2029 |  | 4225 |  | 4216 |
|  5.800% due 03/05/2027 |  | 400 |  | 404 |
|  5.800% due 03/08/2029 |  | 800 |  | 812 |
|  5.850% due 05/17/2027 |  | 1198 |  | 1213 |
|  5.875% due 11/07/2029 |  | 6000 |  | 6106 |
|  5.918% due 03/20/2028 |  | 200 |  | 203 |
|  6.800% due 05/12/2028 |  | 585 |  | 608 |
|  6.950% due 06/10/2026 |  | 400 |  | 405 |
|  7.122% due 11/07/2033 |  | 800 |  | 856 |
|  7.200% due 06/10/2030 |  | 300 |  | 321 |
|  7.350% due 11/04/2027 |  | 1900 |  | 1982 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 |  | 5200 |  | 5154 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.252% due 09/22/2030 |  | 2700 |  | 2711 |
|  5.836% due 09/22/2035 |  | 2500 |  | 2542 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.900% due 01/13/2035 |  | 2400 |  | 2494 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.700% due 08/20/2027 |  | 200 |  | 194 |
|  5.000% due 07/15/2027 |  | 1800 |  | 1822 |
|  5.050% due 04/04/2028 |  | 5000 |  | 5082 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 |  | 1300 |  | 1378 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2030 |  | 3050 |  | 2956 |
|  4.000% due 01/15/2031 |  | 1900 |  | 1820 |
|  5.300% due 01/15/2029 |  | 2700 |  | 2752 |
|  5.625% due 09/15/2034 |  | 9150 |  | 9269 |
|  5.750% due 06/01/2028 |  | 3100 |  | 3188 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.929% (SOFRRATE + 0.770%) due 03/18/2027 ~ |  | 3100 |  | 3107 |
|  4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ |  | 3100 |  | 3111 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  |  | 1400 |  | 1367 |
|  2.615% due 04/22/2032 •  |  | 3791 |  | 3440 |
|  3.102% due 02/24/2033 •  |  | 2575 |  | 2363 |
|  3.615% due 03/15/2028 •  |  | 1300 |  | 1290 |
|  3.691% due 06/05/2028 •  |  | 1015 |  | 1008 |
|  5.016% due 10/23/2035 •  |  | 2500 |  | 2518 |
|  5.049% due 07/23/2030 •  |  | 1700 |  | 1743 |
|  5.330% due 07/23/2035 •  |  | 2400 |  | 2472 |
|  5.536% due 01/28/2036 •  |  | 2000 |  | 2089 |
|  5.727% due 04/25/2030 •  |  | 2300 |  | 2407 |
|  7.250% due 04/10/2028 |  | 200 |  | 286 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  0.000% due 08/15/2028 | $— | 3000 |  | 3016 |
|  Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC |
|  5.125% due 10/07/2034 |  | 4600 |  | 4651 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 |  | 2000 |  | 2036 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  8.000% due 06/15/2027 |  | 945 |  | 984 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 |  | 200 |  | 185 |
|  7.650% due 02/01/2034 |  | 700 |  | 795 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 2000 | 1957 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.500% due 09/15/2030 | 1500 | 1409 |
|  4.500% due 02/01/2026 | 100 | 100 |
|  5.700% due 06/15/2032 | 3900 | 4020 |
|  5.700% due 07/01/2034 | 1950 | 1999 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 1100 | 1095 |
|  5.300% due 06/05/2027 | 3400 | 3420 |
|  5.450% due 01/14/2028 | 1800 | 1817 |
|  5.450% due 11/15/2030 | 3700 | 3699 |
|  6.750% due 01/30/2029 | 1500 | 1565 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.206% due 08/17/2029 •  | 1980 | 1869 |
|  4.041% due 03/13/2028 •  | 375 | 374 |
|  5.130% due 11/19/2028 •  | 2000 | 2037 |
|  5.130% due 03/03/2031 •  | 500 | 512 |
|  5.286% due 11/19/2030 •  | 4300 | 4437 |
|  5.838% (SOFRRATE + 1.570%) due 05/13/2031 ~ | 4500 | 4591 |
|  7.390% due 11/03/2028 •  | 6000 | 6373 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  4.837% due 03/22/2027 | 1100 | 736 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 1300 | 1482 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.950% due 01/15/2033 | 5400 | 5429 |
|  5.500% due 08/15/2033 | 2700 | 2808 |
|  Israel Discount Bank Ltd. | Israel Discount Bank Ltd. | Israel Discount Bank Ltd. |
|  5.375% due 01/26/2028 | 1600 | 1614 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  4.375% due 04/25/2034 | 1100 | 1342 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 600 | 605 |
|  Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. |
|  5.450% due 09/10/2034 | 1300 | 1315 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.711% (SOFRRATE + 0.500%) due 03/06/2028 ~ | 1100 | 1102 |
|  5.100% due 04/11/2034 | 1700 | 1760 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 800 | 776 |
|  2.739% due 10/15/2030 •  | 4600 | 4345 |
|  3.509% due 01/23/2029 •  | 2300 | 2270 |
|  3.540% due 05/01/2028 •  | 1592 | 1579 |
|  3.782% due 02/01/2028 •  | 2000 | 1992 |
|  4.005% due 04/23/2029 •  | 1400 | 1397 |
|  4.203% due 07/23/2029 •  | 918 | 920 |
|  4.323% due 04/26/2028 •  | 3970 | 3981 |
|  4.603% due 10/22/2030 •  | 3000 | 3036 |
|  4.851% due 07/25/2028 •  | 4000 | 4054 |
|  4.979% due 07/22/2028 •  | 1000 | 1015 |
|  5.040% due 01/23/2028 •  | 3687 | 3729 |
|  5.140% due 01/24/2031 •  | 1800 | 1859 |
|  5.236% (SOFRRATE + 0.930%)<br>due 07/22/2028 ~ | 2000 | 2014 |
|  5.294% due 07/22/2035 •  | 600 | 620 |
|  5.299% due 07/24/2029 •  | 1200 | 1237 |
|  5.350% due 06/01/2034 •  | 4100 | 4273 |
|  5.571% due 04/22/2028 •  | 2300 | 2351 |
|  5.581% due 04/22/2030 •  | 3300 | 3448 |
|  5.766% due 04/22/2035 •  | 3140 | 3347 |
|  6.087% due 10/23/2029 •  | 7400 | 7811 |
|  6.254% due 10/23/2034 •  | 3600 | 3968 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 1400 | 1165 |
|  2.650% due 11/15/2033 | 5550 | 4546 |
|  4.250% due 08/15/2029 | 200 | 196 |
|  6.250% due 01/15/2036 | 2900 | 3002 |
|  KKR & Co., Inc. | KKR & Co., Inc. | KKR & Co., Inc. |
|  5.100% due 08/07/2035 | 1000 | 1002 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 | 450 | 449 |
|  6.000% due 03/15/2031 | 1400 | 1480 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.298% (SOFRINDX + 1.060%)<br>due 11/26/2028 ~ | 5000 | 5029 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.871% due 03/06/2029 •  | $— | 1620 | $— | 1681 |
|  6.068% due 06/13/2036 •  |  | 3000 |  | 3151 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.650% due 03/15/2035 |  | 1600 |  | 1632 |
|  Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. |
|  5.400% due 08/15/2028 |  | 3300 |  | 3314 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 |  | 3601 |  | 3654 |
|  6.404% due 11/04/2029 |  | 3132 |  | 3231 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  5.050% due 08/26/2035 |  | 3000 |  | 3036 |
|  Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. |
|  5.080% due 09/15/2027 |  | 200 |  | 203 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  |  | 1800 |  | 1808 |
|  5.197% due 01/16/2031 •  |  | 1600 |  | 1650 |
|  5.426% due 04/17/2035 •  |  | 2000 |  | 2082 |
|  5.574% due 01/16/2036 •  |  | 7400 |  | 7774 |
|  5.615% due 04/24/2036 •  |  | 6000 |  | 6299 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  |  | 2500 |  | 2530 |
|  5.382% due 07/10/2030 •  |  | 1100 |  | 1139 |
|  5.739% due 05/27/2031 •  |  | 300 |  | 317 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  |  | 900 |  | 881 |
|  3.772% due 01/24/2029 •  |  | 300 |  | 297 |
|  4.210% due 04/20/2028 •  |  | 535 |  | 536 |
|  4.654% due 10/18/2030 •  |  | 4100 |  | 4146 |
|  5.042% due 07/19/2030 •  |  | 1950 |  | 1999 |
|  5.123% due 02/01/2029 •  |  | 2400 |  | 2452 |
|  5.250% due 04/21/2034 •  |  | 2300 |  | 2373 |
|  5.320% due 07/19/2035 •  |  | 4900 |  | 5058 |
|  5.424% due 07/21/2034 •(i) |  | 5600 |  | 5837 |
|  5.449% due 07/20/2029 •  |  | 5600 |  | 5787 |
|  5.516% due 11/19/2055 •  |  | 3400 |  | 3439 |
|  5.652% due 04/13/2028 •  |  | 600 |  | 614 |
|  6.407% due 11/01/2029 •  |  | 1000 |  | 1063 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.952% due 01/14/2028 •  |  | 1900 |  | 1919 |
|  4.968% due 07/14/2028 •  |  | 1850 |  | 1878 |
|  5.016% due 01/12/2029 •  |  | 4800 |  | 4887 |
|  5.398% (SOFRRATE + 1.080%)<br>due 01/14/2028 ~ |  | 1600 |  | 1609 |
|  5.504% due 05/26/2028 •  |  | 1200 |  | 1227 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.466% due 07/06/2028 •  |  | 5450 |  | 5482 |
|  4.734% due 07/18/2031 •  |  | 2600 |  | 2640 |
|  MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. |
|  6.250% due 05/31/2030 |  | 3300 |  | 3345 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.350% due 04/09/2027 |  | 1900 |  | 1933 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 |  | 1700 |  | 1687 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 |  | 700 |  | 716 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.537% due 07/14/2036 •  |  | 1400 |  | 1440 |
|  6.557% due 10/18/2027 •  |  | 2100 |  | 2148 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  |  | 2400 |  | 2358 |
|  4.892% due 05/18/2029 •  |  | 2613 |  | 2655 |
|  5.516% due 09/30/2028 •  |  | 2300 |  | 2358 |
|  7.472% due 11/10/2026 •  |  | 500 |  | 502 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.300% due 09/13/2027 |  | 2800 |  | 2799 |
|  6.226% (SOFRINDX + 2.050%) due 09/13/2027 ~ |  | 1800 |  | 1797 |
|  6.950% due 09/15/2026 |  | 1500 |  | 1521 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 2000 |  | 2073 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 |  | 600 |  | 585 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(e)(f)(i) |  | 1300 |  | 1316 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 2200 |  | 2252 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.359% due 09/09/2035 | $— | 6800 | $— | 6915 |
|  Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. |
|  6.650% due 03/15/2030 |  | 800 |  | 826 |
|  Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC |
|  5.550% due 01/15/2030 |  | 2000 |  | 2086 |
|  Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
|  6.340% due 02/27/2030 |  | 2600 |  | 2613 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.500% due 08/28/2029 |  | 4500 |  | 4543 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) |  | 1200 |  | 904 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
|  5.350% due 04/15/2032 |  | 1100 |  | 1142 |
|  5.600% due 04/15/2035 |  | 1000 |  | 1047 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  9.250% due 07/20/2028 |  | 600 |  | 666 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.373% due 07/21/2036 •  |  | 5600 |  | 5765 |
|  5.575% due 01/29/2036 •  |  | 2000 |  | 2088 |
|  6.615% due 10/20/2027 •  |  | 1400 |  | 1434 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 |  | 400 |  | 418 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 |  | 2400 |  | 1764 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 | $— | 3100 |  | 3230 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  5.000% due 10/15/2029 |  | 1400 |  | 1898 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | $— | 900 |  | 931 |
|  5.500% due 01/11/2031 |  | 2000 |  | 2089 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.970% due 05/02/2031 •  |  | 2000 |  | 2049 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 |  | 4000 |  | 3635 |
|  Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
|  5.650% due 01/15/2035 |  | 4800 |  | 4916 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 |  | 2500 |  | 2755 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 •  |  | 1600 |  | 1653 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 1100 |  | 1075 |
|  5.136% due 09/22/2036 •  |  | 5000 |  | 4956 |
|  6.833% due 11/21/2026 •  |  | 600 |  | 602 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 |  | 3300 |  | 3315 |
|  7.200% due 10/30/2034 |  | 3900 |  | 3913 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 |  | 600 |  | 624 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 |  | 4500 |  | 4576 |
|  6.500% due 03/11/2029 |  | 3000 |  | 3120 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.300% due 04/03/2029 |  | 1100 |  | 1130 |
|  5.700% due 07/25/2033 |  | 1300 |  | 1360 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.750% due 02/08/2028 •  |  | 4200 |  | 4329 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 |  | 4900 |  | 4913 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  5.400% due 04/30/2030 |  | 2000 |  | 2038 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 |  | 3000 |  | 2870 |
|  5.240% due 04/15/2030 |  | 300 |  | 311 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 |  | 1100 |  | 1108 |
|  4.500% due 03/13/2028 |  | 2000 |  | 2019 |
|  4.500% due 09/10/2029 |  | 2900 |  | 2930 |
|  4.850% due 09/10/2034 |  | 200 |  | 201 |
|  5.050% due 03/13/2035 |  | 4000 |  | 4055 |
|  5.200% due 03/07/2027 |  | 700 |  | 711 |
|  Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. |
|  5.416% due 09/11/2036 •  |  | 1900 |  | 1922 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  6.350% due 05/13/2032 | 850 | 914 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  | 1200 | 1246 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.625% due 08/23/2027 | 2550 | 2605 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.950% due 12/01/2027 | 2300 | 2274 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.701% due 06/05/2027 | 300 | 302 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  3.050% due 01/11/2028 | 960 | 941 |
|  4.806% (SOFRRATE + 0.650%) due 03/19/2027 ~ | 400 | 401 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  7.375% due 02/13/2034 | 1500 | 1618 |
|  8.250% due 01/23/2037 | 3400 | 3834 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  6.787% due 10/26/2027 •  | 1150 | 1181 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 | 400 | 391 |
|  4.864% due 01/10/2028 •  | 1400 | 1412 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 2300 | 2277 |
|  3.869% due 01/12/2029 •  | 800 | 793 |
|  4.151% due 12/23/2029 •  | 900 | 898 |
|  4.398% due 09/23/2031 •  | 3000 | 2990 |
|  4.703% due 08/05/2027 •  | 400 | 401 |
|  5.010% due 03/23/2037 •  | 5900 | 5874 |
|  5.617% due 09/13/2030 •  | 2900 | 3030 |
|  6.850% due 09/10/2029 •(e)(f) | 3500 | 3622 |
|  7.000% due 02/10/2030 •(e)(f) | 3000 | 3083 |
|  USAA Capital Corp. | USAA Capital Corp. | USAA Capital Corp. |
|  4.375% due 06/01/2028 | 2500 | 2525 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(g) | 6300 | 6499 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 800 | 807 |
|  5.125% due 11/15/2031 | 1400 | 1421 |
|  5.125% due 05/15/2032 | 2600 | 2627 |
|  5.625% due 04/01/2035 | 4900 | 5021 |
|  5.625% due 05/15/2052 | 2100 | 2005 |
|  5.750% due 04/01/2034 | 2000 | 2079 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 2985 | 2916 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  2.150% due 06/01/2026 | 100 | 98 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 9018 | 8768 |
|  2.879% due 10/30/2030 •  | 2500 | 2368 |
|  3.196% due 06/17/2027 •  | 2250 | 2234 |
|  3.526% due 03/24/2028 •  | 305 | 302 |
|  4.808% due 07/25/2028 •  | 1500 | 1518 |
|  5.211% due 12/03/2035 •  | 3000 | 3066 |
|  5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 300 | 302 |
|  5.499% due 01/23/2035 •  | 900 | 939 |
|  5.557% due 07/25/2034 •  | 5700 | 5989 |
|  5.574% due 07/25/2029 •  | 4400 | 4561 |
|  5.707% due 04/22/2028 •  | 3900 | 3992 |
|  6.303% due 10/23/2029 •  | 2450 | 2595 |
|  6.491% due 10/23/2034 •  | 1100 | 1223 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.036% (SOFRRATE + 0.710%) due 01/15/2026 ~ | 2000 | 2002 |
|  5.254% due 12/11/2026 | 1900 | 1928 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  5.125% due 07/01/2035 | 2200 | 2242 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 900 | 888 |
|  |  | 989637 |
| INDUSTRIALS 31.6% | INDUSTRIALS 31.6% | INDUSTRIALS 31.6% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 | 1500 | 1448 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.800% due 03/15/2029 | $— | 2600 | $— | 2659 |
|  4.875% due 03/15/2030 |  | 1000 |  | 1030 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  5.150% due 04/01/2034 |  | 3200 |  | 3270 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  5.250% due 10/01/2030 |  | 755 |  | 773 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.125% due 10/01/2034 |  | 3100 |  | 3049 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 |  | 304 |  | 305 |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  2.700% due 02/09/2041 |  | 600 |  | 447 |
|  5.625% due 11/26/2054 |  | 3000 |  | 3139 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  5.267% due 02/12/2034 |  | 2600 |  | 2662 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.500% due 08/06/2030 |  | 1400 |  | 1406 |
|  4.875% due 02/04/2028 |  | 700 |  | 712 |
|  5.625% due 02/06/2035 |  | 2600 |  | 2701 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  5.100% due 03/17/2030 |  | 2000 |  | 2046 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 |  | 425 |  | 412 |
|  3.575% due 07/15/2029 |  | 776 |  | 761 |
|  3.600% due 03/22/2029 |  | 165 |  | 162 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.500% due 03/08/2032 |  | 1100 |  | 1319 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.450% due 02/21/2030 | $— | 6100 |  | 5652 |
|  4.200% due 03/01/2033 |  | 3000 |  | 2919 |
|  5.150% due 03/02/2028 |  | 400 |  | 409 |
|  5.750% due 03/02/2063 |  | 1500 |  | 1498 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.700% due 04/07/2028 |  | 4400 |  | 4453 |
|  4.950% due 04/07/2030 |  | 2000 |  | 2045 |
|  5.400% due 04/07/2035 |  | 1000 |  | 1031 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.750% due 04/05/2034 |  | 5400 |  | 5670 |
|  AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS |
|  5.875% due 09/14/2033 |  | 1000 |  | 1062 |
|  APA Corp. | APA Corp. | APA Corp. | APA Corp. | APA Corp. |
|  6.100% due 02/15/2035 |  | 2700 |  | 2761 |
|  6.750% due 02/15/2055 |  | 2000 |  | 2018 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 |  | 2600 |  | 2660 |
|  5.375% due 12/01/2031 |  | 900 |  | 931 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  4.150% due 05/01/2052 |  | 500 |  | 378 |
|  5.150% due 09/13/2034 |  | 2000 |  | 1990 |
|  Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV |
|  6.375% due 01/29/2032 |  | 3100 |  | 3274 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.021% due 10/20/2029 |  | 4000 |  | 4004 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 |  | 7500 |  | 7864 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  6.450% due 09/15/2037 |  | 700 |  | 798 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
|  5.250% due 05/15/2029 |  | 2400 |  | 2468 |
|  Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. |
|  3.125% due 06/01/2026 |  | 700 |  | 827 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  5.050% due 07/15/2026 | $— | 500 |  | 504 |
|  5.125% due 06/15/2030 |  | 3000 |  | 3098 |
|  6.250% due 11/01/2028 |  | 1600 |  | 1697 |
|  Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV |
|  5.250% due 01/15/2029 |  | 2000 |  | 2042 |
|  5.400% due 06/15/2033 |  | 200 |  | 202 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  6.000% due 02/01/2035 |  | 4000 |  | 4164 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  5.125% due 03/26/2029 |  | 3470 |  | 3575 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  5.625% due 08/15/2035 |  | 2100 |  | 2183 |
|  6.343% due 08/02/2030 |  | 1100 |  | 1188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **149** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 1600 | 1599 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 1300 | 1403 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 | 1300 | 1147 |
|  4.874% due 02/08/2029 | 801 | 817 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 32100 | 32100 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 3500 | 3552 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 1500 | 1489 |
|  2.250% due 06/15/2026 | 300 | 296 |
|  2.700% due 02/01/2027 | 1200 | 1176 |
|  2.800% due 03/01/2027 | 800 | 784 |
|  2.950% due 02/01/2030 | 600 | 565 |
|  3.200% due 03/01/2029 | 1400 | 1351 |
|  3.250% due 02/01/2028 | 100 | 98 |
|  3.950% due 08/01/2059 | 1900 | 1367 |
|  5.040% due 05/01/2027 | 1013 | 1024 |
|  5.150% due 05/01/2030 | 1200 | 1232 |
|  5.705% due 05/01/2040 | 3800 | 3880 |
|  5.930% due 05/01/2060 | 500 | 500 |
|  6.298% due 05/01/2029 | 3000 | 3185 |
|  6.388% due 05/01/2031 | 2500 | 2724 |
|  7.008% due 05/01/2064 | 998 | 1156 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 2500 | 2453 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  4.250% due 05/15/2034 | 566 | 553 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
|  3.500% due 01/15/2028 | 1400 | 1384 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  1.950% due 02/15/2028 | 300 | 286 |
|  2.600% due 02/15/2033 | 2000 | 1756 |
|  3.187% due 11/15/2036 | 2000 | 1708 |
|  4.150% due 04/15/2032 | 500 | 491 |
|  4.350% due 02/15/2030 | 3100 | 3116 |
|  4.926% due 05/15/2037 | 1600 | 1596 |
|  5.050% due 07/12/2029 | 930 | 958 |
|  5.050% due 04/15/2030 | 3200 | 3311 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  2.902% due 07/15/2031 | 2000 | 1828 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 4200 | 4295 |
|  6.450% due 06/30/2033 | 1000 | 1084 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  4.800% due 03/30/2030 | 1500 | 1537 |
|  6.125% due 09/15/2115 | 500 | 516 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2200 | 2170 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.250% due 02/15/2029 | 1100 | 1054 |
|  3.276% due 12/01/2028 | 2300 | 2223 |
|  3.569% due 12/01/2031 | 700 | 654 |
|  5.550% due 08/22/2034 | 500 | 513 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 5790 | 5385 |
|  2.500% due 03/01/2031 | 2200 | 1896 |
|  3.000% due 10/15/2030 | 1700 | 1520 |
|  3.375% due 02/15/2030 | 1200 | 1105 |
|  4.625% due 12/15/2029 | 1000 | 970 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 900 | 878 |
|  4.950% due 03/14/2030 | 5900 | 6008 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.850% due 04/01/2061 | 1400 | 873 |
|  3.950% due 06/30/2062 | 1300 | 823 |
|  4.400% due 12/01/2061 | 6000 | 4160 |
|  5.500% due 04/01/2063 | 1300 | 1090 |
|  5.850% due 12/01/2035 | 5900 | 5959 |
|  6.100% due 06/01/2029 | 1000 | 1050 |
|  6.550% due 06/01/2034 | 500 | 533 |
|  6.650% due 02/01/2034 | 3000 | 3207 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1100 | 1069 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 1200 | 1094 |
|  5.550% due 10/30/2035 | 5800 | 5929 |
|  5.950% due 06/30/2033 | 200 | 212 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  4.625% due 10/15/2028 | 1200 | 1197 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
|  4.750% due 05/15/2030 | 6500 | 6615 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 850 | 812 |
|  Cigna Group | Cigna Group | Cigna Group |
|  4.375% due 10/15/2028 | 2000 | 2011 |
|  4.500% due 09/15/2030 | 1500 | 1505 |
|  5.250% due 01/15/2036 | 5000 | 5066 |
|  CIMIC Finance USA Pty. Ltd. | CIMIC Finance USA Pty. Ltd. | CIMIC Finance USA Pty. Ltd. |
|  7.000% due 03/25/2034 | 2000 | 2181 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  6.073% due 11/01/2027 | 100 | 104 |
|  Concentrix Corp. | Concentrix Corp. | Concentrix Corp. |
|  6.650% due 08/02/2026 | 500 | 508 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 1200 | 1058 |
|  4.800% due 05/01/2030 | 1600 | 1623 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(g) | 3532 | 3645 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 | 2500 | 2523 |
|  5.600% due 03/15/2034 | 700 | 720 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  5.450% due 09/01/2034 | 3600 | 3589 |
|  5.700% due 06/15/2033 | 200 | 204 |
|  5.800% due 12/15/2053 | 2600 | 2368 |
|  CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC |
|  5.125% due 01/09/2030 | 1000 | 1030 |
|  CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
|  4.950% due 04/27/2062 | 200 | 179 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.125% due 02/21/2030 | 5000 | 5127 |
|  5.450% due 09/15/2035 | 5000 | 5090 |
|  5.700% due 06/01/2034 | 2200 | 2297 |
|  5.875% due 06/01/2053 | 600 | 590 |
|  6.000% due 06/01/2044 | 2300 | 2335 |
|  6.000% due 06/01/2063 | 1700 | 1676 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  5.250% due 01/10/2031 | 2000 | 2442 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  5.000% due 10/12/2032 | 3000 | 3016 |
|  5.400% due 09/20/2028 | 1700 | 1755 |
|  Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. |
|  4.550% due 10/15/2029 | 3700 | 3721 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 280 | 269 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 | 1000 | 1006 |
|  Denso Corp. | Denso Corp. | Denso Corp. |
|  4.282% due 09/17/2030 | 6200 | 6196 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.200% due 09/15/2034 | 4700 | 4682 |
|  5.750% due 09/15/2054 | 1300 | 1207 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.400% due 04/18/2034 | 1100 | 1123 |
|  5.550% due 04/01/2035 | 5600 | 5752 |
|  5.900% due 04/18/2064 | 3000 | 2891 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 | 2700 | 2786 |
|  Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. |
|  4.300% due 03/18/2026 | 2400 | 1588 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.650% due 10/15/2054 | 1100 | 1085 |
|  5.800% due 01/15/2035 | 3000 | 3158 |
|  6.200% due 01/15/2055 | 1700 | 1785 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
|  5.000% due 09/01/2035 | 2900 | 2959 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 1100 | 1137 |
|  8.875% due 01/13/2033 | 500 | 542 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  5.150% due 06/15/2029 | 1000 | 1030 |
|  5.200% due 02/15/2035 | 1800 | 1835 |
|  5.950% due 12/15/2034 | 600 | 642 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 6300 | 6687 |
|  EMD Finance LLC | EMD Finance LLC | EMD Finance LLC |
|  4.375% due 10/15/2030 | 5950 | 5952 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.625% due 04/05/2034 | 6500 | 6788 |
|  5.900% due 11/15/2026 | 1000 | 1018 |
|  7.375% due 03/15/2055 •  | 2400 | 2548 |
|  7.625% due 01/15/2083 •  | 100 | 109 |
|  8.250% due 01/15/2084 •  | 600 | 647 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 1100 | 1098 |
|  4.400% due 03/15/2027 | 1200 | 1205 |
|  4.750% due 01/15/2026 | 200 | 200 |
|  5.350% due 05/15/2045 | 1000 | 918 |
|  5.400% due 10/01/2047 | 200 | 183 |
|  5.500% due 06/01/2027 | 1400 | 1425 |
|  5.550% due 05/15/2034 | 2900 | 2977 |
|  5.700% due 04/01/2035 | 6500 | 6715 |
|  5.950% due 05/15/2054 | 1000 | 969 |
|  6.000% due 06/15/2048 | 375 | 370 |
|  6.050% due 12/01/2026 | 800 | 815 |
|  7.500% due 07/01/2038 | 4000 | 4659 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 3500 | 3602 |
|  5.750% due 05/19/2035 | 1800 | 1876 |
|  5.950% due 05/15/2054 | 4000 | 4001 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.000% due 03/15/2033 | 1200 | 1153 |
|  5.800% due 03/15/2055 | 1700 | 1743 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.950% due 02/15/2035 | 2700 | 2724 |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
|  5.250% due 08/15/2035 | 3900 | 3922 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 | 3000 | 2950 |
|  5.700% due 01/15/2035 | 1300 | 1337 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 1300 | 1310 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.550% due 02/15/2031 | 2400 | 2410 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2300 | 2117 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  5.250% due 01/15/2032 | 2300 | 2359 |
|  Florida Gas Transmission Co. LLC | Florida Gas Transmission Co. LLC | Florida Gas Transmission Co. LLC |
|  5.750% due 07/15/2035 | 3800 | 3943 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  5.000% due 04/29/2029 | 1000 | 1213 |
|  6.375% due 04/29/2029 | 300 | 310 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
|  5.900% due 01/25/2030 | 500 | 528 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 2000 | 2026 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  5.450% due 03/15/2043 | 200 | 193 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.338% due 04/04/2027 | 3200 | 3251 |
|  5.400% due 05/08/2028 | 500 | 514 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 1500 | 1577 |
|  Grupo Nutresa SA | Grupo Nutresa SA | Grupo Nutresa SA |
|  8.000% due 05/12/2030 | 7550 | 8095 |
|  Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC |
|  5.600% due 07/23/2035 | 4900 | 5023 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 2250 | 2228 |
|  3.375% due 03/24/2029 | 1300 | 1266 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 5000 | 5137 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  6.050% due 05/14/2034 | 2000 | 2093 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.375% due 03/15/2042 | 700 | 599 |
|  5.200% due 06/01/2028 | 2000 | 2049 |
|  5.250% due 03/01/2030 | 1000 | 1033 |
|  5.250% due 06/15/2049 | 400 | 367 |
|  5.450% due 09/15/2034 | 8200 | 8414 |
|  5.500% due 03/01/2032 | 1200 | 1251 |
|  5.625% due 09/01/2028 | 1221 | 1260 |
|  5.750% due 03/01/2035 | 2100 | 2196 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  4.050% due 09/15/2027 | 1100 | 1098 |
|  Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
|  5.875% due 02/26/2035 | 600 | 628 |
|  HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. |
|  5.500% due 09/01/2032 | 1300 | 1322 |
|  5.750% due 01/15/2031 | 1100 | 1139 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
|  3.750% due 03/01/2036 | 300 | 353 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  5.375% due 04/15/2031 | 1400 | 1440 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  5.353% due 01/15/2030 | 2100 | 2166 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 2800 | 2846 |
|  5.250% due 06/30/2029 | 1900 | 1949 |
|  5.750% due 03/30/2032 | 3200 | 3339 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.850% due 03/25/2027 | 3000 | 3024 |
|  5.143% (SOFRRATE + 0.990%)<br>due 03/25/2027 ~ | 2600 | 2611 |
|  5.150% due 03/27/2030 | 2300 | 2349 |
|  5.196% (SOFRRATE + 1.040%)<br>due 03/19/2027 ~ | 4400 | 4416 |
|  5.500% due 03/30/2026 | 400 | 402 |
|  5.680% due 06/26/2028 | 300 | 310 |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  5.809% due 05/08/2027 | 300 | 306 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 1600 | 1608 |
|  5.800% due 12/12/2025 | 200 | 200 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 540 | 536 |
|  6.125% due 07/27/2027 | 200 | 206 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  5.200% due 02/10/2033 (i) | 1500 | 1534 |
|  Japan Tobacco, Inc. | Japan Tobacco, Inc. | Japan Tobacco, Inc. |
|  5.250% due 06/15/2030 | 1900 | 1968 |
|  5.850% due 06/15/2035 | 3300 | 3516 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  1.375% due 01/15/2027 | 2100 | 2021 |
|  2.250% due 09/24/2031 | 4700 | 4077 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 644 | 571 |
|  4.000% due 05/15/2034 | 141 | 133 |
|  JT International Financial Services BV | JT International Financial Services BV | JT International Financial Services BV |
|  3.875% due 09/28/2028 | 2600 | 2577 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.000% due 02/01/2029 | 1900 | 1943 |
|  5.150% due 06/01/2030 | 1300 | 1341 |
|  5.400% due 02/01/2034 | 1900 | 1960 |
|  5.550% due 06/01/2045 | 2600 | 2527 |
|  5.850% due 06/01/2035 | 1400 | 1475 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.500% due 03/15/2029 | 1700 | 2032 |
|  5.200% due 03/15/2032 | 1900 | 1948 |
|  5.400% due 03/15/2035 | 1700 | 1738 |
|  6.875% due 01/26/2039 | 200 | 223 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.050% due 06/01/2029 | 2000 | 2057 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 1000 | 1023 |
|  6.000% due 08/15/2029 | 2400 | 2501 |
|  6.000% due 06/14/2030 | 6400 | 6668 |
|  6.200% due 08/15/2034 | 5600 | 5863 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 5500 | 5531 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  5.831% due 01/27/2028 | 400 | 414 |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |
|  5.250% due 04/02/2028 | 1600 | 1631 |
|  LKQ Corp. | LKQ Corp. | LKQ Corp. |
|  5.750% due 06/15/2028 | 1000 | 1034 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  6.150% due 05/15/2035 | 4500 | 4692 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.700% due 03/01/2035 | 2800 | 2892 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.850% due 04/15/2031 | 300 | 276 |
|  4.000% due 04/15/2028 | 500 | 498 |
|  4.200% due 07/15/2027 | 2600 | 2609 |
|  4.500% due 10/15/2031 | 3400 | 3386 |
|  4.625% due 06/15/2030 | 500 | 505 |
|  4.800% due 03/15/2030 | 1500 | 1528 |
|  5.250% due 10/15/2035 | 3100 | 3129 |
|  5.350% due 03/15/2035 | 5400 | 5525 |
|  5.450% due 09/15/2026 | 600 | 608 |
|  5.550% due 10/15/2028 | 300 | 312 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 3500 | 3567 |
|  5.200% due 03/01/2035 | 8100 | 8283 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 100 | 99 |
|  2.450% due 04/15/2028 | 1100 | 1054 |
|  2.950% due 04/15/2031 | 1050 | 970 |
|  4.750% due 07/15/2030 | 800 | 811 |
|  5.450% due 07/15/2035 | 3000 | 3094 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  6.300% due 10/15/2037 | 700 | 781 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 08/01/2027 | 1100 | 1113 |
|  4.800% due 08/01/2029 | 1500 | 1529 |
|  4.900% due 11/15/2027 | 4200 | 4268 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.300% due 01/15/2031 | 1200 | 1242 |
|  5.327% due 02/06/2029 | 1000 | 1031 |
|  5.650% due 11/01/2032 | 2200 | 2310 |
|  5.800% due 01/15/2035 | 3800 | 4000 |
|  6.050% due 11/01/2035 | 2800 | 2993 |
|  6.750% due 11/01/2029 | 1100 | 1196 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 | 3400 | 2563 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  4.600% due 05/23/2029 | 200 | 202 |
|  5.400% due 04/15/2034 | 400 | 415 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 315 | 314 |
|  4.500% due 04/15/2038 | 800 | 724 |
|  4.950% due 09/01/2032 | 200 | 201 |
|  5.400% due 04/01/2035 | 2100 | 2118 |
|  5.400% due 09/15/2035 | 4000 | 4011 |
|  5.500% due 06/01/2034 | 3000 | 3059 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 | 2000 | 1910 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(g) | 4000 | 4106 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.950% due 03/15/2035 | 2400 | 2505 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 | 4200 | 4393 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
|  3.700% due 09/21/2042 | 500 | 419 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  3.678% due 07/16/2033 | 1300 | 1551 |
|  4.091% due 07/16/2037 | 1100 | 1328 |
|  5.104% due 07/02/2027 | 300 | 305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.643% (SOFRRATE + 1.310%)<br>due 07/16/2030 ~ | $— | 1300 | $— | 1325 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.650% due 02/15/2032 |  | 2700 |  | 2404 |
|  4.300% due 06/18/2029 |  | 300 |  | 300 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 |  | 900 |  | 914 |
|  5.550% due 10/01/2034 (i) |  | 7300 |  | 7411 |
|  6.050% due 10/01/2054 |  | 1000 |  | 977 |
|  6.200% due 03/15/2040 |  | 2800 |  | 2848 |
|  6.625% due 09/01/2030 |  | 6000 |  | 6433 |
|  7.500% due 05/01/2031 |  | 500 |  | 562 |
|  8.500% due 07/15/2027 |  | 300 |  | 315 |
|  8.875% due 07/15/2030 |  | 2400 |  | 2775 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 |  | 200 |  | 208 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 |  | 200 |  | 198 |
|  4.200% due 09/27/2029 |  | 8995 |  | 8978 |
|  4.700% due 09/27/2034 |  | 2000 |  | 1954 |
|  5.200% due 09/26/2035 |  | 5000 |  | 5029 |
|  5.500% due 09/27/2064 |  | 1650 |  | 1512 |
|  6.100% due 09/26/2065 |  | 1200 |  | 1199 |
|  ORLEN SA | ORLEN SA | ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 |  | 4000 |  | 4186 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  6.250% due 07/15/2033 |  | 4400 |  | 4643 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 |  | 600 |  | 588 |
|  3.375% due 02/15/2028 |  | 300 |  | 292 |
|  3.700% due 06/01/2028 |  | 1275 |  | 1248 |
|  4.950% due 01/15/2031 |  | 800 |  | 791 |
|  6.875% due 04/30/2036 |  | 800 |  | 849 |
|  7.875% due 07/30/2030 |  | 200 |  | 223 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  5.350% due 01/12/2027 |  | 1500 |  | 1519 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 |  | 400 |  | 397 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 |  | 700 |  | 620 |
|  4.375% due 04/30/2030 |  | 1100 |  | 1105 |
|  5.250% due 09/07/2028 |  | 1800 |  | 1859 |
|  5.250% due 02/13/2034 |  | 6000 |  | 6198 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  5.950% due 06/15/2035 |  | 2600 |  | 2715 |
|  POSCO | POSCO | POSCO | POSCO | POSCO |
|  4.875% due 01/23/2027 |  | 500 |  | 504 |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  2.532% due 10/01/2029 |  | 300 |  | 281 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  4.300% due 08/09/2028 |  | 4100 |  | 4121 |
|  Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC |
|  5.204% due 09/16/2030 |  | 4400 |  | 4434 |
|  Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
|  4.875% due 03/14/2030 |  | 1000 |  | 1025 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 |  | 1000 |  | 1028 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 (b) |  | 7800 |  | 7848 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  5.150% due 09/02/2029 |  | 400 |  | 411 |
|  5.200% due 09/25/2035 |  | 4800 |  | 4798 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 01/15/2029 |  | 2200 |  | 2308 |
|  6.100% due 03/15/2034 |  | 2000 |  | 2191 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 |  | 2000 |  | 1998 |
|  4.500% due 05/15/2030 |  | 800 |  | 803 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 |  | 3048 |  | 2847 |
|  6.875% due 09/19/2033 |  | 4200 |  | 4624 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.375% due 01/17/2028 |  | 400 |  | 418 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 |  | 2200 |  | 2164 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **151** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 1600 | 1624 |
|  5.750% due 05/28/2035 | 6900 | 7161 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.026% due 10/01/2029 | 1600 | 1619 |
|  5.584% due 10/01/2034 | 1300 | 1308 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 2200 | 2173 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 400 | 397 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 420 | 392 |
|  4.100% due 10/01/2029 | 196 | 187 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 1100 | 994 |
|  4.100% due 04/01/2043 | 500 | 428 |
|  4.850% due 12/08/2028 | 500 | 512 |
|  Sutter Health | Sutter Health | Sutter Health |
|  5.164% due 08/15/2033 | 200 | 206 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1400 | 1416 |
|  4.850% due 04/01/2030 | 2900 | 2955 |
|  5.150% due 04/01/2035 | 1200 | 1221 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  5.400% due 03/23/2035 | 4400 | 4553 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.400% due 03/15/2029 | 700 | 659 |
|  2.550% due 02/15/2031 | 3000 | 2727 |
|  2.875% due 02/15/2031 | 500 | 461 |
|  3.600% due 11/15/2060 | 1000 | 680 |
|  3.750% due 04/15/2027 | 600 | 597 |
|  3.875% due 04/15/2030 | 3000 | 2943 |
|  4.200% due 10/01/2029 | 5661 | 5655 |
|  4.850% due 01/15/2029 | 2103 | 2146 |
|  5.125% due 05/15/2032 | 1100 | 1132 |
|  5.750% due 01/15/2034 | 4500 | 4770 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.400% due 06/12/2029 | 1000 | 1036 |
|  5.600% due 06/12/2034 | 1500 | 1567 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.500% due 03/11/2035 | 10100 | 10323 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.200% due 02/01/2033 | 600 | 570 |
|  6.150% due 03/01/2029 | 1100 | 1159 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 1000 | 949 |
|  6.100% due 04/12/2034 | 4000 | 4255 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 | 800 | 799 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  7.625% due 04/01/2037 | 600 | 708 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 169 | 255 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2030 | 1650 | 1338 |
|  4.375% due 01/18/2033 | 600 | 497 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 3900 | 4577 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  5.500% due 09/01/2041 | 6028 | 5527 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  4.625% due 03/01/2034 | 600 | 585 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  4.125% due 02/02/2026 | 100 | 100 |
|  Trustees of Princeton University | Trustees of Princeton University | Trustees of Princeton University |
|  4.647% due 07/01/2030 | 1600 | 1635 |
|  TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. |
|  1.750% due 10/25/2026 | 300 | 293 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  5.700% due 03/15/2034 | 1400 | 1476 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.150% due 01/15/2031 | 1000 | 991 |
|  4.300% due 01/15/2030 | 2412 | 2421 |
|  4.800% due 09/15/2034 | 2800 | 2807 |
|  5.350% due 09/15/2054 | 1000 | 971 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 | 1100 | 1336 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 681 | 626 |
|  3.500% due 09/01/2031 | 586 | 563 |
|  5.450% due 08/15/2038 | 9269 | 9567 |
|  5.875% due 04/15/2029 | 922 | 948 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 200 | 200 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.400% due 06/15/2028 | 1100 | 1111 |
|  4.500% due 04/15/2033 | 1500 | 1485 |
|  4.950% due 05/15/2062 | 400 | 352 |
|  5.150% due 07/15/2034 | 3600 | 3696 |
|  5.200% due 04/15/2063 | 700 | 641 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 200 | 204 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.125% due 06/12/2033 | 1700 | 1816 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.875% due 05/22/2030 | 1000 | 1041 |
|  7.500% due 01/15/2028 | 2500 | 2656 |
|  8.000% due 11/15/2032 | 3326 | 3865 |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  5.500% due 09/18/2026 | 3250 | 3290 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | 300 | 271 |
|  VF Corp. | VF Corp. | VF Corp. |
|  0.625% due 02/25/2032 | 1100 | 978 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 2100 | 2136 |
|  VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 | 2250 | 1985 |
|  4.700% due 05/15/2030 | 2147 | 2174 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.450% due 09/11/2027 | 3000 | 3008 |
|  4.550% due 09/11/2028 | 3000 | 3010 |
|  4.850% due 08/15/2027 | 750 | 757 |
|  4.900% due 08/14/2026 | 600 | 603 |
|  4.950% due 03/25/2027 | 1250 | 1261 |
|  4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 300 | 301 |
|  5.050% due 03/27/2028 | 1250 | 1267 |
|  5.250% due 03/22/2029 | 1900 | 1940 |
|  5.350% due 03/27/2030 | 1800 | 1848 |
|  5.650% due 09/12/2028 | 400 | 413 |
|  5.700% due 09/12/2026 | 400 | 405 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
|  7.875% due 09/06/2032 •(e) | 3000 | 4070 |
|  Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. |
|  4.950% due 12/01/2029 | 3750 | 3842 |
|  5.350% due 12/01/2034 | 2500 | 2580 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 253 | 250 |
|  4.279% due 03/15/2032 | 5255 | 4821 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 3300 | 3396 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  6.350% due 01/15/2029 | 2200 | 2315 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 | 400 | 397 |
|  4.700% due 09/15/2028 | 100 | 101 |
|  Whistler Pipeline LLC | Whistler Pipeline LLC | Whistler Pipeline LLC |
|  5.700% due 09/30/2031 | 1600 | 1664 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 | 2000 | 2031 |
|  5.300% due 09/30/2035 | 3100 | 3147 |
|  5.400% due 03/02/2026 | 700 | 703 |
|  8.750% due 03/15/2032 | 200 | 243 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.400% due 05/19/2030 | 3300 | 3390 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 | 300 | 287 |
|  Yale University | Yale University | Yale University |
|  4.701% due 04/15/2032 | 3900 | 3974 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.518% due 12/15/2032 | 3300 | 3895 |
|  |  | 968343 |
| UTILITIES 8.8% | UTILITIES 8.8% | UTILITIES 8.8% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.800% due 10/01/2047 | 300 | 226 |
|  5.400% due 06/01/2033 | 100 | 103 |
|  5.700% due 05/15/2034 | 2500 | 2603 |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 4900 | 4737 |
|  5.450% due 06/01/2028 | 700 | 717 |
|  5.800% due 03/15/2032 | 5100 | 5283 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  5.700% due 12/01/2026 | 800 | 813 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 3000 | 3016 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.050% due 03/15/2056 •  | 4100 | 4116 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  5.650% due 04/01/2034 | 1100 | 1150 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  5.500% due 09/01/2035 | 1000 | 1026 |
|  5.700% due 08/15/2034 | 200 | 210 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 | 4900 | 4639 |
|  2.300% due 06/01/2027 | 340 | 330 |
|  3.650% due 09/15/2059 | 1800 | 1232 |
|  3.800% due 12/01/2057 | 100 | 71 |
|  4.350% due 03/01/2029 | 200 | 201 |
|  5.375% due 08/15/2035 | 2000 | 2061 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.950% due 01/15/2026 | 400 | 399 |
|  6.150% due 05/15/2034 | 600 | 642 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  6.125% due 03/18/2035 •(e) | 3300 | 3422 |
|  6.450% due 12/01/2033 •(e) | 1800 | 1924 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  6.388% due 09/15/2033 | 4600 | 4962 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  6.189% due 06/01/2035 | 5400 | 5671 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 5865 | 6066 |
|  Colbun SA | Colbun SA | Colbun SA |
|  5.375% due 09/11/2035 | 3100 | 3103 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  5.097% due 10/01/2031 | 1200 | 1219 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.439% due 02/15/2035 | 3600 | 3673 |
|  5.927% due 08/15/2030 | 100 | 106 |
|  Connecticut Light & Power Co. | Connecticut Light & Power Co. | Connecticut Light & Power Co. |
|  4.950% due 01/15/2030 | 2000 | 2059 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  6.125% due 01/15/2034 | 1600 | 1742 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.200% due 09/01/2052 | 200 | 165 |
|  Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. |
|  5.300% due 01/15/2035 | 4000 | 4135 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.450% due 03/15/2035 | 2100 | 2153 |
|  7.000% due 06/01/2054 •  | 2300 | 2497 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.450% due 02/01/2030 | 1000 | 934 |
|  3.550% due 03/15/2052 | 600 | 442 |
|  6.100% due 06/01/2037 | 100 | 108 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  5.050% due 03/15/2035 | 3000 | 3051 |
|  Edison International | Edison International | Edison International |
|  4.125% due 03/15/2028 | 5000 | 4910 |
|  5.250% due 03/15/2032 | 1900 | 1883 |
|  5.450% due 06/15/2029 | 1500 | 1512 |
|  6.250% due 03/15/2030 | 3550 | 3693 |
|  7.875% due 06/15/2054 •  | 1300 | 1327 |

---

---

| | | |
|:---|:---|:---|
| **152** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.250% due 05/23/2033 | 1700 | 1856 |
|  6.375% due 01/13/2055 | 3400 | 3561 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  3.625% due 05/25/2027 | 325 | 322 |
|  4.125% due 09/30/2028 | 1100 | 1097 |
|  5.125% due 06/26/2029 | 3400 | 3484 |
|  7.500% due 10/14/2032 | 700 | 807 |
|  7.750% due 10/14/2052 | 950 | 1171 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.250% due 04/15/2035 | 1480 | 1519 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.000% due 01/01/2027 | 400 | 404 |
|  5.450% due 03/01/2028 | 600 | 616 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.100% due 04/01/2033 | 500 | 518 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 2100 | 2058 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 1900 | 1763 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  1.729% due 11/24/2030 | 400 | 348 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 07/15/2049 | 1050 | 880 |
|  5.300% due 02/01/2055 | 600 | 586 |
|  5.350% due 01/15/2034 | 1000 | 1046 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.850% due 02/15/2034 | 2000 | 2116 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
|  5.350% due 05/01/2034 | 1300 | 1341 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.418% due 01/11/2034 | 2000 | 2078 |
|  5.602% due 06/12/2028 | 400 | 414 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  2.625% due 05/05/2031 | 500 | 457 |
|  4.250% due 10/01/2029 | 1900 | 1902 |
|  5.750% due 10/06/2028 | 1300 | 1360 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.050% due 08/15/2035 | 2700 | 2720 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 | 100 | 95 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 | 300 | 272 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 2900 | 2988 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 600 | 536 |
|  5.290% due 01/17/2034 | 500 | 510 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 1500 | 1539 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.850% due 03/01/2030 | 2300 | 2358 |
|  NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC |
|  4.713% due 05/01/2029 | 3700 | 3732 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  5.800% due 06/01/2054 | 2200 | 2204 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  5.350% due 04/01/2035 | 2000 | 2070 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.400% due 10/15/2029 | 2000 | 1999 |
|  4.950% due 10/15/2032 | 3900 | 3900 |
|  5.050% due 11/01/2034 | 6000 | 5920 |
|  5.375% due 06/01/2029 | 50 | 52 |
|  5.650% due 11/01/2028 | 1613 | 1673 |
|  5.850% due 11/01/2064 | 1600 | 1529 |
|  6.050% due 09/01/2033 | 2400 | 2546 |
|  6.625% due 09/01/2053 | 3500 | 3726 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 200 | 199 |
|  3.300% due 12/01/2027 | 800 | 783 |
|  4.000% due 12/01/2046 | 1100 | 831 |
|  5.050% due 10/15/2032 (b) | 7700 | 7685 |
|  5.700% due 03/01/2035 | 2000 | 2050 |
|  5.800% due 05/15/2034 | 1400 | 1451 |
|  6.000% due 08/15/2035 | 6500 | 6808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.100% due 01/15/2029 | $— | 3265 | $— | 3417 |
|  6.150% due 01/15/2033 |  | 400 |  | 424 |
|  6.400% due 06/15/2033 |  | 400 |  | 430 |
|  6.750% due 01/15/2053 |  | 1400 |  | 1509 |
|  6.950% due 03/15/2034 |  | 1500 |  | 1666 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 |  | 100 |  | 92 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  5.100% due 02/15/2035 |  | 2500 |  | 2545 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.900% due 05/15/2028 |  | 2300 |  | 2338 |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 500 |  | 502 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.700% due 01/15/2031 |  | 2900 |  | 2907 |
|  5.600% due 01/15/2036 |  | 3000 |  | 3039 |
|  5.700% due 09/15/2034 |  | 3300 |  | 3404 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
|  5.250% due 09/01/2034 |  | 600 |  | 614 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.350% due 05/15/2034 |  | 3400 |  | 3513 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 |  | 5700 |  | 5889 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  5.700% due 01/17/2035 |  | 1900 |  | 1752 |
|  6.250% due 07/08/2032 |  | 1000 |  | 977 |
|  6.700% due 02/25/2037 |  | 1700 |  | 1653 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 |  | 5100 |  | 5270 |
|  6.000% due 06/01/2026 |  | 3000 |  | 3034 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  6.875% due 10/01/2054 •  |  | 1000 |  | 1038 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 |  | 700 |  | 716 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 |  | 300 |  | 264 |
|  2.850% due 08/01/2029 |  | 1750 |  | 1640 |
|  2.950% due 02/01/2051 |  | 300 |  | 184 |
|  4.650% due 10/01/2043 |  | 350 |  | 299 |
|  4.900% due 06/01/2026 |  | 300 |  | 301 |
|  5.450% due 03/01/2035 |  | 1000 |  | 1013 |
|  5.650% due 10/01/2028 |  | 1500 |  | 1548 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 |  | 1900 |  | 1774 |
|  2.600% due 06/15/2026 |  | 200 |  | 198 |
|  5.200% due 06/01/2033 |  | 400 |  | 414 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  3.950% due 10/01/2046 |  | 500 |  | 397 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  4.400% due 11/15/2048 |  | 460 |  | 386 |
|  Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. |
|  5.150% due 08/15/2034 |  | 500 |  | 514 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 |  | 2901 |  | 2919 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 |  | 4100 |  | 4129 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 |  | 1000 |  | 1026 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  3.000% due 11/20/2060 |  | 400 |  | 243 |
|  4.780% due 02/15/2035 |  | 302 |  | 297 |
|  5.401% due 07/02/2037 |  | 2514 |  | 2555 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.900% due 09/15/2035 |  | 3000 |  | 2986 |
|  5.050% due 08/15/2034 |  | 200 |  | 203 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 |  | 1800 |  | 1843 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.000% due 04/15/2034 |  | 900 |  | 950 |
|  6.950% due 10/15/2033 |  | 2700 |  | 3013 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  4.750% due 01/09/2026 |  | 300 |  | 300 |
|  5.600% due 09/12/2026 |  | 376 |  | 381 |
|  Wintershall Dea Finance BV | Wintershall Dea Finance BV | Wintershall Dea Finance BV | Wintershall Dea Finance BV | Wintershall Dea Finance BV |
|  1.823% due 09/25/2031 |  | 1000 |  | 1046 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.150% due 10/15/2030 | 1200 | 1196 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.750% due 03/21/2028 | 800 | 810 |
|  5.500% due 03/15/2034 | 300 | 310 |
|  5.600% due 04/15/2035 | 5000 | 5187 |
|  |  | 271267 |
|  Total Corporate Bonds & Notes<br>(Cost $2,170,090) | Total Corporate Bonds & Notes<br>(Cost $2,170,090) | 2229247 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| ARIZONA 0.2% | ARIZONA 0.2% | ARIZONA 0.2% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 4500 | 4723 |
| LOUISIANA 0.0% | LOUISIANA 0.0% | LOUISIANA 0.0% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 400 | 415 |
| TEXAS 0.0% | TEXAS 0.0% | TEXAS 0.0% |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 353 | 364 |
|  Total Municipal Bonds & Notes<br>(Cost $5,253) | Total Municipal Bonds & Notes<br>(Cost $5,253) | 5502 |
| U.S. GOVERNMENT AGENCIES 7.2% | U.S. GOVERNMENT AGENCIES 7.2% | U.S. GOVERNMENT AGENCIES 7.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 02/01/2053 - 05/01/2053 | 712 | 722 |
|  6.000% due 04/01/2053 | 1159 | 1191 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.556% due 02/25/2055 •  | 1081 | 1087 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.500% due 11/01/2052 - 06/01/2053 | 2513 | 2545 |
|  6.000% due 03/01/2053 | 357 | 367 |
|  6.500% due 10/01/2053 | 1525 | 1579 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 69200 | 65212 |
|  4.500% due 10/01/2055 - 11/01/2055 | 82000 | 79512 |
|  6.000% due 11/01/2055 | 67300 | 68745 |
|  Total U.S. Government Agencies<br>(Cost $221,016) | Total U.S. Government Agencies<br>(Cost $221,016) | 220960 |
| U.S. TREASURY OBLIGATIONS 34.2% | U.S. TREASURY OBLIGATIONS 34.2% | U.S. TREASURY OBLIGATIONS 34.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.875% due 08/15/2045 | 4700 | 3573 |
|  3.000% due 02/15/2048 | 7300 | 5514 |
|  3.000% due 08/15/2048 | 17000 | 12786 |
|  3.125% due 05/15/2048 | 8500 | 6556 |
|  3.875% due 05/15/2043 | 6000 | 5436 |
|  4.125% due 08/15/2044 (i) | 149800 | 139089 |
|  4.250% due 08/15/2054 (i) | 57600 | 53190 |
|  4.375% due 08/15/2043 | 13330 | 12869 |
|  4.500% due 11/15/2054 | 12700 | 12232 |
|  4.625% due 11/15/2044 (i) | 10800 | 10702 |
|  4.625% due 02/15/2055 (i) | 41100 | 40413 |
|  4.750% due 11/15/2043 | 5100 | 5156 |
|  4.750% due 11/15/2053 | 1234 | 1236 |
|  4.750% due 08/15/2055 (i) | 36100 | 36230 |
|  4.875% due 08/15/2045 (i) | 8700 | 8895 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  1.250% due 04/15/2028 (k) | 1939 | 1946 |
|  1.750% due 01/15/2034 (k) | 19651 | 19751 |
|  1.875% due 07/15/2034 | 412 | 418 |
|  2.125% due 04/15/2029 (k) | 34464 | 35583 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **153** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.250% due 06/30/2029 (k)(m) | 2400 | 2365 |
|  3.500% due 09/30/2029 (i)(k) | 182400 | 181142 |
|  3.625% due 08/31/2030 (i) | 13700 | 13631 |
|  3.875% due 08/15/2034 (i) | 34200 | 33683 |
|  4.125% due 05/31/2032 (m) | 14100 | 14281 |
|  4.250% due 01/31/2030 (k)(m) | 25000 | 25534 |
|  4.250% due 11/15/2034 | 116200 | 117534 |
|  4.250% due 05/15/2035 (i) | 65500 | 66114 |
|  4.250% due 08/15/2035 (i) | 53700 | 54141 |
|  4.375% due 12/31/2029 (k) | 81100 | 83215 |
|  4.625% due 02/15/2035 (i) | 41700 | 43345 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2042 (a) | 3900 | 1781 |
|  0.000% due 05/15/2042 (a) | 6100 | 2740 |
|  Total U.S. Treasury Obligations<br>(Cost $1,050,183) | Total U.S. Treasury Obligations<br>(Cost $1,050,183) | 1051081 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 922 | 890 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 08/25/2064 ~ | 6331 | 5681 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ | 907 | 914 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.726% due 01/25/2060 þ | 457 | 463 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  4.415% due 01/25/2063 ~ | 925 | 891 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 909 | 888 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.110% due 08/25/2062 þ | 719 | 718 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ | 949 | 920 |
|  4.000% due 07/25/2069 þ | 939 | 912 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 04/25/2055 þ | 955 | 931 |
|  4.000% due 11/25/2054 þ | 904 | 885 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 841 | 849 |
|  5.802% due 11/25/2069 þ | 818 | 827 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 901 | 908 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.562% due 10/25/2064 ~ | 2587 | 2607 |
|  5.725% due 11/25/2064 þ | 1155 | 1166 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $20,152) | Total Non-Agency Mortgage-Backed Securities (Cost $20,152) | 20450 |
| ASSET-BACKED SECURITIES 4.5% | ASSET-BACKED SECURITIES 4.5% | ASSET-BACKED SECURITIES 4.5% |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.430% due 06/26/2028 | 2000 | 2016 |
|  4.980% due 03/25/2027 | 847 | 850 |
|  5.990% due 09/25/2026 | 77 | 78 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.680% due 01/25/2029 | 2196 | 2222 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 372 | 373 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 466 | 339 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.720% due 06/15/2028 | 1000 | 1010 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 271 | 271 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 454 | 455 |
|  |  | 7614 |
| CMBS OTHER 0.0% | CMBS OTHER 0.0% | CMBS OTHER 0.0% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  | 1145 | 1147 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 4.2% | OTHER ABS 4.2% | OTHER ABS 4.2% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 1000 | 1001 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  | 500 | 501 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  | 1200 | 1201 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 1000 | 1002 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 1000 | 1001 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 1100 | 1101 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 910 | 902 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.125% due 04/20/2036 •  | 1950 | 1960 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 1350 | 1352 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 712 | 836 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 1000 | 1004 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 2400 | 2403 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 1600 | 1603 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.585% due 01/20/2035 •  | 1550 | 1552 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 1200 | 1205 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 893 | 1048 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 2100 | 2107 |
|  5.355% due 10/21/2034 •  | 1000 | 1001 |
|  5.379% due 07/24/2034 •  | 1000 | 1001 |
|  5.415% due 10/21/2034 •  | 1000 | 1001 |
|  5.469% due 10/23/2034 •  | 1000 | 1001 |
|  5.482% due 04/22/2035 •  | 2000 | 2004 |
|  5.482% due 07/17/2035 •  | 1200 | 1204 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  | 1300 | 1305 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.328% due 10/15/2034 •  | 1000 | 1001 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 1000 | 1001 |
|  5.418% due 10/15/2034 •  | 800 | 800 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 3600 | 3602 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 962 | 963 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 1000 | 1004 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 6885 | 6893 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 1000 | 960 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 1900 | 1902 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 1000 | 1002 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 600 | 602 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 829 | 830 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 491 | 491 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(b) | 800 | 800 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 1700 | 1706 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.266% due 01/15/2039 •  | 1900 | 2236 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 1000 | 1001 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  | 2100 | 2469 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 797 | 797 |
|  5.475% due 10/20/2034 •  | 1200 | 1201 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.479% due 07/15/2038 •  | 2200 | 2590 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 1500 | 1506 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 1100 | 1100 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 2020 | 2020 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 1800 | 1800 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  | 1000 | 1001 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 1000 | 1003 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 1200 | 1202 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 2100 | 2102 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 1600 | 1602 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 1100 | 1102 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 2000 | 2002 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 1000 | 1001 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 1100 | 1101 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 1500 | 1500 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  | 1300 | 1301 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 1700 | 1703 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 1000 | 1001 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 242 | 243 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 500 | 501 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.670% due 03/16/2026 | 282 | 282 |
|  4.961% due 10/15/2032 | 500 | 501 |
|  5.156% due 07/15/2032 | 336 | 340 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 1100 | 1101 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 800 | 800 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.293% due 07/20/2034 •  | 500 | 500 |
|  5.475% due 07/20/2035 •  | 1300 | 1305 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | 1300 | 1300 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 1600 | 1606 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 1000 | 1000 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  | 1200 | 1202 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 1000 | 1004 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | $| 900 | 900 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  |  | 1400 | 1406 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  |  | 1700 | 1707 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 |  | 435 | 438 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  |  | 2600 | 2604 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.244% due 01/20/2037 •  | EUR | 2000 | 2354 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | $| 1000 | 1001 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(b) |  | 1500 | 1500 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  |  | 1000 | 1003 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  5.435% due 10/20/2033 •  |  | 1186 | 1188 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  |  | 2200 | 2200 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  |  | 1000 | 1001 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  |  | 2000 | 2003 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  |  | 1000 | 1002 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  |  | 1400 | 1400 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  |  | 2500 | 2503 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  |  | 1000 | 1002 |
|  5.505% due 04/20/2034 •  |  | 800 | 801 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  |  | 1600 | 1600 |
|  5.378% due 10/15/2034 •  |  | 995 | 996 |
|  |  |  | 129489 |
|  Total Asset-Backed Securities<br>(Cost $137,015) | Total Asset-Backed Securities<br>(Cost $137,015) | Total Asset-Backed Securities<br>(Cost $137,015) | 138250 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 |  | 1500 | 1583 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | $| 300 | 303 |
|  5.875% due 04/30/2029 |  | 3000 | 3168 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.750% due 01/14/2032 | EUR | 3000 | 3605 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | CAD | 2400 | 1821 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | $| 3200 | 3293 |
|  5.375% due 02/19/2030 |  | 7700 | 7952 |
|  5.625% due 02/19/2035 |  | 600 | 621 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.490% due 05/25/2032 | EUR | 500 | 605 |
|  5.850% due 07/02/2032 | $| 2200 | 2274 |
|  6.000% due 05/13/2030 |  | 2600 | 2734 |
|  6.000% due 05/07/2036 |  | 1400 | 1434 |
|  6.400% due 05/07/2054 |  | 1200 | 1175 |
|  6.625% due 01/29/2038 |  | 2100 | 2212 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (d) | MXN | 770 | 40 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  7.500% due 03/01/2031 | $| 3800 | 4182 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 |  | 1800 | 1838 |
|  6.900% due 08/12/2037 | PEN | 2500 | 753 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.750% due 06/12/2034 | $| 500 | 514 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.125% due 09/18/2034 |  | 2300 | 2357 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.250% due 03/10/2030 | EUR | 3300 | 3995 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 4200 | 4982 |
|  5.125% due 01/13/2028 | $| 1100 | 1124 |
|  5.375% due 01/13/2031 |  | 1700 | 1788 |
|  Total Sovereign Issues (Cost $50,661) | Total Sovereign Issues (Cost $50,661) | Total Sovereign Issues (Cost $50,661) | 54353 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 1.6% | PREFERRED SECURITIES 1.6% | PREFERRED SECURITIES 1.6% | PREFERRED SECURITIES 1.6% |
| BANKING & FINANCE 1.6% | BANKING & FINANCE 1.6% | BANKING & FINANCE 1.6% | BANKING & FINANCE 1.6% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  6.625% due 05/01/2030 •(e) |  | 6300000 | 6567 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.750% due 02/15/2030 •(e) |  | 4100000 | 4168 |
|  6.875% (H15T5Y + 2.890%)<br>due 12/31/2099 ~ |  | 1500000 | 1549 |
|  6.950% due 02/15/2030 •(e) |  | 5400000 | 5554 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 08/15/2034 •(e) | 2100000 | $— | 2236 |
|  7.125% due 08/15/2029 •(e) | 3200000 |  | 3310 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(e) | 3900000 |  | 4051 |
|  7.250% due 07/01/2029 •(e) | 1800000 |  | 1857 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.000% due 09/15/2030 •(e) | 6200000 |  | 6514 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(e) | 3200000 |  | 3261 |
|  7.500% due 05/10/2029 •(e) | 2300000 |  | 2435 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.500% due 04/01/2030 •(e) | 5600000 |  | 5804 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(e) | 2400000 |  | 2527 |
|  Total Preferred Securities (Cost $48,000) | Total Preferred Securities (Cost $48,000) |  | 49833 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| REPURCHASE AGREEMENTS (h) 0.1% | REPURCHASE AGREEMENTS (h) 0.1% | REPURCHASE AGREEMENTS (h) 0.1% | REPURCHASE AGREEMENTS (h) 0.1% |
|  |  |  | 3490 |
| Total Short-Term Instruments<br>(Cost $3,490) | Total Short-Term Instruments<br>(Cost $3,490) |  | 3490 |
| Total Investments in Securities<br>(Cost $3,714,860) | Total Investments in Securities<br>(Cost $3,714,860) |  | 3782166 |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 952603 |  | 9277 |
| Total Short-Term Instruments<br>(Cost $9,277) | Total Short-Term Instruments<br>(Cost $9,277) |  | 9277 |
| Total Investments in Affiliates<br>(Cost $9,277) | Total Investments in Affiliates<br>(Cost $9,277) |  | 9277 |
| Total Investments 123.5%<br>(Cost $3,724,137) | Total Investments 123.5%<br>(Cost $3,724,137) | $— | 3791443 |
|  Financial Derivative<br>Instruments (j)(l) 0.1%<br>(Cost or Premiums, net $25,748) | Financial Derivative<br>Instruments (j)(l) 0.1%<br>(Cost or Premiums, net $25,748) |  | 2342 |
| Other Assets and Liabilities, net (23.6)% | Other Assets and Liabilities, net (23.6)% |  | (724169) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3069616 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Contingent convertible security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **155** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Pharmaceutical, Inc. | 5.550% | 07/01/2033 | 01/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | $3645 | 0.12% |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2800 | 2870 | 0.09 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 4000 | 4106 | 0.14 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 6300 | 6499 | 0.21 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120 | 0.56% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.100% | 09/29/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | U.S. Treasury Bonds 5.000% due 05/15/2045 | $(3490) | $3490 | $3491 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3490) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 3.500% | 09/29/2025 | 10/01/2025 | $(3699) | $(3700) |
|  | 4.150 | 09/25/2025 | 10/02/2025 | (410) | (410) |
|  | 4.220 | 09/26/2025 | 10/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13257) | (13264) |
|  | 4.260 | 09/25/2025 | 10/02/2025 | (54438) | (54477) |
|  | 4.330 | 09/30/2025 | 10/01/2025 | (23085) | (23088) |
|  BRC | 3.700 | 09/19/2025 | 10/31/2025 | (6834) | (6842) |
|  | 3.750 | 09/19/2025 | TBD<sup>(3)</sup> | (1437) | (1439) |
|  | 4.150 | 09/19/2025 | TBD<sup>(3)</sup> | (5011) | (5018) |
|  | 4.150 | 10/01/2025 | 10/06/2025 | (8939) | (8939) |
|  | 4.190 | 10/01/2025 | 10/06/2025 | (40741) | (40740) |
|  | 4.230 | 10/01/2025 | 10/06/2025 | (36551) | (36551) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (21379) | (21395) |
|  MSR | 4.230 | 09/30/2025 | 10/01/2025 | (5253) | (5254) |
|  MYI | 3.250 | 09/19/2025 | TBD<sup>(3)</sup> | (675) | (676) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (303798) | (303798) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (356940) | (356983) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882574) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> |
|  TDM | 4.270% | 09/22/2025 | 10/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5693) | $(5699) |
|  UBS | 4.320 | 09/15/2025 | 10/15/2025 | (5196) | (5206) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10905) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOO | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94939) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94939) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94356 | $(583) |
|  BOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 | 0 | 0 | 3491 | (3490) | 1 |
|  BRC | 0 | (99529) | 0 | (99529) | 14156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85373) |
|  BSN | 0 | (21395) | 0 | (21395) | 21148 | (247) |

---

---

| | | |
|:---|:---|:---|
| **156** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(5)</sup>** |
|  MSR | $0 | $(5254) | $0 | $(5254) | $5214 | $(40) |
|  MYI | 0 | (676) | 0 | (676) | 658 | (18) |
|  STR | 0 | (660781) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298872) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  TDM | 0 | 0 | (5699) | (5699) | 5609 | (90) |
|  UBS | 0 | 0 | (5206) | (5206) | 5107 | (99) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882574) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10905) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and**<br> **Continuous** | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |  |  |  |
|  Corporate Bonds & Notes | $0 | $0 | $(6842) | $(7133) | $(13975) |
|  U.S. Treasury Obligations | (389024) | (89546) | 0 | 0 | (478570) |
|  Total | $(389024) | $(89546) | $(6842) | $(7133) | $(492545) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |  |  |  |
|  U.S. Treasury Obligations | 0 | (10905) | 0 | 0 | (10905) |
|  Total | $0 | $(10905) | $0 | $0 | $(10905) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389024) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6842) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503450) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(6)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(6)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(6)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(6)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(6)</sup> | $(503450) |

---

(i) Securities with an aggregate market value of $508,136 and cash of $20 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(546341) at a weighted average interest rate of 4.396%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Payable for sale-buyback transactions includes $(22) of deferred price drop. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(6)</sup> Unsettled reverse repurchase agreements liability of $(390029) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike<br>Price** | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 224 | $224 | $(42) | $(45) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | (37) | (36) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 51 | 51 | (19) | (11) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 31 | 31 | (7) | (9) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 20 | 20 | (9) | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike<br>Price** | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 94 | $94 | $(18) | $(11) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 152 | 152 | (38) | (21) |
|  |  |  |  |  | $(56) | $(32) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 157

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 14 | $1936 | $1 | $3 | $0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114619 | 57 | 60 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 941 | 105863 | 430 | 0 | (14) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 455 | 54628 | 400 | 0 | (256) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 722 | 83086 | 405 | 0 | (45) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 154 | $(23246) | $(108) | $5 | $(62) |
|  Euro-Schatz December Futures  | 12/2025 | 40 | (5024) | 6 | 0 | (1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532327) | (270) | 0 | (190) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 159 | (18538) | (383) | 40 | 0 |
|  |  |  |  | $(755) | $45 | $(253) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2028 | 0.706% | $1300 | $161 | $11 | $172 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2030 | 1.037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | 722 | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.248 | 200 | (1) | 4 | 3 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | 6000 | 41 | (29) | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 2800 | (7) | 51 | 44 | 0 | (1) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.222 | 5200 | 37 | (27) | 10 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 1200 | 14 | (4) | 10 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 7900 | 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | 18 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 2700 | 18 | (11) | 7 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | $1300 | 22 | 0 | 22 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.195 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | 8 | 231 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.618 | 2100 | 298 | (56) | 242 | 0 | (1) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 6900 | 43 | (5) | 38 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 7600 | 21 | (6) | 15 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 7600 | 48 | (5) | 43 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 2600 | 58 | (4) | 54 | 0 | (3) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 1000 | 8 | 5 | 13 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $740200 | $12702 | $4320 | $17022 | $49 | $(9) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360500 | 8115 | 170 | 8285 | 59 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 2280 | 58 | 0 | 58 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

158 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | $(815) | $376 | $(439) | $0 | $(24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3500 | (7) | (50) | (57) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 66450 | 982 | (398) | 584 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 54616 | (54) | (830) | (884) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 64220 | (287) | (58) | (345) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2100 | (7) | (28) | (35) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2200 | (8) | (34) | (42) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2500 | (7) | (57) | (64) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 4300 | (13) | (81) | (94) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2200 | (6) | (33) | (39) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 9900 | 404 | 374 | 778 | 28 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 1780 | 8 | (3) | 5 | 3 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 2300 | 5 | (33) | (28) | 0 | (5) |
|  |  |  |  |  |  | $195 | $(855) | $(660) | $31 | $(88) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811) |

---

(k) Securities with an aggregate market value of $41,537 and cash of $9,730 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $7 and liability of $(2) is outstanding at period end. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin liability of $(3) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 42014 | $49003 | $0 | $(324) |
|  | 10/2025 | $13608 | 18931 | 0 | (4) |
|  | 11/2025 | 18901 | $13608 | 4 | 0 |
|  BOA | 10/2025 | 43390 | 290 | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **159** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137099 | $0 | $(8) |
|  | 10/2025 | 17 | 2532 | 0 | 0 |
|  | 11/2025 | 290 | 43239 | 4 | 0 |
|  | 12/2025 | 116 | 2177 | 2 | 0 |
|  BRC | 10/2025 | 15 | $18 | 0 | 0 |
|  | 10/2025 | $15 | 12 | 0 | 0 |
|  | 11/2025 | 12 | $16 | 0 | 0 |
|  BSH | 02/2026 | 3017 | 863 | 0 | (3) |
|  CBK | 10/2025 | 22 | 16 | 0 | 0 |
|  | 10/2025 | 1418 | 200 | 1 | 0 |
|  | 10/2025 | 130097 | 1465 | 2 | 0 |
|  | 10/2025 | $7586 | 666905 | 0 | (85) |
|  | 11/2025 | 16 | 22 | 0 | 0 |
|  | 11/2025 | 1465 | 130351 | 0 | (2) |
|  FAR | 10/2025 | 3475 | $2254 | 0 | (45) |
|  | 10/2025 | 14274 | 2010 | 7 | 0 |
|  | 10/2025 | $2269 | 3475 | 30 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49093 | 42014 | 236 | (3) |
|  | 10/2025 | 6545 | 577271 | 0 | (52) |
|  | 10/2025 | 834 | 122614 | 0 | (5) |
|  | 11/2025 | 3475 | $2270 | 0 | (31) |
|  | 11/2025 | 41091 | 48103 | 0 | (236) |
|  | 12/2025 | 199 | 11 | 0 | 0 |
|  | 12/2025 | $8399 | 159168 | 222 | 0 |
|  JPM | 10/2025 | 18892 | $13671 | 95 | 0 |
|  MBC | 10/2025 | 10489 | 1476 | 3 | 0 |
|  | 10/2025 | 54074 | 364 | 0 | (2) |
|  | 10/2025 | $744 | 5299 | 0 | 0 |
|  | 10/2025 | 12 | 1801 | 0 | 0 |
|  | 11/2025 | 5287 | $744 | 0 | 0 |
|  | 11/2025 | $625 | 92426 | 2 | 0 |
|  MYI | 10/2025 | 10590 | $1488 | 2 | 0 |
|  | 10/2025 | 58852 | 394 | 0 | (4) |
|  | 10/2025 | $351 | 488 | 0 | 0 |
|  | 10/2025 | 76 | 11198 | 0 | 0 |
|  | 11/2025 | 394 | 58651 | 4 | 0 |
|  SCX | 10/2025 | 12232 | $1721 | 5 | 0 |
|  | 10/2025 | 145688 | 1639 | 0 | 0 |
|  | 10/2025 | $7842 | 5863 | 43 | 0 |
|  | 10/2025 | 4413 | 389443 | 0 | (33) |
|  | 10/2025 | 390 | 57333 | 0 | (2) |
|  | 11/2025 | 5863 | $7844 | 0 | (43) |
|  | 11/2025 | $1639 | 145970 | 0 | 0 |
|  | 11/2025 | 3 | 445 | 0 | 0 |
|  SSB | 10/2025 | 5863 | $7903 | 18 | 0 |
|  UAG | 10/2025 | 17 | 12 | 0 | 0 |
|  | 10/2025 | $134 | 11814 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 4200 | $(13) | $(2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 4900 | (14) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 5900 | (15) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 4900 | (14) | (30) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 5900 | (15) | (23) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 5000 | (12) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 5000 | (12) | (11) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 5900 | (18) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 2500 | (6) | 0 |

---

---

| | | |
|:---|:---|:---|
| **160** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate<br>Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790% | 10/06/2025 | 2500 | $(6) | $0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 6500 | (22) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 6500 | (22) | (2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 15462 | $3050 | $154 | $3204 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $4 | $0 | $0 | $4 | $(328) | $0 | $0 | $(328) | $(324) | $334 | $10 |
|  BOA | 6 | 0 | 0 | 6 | (12) | (57) | 0 | (69) | (63) | 0 | (63) |
|  BRC | 0 | 0 | 0 | 0 | 0 | (14) | 0 | (14) | (14) | 1 | (13) |
|  BSH | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  CBK | 3 | 0 | 0 | 3 | (87) | (21) | 0 | (108) | (105) | 0 | (105) |
|  FAR | 495 | 0 | 0 | 495 | (372) | 0 | 0 | (372) | 123 | (260) | (137) |
|  JPM | 95 | 0 | 3204 | 3299 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220) | 79 |
|  MBC | 5 | 0 | 0 | 5 | (2) | 0 | 0 | (2) | 3 | 0 | 3 |
|  MYI | 6 | 0 | 0 | 6 | (4) | 0 | 0 | (4) | 2 | 0 | 2 |
|  SCX | 48 | 0 | 0 | 48 | (78) | 0 | 0 | (78) | (30) | 0 | (30) |
|  SSB | 18 | 0 | 0 | 18 | 0 | 0 | 0 | 0 | 18 | 0 | 18 |
|  UAG | 0 | 0 | 0 | 0 | (1) | (4) | 0 | (5) | (5) | 0 | (5) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983) |  |  |  |

---

(m) Securities with an aggregate market value of $335 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **161** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 113 | 0 | 0 | 31 | 144 |
|  | $0 | $113 | $0 | $0 | $139 | $252 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $680 | $0 | $680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | 0 | 0 | 0 | 3204 |
|  | $0 | $3204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | $0 | $3884 |
|  | $0 | $3317 | $0 | $680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $135 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 568 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 20 | 0 | 0 | 88 | 108 |
|  | $0 | $20 | $0 | $0 | $791 | $811 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $887 | $0 | $887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 96 | 96 |
|  | $0 | $0 | $0 | $887 | $96 | $983 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $20 | $0 | $887 | $887 | $1794 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $726 | $726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (83) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2123 | 0 | 0 | 93 | 2216 |
|  | $0 | $2123 | $0 | $0 | $736 | $2859 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7271) | $0 | $(7271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 41 | 0 | 0 | 1279 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 394 | 0 | 0 | 0 | 394 |
|  | $0 | $435 | $0 | $(7271) | $1279 | $(5557) |
|  | $0 | $2558 | $0 | $(7271) | $2015 | $(2698) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 978 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6689 | 0 | 0 | (1725) | 4964 |
|  | $0 | $6689 | $0 | $0 | $(710) | $5979 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | $0 | $1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 157 | 0 | 0 | 0 | 157 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $157 | $0 | $1815 | $60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650) | $8011 |

---

162 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $9000 | $9000 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 980268 | 9369 | 989637 |
| &nbsp;&nbsp; Industrials | 0 | 928492 | 39851 | 968343 |
| &nbsp;&nbsp; Utilities | 7685 | 263582 | 0 | 271267 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 4723 | 0 | 4723 |
| &nbsp;&nbsp; Louisiana | 0 | 415 | 0 | 415 |
| &nbsp;&nbsp; Texas | 0 | 364 | 0 | 364 |
|  U.S. Government Agencies | 0 | 220960 | 0 | 220960 |
|  U.S. Treasury Obligations | 0 | 1051081 | 0 | 1051081 |
|  Non-Agency Mortgage-Backed Securities | 0 | 20450 | 0 | 20450 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 7614 | 0 | 7614 |
| &nbsp;&nbsp; CMBS Other | 0 | 1147 | 0 | 1147 |
| &nbsp;&nbsp; Other ABS | 1500 | 127989 | 0 | 129489 |
|  Sovereign Issues | 0 | 54353 | 0 | 54353 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 49833 | 0 | 49833 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 3490 | 0 | 3490 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782166 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $9277 | $0 | $0 | $9277 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791443 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 8 | 244 | 0 | 252 |
|  Over the counter | 0 | 3884 | 0 | 3884 |
|  | $8 | $4128 | $0 | $4136 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (85) | (723) | 0 | (808) |
|  Over the counter | 0 | (983) | 0 | (983) |
|  | $(85) | $(1706) | $0 | $(1791) |
|  Total Financial Derivative Instruments | $(77) | $2422 | $0 | $2345 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793788 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category<br>and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $9000 | $0 | $0 | $0 | $0 | $0 | $0 | $9000 | $0 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 9196 | 0 | 0 | 0 | 0 | 173 | 0 | 0 | 9369 | 173 |
| &nbsp;&nbsp; Industrials | 7648 | 32100 | (68) | 0 | 0 | 171 | 0 | 0 | 39851 | 171 |
|  Totals | $16844 | $41100 | $(68) | $0 | $0 | $344 | $0 | $0 | $58220 | $344 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $9000 | Discounted Cash Flow | Discount Rate | 5.749-5.813 | 5.780 |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 9369 | Discounted Cash Flow | Discount Rate | 5.250-6.208 | 5.915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7751 | Discounted Cash Flow | Discount Rate | 4.610-5.350 | 5.098 |
|  | 32100 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58220 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  1.000% due 09/27/2027 ^(b) | $— | 2000 | $— | 2 |
|  Total Corporate Bonds & Notes (Cost $1,031) | Total Corporate Bonds & Notes (Cost $1,031) | Total Corporate Bonds & Notes (Cost $1,031) |  | 2 |
| U.S. GOVERNMENT AGENCIES 65.7% | U.S. GOVERNMENT AGENCIES 65.7% | U.S. GOVERNMENT AGENCIES 65.7% | U.S. GOVERNMENT AGENCIES 65.7% | U.S. GOVERNMENT AGENCIES 65.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 02/01/2048 - 05/01/2052 |  | 2566 |  | 2296 |
|  4.000% due 08/01/2042 - 12/01/2042 |  | 190 |  | 186 |
|  4.184% due 01/01/2030 •  |  | 10 |  | 9 |
|  5.590% due 09/01/2030 •  |  | 24 |  | 24 |
|  5.655% due 09/01/2037 •  |  | 178 |  | 178 |
|  5.844% due 04/01/2030 •  |  | 7 |  | 7 |
|  5.975% due 08/01/2033 •  |  | 1 |  | 1 |
|  6.000% due 05/01/2035 |  | 7 |  | 8 |
|  6.200% due 07/01/2033 •  |  | 4 |  | 4 |
|  6.250% due 07/01/2033 - 09/01/2035 •  |  | 7 |  | 8 |
|  6.286% due 03/01/2035 •  |  | 5 |  | 5 |
|  6.291% due 12/01/2035 •  |  | 6 |  | 6 |
|  6.386% due 04/01/2036 •  |  | 75 |  | 76 |
|  6.415% due 08/01/2035 •  |  | 73 |  | 74 |
|  6.430% due 08/01/2035 •  |  | 1 |  | 1 |
|  6.460% due 02/01/2035 •  |  | 26 |  | 27 |
|  6.475% due 04/01/2034 •  |  | 22 |  | 22 |
|  6.481% due 08/01/2035 •  |  | 7 |  | 7 |
|  6.491% due 12/01/2032 •  |  | 2 |  | 2 |
|  6.495% due 02/01/2036 •  |  | 1 |  | 1 |
|  6.499% due 03/01/2032 •  |  | 11 |  | 11 |
|  6.500% due 04/01/2032 - 03/01/2036 •  |  | 36 |  | 37 |
|  6.534% due 06/01/2035 •  |  | 2 |  | 2 |
|  6.543% due 07/01/2035 - 11/01/2036 •  |  | 6 |  | 5 |
|  6.552% due 01/01/2036 •  |  | 5 |  | 5 |
|  6.564% due 01/01/2034 •  |  | 48 |  | 49 |
|  6.580% due 12/01/2036 •  |  | 11 |  | 11 |
|  6.587% due 02/01/2037 •  |  | 2 |  | 2 |
|  6.590% due 09/01/2035 •  |  | 1 |  | 1 |
|  6.615% due 11/01/2036 •  |  | 2 |  | 2 |
|  6.619% due 05/01/2035 •  |  | 33 |  | 34 |
|  6.685% due 12/01/2034 •  |  | 1 |  | 1 |
|  6.686% due 03/01/2036 •  |  | 54 |  | 56 |
|  6.697% due 01/01/2037 •  |  | 2 |  | 2 |
|  6.709% due 07/01/2037 •  |  | 41 |  | 42 |
|  6.745% due 02/01/2036 •  |  | 2 |  | 2 |
|  6.746% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.750% due 11/01/2033 •  |  | 24 |  | 24 |
|  6.760% due 11/01/2033 •  |  | 8 |  | 8 |
|  6.780% due 03/01/2036 •  |  | 97 |  | 100 |
|  6.796% due 07/01/2035 •  |  | 1 |  | 1 |
|  6.798% due 01/01/2035 •  |  | 1 |  | 1 |
|  6.811% due 01/01/2030 •  |  | 23 |  | 23 |
|  6.837% due 03/01/2035 •  |  | 9 |  | 9 |
|  6.927% due 09/01/2034 •  |  | 81 |  | 83 |
|  7.020% due 09/01/2035 •  |  | 1 |  | 1 |
|  7.368% due 09/01/2035 •  |  | 32 |  | 33 |
|  7.540% due 11/01/2034 •  |  | 99 |  | 100 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.500% due 04/15/2032 |  | 72 |  | 72 |
|  4.787% due 03/15/2036 •  |  | 1 |  | 1 |
|  4.837% due 02/15/2029 - 03/15/2029 •  |  | 10 |  | 10 |
|  4.887% due 07/15/2026 - 01/15/2033 •  |  | 20 |  | 20 |
|  4.937% due 09/15/2026 - 08/15/2029 •  |  | 3 |  | 2 |
|  4.987% due 10/15/2026 - 01/15/2032 •  |  | 2 |  | 1 |
|  5.037% due 08/15/2029 - 03/15/2032 •  |  | 13 |  | 14 |
|  5.087% due 06/15/2029 - 12/15/2031 •  |  | 13 |  | 14 |
|  5.500% due 10/15/2032 |  | 2 |  | 2 |
|  7.000% due 07/15/2027 |  | 1 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  | $— | 94 | $— | 93 |
|  4.751% due 09/25/2031 •  |  | 44 |  | 44 |
|  4.821% due 06/25/2029 •  |  | 38 |  | 37 |
|  4.871% due 05/25/2043 •  |  | 572 |  | 547 |
|  5.353% due 10/25/2044 - 02/25/2045 •  |  | 256 |  | 239 |
|  5.553% due 07/25/2044 •  |  | 834 |  | 808 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 08/01/2028 - 05/01/2052 |  | 380 |  | 340 |
|  3.500% due 11/01/2044 - 02/01/2050 |  | 2010 |  | 1872 |
|  4.000% due 07/01/2042 - 02/01/2043 |  | 153 |  | 150 |
|  4.060% due 03/01/2030 |  | 408 |  | 408 |
|  4.184% due 08/01/2032 •  |  | 2 |  | 2 |
|  4.390% due 05/01/2036 •  |  | 11 |  | 11 |
|  4.437% due 05/01/2036 •  |  | 11 |  | 11 |
|  4.617% due 05/01/2036 •  |  | 5 |  | 5 |
|  4.766% due 08/01/2026 |  | 367 |  | 368 |
|  5.346% due 06/01/2032 •  |  | 2 |  | 2 |
|  5.371% due 11/01/2027 - 01/01/2038 •  |  | 1 |  | 0 |
|  5.396% due 11/01/2040 •  |  | 1 |  | 1 |
|  5.421% due 07/01/2042 - 07/01/2044 •  |  | 95 |  | 96 |
|  5.471% due 09/01/2041 •  |  | 6 |  | 6 |
|  5.700% due 10/01/2034 •  |  | 28 |  | 28 |
|  5.750% due 02/01/2034 •  |  | 27 |  | 27 |
|  5.873% due 06/01/2035 •  |  | 12 |  | 12 |
|  5.890% due 11/01/2035 •  |  | 10 |  | 11 |
|  5.900% due 05/01/2030 •  |  | 8 |  | 9 |
|  5.915% due 12/01/2032 •  |  | 2 |  | 2 |
|  5.938% due 05/01/2034 •  |  | 3 |  | 3 |
|  5.945% due 04/01/2028 •  |  | 5 |  | 5 |
|  5.950% due 11/01/2035 •  |  | 10 |  | 10 |
|  5.994% due 09/01/2033 •  |  | 12 |  | 12 |
|  6.000% due 11/01/2036 •  |  | 110 |  | 111 |
|  6.007% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.038% due 04/01/2033 - 09/01/2033 •  |  | 9 |  | 9 |
|  6.040% due 10/01/2032 •  |  | 5 |  | 5 |
|  6.041% due 04/01/2037 •  |  | 1 |  | 1 |
|  6.044% due 11/01/2035 •  |  | 2 |  | 2 |
|  6.060% due 05/01/2035 •  |  | 26 |  | 26 |
|  6.069% due 09/01/2034 •  |  | 17 |  | 17 |
|  6.094% due 01/01/2035 •  |  | 1 |  | 1 |
|  6.105% due 05/01/2032 •  |  | 2 |  | 2 |
|  6.113% due 03/01/2030 •  |  | 14 |  | 14 |
|  6.115% due 11/01/2033 - 01/01/2035 •  |  | 37 |  | 37 |
|  6.133% due 07/01/2035 •  |  | 2 |  | 2 |
|  6.143% due 03/01/2034 •  |  | 163 |  | 164 |
|  6.145% due 07/01/2033 •  |  | 24 |  | 24 |
|  6.149% due 07/01/2034 •  |  | 18 |  | 19 |
|  6.184% due 09/01/2033 •  |  | 12 |  | 12 |
|  6.195% due 04/01/2034 - 07/01/2037 •  |  | 29 |  | 30 |
|  6.196% due 01/01/2035 •  |  | 4 |  | 4 |
|  6.205% due 08/01/2033 •  |  | 4 |  | 4 |
|  6.223% due 07/01/2035 •  |  | 7 |  | 7 |
|  6.225% due 11/01/2034 - 02/01/2037 •  |  | 24 |  | 24 |
|  6.227% due 04/01/2040 •  |  | 51 |  | 52 |
|  6.228% due 05/01/2033 •  |  | 2 |  | 2 |
|  6.231% due 07/01/2035 •  |  | 3 |  | 3 |
|  6.249% due 02/01/2035 •  |  | 8 |  | 8 |
|  6.250% due 01/01/2033 •  |  | 1 |  | 1 |
|  6.252% due 06/01/2035 •  |  | 6 |  | 6 |
|  6.258% due 07/01/2034 •  |  | 31 |  | 32 |
|  6.272% due 01/01/2034 •  |  | 1 |  | 1 |
|  6.292% due 04/01/2034 •  |  | 4 |  | 4 |
|  6.302% due 02/01/2035 •  |  | 2 |  | 2 |
|  6.307% due 12/01/2034 •  |  | 19 |  | 19 |
|  6.308% due 03/01/2033 •  |  | 47 |  | 48 |
|  6.325% due 11/01/2047 •  |  | 101 |  | 104 |
|  6.345% due 06/01/2034 •  |  | 45 |  | 46 |
|  6.358% due 01/01/2033 - 02/01/2035 •  |  | 5 |  | 5 |
|  6.370% due 02/01/2035 •  |  | 60 |  | 61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.375% due 05/01/2032 - 12/01/2033 •  | $— | 44 | $— | 45 |
|  6.390% due 09/01/2037 •  |  | 118 |  | 120 |
|  6.395% due 07/01/2029 •  |  | 1 |  | 1 |
|  6.425% due 03/01/2035 - 01/01/2036 •  |  | 29 |  | 30 |
|  6.428% due 02/01/2035 •  |  | 7 |  | 7 |
|  6.440% due 04/01/2033 •  |  | 4 |  | 4 |
|  6.449% due 07/01/2033 •  |  | 1 |  | 1 |
|  6.450% due 03/01/2033 •  |  | 8 |  | 8 |
|  6.460% due 04/01/2035 •  |  | 4 |  | 4 |
|  6.467% due 01/01/2035 - 12/01/2036 •  |  | 9 |  | 8 |
|  6.472% due 08/01/2035 •  |  | 8 |  | 9 |
|  6.500% due 11/01/2026 - 06/01/2034 •  |  | 8 |  | 8 |
|  6.505% due 02/01/2034 •  |  | 7 |  | 7 |
|  6.515% due 07/01/2035 •  |  | 1 |  | 1 |
|  6.518% due 09/01/2035 •  |  | 49 |  | 51 |
|  6.525% due 01/01/2033 •  |  | 1 |  | 1 |
|  6.526% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.529% due 03/01/2035 •  |  | 27 |  | 28 |
|  6.530% due 03/01/2034 •  |  | 8 |  | 9 |
|  6.547% due 05/01/2037 •  |  | 141 |  | 144 |
|  6.552% due 01/01/2037 •  |  | 1 |  | 1 |
|  6.556% due 12/01/2035 •  |  | 3 |  | 4 |
|  6.557% due 02/01/2034 - 11/01/2034 •  |  | 9 |  | 10 |
|  6.572% due 01/01/2033 - 12/01/2036 •  |  | 26 |  | 26 |
|  6.585% due 09/01/2035 •  |  | 9 |  | 9 |
|  6.596% due 10/01/2035 •  |  | 51 |  | 52 |
|  6.601% due 02/01/2034 •  |  | 21 |  | 22 |
|  6.605% due 12/01/2035 •  |  | 133 |  | 136 |
|  6.621% due 05/01/2036 •  |  | 11 |  | 11 |
|  6.625% due 10/01/2034 •  |  | 2 |  | 2 |
|  6.631% due 06/01/2037 •  |  | 6 |  | 6 |
|  6.633% due 12/01/2030 •  |  | 1 |  | 1 |
|  6.654% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.655% due 10/01/2033 •  |  | 1 |  | 1 |
|  6.664% due 10/01/2035 •  |  | 5 |  | 5 |
|  6.675% due 04/01/2035 •  |  | 2 |  | 2 |
|  6.705% due 06/01/2036 •  |  | 6 |  | 6 |
|  6.730% due 04/01/2033 •  |  | 59 |  | 61 |
|  6.750% due 03/01/2034 - 02/01/2036 •  |  | 50 |  | 51 |
|  6.790% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.815% due 08/01/2037 •  |  | 258 |  | 266 |
|  6.848% due 11/01/2031 - 11/01/2034 •  |  | 9 |  | 10 |
|  6.860% due 11/01/2033 •  |  | 12 |  | 12 |
|  6.875% due 09/01/2033 •  |  | 20 |  | 21 |
|  6.910% due 11/01/2033 •  |  | 22 |  | 23 |
|  7.000% due 10/01/2033 - 03/01/2045 |  | 610 |  | 639 |
|  7.120% due 11/01/2033 •  |  | 11 |  | 11 |
|  7.195% due 11/01/2033 •  |  | 75 |  | 77 |
|  7.255% due 10/01/2033 •  |  | 18 |  | 18 |
|  7.594% due 09/01/2035 •  |  | 38 |  | 40 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 |  | 3 |  | 3 |
|  6.500% due 01/25/2044 |  | 111 |  | 115 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 12/25/2036 •  |  | 27 |  | 26 |
|  4.583% due 03/25/2034 •  |  | 5 |  | 5 |
|  4.771% due 01/25/2034 •  |  | 5 |  | 5 |
|  4.871% due 06/25/2029 - 12/25/2033 •  |  | 11 |  | 10 |
|  4.901% due 05/18/2032 •  |  | 4 |  | 4 |
|  4.911% due 05/25/2036 •  |  | 4 |  | 4 |
|  4.921% due 10/25/2030 •  |  | 8 |  | 8 |
|  4.946% due 09/17/2027 •  |  | 2 |  | 2 |
|  4.951% due 10/18/2030 •  |  | 9 |  | 9 |
|  4.971% due 08/25/2031 - 01/25/2033 •  |  | 7 |  | 7 |
|  5.001% due 11/18/2030 •  |  | 4 |  | 4 |
|  5.021% due 12/25/2030 •  |  | 5 |  | 5 |
|  5.121% due 11/25/2031 •  |  | 10 |  | 10 |
|  5.171% due 04/25/2032 •  |  | 6 |  | 6 |
|  5.471% due 04/25/2032 •  |  | 5 |  | 5 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ | 47 | 47 |
|  6.250% due 05/25/2042 | 10 | 10 |
|  7.500% due 05/25/2042 | 10 | 10 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.758% due 08/25/2042 ~ | 6 | 6 |
|  4.821% due 05/25/2042 - 09/25/2042 •  | 82 | 81 |
|  6.000% due 08/25/2044 | 9 | 9 |
|  7.000% due 02/25/2044 | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2052 - 04/20/2055 | 5047 | 4621 |
|  4.625% due 09/20/2029 - 12/20/2045 •  | 284 | 289 |
|  4.750% due 10/20/2029 •  | 84 | 84 |
|  5.625% due 01/20/2027 - 04/20/2033 •  | 26 | 26 |
|  6.500% due 01/20/2055 - 02/20/2055 | 300 | 309 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.066% due 05/20/2069 •  | 635 | 635 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 | 600 | 517 |
|  3.000% due 11/01/2055 | 2900 | 2589 |
|  4.000% due 11/01/2055 | 200 | 188 |
|  4.500% due 11/01/2055 | 13500 | 13086 |
|  5.000% due 11/01/2055 | 500 | 497 |
|  5.500% due 11/01/2055 | 300 | 302 |
|  6.000% due 10/01/2055 - 11/01/2055 | 1500 | 1526 |
|  6.500% due 11/01/2055 | 600 | 616 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 10/01/2040 - 11/01/2055 | 800 | 684 |
|  3.000% due 10/01/2040 - 11/01/2055 | 20100 | 18700 |
|  5.000% due 11/01/2055 | 6700 | 6641 |
|  5.500% due 11/01/2055 | 12200 | 12293 |
|  6.000% due 11/01/2055 | 25900 | 26456 |
|  6.500% due 11/01/2055 | 15000 | 15512 |
|  Total U.S. Government Agencies<br>(Cost $118,315) | Total U.S. Government Agencies<br>(Cost $118,315) | 117773 |
| U.S. TREASURY OBLIGATIONS 4.9% | U.S. TREASURY OBLIGATIONS 4.9% | U.S. TREASURY OBLIGATIONS 4.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.125% due 02/15/2043 | 4730 | 3862 |
|  4.000% due 11/15/2042 | 3100 | 2867 |
|  4.000% due 11/15/2052 | 2300 | 2036 |
|  Total U.S. Treasury Obligations<br>(Cost $10,976) | Total U.S. Treasury Obligations<br>(Cost $10,976) | 8765 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 31.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 31.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 31.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.672% due 03/25/2035 ~ | 9 | 9 |
|  4.783% due 11/25/2035 ~ | 67 | 47 |
|  AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  | 428 | 430 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 1200 | 1122 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 922 | 890 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ | 3068 | 2876 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.758% due 11/25/2033 ~ | 15 | 13 |
|  5.827% due 09/25/2033 ~ | 44 | 41 |
|  6.636% due 01/25/2034 ~ | 9 | 9 |
|  6.870% due 06/25/2034 ~ | 10 | 10 |
|  6.872% due 02/25/2034 ~ | 18 | 18 |
|  7.404% due 10/25/2035 ~ | 6 | 6 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  6.500% due 02/26/2036 ~ | 381 | 162 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.475% due 11/25/2036 ~ | 218 | 111 |
|  4.592% due 02/25/2034 •  | 99 | 94 |
|  4.612% due 08/25/2036 •  | 3 | 3 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.186% due 07/25/2034 ~ | 9 | 9 |
|  4.761% due 02/25/2034 ~ | 104 | 98 |
|  5.053% due 01/25/2035 ~ | 15 | 15 |
|  5.125% due 01/25/2035 ~ | 14 | 12 |
|  5.235% due 02/25/2034 ~ | 21 | 20 |
|  5.923% due 01/25/2034 ~ | 36 | 35 |
|  6.513% due 01/25/2034 ~ | 118 | 118 |
|  6.575% due 04/25/2033 ~ | 11 | 11 |
|  7.037% due 10/25/2033 ~ | 2 | 2 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.377% due 05/15/2053 | 873 | 871 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 | 400 | 393 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2064 ~ | 908 | 816 |
|  5.606% due 09/25/2055 •  | 560 | 560 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.511% due 12/25/2035 ~ | 20 | 18 |
|  4.838% due 12/25/2035 ~ | 16 | 15 |
|  6.522% due 02/25/2037 ~ | 73 | 72 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.622% due 08/25/2035 •  | 60 | 11 |
|  5.097% due 11/25/2034 ~ | 550 | 530 |
|  5.492% due 06/20/2035 ~ | 31 | 29 |
|  5.500% due 11/25/2035 | 67 | 31 |
|  6.137% due 12/25/2033 ~ | 19 | 19 |
|  6.248% due 02/20/2036 •  | 15 | 14 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.072% due 08/25/2035 •  | 27 | 26 |
|  6.000% due 09/25/2035 •  | 20 | 20 |
|  6.310% due 11/25/2035 •  | 21 | 22 |
|  6.490% due 05/25/2035 •  | 9 | 9 |
|  6.998% due 03/25/2034 ~ | 13 | 13 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.547% due 08/25/2035 ~ | 758 | 724 |
|  4.625% due 10/25/2035 ~ | 7 | 6 |
|  4.672% due 06/25/2037 •  | 597 | 551 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.921% due 11/25/2032 ~ | 4 | 4 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.329% due 06/15/2052 | 200 | 193 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  5.369% due 01/25/2034 ~ | 81 | 78 |
|  6.230% due 07/25/2033 ~ | 187 | 182 |
|  6.458% due 10/25/2033 ~ | 7 | 7 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ | 875 | 845 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  2.006% due 05/25/2065 ~ | 4 | 4 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.074% due 08/25/2034 ~ | 28 | 29 |
|  5.474% due 07/25/2035 ~ | 60 | 31 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.542% due 02/25/2035 •  | 21 | 20 |
|  4.955% due 02/25/2035 •  | 46 | 44 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.763% due 11/19/2035 ~ | 21 | 18 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.104% due 05/10/2034 | 2100 | 1238 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ | 1957 | 1842 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 þ | 2234 | 2187 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.837% due 08/25/2034 ~ | 10 | 10 |
|  4.317% due 05/25/2035 ~ | 32 | 24 |
|  4.622% due 01/25/2034 •  | 23 | 22 |
|  4.844% due 06/25/2034 ~ | 4 | 4 |
|  4.898% due 06/25/2034 ~ | 9 | 9 |
|  5.191% due 09/25/2035 ~ | 1296 | 1250 |
|  5.880% due 03/25/2033 •  | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 03/25/2032 | $— | 2 | $— | 2 |
|  6.300% due 09/25/2034 ~ |  | 802 |  | 811 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 02/19/2046 •  |  | 285 |  | 264 |
|  4.688% due 05/19/2035 •  |  | 16 |  | 16 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 08/25/2035 •  |  | 353 |  | 334 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ |  | 6 |  | 6 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.652% due 09/25/2046 •  |  | 199 |  | 183 |
|  5.052% due 05/25/2034 •  |  | 13 |  | 12 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  5.500% due 11/25/2036 ~ |  | 19 |  | 8 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.614% due 12/15/2036 •  |  | 500 |  | 247 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.204% due 07/25/2035 ~ |  | 94 |  | 91 |
|  5.425% due 11/25/2035 ~ |  | 55 |  | 45 |
|  5.439% due 10/25/2035 ~ |  | 112 |  | 105 |
|  5.882% due 09/25/2034 ~ |  | 1 |  | 1 |
|  5.945% due 11/25/2033 ~ |  | 2 |  | 2 |
|  6.262% due 07/25/2035 ~ |  | 59 |  | 58 |
|  6.706% due 11/25/2033 ~ |  | 2 |  | 2 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 þ |  | 2248 |  | 2250 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.800% due 02/25/2034 ~ |  | 134 |  | 121 |
|  4.398% due 01/25/2034 ~ |  | 3 |  | 3 |
|  4.766% due 08/25/2034 ~ |  | 163 |  | 161 |
|  5.321% due 12/25/2033 ~ |  | 11 |  | 10 |
|  5.578% due 11/21/2034 ~ |  | 18 |  | 17 |
|  5.762% due 01/25/2036 ~ |  | 11 |  | 11 |
|  6.500% due 09/25/2033 ~ |  | 78 |  | 79 |
|  6.534% due 07/25/2034 ~ |  | 66 |  | 65 |
|  6.606% due 08/25/2034 ~ |  | 62 |  | 61 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.186% due 02/25/2034 ~ |  | 18 |  | 15 |
|  4.892% due 08/25/2028 •  |  | 92 |  | 87 |
|  4.932% due 06/25/2028 •  |  | 17 |  | 16 |
|  5.087% due 04/25/2035 ~ |  | 110 |  | 99 |
|  5.290% due 03/25/2028 •  |  | 15 |  | 13 |
|  5.457% due 02/25/2035 ~ |  | 33 |  | 31 |
|  6.644% due 09/25/2033 ~ |  | 4 |  | 4 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.014% due 01/26/2065 ~ |  | 305 |  | 290 |
|  1.324% due 01/26/2065 ~ |  | 109 |  | 104 |
|  1.632% due 01/26/2065 ~ |  | 109 |  | 104 |
|  2.479% due 03/25/2065 ~ |  | 96 |  | 93 |
|  4.250% due 02/25/2066 ~ |  | 873 |  | 840 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ |  | 330 |  | 321 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.509% due 04/05/2042 ~ |  | 1800 |  | 1591 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.592% due 01/25/2035 •  |  | 351 |  | 334 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 1626 |  | 1573 |
|  2.750% due 11/25/2059 ~ |  | 2115 |  | 2038 |
|  3.500% due 10/25/2059 ~ |  | 62 |  | 58 |
|  NLT Trust | NLT Trust | NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ |  | 815 |  | 744 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.350% due 10/25/2035 ~ |  | 11 |  | 10 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  1.072% due 02/25/2066 ~ |  | 2412 |  | 2110 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 03/25/2065 «þ |  | 900 |  | 876 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  |  | 7 |  | 7 |
|  6.000% due 02/25/2034 |  | 2 |  | 2 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 06/25/2053 þ |  | 1375 |  | 1362 |
|  4.000% due 07/25/2054 þ |  | 723 |  | 713 |
|  4.000% due 08/25/2054 þ |  | 718 |  | 708 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.846% due 08/25/2044 þ | 147 | 149 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 12/25/2031 | 309 | 140 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.096% due 02/25/2036 ~ | 53 | 49 |
|  6.500% due 03/25/2032 | 4 | 4 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.896% due 07/20/2034 ~ | 9 | 8 |
|  4.978% due 03/20/2035 •  | 37 | 34 |
|  5.010% due 04/20/2033 •  | 6 | 6 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.050% due 10/20/2027 •  | 7 | 7 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ | 108 | 103 |
|  1.439% due 11/25/2055 ~ | 54 | 52 |
|  1.486% due 04/25/2065 ~ | 83 | 81 |
|  1.593% due 11/25/2055 ~ | 54 | 52 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.512% due 03/25/2035 •  | 34 | 29 |
|  4.572% due 09/25/2034 •  | 62 | 59 |
|  5.238% due 09/25/2034 ~ | 14 | 14 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.928% due 05/19/2035 •  | 59 | 56 |
|  4.948% due 02/19/2035 •  | 953 | 908 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.928% due 11/19/2033 •  | 9 | 8 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.309% due 09/25/2033 ~ | 13 | 12 |
|  5.621% due 11/25/2033 ~ | 6 | 6 |
|  6.555% due 06/25/2033 ~ | 110 | 108 |
|  6.698% due 03/25/2033 ~ | 62 | 61 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 06/25/2057 ~ | 181 | 177 |
|  3.750% due 03/25/2058 ~ | 850 | 829 |
|  4.562% due 10/25/2064 ~ | 1466 | 1477 |
|  5.272% due 05/25/2058 •  | 2686 | 2748 |
|  5.272% due 10/25/2059 •  | 92 | 92 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 þ | 767 | 775 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.546% due 10/25/2035 ~ | 283 | 259 |
|  4.680% due 09/25/2035 ~ | 125 | 119 |
|  4.812% due 12/25/2045 •  | 915 | 843 |
|  4.852% due 10/25/2045 •  | 799 | 792 |
|  4.852% due 12/25/2045 •  | 602 | 607 |
|  5.072% due 01/25/2045 •  | 361 | 358 |
|  5.153% due 08/25/2046 •  | 19 | 17 |
|  5.201% due 08/25/2046 •  | 980 | 854 |
|  5.353% due 11/25/2042 •  | 37 | 35 |
|  5.471% due 08/25/2033 ~ | 151 | 145 |
|  5.553% due 08/25/2042 •  | 3 | 3 |
|  5.653% due 09/25/2046 •  | 2363 | 2310 |
|  6.200% due 10/25/2033 ~ | 49 | 47 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.690% due 06/25/2033 ~ | 6 | 5 |
|  6.350% due 02/25/2033 ~ | 1 | 1 |
|  6.721% due 11/25/2030 ~ | 8 | 8 |
|  7.000% due 03/25/2034 | 11 | 11 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 | 600 | 560 |
|  3.809% due 12/15/2048 | 173 | 173 |
|  4.023% due 03/15/2052 | 300 | 297 |
|  5.693% due 10/15/2042 «•(a) | 900 | 898 |
|  5.793% due 07/15/2037 •  | 900 | 903 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.461% due 08/25/2035 ~ | 2 | 2 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 1000 | 676 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ | 500 | 510 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $59,015) | Total Non-Agency Mortgage-Backed Securities (Cost $59,015) | 56538 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.102% due 09/15/2027 •  | 34 | 34 |
| AUTOMOBILE SEQUENTIAL 14.2% | AUTOMOBILE SEQUENTIAL 14.2% | AUTOMOBILE SEQUENTIAL 14.2% |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 800 | 801 |
|  4.840% due 09/15/2027 | 265 | 265 |
|  4.840% due 01/18/2028 | 801 | 801 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.420% due 08/15/2028 | 880 | 884 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.120% due 03/15/2030 | 500 | 500 |
|  4.166% due 10/15/2026 | 400 | 400 |
|  5.400% due 11/15/2028 | 100 | 101 |
|  5.780% due 09/15/2027 | 34 | 34 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.070% due 02/12/2029 | 900 | 900 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.880% due 02/15/2028 | 23 | 23 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 | 100 | 100 |
|  4.290% due 10/16/2028 | 200 | 200 |
|  4.870% due 08/15/2028 | 1406 | 1409 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.500% due 04/20/2028 | 900 | 905 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.530% due 03/15/2028 | 900 | 901 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.940% due 11/15/2030 | 613 | 612 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 268 | 269 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.590% due 10/15/2029 | 328 | 333 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 | 800 | 805 |
|  4.560% due 03/15/2027 | 442 | 443 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.300% due 07/17/2028 | 800 | 802 |
|  4.600% due 12/15/2027 | 568 | 569 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.630% due 05/15/2028 | 692 | 694 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 04/17/2028 | 1600 | 1611 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 800 | 804 |
|  4.500% due 02/15/2028 | 1500 | 1507 |
|  4.510% due 06/15/2027 | 493 | 494 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 643 | 647 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.600% due 12/20/2027 | 700 | 702 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 800 | 802 |
|  4.880% due 09/15/2027 | 175 | 175 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 | 900 | 907 |
|  5.110% due 06/15/2029 | 1000 | 1008 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.520% due 11/20/2028 | 850 | 852 |
|  4.550% due 06/20/2030 | 800 | 805 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.310% due 05/22/2028 | 1100 | 1105 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 | 312 | 312 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.660% due 09/15/2028 | 900 | 903 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 100 | 100 |
|  |  | 25485 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 0.9% | CMBS OTHER 0.9% | CMBS OTHER 0.9% |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.415% due 10/21/2042 •  | 850 | 852 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.157% due 11/15/2037 •  | 330 | 330 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.457% due 03/15/2038 •  | 385 | 385 |
|  |  | 1567 |
| HOME EQUITY OTHER 4.9% | HOME EQUITY OTHER 4.9% | HOME EQUITY OTHER 4.9% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.815% due 01/25/2035 •  | 278 | 277 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 11/25/2042 •  | 52 | 51 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.692% due 08/25/2034 •  | 1080 | 1068 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.812% due 12/25/2034 •  | 2707 | 2641 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  6.780% due 05/25/2035 þ | 274 | 254 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.386% due 09/25/2033 •  | 23 | 22 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  | 8 | 7 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  | 5 | 2 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  | 635 | 630 |
|  4.972% due 03/25/2032 •  | 16 | 16 |
|  5.127% due 07/25/2034 •  | 849 | 846 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.622% due 02/25/2033 •  | 32 | 35 |
|  Nationstar NIM Ltd. | Nationstar NIM Ltd. | Nationstar NIM Ltd. |
|  8.000% due 06/25/2037 | 24 | 0 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.012% due 02/25/2034 •  | 1284 | 1288 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.972% due 08/25/2032 •  | 10 | 9 |
|  5.372% due 09/25/2037 •  | 3124 | 1259 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.572% due 11/25/2033 •  | 2 | 2 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.397% due 04/25/2036 •  | 292 | 292 |
|  |  | 8699 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  6.372% due 05/25/2033 ~ | 183 | 182 |
| WHOLE LOAN COLLATERAL 1.2% | WHOLE LOAN COLLATERAL 1.2% | WHOLE LOAN COLLATERAL 1.2% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.299% due 10/25/2036 ~ | 353 | 176 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.843% due 09/25/2051 þ | 2029 | 2032 |
|  |  | 2208 |
| OTHER ABS 24.3% | OTHER ABS 24.3% | OTHER ABS 24.3% |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.990% due 02/15/2033 | 800 | 807 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 919 | 909 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 900 | 885 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 900 | 887 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 1000 | 962 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 819 | 811 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 900 | 901 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 800 | 801 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  0.000% due 10/15/2038 •(a) | 900 | 900 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 850 | 853 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.938% due 04/15/2037 •  | 1000 | 1005 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 1000 | 966 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 504 | 464 |
|  3.280% due 12/28/2048 | 802 | 770 |
|  4.130% due 12/26/2047 | 406 | 401 |
|  5.472% due 12/26/2047 •  | 296 | 296 |
|  5.537% due 07/25/2051 •  | 288 | 288 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 359 | 323 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(a) | 900 | 900 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.250% due 10/27/2059 | 194 | 195 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 | 93 | 93 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 850 | 851 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 1000 | 1001 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 1000 | 1003 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.617% due 04/20/2031 •  | 129 | 129 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 | 1000 | 1016 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 450 | 451 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 1700 | 1702 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 1516 | 1519 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.165% due 11/15/2068 •  | 71 | 71 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 392 | 368 |
|  3.010% due 12/15/2059 | 661 | 644 |
|  3.130% due 02/15/2068 | 113 | 112 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.000% due 12/15/2059 | 226 | 226 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 900 | 901 |
|  1.420% due 04/20/2062 | 1128 | 1068 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.183% due 06/15/2032 | 312 | 314 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 172 | 173 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 800 | 807 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 800 | 801 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 | 65 | 65 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(a) | 900 | 900 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.569% due 12/15/2039 •  | 129 | 126 |
|  4.589% due 06/15/2039 •  | 1811 | 1740 |
|  4.629% due 06/15/2039 •  | 712 | 696 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 651 | 621 |
|  1.600% due 09/15/2054 | 473 | 446 |
|  2.230% due 09/15/2037 | 181 | 176 |
|  2.840% due 06/15/2037 | 158 | 155 |
|  3.940% due 02/16/2055 | 711 | 696 |
|  5.822% due 02/16/2055 •  | 813 | 821 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.800% due 02/27/2034 | 503 | 506 |
|  4.820% due 06/25/2034 | 319 | 321 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 200 | 200 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.918% due 01/16/2037 •  | 4000 | 4019 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 696 | 701 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  7.900% due 10/20/2028 | 65 | 66 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 1000 | $— | 1002 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 792 |  | 793 |
|  Wind River CLO Ltd. |  |  |  |
|  5.378% due 10/15/2034 •  | 845 |  | 847 |
|  |  |  | 43472 |
|  Total Asset-Backed Securities<br>(Cost $83,576) | Total Asset-Backed Securities<br>(Cost $83,576) |  | 81647 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (c) | 39202 |  | 39 |
| Total Short-Term Instruments<br>(Cost $39) | Total Short-Term Instruments<br>(Cost $39) |  | 39 |
| Total Investments in Securities (Cost $272,952) | Total Investments in Securities (Cost $272,952) |  | 264764 |
| INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% |
| SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1299168 |  | 12653 |
| Total Short-Term Instruments<br>(Cost $12,648) | Total Short-Term Instruments<br>(Cost $12,648) |  | 12653 |
| Total Investments in Affiliates<br>(Cost $12,648) | Total Investments in Affiliates<br>(Cost $12,648) |  | 12653 |
| Total Investments 154.8%<br>(Cost $285,600) | Total Investments 154.8%<br>(Cost $285,600) | $— | 277417 |
|  Financial Derivative Instruments (d)(e) 0.1%<br> (Cost or Premiums, net $990) | Financial Derivative Instruments (d)(e) 0.1%<br> (Cost or Premiums, net $990) |  | 150 |
| Other Assets and Liabilities, net (54.9)% | Other Assets and Liabilities, net (54.9)% |  | (98413) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 179154 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

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

(c) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **167** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.4)% | U.S. Government Agencies (4.4)% | U.S. Government Agencies (4.4)% | U.S. Government Agencies (4.4)% | U.S. Government Agencies (4.4)% | U.S. Government Agencies (4.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | $(5400) | $(5402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 2150 | (1971) | (1964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 400 | (378) | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2055 | 100 | (95) | (97) |
|  Total Short Sales (4.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7840) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 6 | $(1445) | $0 | $0 | $0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 6 | (1448) | (2) | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 4 | (960) | 3 | 0 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29264) | 29 | 0 | (11) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 105 | (11813) | (53) | 2 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 31 | (3614) | (80) | 8 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 72 | (8645) | (213) | 40 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 213 | (24512) | (233) | 13 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300% | Annual | 01/17/2026 | $1000 | $17 | $3 | $20 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 900 | 40 | (20) | 20 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 25300 | (452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | 12 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 200 | 10 | (4) | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 11400 | 26 | 9 | 35 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 10600 | 121 | 104 | 225 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 38245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | 2148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 4200 | (4) | (20) | (24) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 600 | (51) | 8 | (43) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2948 | 39 | (222) | (183) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | 227 | (142) | 85 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 600 | 51 | (12) | 39 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 200 | (16) | 2 | (14) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 400 | (31) | 4 | (27) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 7100 | (11) | (505) | (516) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 600 | (34) | (3) | (37) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.185 | Annual | 04/21/2029 | 500 | (23) | (1) | (24) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 920 | (90) | 6 | (84) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 580 | (38) | 1 | (37) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 400 | (4) | (1) | (5) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 400 | (3) | (1) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.567 | Annual | 11/30/2029 | 17700 | 0 | 135 | 135 | 10 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 11/30/2029 | 10700 | 0 | 84 | 84 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 1900 | 139 | (24) | 115 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 1400 | 136 | (23) | 113 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 6300 | 544 | (30) | 514 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 3800 | (41) | 308 | 267 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 300 | 3 | (3) | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 200 | 1 | (3) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 100 | 1 | (1) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 1800 | 137 | (13) | 124 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 1510 | 57 | (23) | 34 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 24580 | 574 | 1942 | 2516 | 0 | (8) |

---

---

| | | |
|:---|:---|:---|
| **168** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2030 | $9910 | $(158) | $71 | $(87) | $5 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 1300 | (20) | 22 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 3100 | (49) | 53 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 2600 | (41) | 44 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 2600 | (45) | 45 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 4700 | (83) | 80 | (3) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 3300 | (61) | 56 | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 5900 | (110) | 100 | (10) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 5900 | (111) | 100 | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 2600 | (49) | 44 | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 2600 | (52) | 44 | (8) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 1700 | (38) | 29 | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1400 | (32) | 24 | (8) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2200 | (52) | 38 | (14) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 3700 | (87) | 62 | (25) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 2800 | (66) | 47 | (19) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 1700 | (43) | 29 | (14) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1700 | (43) | 29 | (14) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 1700 | (44) | 29 | (15) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 1100 | (28) | 18 | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 1700 | (44) | 28 | (16) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 1700 | (45) | 29 | (16) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 1700 | (46) | 29 | (17) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 706 | 100 | (11) | 89 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 500 | (84) | 8 | (76) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4900 | 153 | (226) | (73) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 800 | 106 | (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 500 | (64) | 2 | (62) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 500 | (63) | 2 | (61) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 300 | (38) | 2 | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 300 | (38) | 2 | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 300 | (35) | (1) | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 400 | (49) | 0 | (49) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 300 | (35) | 0 | (35) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 400 | (43) | (5) | (48) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 200 | 21 | 0 | 21 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 300 | 30 | 1 | 31 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 400 | (40) | (5) | (45) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 400 | (41) | (5) | (46) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 100 | (10) | (1) | (11) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 1780 | 66 | (33) | 33 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 1600 | (156) | (18) | (174) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 800 | (75) | (9) | (84) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2032 | 6300 | 0 | 81 | 81 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.674 | Annual | 05/31/2032 | 5700 | 0 | 66 | 66 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.678 | Annual | 05/31/2032 | 4700 | 0 | 56 | 56 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.680 | Annual | 05/31/2032 | 7800 | 0 | 93 | 93 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 05/31/2032 | 7000 | 0 | 94 | 94 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 3430 | (475) | (14) | (489) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2640 | (276) | (17) | (293) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 260 | 3 | 1 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 400 | (17) | (4) | (21) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 400 | (16) | (5) | (21) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 600 | (10) | (7) | (17) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 30 | 1 | (1) | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 200 | 2 | (5) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 200 | 1 | (4) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 300 | 3 | (6) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 305 | (7) | (5) | (12) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1860 | 27 | (49) | (22) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2430 | 88 | (62) | 26 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 110 | 4 | (3) | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 22100 | 1106 | (325) | 781 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.524 | Semi-Annual | 01/19/2051 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | (1353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375) | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 100 | (32) | (8) | (40) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 100 | (31) | (9) | (40) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 13600 | 1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | 5080 | 32 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 100 | (5) | (10) | (15) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **169** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 12/20/2053 | $400 | $6 | $45 | $51 | $1 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1390) | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1255) | 0 | (29) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $1136 | $7610 | $8746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |

---

Cash of $4,202 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CMBX.NA.AAA.6 Index | 0.500% | Monthly | 05/11/2063 | $16 | $0 | $0 | $0 | $0 |
| GST | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950 | (111) | 147 | 36 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 1 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 50 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 15 | (1) | 1 | 0 | 0 |
| MYC | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 3 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3100 | (24) | 34 | 10 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 2400 | 11 | 2 | 13 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 9200 | (18) | 65 | 47 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 6 | 0 | 0 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  GST | $0 | $0 | $36 | $36 | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
|  SAL | 0 | 0 | 70 | 70 | 0 | 0 | 0 | 0 | 70 | 0 | 70 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | |
|:---|:---|:---|
| **170** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $63 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 98 | 98 |
|  | $0 | $0 | $0 | $0 | $161 | $161 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $106 | $0 | $0 | $0 | $106 |
|  | $0 | $106 | $0 | $0 | $161 | $267 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 106 | 106 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $297 | $297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1123 | 1123 |
|  | $0 | $0 | $0 | $0 | $1420 | $1420 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 70 | 0 | 0 | 0 | 70 |
|  | $0 | $70 | $0 | $0 | $1 | $71 |
|  | $0 | $70 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(642) | $(642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (760) | (760) |
|  | $0 | $0 | $0 | $0 | $(1402) | $(1402) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $99 | $0 | $0 | $0 | $99 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1402) | $(1303) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 171

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2 | $0 | $2 |
|  U.S. Government Agencies | 0 | 117773 | 0 | 117773 |
|  U.S. Treasury Obligations | 0 | 8765 | 0 | 8765 |
|  Non-Agency Mortgage-Backed Securities | 0 | 54764 | 1774 | 56538 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 34 | 0 | 34 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 25485 | 0 | 25485 |
| &nbsp;&nbsp; CMBS Other | 0 | 1567 | 0 | 1567 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8699 | 0 | 8699 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 182 | 0 | 182 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2208 | 0 | 2208 |
| &nbsp;&nbsp; Other ABS | 0 | 43472 | 0 | 43472 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 39 | 0 | 39 |
|  | $0 | $262990 | $1774 | $264764 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $12653 | $0 | $0 | $12653 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277417 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(7840) | $0 | $(7840) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 161 | 0 | 161 |
|  Over the counter | 0 | 106 | 0 | 106 |
|  | $0 | $267 | $0 | $267 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(117) | $0 | $(117) |
|  Total Financial Derivative Instruments | $0 | $150 | $0 | $150 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269727 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **172** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 111.7% | INVESTMENTS IN SECURITIES 111.7% | INVESTMENTS IN SECURITIES 111.7% |
| CORPORATE BONDS & NOTES 9.6% | CORPORATE BONDS & NOTES 9.6% | CORPORATE BONDS & NOTES 9.6% |
| BANKING & FINANCE 6.1% | BANKING & FINANCE 6.1% | BANKING & FINANCE 6.1% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  1.542% due 06/16/2027 •  | 5300 | 5197 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 18900 | 18574 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  0.750% due 12/15/2025 | 1000 | 993 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.932% (SOFRINDX + 0.650%)<br>due 11/04/2026 ~ | 1200 | 1203 |
|  5.639% (SOFRINDX + 1.350%)<br>due 10/30/2026 ~ | 1000 | 1001 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.806% due 12/11/2026 •  | 2344 | 2346 |
|  4.831% (SOFRRATE + 0.500%)<br>due 10/10/2025 ~ | 25504 | 25506 |
|  4.880% due 10/06/2026 •  | 11200 | 11220 |
|  4.950% due 01/09/2026 | 600 | 601 |
|  5.139% (SOFRINDX + 0.790%)<br>due 10/03/2025 ~ | 1123 | 1123 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 1050 | 1025 |
|  4.400% due 02/15/2026 | 264 | 264 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  5.182% (SOFRINDX + 1.000%)<br>due 06/16/2026 ~ | 10300 | 10361 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.450% due 01/08/2026 | 1500 | 1488 |
|  5.252% (SOFRINDX + 1.030%)<br>due 08/27/2026 ~ | 11900 | 11965 |
|  5.620% due 05/08/2026 | 200 | 202 |
|  5.684% due 02/23/2026 | 14500 | 14568 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.745% (SOFRRATE + 0.560%)<br>due 03/18/2026 ~ | 1265 | 1267 |
|  4.989% (SOFRRATE + 0.640%)<br>due 10/03/2025 ~ | 9400 | 9400 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •  | 5000 | 4990 |
|  5.080% due 01/20/2027 •  | 19200 | 19237 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.342% (SOFRINDX + 1.160%)<br>due 12/11/2026 ~ | 510 | 515 |
|  5.530% (SOFRINDX + 1.330%)<br>due 06/05/2026 ~ | 4800 | 4835 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.759% (SOFRINDX + 0.545%)<br>due 03/02/2026 ~ | 1000 | 1001 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.935% due 01/26/2026 | 4428 | 4437 |
|  5.433% (SOFRRATE + 1.130%)<br>due 01/23/2027 ~ | 225 | 226 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 10700 | 10701 |
|  5.829% due 05/09/2027 •  | 21000 | 21188 |
|  7.325% due 11/02/2026 •  | 3500 | 3508 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.100% due 01/26/2026 | 1800 | 1805 |
|  5.975% due 01/18/2027 •  | 10800 | 10841 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  1.250% due 06/22/2026 | 700 | 686 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.682% due 02/27/2026 •  | 2213 | 2215 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.776% (SOFRINDX + 0.520%)<br>due 05/13/2026 ~ | 2300 | 2303 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.879% (SOFRINDX + 0.590%)<br>due 04/30/2026 ~ | 2100 | 2103 |
|  4.980% (SOFRRATE + 0.708%)<br>due 08/06/2026 ~ | 8200 | 8224 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.610% (SOFRRATE + 0.480%)<br>due 01/20/2026 ~ | 8100 | 8095 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  | 20500 | 20290 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.701% (SOFRRATE + 0.460%)<br>due 11/27/2026 ~ | 14400 | 14432 |
|  4.720% (SOFRRATE + 0.520%)<br>due 06/15/2026 ~ | 3800 | 3807 |
|  4.950% (SOFRRATE + 0.750%)<br>due 03/13/2026 ~ | 1500 | 1504 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 1000 | 987 |
|  5.043% (SOFRINDX + 0.710%)<br>due 01/09/2026 ~ | 28900 | 28940 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.350% due 06/24/2026 | 1200 | 1210 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 6400 | 6242 |
|  4.450% due 02/15/2026 | 1500 | 1499 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.686% due 03/19/2026 | 735 | 727 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  5.896% due 10/09/2026 •  | 1000 | 1000 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  4.518% (SOFRINDX + 0.190%)<br>due 04/14/2026 ~ | 30000 | 29995 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.850% due 10/14/2025 | 2900 | 2901 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 900 | 893 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 2000 | 1975 |
|  4.984% due 12/09/2026 •  | 4545 | 4550 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  0.875% due 12/10/2025 | 100 | 99 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  7.336% due 11/03/2026 •  | 2700 | 2706 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  4.519% (SOFRINDX + 0.280%)<br>due 02/23/2027 ~ | 2300 | 2302 |
|  4.705% due 01/12/2027 •  | 8500 | 8514 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.500% due 01/09/2026 | 400 | 401 |
|  5.600% due 04/10/2026 | 2900 | 2922 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.790% (SOFRRATE + 0.570%)<br>due 03/03/2026 ~ | 2400 | 2404 |
|  4.796% due 10/22/2025 •  | 2275 | 2275 |
|  5.001% due 06/08/2026 •  | 910 | 914 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.960% due 01/29/2027 •  | 34600 | 34562 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  5.300% (SOFRINDX + 1.000%)<br>due 10/30/2026 ~ | 7400 | 7466 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank |
|  5.277% (SOFRINDX + 1.000%)<br>due 05/08/2026 ~ | 17000 | 17082 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.050% due 01/28/2027 •  | 11600 | 11626 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  4.853% (SOFRRATE + 0.550%)<br>due 01/29/2026 ~ | 450 | 450 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.000% due 09/14/2026 | 400 | 399 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.800% due 04/05/2026 | 2750 | 2759 |
|  7.472% due 11/10/2026 •  | 7700 | 7724 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.674% (SOFRRATE + 0.480%)<br>due 06/09/2026 ~ | 3258 | 3264 |
|  4.898% due 01/16/2026 •  | 9000 | 9010 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 5800 | 5690 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  1.500% due 09/30/2026 | 1000 | 976 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.752% due 03/27/2026 •  | 2755 | 2760 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.826% (SOFRRATE + 0.500%)<br>due 01/15/2027 ~ | 22900 | 22909 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  4.758% due 01/26/2027 •  | 2838 | 2841 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.806% (SOFRRATE + 0.500%)<br>due 07/22/2026 ~ | 21500 | 21516 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.743% (SOFRINDX + 0.460%)<br>due 08/03/2026 ~ | 1000 | 1002 |
|  4.838% (SOFRRATE + 0.525%)<br>due 01/20/2026 ~ | 10100 | 10112 |
|  4.870% (SOFRINDX + 0.570%)<br>due 04/27/2026 ~ | 600 | 601 |
|  4.875% due 01/12/2026 | 4290 | 4298 |
|  Santander U.K. Group Holdings PLC |  |  |
|  6.833% due 11/21/2026 •  | 5500 | 5516 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.632% due 07/14/2026 | 5700 | 5639 |
|  3.784% due 03/09/2026 | 30691 | 30654 |
|  5.637% (SOFRRATE + 1.300%)<br>due 07/13/2026 ~ | 500 | 504 |
|  5.767% (SOFRRATE + 1.430%)<br>due 01/13/2026 ~ | 1499 | 1504 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.650% due 03/09/2026 | 2000 | 2013 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  1.200% due 06/03/2026 | 3600 | 3534 |
|  4.811% (SOFRRATE + 0.480%)<br>due 10/10/2025 ~ | 6485 | 6485 |
|  5.103% due 01/09/2026 | 693 | 695 |
|  5.396% (SOFRRATE + 1.080%)<br>due 07/17/2026 ~ | 1800 | 1812 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.781% (SOFRINDX + 0.450%)<br>due 04/10/2026 ~ | 19000 | 19021 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 3600 | 3564 |
|  5.711% due 01/12/2027 •  | 7575 | 7602 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  3.650% due 06/15/2026 | 470 | 468 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.000% due 04/22/2026 | 3400 | 3381 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.036% (SOFRRATE + 0.710%)<br>due 01/15/2026 ~ | 9600 | 9610 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
|  4.984% (SOFRRATE + 0.720%)<br>due 11/17/2025 ~ | 4300 | 4303 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 3350 | 3360 |
|  |  | 645415 |
| INDUSTRIALS 2.7% | INDUSTRIALS 2.7% | INDUSTRIALS 2.7% |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.400% due 02/14/2026 | 6500 | 6496 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 47198 | 46634 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  2.600% due 08/15/2026 | 1000 | 986 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 1650 | 1649 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 8100 | 8040 |
|  3.100% due 05/01/2026 | 7600 | 7550 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
|  3.875% due 01/15/2027 | 2300 | 2299 |
|  Cigna Group | Cigna Group | Cigna Group |
|  1.250% due 03/15/2026 | 600 | 592 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **173** |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.600% due 11/01/2025 | 300 | 300 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  6.020% due 06/15/2026 | 6600 | 6654 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.750% due 01/15/2026 | 671 | 671 |
|  6.050% due 12/01/2026 | 2310 | 2354 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  5.000% due 02/15/2026 | 166 | 166 |
|  GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC |
|  4.679% (SOFRRATE + 0.500%)<br>due 03/12/2027 ~ | 300 | 301 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 11600 | 11448 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.375% due 09/01/2026 | 2300 | 2310 |
|  5.875% due 02/15/2026 | 10401 | 10415 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.486% (SOFRRATE + 0.330%)<br>due 12/24/2025 ~ | 300 | 300 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  6.250% due 11/03/2025 | 2100 | 2103 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.400% due 11/15/2025 | 1111 | 1109 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  1.250% due 10/01/2025 | 525 | 525 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 1700 | 1675 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 1700 | 1685 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 9800 | 9699 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 3295 | 3244 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 67100 | 66318 |
|  2.650% due 07/15/2026 | 9300 | 9193 |
|  5.800% due 11/10/2025 | 202 | 202 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.200% due 11/15/2025 | 4799 | 4779 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  4.656% (SOFRINDX + 0.400%)<br>due 02/13/2026 ~ | 900 | 901 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2026 | 2500 | 2506 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 5882 | 5871 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.000% due 02/27/2026 | 400 | 401 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.450% due 06/15/2026 | 700 | 693 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 02/15/2026 | 3500 | 3473 |
|  2.625% due 04/15/2026 | 6000 | 5952 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.000% due 03/28/2026 | 3504 | 3517 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.826% (SOFRRATE + 0.500%)<br>due 07/15/2026 ~ | 4700 | 4706 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 1400 | 1369 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 500 | 498 |
|  4.625% due 11/13/2025 | 3200 | 3199 |
|  4.983% (SOFRRATE + 0.830%)<br>due 03/20/2026 ~ | 2000 | 2004 |
|  5.400% due 03/20/2026 | 22000 | 22118 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.050% due 01/15/2026 | 17100 | 17031 |
|  |  | 283936 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 | 750 | 736 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.900% due 10/01/2025 | 400 | 400 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 2000 | 1999 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.456% (SOFRINDX + 0.280%)<br>due 09/15/2026 ~ | 6700 | 6702 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.611% (SOFRRATE + 0.400%)<br>due 12/03/2025 ~ | 1996 | 1997 |
|  4.809% (SOFRRATE + 0.580%)<br>due 11/22/2026 ~ | 3600 | 3615 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.054% (SOFRINDX + 0.760%)<br>due 01/29/2026 ~ | 4200 | 4208 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.850% due 07/15/2026 | 3600 | 3613 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 9500 | 9436 |
|  3.150% due 01/01/2026 | 34594 | 34486 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%)<br>due 06/10/2026 ~ | 400 | 401 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 | 13900 | 13738 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  4.750% due 01/09/2026 | 1600 | 1602 |
|  |  | 82933 |
|  Total Corporate Bonds & Notes<br>(Cost $1,010,851) | Total Corporate Bonds & Notes<br>(Cost $1,010,851) | 1012284 |
| U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  4.330% due 10/05/2027 •(a) | 114000 | 114011 |
|  Total U.S. Government Agencies<br>(Cost $114,000) | Total U.S. Government Agencies<br>(Cost $114,000) | 114011 |
| U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.057% due 07/31/2027 •  | 88900 | 88838 |
|  Total U.S. Treasury Obligations<br>(Cost $88,860) | Total U.S. Treasury Obligations<br>(Cost $88,860) | 88838 |
| ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.453% due 09/15/2026 | 2289 | 2291 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.536% due 02/20/2026 | 230 | 230 |
|  4.555% due 05/20/2026 | 11553 | 11561 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.359% due 08/20/2026 | 832 | 833 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.390% due 08/20/2026 | 7268 | 7274 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.359% due 08/17/2026 | 7586 | 7591 |
|  Total Asset-Backed Securities (Cost $29,758) | Total Asset-Backed Securities (Cost $29,758) | 29780 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  BNG Bank NV | BNG Bank NV | BNG Bank NV |
|  5.286% (SOFRINDX + 1.000%) due 08/05/2026 ~ | 8200 | 8251 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 500 | 504 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.805% (SOFRRATE + 0.500%) due 07/27/2026 ~ | 2900 | 2907 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  4.314% (FEDL01 + 0.224%)<br>due 08/13/2026 ~ | 50000 | 49981 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  5.179% (SOFRINDX + 1.000%) due 06/17/2026 ~ | 5150 | 5177 |
|  Kommunekredit | Kommunekredit | Kommunekredit |
|  5.305% (SOFRRATE + 1.000%) due 07/27/2026 ~ | 4900 | 4933 |
|  Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
|  5.286% (SOFRRATE + 1.000%) due 05/05/2027 ~ | 42600 | 43040 |
|  Total Sovereign Issues (Cost $114,844) | Total Sovereign Issues (Cost $114,844) | 114793 |
| SHORT-TERM INSTRUMENTS 98.8% | SHORT-TERM INSTRUMENTS 98.8% | SHORT-TERM INSTRUMENTS 98.8% |
| CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.410% (SOFRRATE + 0.250%) due 12/03/2025 ~ | 400 | 400 |
|  4.600% due 02/04/2026 ~ | 16000 | 16006 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.350% (SOFRRATE + 0.230%) due 04/07/2026 ~ | 3500 | 3500 |
|  4.410% (SOFRRATE + 0.250%) due 12/05/2025 ~ | 6500 | 6502 |
|  |  | 26408 |
| COMMERCIAL PAPER 0.4% | COMMERCIAL PAPER 0.4% | COMMERCIAL PAPER 0.4% |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 4500 | 4491 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.580% due 10/06/2025 | 1100 | 1099 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 31600 | 31415 |
|  |  | 37005 |
| REPURCHASE AGREEMENTS (b) 97.8% | REPURCHASE AGREEMENTS (b) 97.8% | REPURCHASE AGREEMENTS (b) 97.8% |
|  |  | 10277621 |
| SHORT-TERM NOTES 0.4% | SHORT-TERM NOTES 0.4% | SHORT-TERM NOTES 0.4% |
|  ARI Fleet Lease Trust |  |  |
|  4.559% due 05/15/2026 | 5810 | 5815 |
|  CarMax Auto Owner Trust |  |  |
|  4.474% due 07/15/2026 | 24945 | 24960 |
|  Chase Auto Owner Trust |  |  |
|  4.467% due 07/27/2026 | 5656 | 5658 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.551% due 07/20/2026 | 4058 | 4064 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.178% due 09/15/2026 | 1000 | 1000 |
|  |  | 41497 |
| Total Short-Term Instruments (Cost $10,382,496) | Total Short-Term Instruments (Cost $10,382,496) | 10382531 |
| Total Investments in Securities (Cost $11,740,809) | Total Investments in Securities (Cost $11,740,809) | 11742237 |
| Total Investments 111.7% (Cost $11,740,809) | Total Investments 111.7% (Cost $11,740,809) | 11742237 |
| Other Assets and Liabilities, net (11.7)% | Other Assets and Liabilities, net (11.7)% | (1228216) |
| Net Assets 100.0% |  | 10514021 |

---

---

| | | |
|:---|:---|:---|
| **174** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) When-issued security.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(b) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BCY | 4.240% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | U.S. Treasury Bonds 4.750% due 11/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508022) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
|  | 4.350 | 09/30/2025 | 10/01/2025 | 500000 | U.S. Treasury Bonds 4.750% due 11/15/2053 | (508707) | 500000 | 500060 |
| BOS | 4.170 | 10/01/2025 | 10/31/2025 | 200000 | U.S. Treasury Notes 1.125% - 4.500%<br>due 02/28/2027 - 04/15/2027 | (204111) | 200000 | 200000 |
|  | 4.190 | 09/18/2025 | 10/07/2025 | 250000 | U.S. Treasury Notes 3.875% due 05/31/2027 | (255101) | 250000 | 250378 |
|  | 4.190 | 10/01/2025 | 10/07/2025 | 400000 | U.S. Treasury Notes 3.875% due 05/31/2027 | (408162) | 400000 | 400000 |
|  | 4.190 | 09/18/2025 | 10/08/2025 | 50000 | U.S. Treasury Notes 3.875% due 10/15/2027 | (51021) | 50000 | 50075 |
|  | 4.190 | 09/19/2025 | 10/16/2025 | 100000 | U.S. Treasury Bonds 3.875% due 05/15/2043 | (102020) | 100000 | 100140 |
|  | 4.200 | 09/19/2025 | 10/15/2025 | 50000 | U.S. Treasury Notes 4.250% due 02/15/2028 | (50986) | 50000 | 50070 |
|  | 4.200 | 09/18/2025 | 10/27/2025 | 550000 | U.S. Treasury Notes 2.750% - 4.250%<br>due 01/15/2028 - 02/15/2028 | (561040) | 550000 | 550834 |
|  | 4.200 | 09/29/2025 | 10/27/2025 | 50000 | U.S. Treasury Notes 4.125% due 01/31/2027 | (51071) | 50000 | 50012 |
|  | 4.210 | 09/19/2025 | 10/07/2025 | 100000 | U.S. Treasury Notes 3.750% due 06/30/2027 | (102028) | 100000 | 100140 |
|  | 4.220 | 09/30/2025 | 10/01/2025 | 620500 | U.S. Treasury Notes 1.250% - 4.375%<br>due 12/31/2026 - 12/31/2029 | (633232) | 620500 | 620573 |
|  | 4.220 | 09/23/2025 | 10/09/2025 | 400000 | U.S. Treasury Notes 0.500% - 3.750%<br> due 06/30/2027 - 08/31/2027 | (408470) | 400000 | 400375 |
|  | 4.220 | 09/16/2025 | 10/14/2025 | 100000 | U.S. Treasury Notes 4.250% due 11/30/2026 | (102161) | 100000 | 100176 |
|  | 4.220 | 09/16/2025 | 10/15/2025 | 150000 | U.S. Treasury Notes 3.750% due 06/30/2027 | (153042) | 150000 | 150264 |
|  | 4.240 | 09/12/2025 | 10/16/2025 | 50000 | U.S. Treasury Notes 4.250% due 06/30/2029 | (50904) | 50000 | 50112 |
|  | 4.240 | 09/12/2025 | 10/20/2025 | 50000 | U.S. Treasury Notes 4.250% due 06/30/2029 | (50904) | 50000 | 50112 |
|  | 4.250 | 09/25/2025 | 10/06/2025 | 400000 | U.S. Treasury Notes 0.625% - 4.250%<br> due 04/30/2027 - 02/15/2028 | (408353) | 400000 | 400283 |
|  | 4.250 | 09/30/2025 | 10/06/2025 | 500000 | U.S. Treasury Notes 2.875% - 4.250%<br> due 11/15/2027 - 05/15/2028 | (510561) | 500000 | 500059 |
|  | 4.250 | 09/12/2025 | 10/15/2025 | 450000 | U.S. Treasury Notes 2.750% - 4.625%<br> due 04/30/2029 - 05/31/2029 | (458126) | 450000 | 451009 |
|  | 4.260 | 09/24/2025 | 10/06/2025 | 500000 | U.S. Treasury Notes 2.375% - 2.875%<br> due 05/15/2028 - 03/31/2029 | (504563) | 500000 | 500414 |
|  | 4.260 | 09/12/2025 | 10/08/2025 | 100000 | U.S. Treasury Notes 3.625% due 03/31/2028 | (100176) | 100000 | 100225 |
|  | 4.260 | 09/12/2025 | 10/14/2025 | 250000 | U.S. Treasury Notes 4.250% due 02/28/2029 | (254754) | 250000 | 250562 |
|  | 4.270 | 09/15/2025 | 10/02/2025 | 100000 | U.S. Treasury Notes 1.125% due 02/28/2027 | (102108) | 100000 | 100190 |
|  | 4.270 | 09/11/2025 | 10/06/2025 | 500000 | U.S. Treasury Notes 1.250% - 3.750%<br> due 04/30/2028 - 06/30/2028 | (510040) | 500000 | 501186 |
|  | 4.270 | 09/12/2025 | 10/09/2025 | 300000 | U.S. Treasury Notes 3.875% - 4.000%<br> due 12/15/2025 - 06/15/2028 | (306011) | 300000 | 300676 |
|  | 4.280 | 09/25/2025 | 10/02/2025 | 200000 | U.S. Treasury Notes 3.625% due 08/15/2028 | (204009) | 200000 | 200143 |
|  | 4.280 | 09/30/2025 | 10/02/2025 | 400000 | U.S. Treasury Notes 4.000% due 02/29/2028 | (408531) | 400000 | 400047 |
|  | 4.280 | 09/25/2025 | 10/03/2025 | 200000 | U.S. Treasury Notes 3.625% due 08/15/2028 | (204009) | 200000 | 200143 |
|  | 4.280 | 09/11/2025 | 10/10/2025 | 100000 | U.S. Treasury Notes 3.875% due 07/15/2028 | (101864) | 100000 | 100238 |
|  | 4.290 | 09/15/2025 | 10/01/2025 | 250000 | U.S. Treasury Notes 4.250% due 11/30/2026 | (255404) | 250000 | 250477 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 160000 | U.S. Treasury Notes 1.250% - 1.500%<br> due 12/31/2026 - 01/31/2027 | (163292) | 160000 | 160019 |
|  | 4.290 | 09/12/2025 | 10/02/2025 | 450000 | U.S. Treasury Notes 3.625% due 05/31/2028 | (459057) | 450000 | 451019 |
|  | 4.290 | 09/29/2025 | 10/02/2025 | 100000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (102218) | 100000 | 100024 |
|  | 4.310 | 09/09/2025 | 10/01/2025 | 50000 | U.S. Treasury Notes 2.250% due 02/15/2027 | (51048) | 50000 | 50132 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 94100 | U.S. Treasury Notes 3.500% due 09/30/2027 | (95950) | 94100 | 94111 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 500000 | U.S. Treasury Notes 3.875% - 4.625%<br> due 05/31/2027 - 09/30/2028 | (506542) | 500000 | 500062 |
| FICC STR | 4.200 | 09/30/2025 | 10/01/2025 | 50000 | U.S. Treasury Bonds 2.000 - 4.200%<br> due 02/15/2025 -02/15/2055 | (51000) | 50000 | 50006 |
| JPS | 4.220 | 07/30/2024 | TBD<sup>(2)</sup> | 501521 | U.S. Treasury Bonds 2.000% - 3.880%<br> due 08/15/2040 - 08/15/2051 | (493790) | 501521 | 528870 |
| SAL | 4.230 | 09/30/2025 | 10/01/2025 | 1500 | U.S. Treasury Notes 1.500% due 08/15/2026 | (1531) | 1500 | 1500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $10453919) | $10277621 | $10314716 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 175

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II (Cont.) September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BCY | $1000060 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1016729) | $(16669) |
|  BOO | 0 | 0 | 0 | 0 | (18635) | (18635) |
|  BOS | 8734280 | 0 | 0 | 8734280 | (8890868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156588) |
|  FICC STR | 50006 | 0 | 0 | 50006 | (51000) | (994) |
|  JPS | 528870 | 0 | 0 | 528870 | (537392) | (8522) |
|  SAL | 1500 | 0 | 0 | 1500 | (1531) | (31) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $645415 | $0 | $645415 |
| &nbsp;&nbsp; Industrials | 0 | 283936 | 0 | 283936 |
| &nbsp;&nbsp; Utilities | 0 | 82933 | 0 | 82933 |
|  U.S. Government Agencies | 0 | 114011 | 0 | 114011 |
|  U.S. Treasury Obligations | 0 | 88838 | 0 | 88838 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 29780 | 0 | 29780 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Sovereign Issues | $0 | $114793 | $0 | $114793 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 26408 | 0 | 26408 |
| &nbsp;&nbsp; Commercial Paper | 0 | 37005 | 0 | 37005 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 10277621 | 0 | 10277621 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 41497 | 0 | 41497 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11742237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11742237 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **176** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% |
| U.S. GOVERNMENT AGENCIES 0.5% | U.S. GOVERNMENT AGENCIES 0.5% | U.S. GOVERNMENT AGENCIES 0.5% |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 11/01/2038 - 10/01/2039 | 32 | 33 |
|  6.208% due 05/01/2032 •  | 3 | 3 |
|  6.483% due 07/01/2029 •  | 1 | 1 |
|  6.508% due 06/01/2035 •  | 310 | 321 |
|  6.676% due 02/01/2035 •  | 115 | 118 |
|  6.688% due 01/01/2032 •  | 1 | 2 |
|  Federal Home Loan Mortgage Corp. Coupon STRIPS  | Federal Home Loan Mortgage Corp. Coupon STRIPS  | Federal Home Loan Mortgage Corp. Coupon STRIPS  |
|  0.000% due 01/15/2032 (a) | 563 | 433 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.500% due 06/15/2035 - 09/15/2035 | 293 | 294 |
|  4.987% due 06/15/2030 - 12/15/2032 •  | 13 | 13 |
|  5.000% due 01/15/2034 | 793 | 811 |
|  5.037% due 06/15/2031 •  | 5 | 5 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.583% due 07/25/2031 •  | 150 | 148 |
|  5.353% due 10/25/2044 - 02/25/2045 •  | 680 | 633 |
|  5.553% due 07/25/2044 •  | 306 | 297 |
|  6.500% due 10/25/2043 | 258 | 265 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 05/01/2030 - 12/01/2041 | 766 | 747 |
|  4.500% due 04/01/2028 - 11/01/2029 | 46 | 46 |
|  5.395% due 12/01/2029 •  | 3 | 3 |
|  5.420% due 06/01/2043 •  | 127 | 129 |
|  5.421% due 02/01/2041 - 10/01/2044 •  | 581 | 588 |
|  5.890% due 11/01/2035 •  | 45 | 45 |
|  5.950% due 11/01/2035 •  | 46 | 47 |
|  6.047% due 03/01/2035 •  | 99 | 100 |
|  6.250% due 12/01/2032 •  | 1 | 1 |
|  6.346% due 10/01/2032 •  | 2 | 2 |
|  6.842% due 01/01/2036 •  | 36 | 37 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  4.492% due 07/25/2032 •  | 38 | 37 |
|  4.604% due 03/25/2032 •  | 111 | 107 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 12/25/2036 •  | 78 | 76 |
|  4.583% due 03/25/2034 •  | 21 | 21 |
|  4.593% due 03/25/2036 •  | 38 | 38 |
|  5.371% due 04/25/2032 •  | 5 | 5 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.591% due 06/25/2033 •  | 50 | 48 |
|  Federal National Mortgage Association Trust  | Federal National Mortgage Association Trust  | Federal National Mortgage Association Trust  |
|  4.821% due 05/25/2042 •  | 55 | 55 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% (H15T1Y + 1.500%)<br>due 08/20/2026 ~ | 1 | 1 |
|  5.625% due 04/20/2027 - 04/20/2032 •  | 122 | 122 |
|  Total U.S. Government Agencies (Cost $5,688) | Total U.S. Government Agencies (Cost $5,688) | 5632 |
| U.S. TREASURY OBLIGATIONS 88.7% | U.S. TREASURY OBLIGATIONS 88.7% | U.S. TREASURY OBLIGATIONS 88.7% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (d) | 37030 | 24174 |
|  1.375% due 08/15/2050 | 150550 | 75742 |
|  1.625% due 11/15/2050 | 214700 | 115259 |
|  1.750% due 08/15/2041 | 12400 | 8417 |
|  1.875% due 02/15/2041 | 110500 | 77728 |
|  2.250% due 08/15/2049 | 50320 | 32130 |
|  2.250% due 02/15/2052 | 600 | 372 |
|  2.750% due 11/15/2042 | 83400 | 64619 |
|  2.875% due 05/15/2043 (d) | 10960 | 8590 |
|  2.875% due 05/15/2049 | 56970 | 41575 |
|  3.000% due 05/15/2042 | 51000 | 41392 |
|  3.000% due 11/15/2044 | 213100 | 166792 |
|  3.000% due 08/15/2048 (d) | 8300 | 6242 |
|  3.000% due 02/15/2049 | 38140 | 28565 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.125% due 02/15/2043 | 41250 | 33682 |
|  3.625% due 08/15/2043 | 53000 | 46259 |
|  3.625% due 02/15/2044 | 32300 | 28047 |
|  4.000% due 11/15/2042 | 38100 | 35238 |
|  4.125% due 08/15/2044 (d) | 7500 | 6964 |
|  4.375% due 02/15/2038 | 78530 | 79239 |
|  4.375% due 08/15/2043 (d) | 23300 | 22494 |
|  4.500% due 05/15/2038 | 31463 | 32152 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.875% due 05/15/2028 (d) | 9680 | 9500 |
|  3.875% due 03/31/2027 | 46600 | 46744 |
|  3.875% due 05/31/2027 (d) | 44100 | 44257 |
|  Total U.S. Treasury Obligations<br>(Cost $1,427,170) | Total U.S. Treasury Obligations<br>(Cost $1,427,170) | 1076173 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.467% due 11/25/2036 ~ | 5109 | 2905 |
|  4.475% due 11/25/2036 ~ | 10717 | 5456 |
|  4.592% due 02/25/2034 •  | 353 | 334 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.341% due 11/25/2034 ~ | 154 | 147 |
|  6.513% due 01/25/2034 ~ | 68 | 68 |
|  6.575% due 04/25/2033 ~ | 10 | 10 |
|  6.625% due 04/25/2033 ~ | 5 | 5 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.522% due 08/25/2035 •  | 74 | 71 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.649% due 04/25/2035 ~ | 165 | 123 |
|  4.115% due 09/20/2036 ~ | 1510 | 1339 |
|  4.732% due 05/25/2035 •  | 388 | 343 |
|  4.852% due 04/25/2035 •  | 7 | 7 |
|  4.932% due 02/25/2035 •  | 249 | 236 |
|  4.952% due 02/25/2035 •  | 142 | 132 |
|  Citigroup Mortgage Loan Trust, Inc.  | Citigroup Mortgage Loan Trust, Inc.  | Citigroup Mortgage Loan Trust, Inc.  |
|  6.490% due 05/25/2035 •  | 43 | 43 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.430% due 02/20/2047 •  | 2069 | 1674 |
|  4.592% due 02/25/2047 •  | 183 | 180 |
|  4.632% due 05/25/2047 •  | 1168 | 1085 |
|  4.670% due 03/20/2046 •  | 1493 | 1397 |
|  4.672% due 05/25/2036 •  | 25 | 21 |
|  4.692% due 05/25/2035 •  | 201 | 193 |
|  4.832% due 12/25/2035 •  | 128 | 120 |
|  5.153% due 02/25/2036 •  | 122 | 112 |
|  5.500% due 03/25/2036 | 807 | 331 |
|  Credit Suisse First Boston Mortgage Securities Corp.  | Credit Suisse First Boston Mortgage Securities Corp.  | Credit Suisse First Boston Mortgage Securities Corp.  |
|  0.098% due 06/25/2032 ~ | 1 | 1 |
|  DSLA Mortgage Loan Trust  | DSLA Mortgage Loan Trust  | DSLA Mortgage Loan Trust  |
|  4.988% due 08/19/2045 •  | 148 | 133 |
|  GreenPoint MTA Trust  | GreenPoint MTA Trust  | GreenPoint MTA Trust  |
|  4.712% due 06/25/2045 •  | 115 | 105 |
|  GSR Mortgage Loan Trust  | GSR Mortgage Loan Trust  | GSR Mortgage Loan Trust  |
|  4.292% due 04/25/2036 ~ | 1396 | 836 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.508% due 03/19/2037 •  | 542 | 504 |
|  4.688% due 05/19/2035 •  | 472 | 456 |
|  IndyMac INDX Mortgage Loan Trust  | IndyMac INDX Mortgage Loan Trust  | IndyMac INDX Mortgage Loan Trust  |
|  4.912% due 02/25/2035 •  | 572 | 533 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.204% due 07/25/2035 ~ | 127 | 122 |
|  5.244% due 02/25/2036 ~ | 242 | 168 |
|  5.990% due 07/25/2064 ~ | 798 | 807 |
|  MASTR Adjustable Rate Mortgages Trust  | MASTR Adjustable Rate Mortgages Trust  | MASTR Adjustable Rate Mortgages Trust  |
|  5.859% due 05/25/2034 ~ | 41 | 40 |
|  Merrill Lynch Mortgage Investors Trust  | Merrill Lynch Mortgage Investors Trust  | Merrill Lynch Mortgage Investors Trust  |
|  5.945% due 12/25/2032 •  | 12 | 12 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 08/25/2035 •  | 391 | 272 |
|  5.513% due 09/25/2045 •  | 130 | 111 |
|  Residential Asset Mortgage Products Trust  | Residential Asset Mortgage Products Trust  | Residential Asset Mortgage Products Trust  |
|  8.500% due 10/25/2031 | 114 | 106 |
|  RFMSI Trust  | RFMSI Trust  | RFMSI Trust  |
|  6.500% due 03/25/2032 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.950% due 07/20/2033 •  | 141 | 141 |
|  4.955% due 07/20/2033 •  | 100 | 95 |
|  Sequoia Mortgage Trust 5  | Sequoia Mortgage Trust 5  | Sequoia Mortgage Trust 5  |
|  4.948% due 10/19/2026 •  | 54 | 53 |
|  Structured Adjustable Rate Mortgage Loan Trust  | Structured Adjustable Rate Mortgage Loan Trust  | Structured Adjustable Rate Mortgage Loan Trust  |
|  5.553% due 01/25/2035 •  | 144 | 133 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.712% due 05/25/2036 •  | 5970 | 4929 |
|  4.828% due 07/19/2034 •  | 18 | 17 |
|  4.948% due 03/19/2034 •  | 52 | 49 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 05/25/2046 •  | 188 | 155 |
|  3.943% due 12/25/2046 •  | 475 | 432 |
|  3.949% due 12/25/2046 •  | 646 | 571 |
|  4.792% due 11/25/2045 •  | 401 | 388 |
|  4.812% due 12/25/2045 •  | 129 | 131 |
|  4.883% due 01/25/2047 •  | 288 | 276 |
|  5.133% due 06/25/2046 •  | 919 | 864 |
|  5.153% due 02/25/2046 •  | 704 | 648 |
|  5.201% due 07/25/2046 •  | 2151 | 1966 |
|  5.201% due 08/25/2046 •  | 6269 | 5460 |
|  5.353% due 11/25/2042 •  | 82 | 79 |
|  5.653% due 09/25/2046 •  | 866 | 846 |
|  5.653% due 10/25/2046 •  | 304 | 289 |
|  6.187% due 03/25/2034 ~ | 20 | 21 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  5.319% due 05/25/2033 ~ | 30 | 30 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $50,235) | Total Non-Agency Mortgage-Backed Securities (Cost $50,235) | 38118 |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
| HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.352% due 05/25/2037 •  | 16 | 12 |
|  4.785% due 06/15/2031 •  | 268 | 265 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.009% due 01/25/2037 •  | 805 | 237 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  5.622% due 01/25/2032 •  | 11 | 10 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 18 | 18 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  | 38 | 16 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 362 | 179 |
|  4.452% due 11/25/2035 •  | 130 | 10 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.192% due 02/25/2033 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  | 88 | 31 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.432% due 08/25/2036 •  | 25 | 11 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.362% due 06/25/2037 •  | 327 | 218 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  | 1336 | 1324 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 11/25/2036 •  | 71 | 21 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.512% due 02/25/2037 •  | 247 | 70 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  | 120 | 109 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.322% due 11/25/2036 •  | 29 | 9 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.632% due 05/25/2036 •  | 102 | 103 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.972% due 08/25/2032 •  | 2 | 2 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 1391 | 297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **177** |

---

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 172 | 115 |
|  4.392% due 11/25/2036 •  | 431 | 116 |
|  |  | 3174 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.432% due 11/25/2036 •  | 436 | 121 |
| OTHER ABS 2.9% | OTHER ABS 2.9% | OTHER ABS 2.9% |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  6.025% due 04/20/2037 •  | 2500 | 2510 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.125% due 04/20/2036 •  | 1300 | 1307 |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.760% due 10/24/2031 •  | 888 | 889 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 783 | 785 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 2200 | 2210 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.567% due 07/20/2031 •  | 803 | 804 |
|  Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. |
|  5.807% due 01/20/2035 •  | 1000 | 1004 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.499% due 10/15/2030 •  | 692 | 692 |
|  Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. |
|  6.148% due 01/15/2037 •  | 2700 | 2709 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 2400 | 2412 |
|  Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund |
|  5.679% due 01/15/2031 •  | 1224 | 1225 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 573 | 573 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Generate CLO 3 Ltd. | Generate CLO 3 Ltd. | Generate CLO 3 Ltd. |
|  6.155% due 10/20/2036 •  | $3500 | $3527 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 314 | 315 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 1700 | 1706 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 814 | 814 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.780% due 01/25/2032 •  | 590 | 591 |
|  Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. |
|  5.525% due 01/20/2032 •  | 389 | 388 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 706 | 707 |
|  Romark WM-R Ltd. | Romark WM-R Ltd. | Romark WM-R Ltd. |
|  5.617% due 04/20/2031 •  | 396 | 396 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.707% due 01/21/2031 •  | 320 | 321 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 1000 | 1002 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.760% due 10/25/2034 •  | 3000 | 3007 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  6.005% due 01/20/2037 •  | 1800 | 1808 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.918% due 01/16/2037 •  | 1000 | 1005 |
|  Tiaa CLO III Ltd. | Tiaa CLO III Ltd. | Tiaa CLO III Ltd. |
|  5.729% due 01/16/2031 •  | 72 | 72 |
|  Venture 35 CLO Ltd. | Venture 35 CLO Ltd. | Venture 35 CLO Ltd. |
|  5.794% due 10/22/2031 •  | 1710 | 1712 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.839% due 01/15/2032 •  | 991 | 993 |
|  |  | 35484 |
|  Total Asset-Backed Securities<br>(Cost $41,758) | Total Asset-Backed Securities<br>(Cost $41,758) | 38779 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b) | 1476243 | $— | 1476 |
| Total Short-Term Instruments<br>(Cost $1,476) | Total Short-Term Instruments<br>(Cost $1,476) |  | 1476 |
| Total Investments in Securities<br>(Cost $1,526,327) | Total Investments in Securities<br>(Cost $1,526,327) |  | 1160178 |
| INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% |
| SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% |
|  PIMCO Short-Term Floating<br>NAV Portfolio III | 4202959 |  | 40933 |
| Total Short-Term Instruments (Cost $40,927) |  |  | 40933 |
| Total Investments in Affiliates<br>(Cost) $40,927) | Total Investments in Affiliates<br>(Cost) $40,927) |  | 40933 |
| Total Investments 99.0% (Cost $1,567,254) |  | $— | 1201111 |
| Financial Derivative Instruments (c)(f) 0.0%(Cost or Premiums, net $8,739) | Financial Derivative Instruments (c)(f) 0.0%(Cost or Premiums, net $8,739) |  | 79 |
| Other Assets and Liabilities, net 1.0% | Other Assets and Liabilities, net 1.0% |  | 11666 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1212856 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

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

(b) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.6)% | U.S. Government Agencies (1.6)% | U.S. Government Agencies (1.6)% | U.S. Government Agencies (1.6)% | U.S. Government Agencies (1.6)% | U.S. Government Agencies (1.6)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $(16054) | $(16020) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 11/01/2055 | 3000 | (2937) | (2909) |
|  Total Short Sales (1.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18991) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18929) |

---

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(29,523) at a weighted average interest rate of 4.415%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **178** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 6168 | $673517 | $(1252) | $241 | $0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 7414 | 834075 | 3576 | 0 | (116) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 245 | 29415 | 1117 | 0 | (138) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 7813 | 899105 | 6422 | 0 | (488) |
|  |  |  |  | $9863 | $241 | $(742) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 5539 | $(1154319) | $720 | $0 | $(606) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 2354 | (274462) | (5848) | 589 | 0 |
|  |  |  |  | $(5128) | $589 | $(606) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $4735 | $830 | $(1348) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.IG-40 5-Year Index | 1.000% | Quarterly | 06/20/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | $119 | $110 | $229 | $1 | $0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1200 | 14 | 12 | 26 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 300 | 7 | 0 | 7 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 68200 | 1211 | 357 | 1568 | 5 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 34500 | 777 | 16 | 793 | 5 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300% | Annual | 02/28/2029 | $118000 | $(155) | $1099 | $944 | $0 | $(78) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 765584 | (1373) | 2262 | 889 | 0 | (387) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 6301 | (38) | 39 | 1 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.857 | Annual | 03/31/2030 | 140300 | 191 | 2272 | 2463 | 72 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 11500 | 0 | 105 | 105 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 38900 | 3 | 366 | 369 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 05/15/2034 | 394400 | 0 | 14746 | 14746 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 31000 | (223) | 72 | (151) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.606 | Semi-Annual | 12/21/2047 | 40000 | (13) | 9558 | 9545 | 67 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 53000 | 10095 | 10624 | 20719 | 145 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 114046 | (2865) | (129) | (2994) | 329 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.137 | Annual | 11/15/2053 | 85300 | 0 | (2763) | (2763) | 247 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 14000 | 342 | 773 | 1115 | 42 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 64200 | 647 | 4769 | 5416 | 194 | 0 |
|  |  |  |  |  |  | $6611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43793 | $50404 | $1096 | $(508) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739 | $44288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 179

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | Variation Margin<br>Liability<sup>(5)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1348) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1858) |

---

(d) Securities with an aggregate market value of $70,002 and cash of $1,755 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(5)</sup> Unsettled variation margin liability of $(2) for closed swap agreements is outstanding at period end. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $830 | $830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 1096 | 1107 |
|  | $0 | $11 | $0 | $0 | $1926 | $1937 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1348 | $1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 508 | 510 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $37364 | $37364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 410 | 0 | 0 | (3918) | (3508) |
|  | $0 | $410 | $0 | $0 | $33446 | $33856 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(17589) | $(17589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 645 | 0 | 0 | (1251) | (606) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18840) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18195) |

---

180 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $0 | $5632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5632 |
|  U.S. Treasury Obligations | 0 | 1076173 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076173 |
|  Non-Agency Mortgage-Backed Securities | 0 | 38118 | 0 | 38118 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 3174 | 0 | 3174 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 121 | 0 | 121 |
| &nbsp;&nbsp; Other ABS | 0 | 35484 | 0 | 35484 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1476 | 0 | 1476 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160178 | $0 | $1160178 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $40933 | $0 | $0 | $40933 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40933 | $1160178 | $0 | $1201111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(18929) | $0 | $(18929) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $1937 | $0 | $1937 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(1856) | $0 | $(1856) |
|  Total Financial Derivative Instruments | $0 | $81 | $0 | $81 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141330 | $0 | $1182263 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **181** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT**<br> (000S) | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 60.7% | INVESTMENTS IN SECURITIES 60.7% | INVESTMENTS IN SECURITIES 60.7% |
| AUSTRALIA 3.5% | AUSTRALIA 3.5% | AUSTRALIA 3.5% |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 31400 | 18245 |
|  Total Australia (Cost $17,974) | Total Australia (Cost $17,974) | 18245 |
| CANADA 12.6% | CANADA 12.6% | CANADA 12.6% |
| SOVEREIGN ISSUES 12.6% | SOVEREIGN ISSUES 12.6% | SOVEREIGN ISSUES 12.6% |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 11800 | 8951 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 29000 | 21757 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 | 13300 | 9687 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 21400 | 15587 |
|  4.450% due 09/01/2034 | 13600 | 10415 |
|  Total Canada (Cost $63,478) | Total Canada (Cost $63,478) | 66397 |
| JAPAN 17.1% | JAPAN 17.1% | JAPAN 17.1% |
| SOVEREIGN ISSUES 17.1% | SOVEREIGN ISSUES 17.1% | SOVEREIGN ISSUES 17.1% |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 1630000 | 8451 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 2800000 | 16153 |
|  2.400% due 03/20/2055 | 3060000 | 18031 |
|  2.800% due 06/20/2055 | 1700000 | 10895 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 3680000 | 22810 |
|  2.400% due 03/20/2045 | 2100000 | 13833 |
|  Total Japan (Cost $97,587) | Total Japan (Cost $97,587) | 90173 |
| SUPRANATIONAL 7.3% | SUPRANATIONAL 7.3% | SUPRANATIONAL 7.3% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.250% due 12/14/2029 | 3900 | 4551 |
| SOVEREIGN ISSUES 6.4% | SOVEREIGN ISSUES 6.4% | SOVEREIGN ISSUES 6.4% |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 28300 | 33791 |
|  Total Supranational (Cost $34,739) | Total Supranational (Cost $34,739) | 38342 |
| UNITED KINGDOM 6.9% | UNITED KINGDOM 6.9% | UNITED KINGDOM 6.9% |
| SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% |
|  U.K. Gilts |  |  |
|  0.500% due 10/22/2061 | 2900 | 954 |
|  4.375% due 07/31/2054 | 31600 | 35581 |
|  Total United Kingdom (Cost $40,571) | Total United Kingdom (Cost $40,571) | 36535 |
| UNITED STATES 2.2% | UNITED STATES 2.2% | UNITED STATES 2.2% |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
|  ABFC Trust |  |  |
|  4.972% due 06/25/2034 •  | 186 | 187 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  | 68 | 68 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.452% due 07/25/2036 •  | 1158 | 315 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.352% due 05/25/2037 •  | 33 | 24 |
|  C-BASS Trust |  |  |
|  3.009% due 01/25/2037 •  | 240 | 71 |
|  4.392% due 11/25/2036 •  | 27 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT**<br> (000S) | **MARKET<br>VALUE<br>(000S)** |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 28 | 28 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  | 20 | 7 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  | 24 | 24 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.432% due 09/25/2037 •  | 22 | 4 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  | 33 | 30 |
|  4.372% due 11/25/2036 •  | 5104 | 2569 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 215 | 58 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 21 | 7 |
|  |  | 3405 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Bear Stearns ALT-A Trust |  |  |
|  4.774% due 08/25/2036 ~ | 18 | 11 |
|  5.170% due 01/25/2036 ~ | 222 | 212 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.732% due 05/25/2035 •  | 61 | 54 |
|  4.852% due 03/25/2035 •  | 232 | 210 |
|  4.872% due 03/25/2035 •  | 29 | 16 |
|  4.912% due 03/25/2035 •  | 1303 | 1230 |
|  4.932% due 02/25/2035 •  | 5 | 4 |
|  5.032% due 09/25/2034 •  | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.482% due 08/25/2035 ~ | 5 | 5 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.430% due 02/20/2047 •  | 2363 | 1912 |
|  4.592% due 02/25/2047 •  | 48 | 47 |
|  4.670% due 03/20/2046 •  | 188 | 176 |
|  4.792% due 12/25/2035 •  | 20 | 19 |
|  4.832% due 12/25/2035 •  | 128 | 120 |
|  4.832% due 02/25/2037 •  | 57 | 48 |
|  4.872% due 08/25/2035 •  | 132 | 128 |
|  4.872% due 12/25/2035 •  | 556 | 425 |
|  4.972% due 09/25/2035 •  | 497 | 455 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.500% due 04/25/2033 | 2 | 2 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.372% due 10/25/2036 •  | 1 | 1 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.668% due 03/19/2045 •  | 93 | 88 |
|  4.908% due 09/19/2045 •  | 918 | 481 |
|  4.988% due 08/19/2045 •  | 67 | 60 |
|  GreenPoint MTA Trust |  |  |
|  4.732% due 06/25/2045 •  | 569 | 452 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.728% due 06/19/2035 •  | 74 | 72 |
|  4.728% due 01/19/2036 •  | 8 | 8 |
|  4.728% due 03/19/2036 •  | 595 | 551 |
|  4.748% due 01/19/2036 •  | 1104 | 717 |
|  4.868% due 11/19/2035 •  | 56 | 36 |
|  4.908% due 09/19/2035 •  | 7 | 4 |
|  4.930% due 06/20/2035 •  | 26 | 25 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.350% due 10/25/2035 ~ | 7 | 7 |
|  RALI Trust |  |  |
|  4.692% due 04/25/2046 •  | 117 | 29 |
|  Sequoia Mortgage Trust |  |  |
|  4.950% due 07/20/2033 •  | 122 | 122 |
|  4.979% due 10/20/2034 •  | 95 | 86 |
|  Sequoia Mortgage Trust 5 |  |  |
|  4.948% due 10/19/2026 •  | 1 | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.828% due 07/19/2034 •  | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT**<br> (000S) | **MARKET<br>VALUE<br>(000S)** |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.812% due 03/25/2044 •  | 17 | 17 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  | 48 | 43 |
|  4.198% due 02/27/2034 •  | 1 | 1 |
|  4.852% due 10/25/2045 •  | 6 | 6 |
|  4.892% due 01/25/2045 •  | 3 | 3 |
|  4.912% due 01/25/2045 •  | 4 | 4 |
|  4.912% due 07/25/2045 •  | 4 | 4 |
|  5.353% due 11/25/2042 •  | 1 | 1 |
|  5.553% due 08/25/2042 •  | 2 | 2 |
|  5.653% due 10/25/2046 •  | 14 | 13 |
|  5.653% due 11/25/2046 •  | 199 | 178 |
|  |  | 8089 |
| U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.500% due 10/01/2036 •  | 7 | 7 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  6.500% due 07/15/2028 | 24 | 24 |
|  Federal Home Loan Mortgage Corp. Securities REMICS Trust | Federal Home Loan Mortgage Corp. Securities REMICS Trust | Federal Home Loan Mortgage Corp. Securities REMICS Trust |
|  4.587% due 09/25/2035 •  | 436 | 427 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.751% due 09/25/2031 •  | 4 | 4 |
|  5.353% due 10/25/2044 - 02/25/2045 •  | 32 | 30 |
|  5.553% due 07/25/2044 •  | 6 | 6 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  6.007% due 12/01/2034 •  | 1 | 1 |
|  6.526% due 11/01/2034 •  | 4 | 4 |
|  6.633% due 12/01/2030 •  | 0 | 1 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.583% due 03/25/2034 •  | 1 | 1 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 6 | 7 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 12 | 12 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.625% (H15T1Y + 1.500%) due 04/20/2026 - 05/20/2026 ~ | 1 | 1 |
|  5.625% due 04/20/2030 - 06/20/2030 •  | 70 | 69 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  6.000% due 08/20/2034 | 120 | 121 |
|  |  | 715 |
|  Total United States (Cost $17,833) | Total United States (Cost $17,833) | 12209 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (c) | 638863 | 639 |
| REPURCHASE AGREEMENTS (d) 10.5% | REPURCHASE AGREEMENTS (d) 10.5% | REPURCHASE AGREEMENTS (d) 10.5% |
|  |  | 55600 |
|  | **PRINCIPAL<br>AMOUNT**<br> (000S) |  |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  4.178% due 10/02/2025 - 01/20/2026 (a)(b)(g) | 2824 | 2813 |
| Total Short-Term Instruments<br>(Cost $59,052) | Total Short-Term Instruments<br>(Cost $59,052) | 59052 |
| Total Investments in Securities<br>(Cost $331,234) | Total Investments in Securities<br>(Cost $331,234) | 320953 |

---

182 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 35.0% | INVESTMENTS IN AFFILIATES 35.0% | INVESTMENTS IN AFFILIATES 35.0% | INVESTMENTS IN AFFILIATES 35.0% |
| SHORT-TERM INSTRUMENTS 35.0% | SHORT-TERM INSTRUMENTS 35.0% | SHORT-TERM INSTRUMENTS 35.0% | SHORT-TERM INSTRUMENTS 35.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 35.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 35.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 35.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 35.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 18972484 | $— | 184773 |
| Total Short-Term Instruments<br>(Cost $184,634) | Total Short-Term Instruments<br>(Cost $184,634) |  | 184773 |
| Total Investments in Affiliates<br>(Cost $184,634) | Total Investments in Affiliates<br>(Cost $184,634) |  | 184773 |
| Total Investments 95.7%<br>(Cost $515,868) | Total Investments 95.7%<br>(Cost $515,868) | $— | 505726 |
|  Financial Derivative<br>Instruments (e)(f) 0.2%<br> (Cost or Premiums, net $(8067)) | Financial Derivative<br>Instruments (e)(f) 0.2%<br> (Cost or Premiums, net $(8067)) |  | 1152 |
| Other Assets and Liabilities, net 4.1% | Other Assets and Liabilities, net 4.1% |  | 21415 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 528293 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500 | U.S. Treasury Notes 1.500% - 4.500%<br> due 01/31/2027 - 05/15/2027 | $(27039) | $26500 | $26503 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 25000 | U.S. Treasury Notes 3.875% due 05/31/2027 | (25509) | 25000 | 25003 |
| BPS | 4.250 | 09/30/2025 | 10/01/2025 | 4100 | U.S. Treasury Inflation-Indexed Notes<br> 2.125% due 04/15/2029 | (4186) | 4100 | 4100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56734) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55606 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral Pledged/<br>(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51506 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1042) |
|  BPS | 4100 | 0 | 0 | 4100 | (4186) | (86) |
|  Total Borrowings and Other Financing Transactions | $55606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **183** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 169 | $12676 | $(103) | $87 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 1262 | 111047 | 2304 | 499 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 21 | 2905 | 1 | 4 | 0 |
|  Long Guilt December Futures  | 12/2025 | 365 | 44592 | 76 | 191 | (24) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 666 | $(100531) | $(332) | $24 | $(266) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** |  | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** |  | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 09/17/2027 | GBP | 61300 | $(370) | $(61) | $(431) | $18 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 28300 | (147) | (17) | (164) | 39 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 1400 | (41) | 17 | (24) | 4 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 3540 | 167 | (60) | 107 | 0 | (28) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 | JPY | 160000 | 1 | 9 | 10 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 |  | 17200000 | (3156) | 3253 | 97 | 146 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 |  | 80000 | 5 | 8 | 13 | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | NZD | 132500 | (999) | 3206 | 2207 | 58 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | AUD | 31900 | (9) | (48) | (57) | 29 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 |  | 1900 | (14) | 5 | (9) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 50600 | (941) | 1853 | 912 | 133 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 25400 | (412) | 848 | 436 | 72 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 81700 | 477 | 849 | 1326 | 249 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 4100 | (65) | 2 | (63) | 0 | (14) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 1900 | 27 | 0 | 27 | 7 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 1700 | 10 | (3) | 7 | 2 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | EUR | 138400 | (498) | (159) | (657) | 59 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 32200 | 0 | 159 | 159 | 0 | (34) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 4200 | (6) | (38) | (44) | 0 | (5) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 5900 | (12) | (4) | (16) | 0 | (8) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 5300 | (10) | 7 | (3) | 0 | (7) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 10400 | (25) | (6) | (31) | 0 | (18) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 3300 | (9) | (26) | (35) | 10 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 4000 | (10) | (24) | (34) | 12 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 4100 | (11) | (8) | (19) | 12 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 3900 | (11) | 53 | 42 | 12 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 4000 | (14) | 69 | 55 | 0 | (13) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 5000 | (20) | 77 | 57 | 0 | (16) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 3900 | (13) | 91 | 78 | 0 | (12) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 147360 | (64) | 270 | 206 | 494 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 55660 | (794) | (229) | (1023) | 0 | (435) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 | CAD | 1500 | 26 | (1) | 25 | 2 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 |  | 1500 | 1 | (13) | (12) | 0 | (2) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 82700 | (666) | (2584) | (3250) | 0 | (158) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 15600 | 130 | (234) | (104) | 0 | (32) |

---

---

| | | |
|:---|:---|:---|
| **184** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 | 11100 | $(44) | $(59) | $(103) | $0 | $(23) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 15700 | (13) | (215) | (228) | 0 | (32) |
|  Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 | 10900 | (664) | 71 | (593) | 0 | (24) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 41100 | 67 | (566) | (499) | 0 | (92) |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/18/2035 | 2500 | 54 | 9 | 63 | 7 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 | 800 | 6 | (13) | (7) | 0 | (2) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8067) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1579) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1247) |

---

Cash of $14,537 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 29318 | $34196 | $0 | $(226) |
|  | 10/2025 | 1264 | 740 | 7 | 0 |
|  | 10/2025 | $53113 | 73891 | 0 | (17) |
|  | 11/2025 | 73774 | $53113 | 17 | 0 |
|  | 11/2025 | $741 | 1264 | 0 | (7) |
|  BOA | 10/2025 | 232651 | $1585 | 13 | 0 |
|  | 10/2025 | 888 | 512 | 0 | (4) |
|  | 10/2025 | $13754 | 2059159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | 0 |
|  | 11/2025 | 1965132 | $13166 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |
|  | 11/2025 | $512 | 888 | 4 | 0 |
|  BPS | 10/2025 | 27788 | $20005 | 37 | 0 |
|  | 10/2025 | 875 | 513 | 5 | 0 |
|  | 10/2025 | $22288 | 3311611 | 105 | 0 |
|  | 11/2025 | 3300110 | $22289 | 0 | (105) |
|  | 11/2025 | $514 | 875 | 0 | (5) |
|  BRC | 10/2025 | 20098 | 17144 | 30 | 0 |
|  | 10/2025 | 542 | 906 | 0 | (16) |
|  | 11/2025 | 2019 | $1335 | 0 | (2) |
|  | 11/2025 | 17144 | 20138 | 0 | (30) |
|  BSH | 10/2025 | 260 | 151 | 0 | 0 |
|  | 11/2025 | $151 | 261 | 0 | 0 |
|  CBK | 10/2025 | 3724 | $2440 | 0 | (24) |
|  | 10/2025 | $20402 | 28423 | 30 | (7) |
|  | 10/2025 | 10 | 72 | 0 | 0 |
|  | 10/2025 | 50 | 322 | 0 | 0 |
|  | 10/2025 | 448 | 384 | 3 | 0 |
|  | 10/2025 | 926 | 685 | 0 | (4) |
|  | 11/2025 | 27661 | $19879 | 0 | (30) |
|  FAR | 10/2025 | 25131 | 16301 | 0 | (328) |
|  | 10/2025 | 3836672 | 26097 | 155 | 0 |
|  | 10/2025 | 618 | 361 | 3 | 0 |
|  | 10/2025 | $16799 | 25730 | 226 | 0 |
|  | 10/2025 | 19726 | 14668 | 1 | 0 |
|  | 11/2025 | 25730 | $16807 | 0 | (226) |
|  | 11/2025 | 14668 | 19730 | 0 | (1) |
|  | 11/2025 | $362 | 618 | 0 | (3) |
|  | 12/2025 | 4198 | $222 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **185** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  IND | 10/2025 | 350 | 55 | $0 | $0 |
|  | 11/2025 | $55 | 349 | 0 | 0 |
|  JPM | 10/2025 | 87727 | $63481 | 442 | 0 |
|  | 10/2025 | 243 | 38 | 0 | 0 |
|  | 11/2025 | $38 | 242 | 0 | 0 |
|  MBC | 10/2025 | 525 | $382 | 5 | 0 |
|  | 10/2025 | 8 | 1 | 0 | 0 |
|  | 10/2025 | 17144 | 20022 | 0 | (106) |
|  | 10/2025 | 15561 | 20796 | 0 | (132) |
|  | 10/2025 | 165256 | 1128 | 10 | 0 |
|  | 10/2025 | $308 | 264 | 2 | 0 |
|  | 10/2025 | 18224 | 2710340 | 104 | (1) |
|  | 11/2025 | 4495143 | $30397 | 0 | (105) |
|  | 11/2025 | $1 | 8 | 0 | 0 |
|  SCX | 10/2025 | 4455546 | $30306 | 178 | 0 |
|  | 10/2025 | $42 | 271 | 0 | 0 |
|  | 10/2025 | 36726 | 27457 | 200 | 0 |
|  | 11/2025 | 27457 | $36732 | 0 | (200) |
|  | 11/2025 | 21647 | 147 | 0 | 0 |
|  SOG | 10/2025 | 5331766 | 36255 | 202 | 0 |
|  | 10/2025 | $33716 | 28670 | 0 | (56) |
|  | 10/2025 | 27120 | 4035558 | 168 | 0 |
|  | 10/2025 | 1748 | 3000 | 0 | (9) |
|  | 11/2025 | 28670 | $33784 | 56 | 0 |
|  | 11/2025 | 4021602 | 27120 | 0 | (168) |
|  SSB | 10/2025 | 27249 | 36729 | 82 | 0 |
|  | 10/2025 | $9962 | 13807 | 0 | (41) |
|  | 11/2025 | 128 | $1 | 0 | 0 |
|  UAG | 10/2025 | 80 | 58 | 0 | 0 |
|  | 10/2025 | $732 | 1106 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $2255 | $(2028) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $24 | $0 | $0 | $24 | $(250) | $0 | $0 | $(250) | $(226) | $403 | $177 |
|  BOA | 187 | 0 | 0 | 187 | (173) | 0 | 0 | (173) | 14 | 0 | 14 |
|  BPS | 147 | 0 | 0 | 147 | (110) | 0 | 0 | (110) | 37 | 0 | 37 |
|  BRC | 30 | 0 | 0 | 30 | (48) | 0 | 0 | (48) | (18) | 0 | (18) |
|  CBK | 33 | 0 | 0 | 33 | (65) | 0 | 0 | (65) | (32) | 0 | (32) |
|  FAR | 385 | 0 | 0 | 385 | (564) | 0 | 0 | (564) | (179) | (6) | (185) |
|  JPM | 442 | 0 | 0 | 442 | 0 | 0 | 0 | 0 | 442 | (370) | 72 |
|  MBC | 121 | 0 | 0 | 121 | (344) | 0 | 0 | (344) | (223) | 0 | (223) |
|  SCX | 378 | 0 | 0 | 378 | (200) | 0 | 0 | (200) | 178 | (330) | (152) |
|  SOG | 426 | 0 | 0 | 426 | (233) | 0 | 0 | (233) | 193 | (400) | (207) |
|  SSB | 82 | 0 | 0 | 82 | (41) | 0 | 0 | (41) | 41 | (330) | (289) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2028) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2028) |  |  |  |

---

(g) Securities with an aggregate market value of $697 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting agreements. 

---

| | | |
|:---|:---|:---|
| **186** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $805 | $805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1367 | 1367 |
|  | $0 | $0 | $0 | $0 | $2172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | $0 | $2255 |
|  | $0 | $0 | $0 | $2255 | $2172 | $4427 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $290 | $290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 957 | 957 |
|  | $0 | $0 | $0 | $0 | $1247 | $1247 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2028 | $0 | $2028 |
|  | $0 | $0 | $0 | $2028 | $1247 | $3275 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $45 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 353 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 7933 | 7933 |
|  | $0 | $0 | $0 | $0 | $8331 | $8331 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11512) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 277 | 277 |
|  | $0 | $0 | $0 | $(11512) | $277 | $(11235) |
|  | $0 | $0 | $0 | $(11512) | $8608 | $(2904) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |  |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1417) | $(1417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4650 | 4650 |
|  | $0 | $0 | $0 | $0 | $3233 | $3233 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5310 | $0 | $5310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (105) | (105) |
|  | $0 | $0 | $0 | $5310 | $(105) | $5205 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5310 | $3128 | $8438 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 187

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18245 |
|  Canada |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 66397 | 0 | 66397 |
|  Japan |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 90173 | 0 | 90173 |
|  Supranational |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4551 | 0 | 4551 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 33791 | 0 | 33791 |
|  United Kingdom |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36535 | 0 | 36535 |
|  United States |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3405 | 0 | 3405 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 8089 | 0 | 8089 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 715 | 0 | 715 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 639 | 0 | 639 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 55600 | 0 | 55600 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2813 | 0 | 2813 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184773 | $0 | $0 | $184773 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184773 | $320953 | $0 | $505726 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 805 | 1367 | 0 | 2172 |
|  Over the counter | 0 | 2255 | 0 | 2255 |
|  | $805 | $3622 | $0 | $4427 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (290) | (957) | 0 | (1247) |
|  Over the counter | 0 | (2028) | 0 | (2028) |
|  | $(290) | $(2985) | $0 | $(3275) |
|  Total Financial Derivative Instruments | $515 | $637 | $0 | $1152 |
|  Totals | $185288 | $321590 | $0 | $506878 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **188** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% |
| CORPORATE BONDS & NOTES 51.6% | CORPORATE BONDS & NOTES 51.6% | CORPORATE BONDS & NOTES 51.6% |
| BANKING & FINANCE 33.3% | BANKING & FINANCE 33.3% | BANKING & FINANCE 33.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~ | 30925 | 31000 |
|  5.939% due 09/18/2027 •  | 4200 | 4246 |
|  6.575% due 10/13/2026 •  | 32400 | 32419 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 10534 | 10449 |
|  2.450% due 10/29/2026 | 14104 | 13861 |
|  4.450% due 10/01/2025 | 1616 | 1616 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 7000 | 6856 |
|  2.875% due 01/15/2026 | 900 | 896 |
|  3.750% due 06/01/2026 | 1346 | 1339 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.932% (SOFRINDX + 0.650%) due 11/04/2026 ~ | 1300 | 1304 |
|  5.268% (SOFRINDX + 0.970%) due 07/28/2027 ~ | 3336 | 3351 |
|  5.645% due 04/23/2027 •  | 6600 | 6652 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.927% due 03/08/2027 •  | 2400 | 2405 |
|  4.985% due 08/13/2027 •  | 21700 | 21745 |
|  5.139% (SOFRINDX + 0.790%) due 10/03/2025 ~ | 1110 | 1110 |
|  5.202% (SOFRRATE + 0.870%) due 07/09/2027 ~ | 37100 | 37268 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 920 | 898 |
|  1.600% due 04/15/2026 | 2242 | 2212 |
|  2.750% due 01/15/2027 | 2801 | 2753 |
|  3.375% due 10/15/2026 | 5302 | 5265 |
|  4.400% due 02/15/2026 | 1610 | 1610 |
|  Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. |
|  3.875% due 12/15/2025 | 2790 | 2786 |
|  Aozora Bank Ltd. | Aozora Bank Ltd. | Aozora Bank Ltd. |
|  5.900% due 09/08/2026 | 1000 | 1012 |
|  Athene Global Funding |  |  |
|  1.608% due 06/29/2026 | 901 | 884 |
|  5.068% due 07/16/2026 •  | 42000 | 42103 |
|  5.117% (SOFRINDX + 0.850%) due 05/08/2026 ~ | 3152 | 3161 |
|  5.159% due 09/18/2028 •  | 13600 | 13639 |
|  5.174% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 8700 | 8721 |
|  5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 22040 | 22160 |
|  5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 199 | 201 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.989% (SOFRRATE + 0.640%) due 10/03/2025 ~ | 6200 | 6200 |
|  Aviation Capital Group LLC |  |  |
|  1.950% due 01/30/2026 | 6764 | 6705 |
|  1.950% due 09/20/2026 | 14690 | 14360 |
|  4.875% due 10/01/2025 | 3494 | 3494 |
|  Avolon Holdings Funding Ltd. |  |  |
|  2.125% due 02/21/2026 | 11626 | 11508 |
|  2.528% due 11/18/2027 | 1493 | 1436 |
|  5.500% due 01/15/2026 | 9087 | 9100 |
|  Banco Santander SA <br>|  |  |
|  1.722% due 09/14/2027 •  | 11746 | 11464 |
|  Bank of America Corp. |  |  |
|  1.197% due 10/24/2026 •  | 14780 | 14752 |
|  1.734% due 07/22/2027 •  | 41866 | 41034 |
|  Bank of Montreal <br>|  |  |
|  5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~ | 10600 | 10642 |
|  Bank of Nova Scotia |  |  |
|  4.601% (BBSW3M + 0.900%) due 10/27/2025 ~ | 29000 | 19196 |
|  4.759% (SOFRINDX + 0.545%) due 03/02/2026 ~ | 2375 | 2378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bank of Queensland Ltd. |  |  |  |  |
|  4.806% (BBSW3M + 1.100%)<br>due 10/29/2025 ~ |  | 5500 | $— | 3642 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.625% (BBSW3M + 1.070%) due 05/24/2027 ~ |  | 2000 |  | 1328 |
|  5.308% (SOFRRATE + 0.990%) due 10/16/2028 ~ | $— | 19300 |  | 19368 |
|  5.319% (SOFRINDX + 1.070%) due 02/16/2028 ~ |  | 5800 |  | 5849 |
|  5.433% (SOFRRATE + 1.130%) due 01/23/2027 ~ |  | 3700 |  | 3722 |
|  5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~ |  | 6500 |  | 6554 |
|  5.896% due 07/13/2026 |  | 7700 |  | 7808 |
|  Barclays PLC |  |  |  |  |
|  4.375% due 01/12/2026 |  | 26055 |  | 26057 |
|  5.829% due 05/09/2027 •  |  | 15000 |  | 15134 |
|  7.325% due 11/02/2026 •  |  | 15028 |  | 15063 |
|  BNP Paribas SA <br>|  |  |  |  |
|  1.323% due 01/13/2027 •  |  | 22073 |  | 21874 |
|  BPCE SA |  |  |  |  |
|  1.652% due 10/06/2026 •  |  | 39966 |  | 39950 |
|  5.975% due 01/18/2027 •  |  | 13050 |  | 13100 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 3000 |  | 2942 |
|  5.550% due 04/09/2027 |  | 1657 |  | 1686 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.482% (BBSW3M + 0.800%) due 04/21/2026 ~ |  | 24490 |  | 16249 |
|  4.876% due 01/14/2030 | $— | 20000 |  | 20719 |
|  5.048% (SOFRRATE + 0.720%) due 01/13/2028 ~ |  | 1600 |  | 1602 |
|  5.572% (SOFRRATE + 1.220%) due 10/02/2026 ~ |  | 1000 |  | 1008 |
|  Citibank NA <br>|  |  |  |  |
|  4.879% (SOFRINDX + 0.590%) due 04/30/2026 ~ |  | 400 |  | 401 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.610% (SOFRRATE + 0.480%) due 01/20/2026 ~ |  | 19000 |  | 18987 |
|  Citigroup, Inc. |  |  |  |  |
|  1.122% due 01/28/2027 •  |  | 10900 |  | 10788 |
|  Citizens Financial Group, Inc. |  |  |  |  |
|  4.300% due 12/03/2025 |  | 540 |  | 540 |
|  Cooperatieve Rabobank UA |  |  |  |  |
|  1.106% due 02/24/2027 •  |  | 8913 |  | 8799 |
|  1.980% due 12/15/2027 •  |  | 4100 |  | 3990 |
|  4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~ |  | 4700 |  | 4712 |
|  4.910% (SOFRINDX + 0.710%) due 03/05/2027 ~ |  | 2640 |  | 2653 |
|  5.043% (SOFRINDX + 0.710%) due 01/09/2026 ~ |  | 41500 |  | 41557 |
|  Corebridge Global Funding |  |  |  |  |
|  5.453% due 09/25/2026 •  |  | 208 |  | 210 |
|  5.750% due 07/02/2026 |  | 8000 |  | 8097 |
|  Credit Agricole SA |  |  |  |  |
|  1.247% due 01/26/2027 •  |  | 20102 |  | 19892 |
|  5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~ |  | 2220 |  | 2230 |
|  5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~ |  | 1000 |  | 1007 |
|  Crown Castle, Inc. |  |  |  |  |
|  1.050% due 07/15/2026 |  | 6200 |  | 6047 |
|  4.450% due 02/15/2026 |  | 2678 |  | 2677 |
|  DBS Group Holdings Ltd. <br>|  |  |  |  |
|  4.789% (SOFRRATE + 0.600%) due 03/21/2028 ~ |  | 20400 |  | 20475 |
|  Deutsche Bank AG |  |  |  |  |
|  2.129% due 11/24/2026 •  |  | 51052 |  | 50867 |
|  4.100% due 01/13/2026 |  | 1924 |  | 1922 |
|  7.146% due 07/13/2027 •  |  | 7885 |  | 8054 |
|  DNB Bank ASA <br>|  |  |  |  |
|  5.896% due 10/09/2026 •  |  | 1700 |  | 1700 |
|  Equitable America Global Funding |  |  |  |  |
|  4.886% (SOFRRATE + 0.710%) due 09/15/2027 ~ |  | 14200 |  | 14229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.600% due 04/01/2027 | $— | 9500 | $— | 9564 |
|  4.875% due 11/19/2027 |  | 6100 |  | 6195 |
|  F&G Global Funding |  |  |  |  |
|  1.750% due 06/30/2026 |  | 1000 |  | 981 |
|  5.875% due 01/16/2030 |  | 2600 |  | 2704 |
|  Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  |
|  4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ |  | 25000 |  | 25014 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
|  2.700% due 08/10/2026 |  | 9037 |  | 8893 |
|  4.271% due 01/09/2027 |  | 16100 |  | 15974 |
|  4.389% due 01/08/2026 |  | 2650 |  | 2649 |
|  4.542% due 08/01/2026 |  | 4371 |  | 4368 |
|  5.125% due 11/05/2026 |  | 11500 |  | 11542 |
|  5.727% (SOFRRATE + 1.450%) due 11/05/2026 ~ |  | 6600 |  | 6593 |
|  5.800% due 03/05/2027 |  | 7800 |  | 7881 |
|  6.950% due 03/06/2026 |  | 4046 |  | 4079 |
|  GA Global Funding Trust |  |  |  |  |
|  1.625% due 01/15/2026 |  | 7466 |  | 7406 |
|  4.400% due 09/23/2027 |  | 17800 |  | 17843 |
|  General Motors Financial Co., Inc. |  |  |  |  |
|  5.376% (SOFRINDX + 1.050%) due 07/15/2027 ~ |  | 8100 |  | 8103 |
|  5.400% due 04/06/2026 |  | 10050 |  | 10107 |
|  Goldman Sachs Bank USA |  |  |  |  |
|  4.929% (SOFRRATE + 0.770%) due 03/18/2027 ~ |  | 3200 |  | 3208 |
|  4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ |  | 5400 |  | 5420 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
|  1.093% due 12/09/2026 •  |  | 3000 |  | 2981 |
|  1.431% due 03/09/2027 •  |  | 10092 |  | 9963 |
|  1.542% due 09/10/2027 •  |  | 3416 |  | 3332 |
|  1.948% due 10/21/2027 •  |  | 2000 |  | 1953 |
|  4.984% due 12/09/2026 •  |  | 1000 |  | 1001 |
|  5.004% due 03/09/2027 •  |  | 1457 |  | 1459 |
|  5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~ |  | 12040 |  | 12075 |
|  5.231% (SOFRRATE + 0.920%)<br>due 10/21/2027 ~ |  | 1000 |  | 1003 |
|  5.353% (SOFRRATE + 1.120%)<br>due 02/24/2028 ~ |  | 4000 |  | 4029 |
|  5.593% (SOFRRATE + 1.290%)<br>due 04/23/2028 ~ |  | 992 |  | 1001 |
|  6.026% (SOFRRATE + 1.850%)<br>due 03/15/2028 ~ |  | 3305 |  | 3363 |
|  6.325% (US0003M + 1.750%)<br>due 10/28/2027 ~ |  | 463 |  | 470 |
|  Hanover Insurance Group, Inc. <br>|  |  |  |  |
|  4.500% due 04/15/2026 |  | 2756 |  | 2758 |
|  HAT Holdings I LLC/HAT Holdings II LLC  | HAT Holdings I LLC/HAT Holdings II LLC  | HAT Holdings I LLC/HAT Holdings II LLC  | HAT Holdings I LLC/HAT Holdings II LLC  | HAT Holdings I LLC/HAT Holdings II LLC  |
|  3.375% due 06/15/2026 |  | 440 |  | 436 |
|  HSBC Holdings PLC |  |  |  |  |
|  5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~ |  | 5700 |  | 5750 |
|  5.887% due 08/14/2027 •  |  | 4159 |  | 4215 |
|  ING Bank Australia Ltd. |  |  |  |  |
|  4.555% (BBSW3M + 0.980%) due 12/08/2025 ~ |  | 25350 |  | 16797 |
|  ING Groep NV |  |  |  |  |
|  5.163% due 04/01/2027 •  | $— | 8000 |  | 8019 |
|  Intesa Sanpaolo SpA |  |  |  |  |
|  7.000% due 11/21/2025 |  | 2000 |  | 2007 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 |  | 7550 |  | 7616 |
|  5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~ |  | 9900 |  | 9945 |
|  5.500% due 01/09/2026 |  | 8400 |  | 8421 |
|  5.600% due 04/10/2026 |  | 7000 |  | 7052 |
|  John Deere Capital Corp. |  |  |  |  |
|  4.796% due 10/22/2025 •  |  | 600 |  | 600 |
|  JPMorgan Chase & Co. |  |  |  |  |
|  1.045% due 11/19/2026 •  |  | 3400 |  | 3385 |
|  1.578% due 04/22/2027 •  |  | 12913 |  | 12730 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **189** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.960% due 01/29/2027 •  | $— | 12254 | $— | 12241 |
|  5.226% (SOFRRATE + 0.920%)<br>due 04/22/2028 ~ |  | 36822 |  | 37038 |
|  Lloyds Banking Group PLC |  |  |  |  |
|  4.650% due 03/24/2026 |  | 6210 |  | 6215 |
|  5.298% (SOFRINDX + 1.060%)<br>due 11/26/2028 ~ |  | 20900 |  | 21019 |
|  5.937% (SOFRINDX + 1.580%)<br>due 01/05/2028 ~ |  | 6600 |  | 6672 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  4.074% due 12/01/2025 •  |  | 40420 |  | 26752 |
|  Mirae Asset Securities Co. Ltd. |  |  |  |  |
|  6.875% due 07/26/2026 | $— | 3616 |  | 3688 |
|  Mizuho Bank Ltd. |  |  |  |  |
|  4.415% (BBSW3M + 0.860%)<br>due 02/23/2026 ~ |  | 22600 |  | 14987 |
|  4.430% (BBSW3M + 0.850%)<br>due 09/14/2026 ~ |  | 2200 |  | 1462 |
|  Mizuho Financial Group, Inc. |  |  |  |  |
|  5.361% (SOFRRATE + 1.080%)<br>due 05/13/2031 ~ | $— | 7500 |  | 7513 |
|  Morgan Stanley |  |  |  |  |
|  5.050% due 01/28/2027 •  |  | 11000 |  | 11024 |
|  Morgan Stanley Bank NA |  |  |  |  |
|  5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ |  | 46850 |  | 46968 |
|  5.016% due 01/12/2029 •  |  | 7000 |  | 7127 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ |  | 2700 |  | 2710 |
|  MUFG Bank Ltd. <br>|  |  |  |  |
|  4.460% (BBSW3M + 0.870%) due 02/17/2026 ~ |  | 39200 |  | 25997 |
|  National Bank of Canada |  |  |  |  |
|  5.053% due 03/25/2027 •  | $— | 9325 |  | 9339 |
|  Nationwide Building Society |  |  |  |  |
|  5.539% (SOFRRATE + 1.290%)<br>due 02/16/2028 ~ |  | 3950 |  | 3982 |
|  NatWest Markets PLC |  |  |  |  |
|  4.912% (SOFRRATE + 0.760%)<br>due 09/29/2026 ~ |  | 6087 |  | 6104 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 |  | 2000 |  | 2002 |
|  New York Life Global Funding |  |  |  |  |
|  4.687% (SOFRRATE + 0.410%)<br>due 02/05/2027 ~ |  | 10000 |  | 10011 |
|  5.002% (SOFRINDX + 0.700%)<br>due 10/24/2025 ~ |  | 15000 |  | 15004 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 26510 |  | 25575 |
|  2.000% due 03/09/2026 |  | 4000 |  | 3939 |
|  Nomura Holdings, Inc. |  |  |  |  |
|  1.653% due 07/14/2026 |  | 4400 |  | 4317 |
|  5.615% (SOFRRATE + 1.250%)<br>due 07/02/2027 ~ |  | 650 |  | 655 |
|  5.709% due 01/09/2026 |  | 20523 |  | 20603 |
|  Nordea Bank Abp |  |  |  |  |
|  4.863% (SOFRRATE + 0.700%)<br>due 03/17/2028 ~ |  | 250 |  | 251 |
|  4.896% (SOFRRATE + 0.740%)<br>due 03/19/2027 ~ |  | 10600 |  | 10654 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.370% (BBSW3M + 0.780%) due 05/18/2026 ~ |  | 19000 |  | 12607 |
|  Pacific Life Global Funding II |  |  |  |  |
|  4.823% (SOFRRATE + 0.620%)<br>due 06/04/2026 ~ | $— | 1600 |  | 1605 |
|  4.898% (SOFRRATE + 0.600%)<br>due 01/27/2028 ~ |  | 29000 |  | 29100 |
|  5.500% due 08/28/2026 |  | 2320 |  | 2352 |
|  PNC Bank NA |  |  |  |  |
|  4.826% (SOFRRATE + 0.500%)<br>due 01/15/2027 ~ |  | 9755 |  | 9759 |
|  5.036% (SOFRRATE + 0.730%)<br>due 07/21/2028 ~ |  | 10700 |  | 10721 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RGA Global Funding |  |  |
|  2.000% due 11/30/2026 | 4000 | 3902 |
|  Royal Bank of Canada |  |  |
|  4.743% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 9500 | 9516 |
|  4.873% (SOFRINDX + 0.590%) due 11/02/2026 ~ | 600 | 602 |
|  4.972% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 18457 | 18528 |
|  5.021% (SOFRINDX + 0.710%) due 01/21/2027 ~ | 9130 | 9167 |
|  5.033% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 16900 | 16946 |
|  5.093% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 8000 | 8018 |
|  5.132% (SOFRINDX + 0.830%) due 01/24/2029 ~ | 8700 | 8715 |
|  5.173% (SOFRINDX + 0.860%) due 10/18/2028 ~ | 2292 | 2300 |
|  Sammons Financial Group Global Funding  | Sammons Financial Group Global Funding  | Sammons Financial Group Global Funding  |
|  5.064% due 09/02/2027 •  | 10200 | 10212 |
|  Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  |
|  4.858% due 09/11/2030 •  | 5000 | 5059 |
|  SBA Tower Trust  | SBA Tower Trust  | SBA Tower Trust  |
|  1.840% due 04/15/2027 | 4500 | 4300 |
|  Shinhan Bank Co. Ltd.  | Shinhan Bank Co. Ltd.  | Shinhan Bank Co. Ltd.  |
|  5.540% (BBSW3M + 1.950%) due 11/16/2025 ~ | 23780 | 15764 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.090% (SOFRRATE + 0.890%) due 03/05/2027 ~ | 18866 | 19004 |
|  5.271% (SOFRRATE + 1.060%) due 09/03/2030 ~ | 11800 | 11829 |
|  Societe Generale SA  | Societe Generale SA  | Societe Generale SA  |
|  1.488% due 12/14/2026 •  | 21000 | 20871 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 16736 | 16587 |
|  6.103% (SOFRRATE + 1.930%) due 07/06/2027 ~ | 1100 | 1111 |
|  6.170% due 01/09/2027 •  | 6302 | 6330 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.423% (BBSW3M + 0.850%) due 02/20/2026 ~ | 33500 | 22215 |
|  4.751% (BBSW3M + 1.050%) due 07/28/2026 ~ | 5000 | 3328 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.217% (SOFRRATE + 0.880%) due 01/14/2027 ~ | 20400 | 20520 |
|  5.637% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 5160 | 5198 |
|  5.767% (SOFRRATE + 1.430%) due 01/13/2026 ~ | 15113 | 15166 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.345% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 2655 | 2666 |
|  5.350% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 9350 | 9424 |
|  5.355% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 6300 | 6350 |
|  5.650% due 09/14/2026 | 4892 | 4966 |
|  Svenska Handelsbanken AB  | Svenska Handelsbanken AB  | Svenska Handelsbanken AB  |
|  4.033% (BBSW3M + 0.450%) due 03/04/2026 ~ | 5200 | 3442 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 | 34955 | 35812 |
|  6.136% due 09/12/2026 | 14400 | 14674 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.208% (BBSW3M + 0.650%) due 03/17/2026 ~ | 2500 | 1655 |
|  4.260% (BBSW3M + 0.700%) due 03/16/2026 ~ | 7500 | 4972 |
|  4.811% (SOFRRATE + 0.480%) due 10/10/2025 ~ | 4000 | 4000 |
|  Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
|  5.138% (SOFRINDX + 0.890%) due 05/18/2026 ~ | 3500 | 3514 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  4.048% (BBSW3M + 0.500%) due 02/26/2026 ~ | AUD | 7000 | 4634 |
|  4.934% (BBSW3M + 1.300%) due 05/12/2026 ~ |  | 23800 | 15842 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | $| 33200 | 32871 |
|  1.364% due 01/30/2027 •  |  | 2000 | 1980 |
|  5.711% due 01/12/2027 •  |  | 1500 | 1505 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.290% (BBSW3M + 0.730%) due 03/16/2026 ~ | AUD | 10500 | 6962 |
|  4.945% (SOFRINDX + 0.580%) due 04/02/2028 ~ | $| 21200 | 21284 |
|  Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
|  4.125% due 01/15/2026 |  | 1600 | 1597 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 |  | 2815 | 2785 |
|  4.250% due 12/01/2026 |  | 6323 | 6301 |
|  4.500% due 09/01/2026 |  | 1700 | 1700 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.196% due 06/17/2027 •  |  | 23600 | 23436 |
|  5.082% (SOFRRATE + 0.780%) due 01/24/2028 ~ |  | 8000 | 8018 |
|  5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~ |  | 5911 | 5950 |
|  Weyerhaeuser Co.  | Weyerhaeuser Co.  | Weyerhaeuser Co.  | Weyerhaeuser Co.  |
|  4.750% due 05/15/2026 |  | 8067 | 8090 |
|  |  |  | 2080176 |
| INDUSTRIALS 14.9% | INDUSTRIALS 14.9% | INDUSTRIALS 14.9% | INDUSTRIALS 14.9% |
|  7-Eleven, Inc.  | 7-Eleven, Inc.  | 7-Eleven, Inc.  | 7-Eleven, Inc.  |
|  0.950% due 02/10/2026 |  | 17945 | 17720 |
|  Algonquin Power & Utilities Corp.  | Algonquin Power & Utilities Corp.  | Algonquin Power & Utilities Corp.  | Algonquin Power & Utilities Corp.  |
|  5.365% due 06/15/2026 þ |  | 15125 | 15237 |
|  AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  |
|  3.125% due 04/21/2026 |  | 581 | 578 |
|  BAT International Finance PLC  | BAT International Finance PLC  | BAT International Finance PLC  | BAT International Finance PLC  |
|  1.668% due 03/25/2026 |  | 23474 | 23193 |
|  Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  |
|  2.600% due 08/15/2026 |  | 6956 | 6862 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 |  | 61531 | 61481 |
|  4.375% due 12/15/2028 |  | 1500 | 1495 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 |  | 32324 | 32049 |
|  4.875% due 07/15/2026 |  | 28670 | 28675 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ |  | 3200 | 3215 |
|  4.975% (SOFRRATE + 0.710%) due 08/11/2027 ~ |  | 47800 | 48024 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 8300 | 8349 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 48103 | 47745 |
|  2.250% due 06/15/2026 |  | 983 | 969 |
|  2.600% due 10/30/2025 |  | 10404 | 10388 |
|  2.750% due 02/01/2026 |  | 20000 | 19888 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  |
|  3.875% due 01/15/2027 |  | 7879 | 7876 |
|  Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
|  3.150% due 11/15/2025 |  | 3000 | 2996 |
|  Canadian Natural Resources Ltd.  | Canadian Natural Resources Ltd.  | Canadian Natural Resources Ltd.  | Canadian Natural Resources Ltd.  |
|  5.000% due 12/15/2029 |  | 3900 | 3989 |
|  Cigna Group  | Cigna Group  | Cigna Group  | Cigna Group  |
|  4.500% due 02/25/2026 |  | 1700 | 1700 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.600% due 11/01/2025 |  | 16418 | 16413 |
|  4.850% due 11/01/2028 |  | 1000 | 1011 |
|  Cox Communications, Inc.  | Cox Communications, Inc.  | Cox Communications, Inc.  | Cox Communications, Inc.  |
|  3.350% due 09/15/2026 |  | 3814 | 3787 |
|  Cox Enterprises, Inc.  | Cox Enterprises, Inc.  | Cox Enterprises, Inc.  | Cox Enterprises, Inc.  |
|  7.375% due 07/15/2027 |  | 2000 | 2087 |

---

---

| | | |
|:---|:---|:---|
| **190** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 9582 | 9638 |
|  6.020% due 06/15/2026 | 655 | 660 |
|  DR Horton, Inc.  | DR Horton, Inc.  | DR Horton, Inc.  |
|  1.300% due 10/15/2026 | 6000 | 5835 |
|  Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
|  4.750% due 02/15/2030 | 5200 | 5290 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.750% due 01/15/2026 | 1000 | 1000 |
|  6.050% due 12/01/2026 | 5105 | 5202 |
|  ERAC USA Finance LLC  | ERAC USA Finance LLC  | ERAC USA Finance LLC  |
|  3.800% due 11/01/2025 | 1000 | 999 |
|  Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
|  4.550% due 02/15/2031 | 11700 | 11749 |
|  Flex Ltd.  | Flex Ltd.  | Flex Ltd.  |
|  3.750% due 02/01/2026 | 32673 | 32553 |
|  Fox Corp.  | Fox Corp.  | Fox Corp.  |
|  4.709% due 01/25/2029 | 10000 | 10131 |
|  Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
|  1.200% due 10/01/2027 | 2000 | 1897 |
|  Glencore Funding LLC  | Glencore Funding LLC  | Glencore Funding LLC  |
|  5.405% (SOFRINDX + 1.060%) due 04/04/2027 ~ | 1700 | 1709 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.085% (SOFRRATE + 0.870%) due 03/01/2028 ~ | 3000 | 3022 |
|  5.250% due 06/15/2026 | 8837 | 8855 |
|  5.875% due 02/15/2026 | 12500 | 12516 |
|  Home Depot, Inc.  | Home Depot, Inc.  | Home Depot, Inc.  |
|  4.486% (SOFRRATE + 0.330%) due 12/24/2025 ~ | 200 | 200 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  3.500% due 11/02/2026 | 2471 | 2450 |
|  5.143% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 9500 | 9541 |
|  5.193% (SOFRRATE + 1.040%) due 06/24/2027 ~ | 300 | 302 |
|  5.196% (SOFRRATE + 1.040%) due 03/19/2027 ~ | 320 | 321 |
|  5.250% due 01/08/2027 | 4821 | 4874 |
|  5.264% (SOFRRATE + 0.920%) due 01/07/2028 ~ | 3540 | 3544 |
|  5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~ | 1150 | 1151 |
|  5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 10400 | 10507 |
|  Illumina, Inc.  | Illumina, Inc.  | Illumina, Inc.  |
|  5.800% due 12/12/2025 | 13832 | 13851 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 1300 | 1291 |
|  4.500% due 06/30/2028 | 6000 | 6040 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.831% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 13820 | 13822 |
|  5.100% due 03/15/2027 | 4000 | 4041 |
|  Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
|  3.000% due 06/01/2026 | 4339 | 4304 |
|  Las Vegas Sands Corp.  | Las Vegas Sands Corp.  | Las Vegas Sands Corp.  |
|  3.500% due 08/18/2026 | 10617 | 10535 |
|  Lonsdale Finance Pty. Ltd.  | Lonsdale Finance Pty. Ltd.  | Lonsdale Finance Pty. Ltd.  |
|  3.900% due 10/15/2025 | 10330 | 6835 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  1.450% due 03/02/2026 | 1000 | 989 |
|  4.928% (SOFRRATE + 0.630%) due 07/31/2026 ~ | 17575 | 17624 |
|  5.017% (SOFRRATE + 0.670%) due 01/09/2026 ~ | 34710 | 34749 |
|  Mitsubishi Corp.  | Mitsubishi Corp.  | Mitsubishi Corp.  |
|  4.942% (SOFRRATE + 0.700%) due 09/09/2028 ~ | 6700 | 6714 |
|  Molson Coors Beverage Co.  | Molson Coors Beverage Co.  | Molson Coors Beverage Co.  |
|  3.000% due 07/15/2026 | 14658 | 14532 |
|  MPLX LP <br>|  |  |
|  1.750% due 03/01/2026 | 13071 | 12936 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 16000 | 15752 |
|  4.567% due 07/16/2027 | 4700 | 4735 |
|  5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 8365 | 8456 |
|  NXP BV/NXP Funding LLC  | NXP BV/NXP Funding LLC  | NXP BV/NXP Funding LLC  |
|  5.350% due 03/01/2026 | 11295 | 11315 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc.  | NXP BV/NXP Funding LLC/NXP USA, Inc.  | NXP BV/NXP Funding LLC/NXP USA, Inc.  |
|  3.875% due 06/18/2026 | 12800 | 12770 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.200% due 11/15/2025 | 6000 | 5975 |
|  1.700% due 06/15/2026 | 2229 | 2188 |
|  Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
|  2.750% due 02/25/2026 | 541 | 538 |
|  QatarEnergy  | QatarEnergy  | QatarEnergy  |
|  1.375% due 09/12/2026 | 3900 | 3800 |
|  Renesas Electronics Corp.  | Renesas Electronics Corp.  | Renesas Electronics Corp.  |
|  2.170% due 11/25/2026 | 500 | 487 |
|  Rogers Communications, Inc.  | Rogers Communications, Inc.  | Rogers Communications, Inc.  |
|  3.200% due 03/15/2027 | 13041 | 12860 |
|  Rolls-Royce PLC  | Rolls-Royce PLC  | Rolls-Royce PLC  |
|  3.625% due 10/14/2025 | 8100 | 8097 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 07/15/2027 | 7800 | 7870 |
|  5.500% due 08/31/2026 | 23577 | 23679 |
|  5.500% due 04/01/2028 | 27260 | 27796 |
|  7.500% due 10/15/2027 | 2000 | 2117 |
|  Saudi Arabian Oil Co.  | Saudi Arabian Oil Co.  | Saudi Arabian Oil Co.  |
|  1.625% due 11/24/2025 | 500 | 498 |
|  Sydney Airport Finance Co. Pty. Ltd.  | Sydney Airport Finance Co. Pty. Ltd.  | Sydney Airport Finance Co. Pty. Ltd.  |
|  3.625% due 04/28/2026 | 31100 | 30962 |
|  Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
|  4.650% due 04/01/2028 | 13000 | 13148 |
|  T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
|  2.250% due 02/15/2026 | 2384 | 2366 |
|  Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
|  5.000% due 03/28/2026 | 3065 | 3076 |
|  Toyota Finance Australia Ltd.  | Toyota Finance Australia Ltd.  | Toyota Finance Australia Ltd.  |
|  4.581% (BBSW3M + 1.000%) due 04/06/2026 ~ | 2050 | 1360 |
|  TR Finance LLC  | TR Finance LLC  | TR Finance LLC  |
|  3.350% due 05/15/2026 | 5795 | 5755 |
|  UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
|  4.826% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 1566 | 1568 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 12548 | 12489 |
|  4.625% due 11/13/2025 | 515 | 515 |
|  4.900% due 08/14/2026 | 5583 | 5610 |
|  4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 24700 | 24747 |
|  5.213% (SOFRRATE + 1.060%) due 03/25/2027 ~ | 5150 | 5171 |
|  5.313% (SOFRRATE + 1.060%) due 08/14/2026 ~ | 3215 | 3228 |
|  5.400% due 03/20/2026 | 6234 | 6267 |
|  Woodside Finance Ltd.  | Woodside Finance Ltd.  | Woodside Finance Ltd.  |
|  3.700% due 09/15/2026 | 6742 | 6700 |
|  |  | 929831 |
| UTILITIES 3.4% | UTILITIES 3.4% | UTILITIES 3.4% |
|  American Electric Power Co., Inc.  | American Electric Power Co., Inc.  | American Electric Power Co., Inc.  |
|  1.000% due 11/01/2025 | 6233 | 6214 |
|  AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
|  4.000% due 11/25/2025 (e) | 10000 | 7191 |
|  Black Hills Corp.  | Black Hills Corp.  | Black Hills Corp.  |
|  3.950% due 01/15/2026 | 11741 | 11720 |
|  Brooklyn Union Gas Co.  | Brooklyn Union Gas Co.  | Brooklyn Union Gas Co.  |
|  3.407% due 03/10/2026 | 6500 | 6476 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.  | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.  | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.  |
|  4.150% due 08/15/2026 | 1295 | 1293 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
|  6.055% due 08/15/2026 | 834 | 845 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.850% due 08/15/2026 | 6800 | 6730 |
|  3.900% due 10/01/2025 | 940 | 940 |
|  Emera U.S. Finance LP  | Emera U.S. Finance LP  | Emera U.S. Finance LP  |
|  3.550% due 06/15/2026 | 2200 | 2188 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 7480 | 7333 |
|  7.050% due 10/14/2025 | 8387 | 8394 |
|  Eversource Energy  | Eversource Energy  | Eversource Energy  |
|  1.400% due 08/15/2026 | 2000 | 1952 |
|  Fortis, Inc.  | Fortis, Inc.  | Fortis, Inc.  |
|  3.055% due 10/04/2026 | 10400 | 10283 |
|  Israel Electric Corp. Ltd.  | Israel Electric Corp. Ltd.  | Israel Electric Corp. Ltd.  |
|  7.750% due 12/15/2027 | 600 | 637 |
|  NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
|  5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 14750 | 14777 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 8300 | 8313 |
|  5.000% due 03/01/2026 | 4403 | 4406 |
|  5.850% due 01/15/2026 | 14491 | 14531 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 1646 | 1635 |
|  3.150% due 01/01/2026 | 30102 | 30009 |
|  Pinnacle West Capital Corp.  | Pinnacle West Capital Corp.  | Pinnacle West Capital Corp.  |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 4388 | 4402 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.500% due 12/15/2026 | 3005 | 3011 |
|  4.650% due 10/15/2025 | 3560 | 3560 |
|  SA Global Sukuk Ltd.  | SA Global Sukuk Ltd.  | SA Global Sukuk Ltd.  |
|  1.602% due 06/17/2026 | 3500 | 3430 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 14292 | 14128 |
|  4.400% due 09/06/2026 | 9191 | 9209 |
|  4.700% due 06/01/2027 | 900 | 904 |
|  4.900% due 06/01/2026 | 13757 | 13803 |
|  5.350% due 03/01/2026 | 12600 | 12651 |
|  Southern California Gas Co.  | Southern California Gas Co.  | Southern California Gas Co.  |
|  2.600% due 06/15/2026 | 1195 | 1182 |
|  WEC Energy Group, Inc.  | WEC Energy Group, Inc.  | WEC Energy Group, Inc.  |
|  5.600% due 09/12/2026 | 1954 | 1980 |
|  |  | 214127 |
|  Total Corporate Bonds & Notes<br>(Cost $3,208,278) | Total Corporate Bonds & Notes<br>(Cost $3,208,278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224134 |
| U.S. GOVERNMENT AGENCIES 17.4% | U.S. GOVERNMENT AGENCIES 17.4% | U.S. GOVERNMENT AGENCIES 17.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 12/01/2032 | 12058 | 11678 |
|  4.500% due 07/09/2027 | 9400 | 9402 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.745% due 01/25/2026 | 4435 | 4411 |
|  3.208% due 02/25/2026 | 3342 | 3328 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 02/25/2042 - 09/15/2044 | 36852 | 32508 |
|  1.500% due 03/15/2041 - 12/15/2042 | 4183 | 3802 |
|  2.500% due 10/25/2048 | 1700 | 1568 |
|  2.750% due 12/15/2041 - 03/15/2045 | 2552 | 2529 |
|  3.000% due 09/15/2032 - 10/15/2040 | 1228 | 1219 |
|  4.780% due 05/15/2038 •  | 1655 | 1613 |
|  4.790% due 05/15/2041 •  | 1441 | 1423 |
|  4.800% due 06/15/2040 •  | 1471 | 1436 |
|  4.810% due 12/15/2036 - 09/15/2044 •  | 55845 | 55146 |
|  4.860% due 01/15/2037 - 01/15/2040 •  | 1579 | 1558 |
|  4.887% due 06/15/2035 - 12/15/2046 •  | 8081 | 7961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **191** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.900% due 11/15/2042 •  | $— | 792 | $— | 787 |
|  4.910% due 12/15/2037 - 05/15/2038 •  |  | 1753 |  | 1719 |
|  4.917% due 06/15/2036 •  |  | 573 |  | 570 |
|  4.937% due 09/15/2048 - 08/15/2049 •  |  | 3363 |  | 3276 |
|  5.245% due 12/15/2050 •  |  | 9238 |  | 9207 |
|  5.250% due 10/25/2055 •  |  | 6074 |  | 6083 |
|  5.296% due 11/25/2054 •  |  | 77499 |  | 77632 |
|  5.306% due 10/25/2054 - 09/25/2055 •  |  | 77566 |  | 77658 |
|  5.356% due 10/25/2052 - 08/25/2055 •  |  | 78717 |  | 78600 |
|  5.456% due 01/25/2055 - 07/25/2055 •  |  | 30562 |  | 30639 |
|  5.506% due 01/25/2055 - 08/25/2055 •  |  | 43706 |  | 43878 |
|  5.556% due 12/25/2054 - 08/25/2055 •  |  | 27582 |  | 27726 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.810% due 02/15/2038 •  |  | 22291 |  | 22036 |
|  5.506% due 05/25/2054 •  |  | 21809 |  | 21898 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2035 |  | 9209 |  | 8917 |
|  5.810% due 06/01/2031 |  | 5600 |  | 5830 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.250% due 05/25/2043 |  | 3959 |  | 3648 |
|  1.375% due 12/25/2027 |  | 2649 |  | 2592 |
|  1.500% due 07/25/2032 |  | 1633 |  | 1604 |
|  1.750% due 06/25/2027 |  | 1715 |  | 1683 |
|  2.500% due 01/25/2026 - 03/25/2044 |  | 20 |  | 20 |
|  2.750% due 02/25/2044 |  | 44 |  | 43 |
|  3.000% due 06/25/2033 - 02/25/2044 |  | 416 |  | 414 |
|  3.500% due 06/25/2048 |  | 3640 |  | 3498 |
|  4.760% due 03/25/2048 - 06/25/2048 •  |  | 5861 |  | 5796 |
|  4.771% due 01/25/2048 •  |  | 1220 |  | 1201 |
|  4.780% due 01/25/2045 •  |  | 1813 |  | 1773 |
|  4.810% due 10/25/2044 - 05/25/2058 •  |  | 28443 |  | 28165 |
|  4.813% due 12/25/2048 •  |  | 7272 |  | 7186 |
|  4.860% due 07/25/2044 - 09/25/2049 •  |  | 9708 |  | 9616 |
|  4.871% due 09/25/2043 - 07/25/2050 •  |  | 11802 |  | 11466 |
|  4.880% due 11/25/2046 •  |  | 1147 |  | 1125 |
|  4.900% due 12/25/2046 •  |  | 900 |  | 893 |
|  4.910% due 07/25/2046 •  |  | 10301 |  | 10246 |
|  4.921% due 07/25/2049 - 08/25/2049 •  |  | 17639 |  | 17205 |
|  4.971% due 12/25/2049 - 01/25/2050 •  |  | 6623 |  | 6467 |
|  5.145% due 01/25/2051 •  |  | 4975 |  | 4987 |
|  5.256% due 09/25/2054 •  |  | 82270 |  | 82384 |
|  5.266% due 03/25/2055 •  |  | 10128 |  | 10127 |
|  5.289% due 08/25/2055 •  |  | 6300 |  | 6311 |
|  5.306% due 01/25/2055 - 03/25/2055 •  |  | 11290 |  | 11324 |
|  5.356% due 05/25/2055 •  |  | 8849 |  | 8898 |
|  5.400% due 10/25/2055 •  |  | 5600 |  | 5613 |
|  5.406% due 05/25/2055 •  |  | 5883 |  | 5926 |
|  5.456% due 12/25/2054 - 07/25/2055 •  |  | 15198 |  | 15212 |
|  5.506% due 01/25/2055 - 03/25/2055 •  |  | 42872 |  | 43048 |
|  5.516% due 03/25/2055 •  |  | 16745 |  | 16813 |
|  5.536% due 08/25/2055 •  |  | 21108 |  | 21211 |
|  5.556% due 12/25/2053 •  |  | 7002 |  | 7039 |
|  5.606% due 11/25/2053 - 02/25/2055 •  |  | 23617 |  | 23761 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  2.500% due 01/20/2049 - 10/20/2049 |  | 2898 |  | 2599 |
|  4.000% due 07/20/2049 •  |  | 997 |  | 920 |
|  4.550% due 03/20/2037 •  |  | 741 |  | 733 |
|  4.560% due 04/20/2037 •  |  | 513 |  | 508 |
|  4.700% due 04/20/2049 •  |  | 4308 |  | 4220 |
|  4.795% due 02/20/2043 •  |  | 13127 |  | 13025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.920% due 10/01/2055 « | $— | 9650 | 9650 |
|  4.936% due 06/20/2067 •  |  | 109 | 109 |
|  4.966% due 04/20/2061 •  |  | 115 | 115 |
|  5.150% due 07/20/2065 « |  | 9650 | 9644 |
|  5.166% due 04/20/2070 •  |  | 10823 | 10795 |
|  5.210% due 08/20/2062 ~ |  | 215 | 216 |
|  5.216% due 08/20/2067 •  |  | 673 | 676 |
|  5.227% due 06/20/2067 •  |  | 1334 | 1351 |
|  5.289% due 06/20/2055 - 07/20/2074 •  |  | 56609 | 56813 |
|  5.339% due 01/20/2054 - 05/20/2055 •  |  | 8488 | 8530 |
|  5.389% due 06/20/2055 •  |  | 11953 | 12002 |
|  5.489% due 05/20/2073 •  |  | 3161 | 3210 |
|  5.539% due 06/20/2055 - 07/20/2055 •  |  | 12487 | 12534 |
|  5.577% due 09/20/2067 •  |  | 3113 | 3162 |
|  5.581% due 07/20/2067 •  |  | 2600 | 2639 |
|  5.592% due 04/20/2067 •  |  | 1430 | 1447 |
|  5.656% due 11/20/2067 •  |  | 586 | 594 |
|  Total U.S. Government Agencies<br>(Cost $1,095,914) | Total U.S. Government Agencies<br>(Cost $1,095,914) | Total U.S. Government Agencies<br>(Cost $1,095,914) | 1088825 |
| U.S. TREASURY OBLIGATIONS 1.9% | U.S. TREASURY OBLIGATIONS 1.9% | U.S. TREASURY OBLIGATIONS 1.9% | U.S. TREASURY OBLIGATIONS 1.9% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 07/15/2026 (h)(j) |  | 102421 | 102071 |
|  2.125% due 04/15/2029 (h)(j) |  | 19112 | 19732 |
|  Total U.S. Treasury Obligations<br>(Cost $121,203) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121803 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% |
|  Ashford Hospitality Trust  | Ashford Hospitality Trust  | Ashford Hospitality Trust  | Ashford Hospitality Trust  |
|  5.223% due 04/15/2035 •  |  | 1673 | 1672 |
|  Avon Finance  | Avon Finance  | Avon Finance  | Avon Finance  |
|  4.886% due 12/28/2049 •  |  | 16683 | 22488 |
|  BBCCRE Trust  | BBCCRE Trust  | BBCCRE Trust  | BBCCRE Trust  |
|  3.966% due 08/10/2033 | $— | 2000 | 1849 |
|  BSREP Commercial Mortgage Trust  | BSREP Commercial Mortgage Trust  | BSREP Commercial Mortgage Trust  | BSREP Commercial Mortgage Trust  |
|  5.215% due 08/15/2038 •  |  | 3749 | 3567 |
|  BX Commercial Mortgage Trust  | BX Commercial Mortgage Trust  | BX Commercial Mortgage Trust  | BX Commercial Mortgage Trust  |
|  4.994% due 10/15/2036 •  |  | 5385 | 5381 |
|  BX Trust  | BX Trust  | BX Trust  | BX Trust  |
|  5.164% due 10/15/2036 •  |  | 37600 | 37575 |
|  Citigroup Mortgage Loan Trust, Inc.  | Citigroup Mortgage Loan Trust, Inc.  | Citigroup Mortgage Loan Trust, Inc.  | Citigroup Mortgage Loan Trust, Inc.  |
|  5.856% due 06/25/2055 •  |  | 4941 | 4988 |
|  CSWF Corp.  | CSWF Corp.  | CSWF Corp.  | CSWF Corp.  |
|  5.332% due 06/15/2034 •  |  | 1231 | 1196 |
|  Extended Stay America Trust  | Extended Stay America Trust  | Extended Stay America Trust  | Extended Stay America Trust  |
|  5.344% due 07/15/2038 •  |  | 48488 | 48526 |
|  Finsbury Square Green PLC  | Finsbury Square Green PLC  | Finsbury Square Green PLC  | Finsbury Square Green PLC  |
|  4.636% due 12/16/2067 •  |  | 873 | 1175 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.275% due 06/15/2038 •  | $— | 9000 | 8741 |
|  5.315% due 04/15/2038 •  |  | 7447 | 7448 |
|  Lehman XS Trust  | Lehman XS Trust  | Lehman XS Trust  | Lehman XS Trust  |
|  4.812% due 12/25/2035 •  |  | 284 | 267 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ |  | 14114 | 12958 |
|  1.381% due 04/25/2065 ~ |  | 2057 | 2015 |
|  New Residential Mortgage Loan Trust  | New Residential Mortgage Loan Trust  | New Residential Mortgage Loan Trust  | New Residential Mortgage Loan Trust  |
|  3.500% due 12/25/2057 ~ |  | 2014 | 1959 |
|  OBX Trust  | OBX Trust  | OBX Trust  | OBX Trust  |
|  5.988% due 01/25/2064 þ |  | 4248 | 4293 |
|  Polaris PLC  | Polaris PLC  | Polaris PLC  | Polaris PLC  |
|  4.773% due 10/23/2059 •  |  | 2488 | 3349 |
|  PRET Trust  | PRET Trust  | PRET Trust  | PRET Trust  |
|  4.000% due 03/25/2065 «þ | $— | 20000 | 19464 |
|  RCKT Mortgage Trust  | RCKT Mortgage Trust  | RCKT Mortgage Trust  | RCKT Mortgage Trust  |
|  5.582% due 12/25/2044 þ |  | 8778 | 8878 |
|  Starwood Mortgage Residential Trust  | Starwood Mortgage Residential Trust  | Starwood Mortgage Residential Trust  | Starwood Mortgage Residential Trust  |
|  1.486% due 04/25/2065 ~ |  | 480 | 468 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Taurus U.K. DAC  | Taurus U.K. DAC  | Taurus U.K. DAC  |
|  4.836% due 05/17/2031 •  | 15784 | 21218 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 8174 | 7901 |
|  2.900% due 10/25/2059 ~ | 3529 | 3396 |
|  Tower Bridge Funding PLC  | Tower Bridge Funding PLC  | Tower Bridge Funding PLC  |
|  4.777% due 12/20/2066 •  | 587 | 791 |
|  UWM Mortgage Trust  | UWM Mortgage Trust  | UWM Mortgage Trust  |
|  5.000% due 12/25/2051 •  | 10035 | 9376 |
|  VASA Trust  | VASA Trust  | VASA Trust  |
|  5.165% due 07/15/2039 •  | 14500 | 14205 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  1.262% due 10/25/2063 ~ | 100 | 97 |
|  5.712% due 01/25/2069 þ | 5962 | 6006 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $264,321) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $264,321) | 261247 |
| ASSET-BACKED SECURITIES 17.2% | ASSET-BACKED SECURITIES 17.2% | ASSET-BACKED SECURITIES 17.2% |
| AUTOMOBILE ABS OTHER 1.9% | AUTOMOBILE ABS OTHER 1.9% | AUTOMOBILE ABS OTHER 1.9% |
|  Cars Alliance Auto Loans Germany V  | Cars Alliance Auto Loans Germany V  | Cars Alliance Auto Loans Germany V  |
|  2.429% due 01/18/2036 •  | 28625 | 33665 |
|  GM Financial Automobile Leasing Trust  | GM Financial Automobile Leasing Trust  | GM Financial Automobile Leasing Trust  |
|  4.739% due 10/20/2027 •  | 9000 | 9006 |
|  Hyundai Auto Receivables Trust  | Hyundai Auto Receivables Trust  | Hyundai Auto Receivables Trust  |
|  0.000% (SOFR30A + 0.350%) due 07/17/2028 ~ | 25000 | 25018 |
|  M&T Bank Auto Receivables Trust  | M&T Bank Auto Receivables Trust  | M&T Bank Auto Receivables Trust  |
|  4.872% due 05/15/2028 •  | 7960 | 7970 |
|  MBarc Credit Canada, Inc.  | MBarc Credit Canada, Inc.  | MBarc Credit Canada, Inc.  |
|  5.299% due 10/15/2026 | 2510 | 1805 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  0.000% due 05/22/2028 •  | 15000 | 15005 |
|  4.829% due 02/22/2027 •  | 4428 | 4431 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  0.000% due 04/20/2028 •  | 20000 | 20018 |
|  4.859% due 12/21/2026 •  | 3754 | 3757 |
|  |  | 120675 |
| AUTOMOBILE SEQUENTIAL 4.0% | AUTOMOBILE SEQUENTIAL 4.0% | AUTOMOBILE SEQUENTIAL 4.0% |
|  CarMax Auto Owner Trust  | CarMax Auto Owner Trust  | CarMax Auto Owner Trust  |
|  4.590% due 07/17/2028 | 4100 | 4119 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.550% due 05/10/2030 | 3000 | 3025 |
|  4.640% due 01/10/2030 | 2000 | 2014 |
|  5.500% due 08/10/2027 | 28 | 28 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.400% due 11/26/2027 | 81 | 81 |
|  4.940% due 07/25/2029 | 5300 | 5359 |
|  5.250% due 09/27/2027 | 1189 | 1192 |
|  5.680% due 01/25/2029 | 1689 | 1709 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.690% due 07/20/2027 | 8854 | 8887 |
|  5.760% due 10/22/2029 | 1054 | 1059 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  3.880% due 06/15/2028 | 8700 | 8702 |
|  5.400% due 04/15/2027 | 6946 | 6964 |
|  GM Financial Automobile Leasing Trust  | GM Financial Automobile Leasing Trust  | GM Financial Automobile Leasing Trust  |
|  4.540% due 05/20/2027 | 22835 | 22896 |
|  Gm Financial Automobile Leasing Trust  | Gm Financial Automobile Leasing Trust  | Gm Financial Automobile Leasing Trust  |
|  4.550% due 07/20/2027 | 21000 | 21083 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.880% due 08/16/2028 | 3000 | 3021 |
|  5.100% due 03/16/2029 | 7000 | 7066 |
|  5.450% due 06/16/2028 | 2594 | 2616 |
|  GM Financial Revolving Receivables Trust  | GM Financial Revolving Receivables Trust  | GM Financial Revolving Receivables Trust  |
|  4.980% due 12/11/2036 | 5000 | 5137 |
|  Harley-Davidson Motorcycle Trust  | Harley-Davidson Motorcycle Trust  | Harley-Davidson Motorcycle Trust  |
|  4.710% due 07/17/2028 | 13400 | 13450 |
|  Hertz Vehicle Financing III LLC  | Hertz Vehicle Financing III LLC  | Hertz Vehicle Financing III LLC  |
|  6.150% due 03/25/2030 | 5000 | 5234 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 5235 | 5294 |

---

---

| | | |
|:---|:---|:---|
| **192** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 03/15/2027 | $— | 325 | 325 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.370% due 01/18/2028 |  | 14500 | 14573 |
|  4.770% due 03/15/2027 |  | 8858 | 8882 |
|  Hyundai Auto Receivables Trust  | Hyundai Auto Receivables Trust  | Hyundai Auto Receivables Trust  | Hyundai Auto Receivables Trust  |
|  4.990% due 02/15/2029 |  | 5100 | 5152 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 |  | 4940 | 5005 |
|  5.590% due 02/17/2032 |  | 2116 | 2119 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 12/15/2026 |  | 981 | 982 |
|  Nissan Auto Lease Trust  | Nissan Auto Lease Trust  | Nissan Auto Lease Trust  | Nissan Auto Lease Trust  |
|  4.920% due 11/15/2027 |  | 5000 | 5060 |
|  PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  |
|  4.030% due 07/15/2030 |  | 3500 | 3498 |
|  SBNA Auto Lease Trust  | SBNA Auto Lease Trust  | SBNA Auto Lease Trust  | SBNA Auto Lease Trust  |
|  5.560% due 11/22/2027 |  | 11300 | 11377 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.650% due 05/22/2028 |  | 2910 | 2915 |
|  5.470% due 10/20/2028 |  | 2829 | 2850 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.460% due 03/15/2028 |  | 9300 | 9325 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.210% due 09/20/2027 |  | 5000 | 5014 |
|  4.580% due 07/20/2027 |  | 33582 | 33708 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 |  | 5000 | 5029 |
|  4.780% due 01/18/2028 |  | 1014 | 1016 |
|  5.150% due 11/15/2028 |  | 3016 | 3034 |
|  |  |  | 248800 |
| CMBS OTHER 0.2% |  |  |  |
|  BXMT Ltd. <br>|  |  |  |
|  6.157% due 11/15/2037 •  |  | 8256 | 8248 |
|  GPMT Ltd. <br>|  |  |  |
|  5.600% due 12/15/2036 •  |  | 1869 | 1831 |
|  LoanCore Issuer Ltd. <br>|  |  |  |
|  5.565% due 07/15/2036 •  |  | 102 | 102 |
|  MF1 Ltd. <br>|  |  |  |
|  5.957% due 12/15/2035 •  |  | 3831 | 3837 |
|  |  |  | 14018 |
| CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% |
|  American Express Credit Account Master Trust  | American Express Credit Account Master Trust  | American Express Credit Account Master Trust  | American Express Credit Account Master Trust  |
|  5.230% due 09/15/2028 |  | 3100 | 3141 |
|  BA Credit Card Trust <br>|  |  |  |
|  4.930% due 05/15/2029 |  | 11000 | 11192 |
|  CARDS II Trust <br>|  |  |  |
|  4.630% due 03/15/2031 |  | 10700 | 10809 |
|  Master Credit Card Trust II <br>|  |  |  |
|  4.700% due 06/21/2027 |  | 6400 | 6407 |
|  Synchrony Card Funding LLC <br>|  |  |  |
|  5.040% due 03/15/2030 |  | 10600 | 10761 |
|  |  |  | 42310 |
| OTHER ABS 10.4% |  |  |  |
|  37 Capital CLO 1 Ltd. <br>|  |  |  |
|  5.598% due 10/15/2034 •  |  | 6200 | 6207 |
|  522 Funding CLO Ltd. |  |  |  |
|  5.519% due 10/23/2034 •  |  | 1600 | 1603 |
|  5.627% due 10/20/2031 •  |  | 8060 | 8070 |
|  AlbaCore Euro CLO IV DAC <br>|  |  |  |
|  3.269% due 07/15/2035 •  |  | 1500 | 1763 |
|  AMMC CLO 24 Ltd. <br>|  |  |  |
|  5.525% due 01/20/2035 •  | $— | 6400 | 6412 |
|  Anchorage Capital CLO 20 Ltd.  | Anchorage Capital CLO 20 Ltd.  | Anchorage Capital CLO 20 Ltd.  | Anchorage Capital CLO 20 Ltd.  |
|  5.425% due 01/20/2035 •  |  | 2100 | 2103 |
|  ARES European CLO X DAC <br>|  |  |  |
|  2.806% due 10/15/2031 •  |  | 7313 | 8585 |
|  ARES XLIV CLO Ltd. <br>|  |  |  |
|  5.424% due 04/15/2034 •  | $— | 20600 | 20626 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES XXVII CLO Ltd. <br>|  |  |  |  |
|  5.464% due 10/28/2034 •  | $— | 19500 | $— | 19532 |
|  Atlantic Avenue Ltd. <br>|  |  |  |  |
|  5.585% due 01/20/2035 •  |  | 22000 |  | 22027 |
|  Bain Capital Credit CLO Ltd. |  |  |  |  |
|  5.355% due 10/21/2034 •  |  | 1000 |  | 1001 |
|  5.565% due 07/19/2034 •  |  | 700 |  | 701 |
|  Black Diamond CLO DAC <br>|  |  |  |  |
|  2.884% due 01/20/2032 •  |  | 11 |  | 13 |
|  BlackRock European CLO VII DAC  | BlackRock European CLO VII DAC  | BlackRock European CLO VII DAC  | BlackRock European CLO VII DAC  | BlackRock European CLO VII DAC  |
|  2.646% due 10/15/2031 •  |  | 17683 |  | 20776 |
|  Cairn CLO X DAC <br>|  |  |  |  |
|  3.059% due 10/15/2031 •  |  | 15029 |  | 17657 |
|  Canyon CLO Ltd. <br>|  |  |  |  |
|  5.418% due 10/15/2034 •  | $— | 3100 |  | 3100 |
|  Carlyle Euro CLO DAC <br>|  |  |  |  |
|  2.926% due 08/15/2032 •  |  | 4267 |  | 5015 |
|  Carlyle Global Market Strategies CLO Ltd.  | Carlyle Global Market Strategies CLO Ltd.  | Carlyle Global Market Strategies CLO Ltd.  | Carlyle Global Market Strategies CLO Ltd.  | Carlyle Global Market Strategies CLO Ltd.  |
|  5.415% due 07/20/2034 •  | $— | 19100 |  | 19111 |
|  Carlyle Global Market Strategies Euro CLO Ltd.  | Carlyle Global Market Strategies Euro CLO Ltd.  | Carlyle Global Market Strategies Euro CLO Ltd.  | Carlyle Global Market Strategies Euro CLO Ltd.  | Carlyle Global Market Strategies Euro CLO Ltd.  |
|  2.786% due 11/15/2031 •  |  | 7381 |  | 8670 |
|  CarVal CLO I Ltd. <br>|  |  |  |  |
|  5.548% due 07/16/2031 •  | $— | 2805 |  | 2808 |
|  CCG Receivables Trust <br>|  |  |  |  |
|  4.480% due 10/14/2032 |  | 9200 |  | 9255 |
|  Commonbond Student Loan Trust  | Commonbond Student Loan Trust  | Commonbond Student Loan Trust  | Commonbond Student Loan Trust  | Commonbond Student Loan Trust  |
|  2.550% due 05/25/2041 |  | 108 |  | 103 |
|  CQS U.S. CLO Ltd. <br>|  |  |  |  |
|  5.525% due 01/20/2035 •  |  | 9100 |  | 9135 |
|  Cumulus Static CLO DAC <br>|  |  |  |  |
|  3.236% due 11/15/2033 •  |  | 5680 |  | 6672 |
|  Dryden 27 R Euro CLO DAC |  |  |  |  |
|  2.686% due 04/15/2033 •  |  | 14540 |  | 17038 |
|  Dryden 52 Euro CLO DAC <br>|  |  |  |  |
|  2.896% due 05/15/2034 •  |  | 10983 |  | 12876 |
|  ECMC Group Student Loan Trust |  |  |  |  |
|  5.221% due 02/27/2068 •  | $— | 9334 |  | 9304 |
|  Elevation CLO Ltd. <br>|  |  |  |  |
|  5.618% due 01/25/2035 •  |  | 4700 |  | 4717 |
|  Fortress Credit BSL VII Ltd. |  |  |  |  |
|  5.409% due 07/23/2032 •  |  | 6579 |  | 6584 |
|  Gallatin CLO VIII Ltd. |  |  |  |  |
|  5.669% due 07/15/2031 •  |  | 12783 |  | 12798 |
|  Golub Capital Partners CLO 50B-R Ltd.  | Golub Capital Partners CLO 50B-R Ltd.  | Golub Capital Partners CLO 50B-R Ltd.  | Golub Capital Partners CLO 50B-R Ltd.  | Golub Capital Partners CLO 50B-R Ltd.  |
|  5.435% due 04/20/2035 •  |  | 10500 |  | 10536 |
|  GreatAmerica Leasing Receivables Funding LLC  | GreatAmerica Leasing Receivables Funding LLC  | GreatAmerica Leasing Receivables Funding LLC  | GreatAmerica Leasing Receivables Funding LLC  | GreatAmerica Leasing Receivables Funding LLC  |
|  4.520% due 10/15/2027 |  | 2300 |  | 2312 |
|  Greywolf CLO III Ltd. <br>|  |  |  |  |
|  5.562% due 04/22/2033 •  |  | 780 |  | 782 |
|  Harvest CLO XXI DAC |  |  |  |  |
|  1.040% due 07/15/2031 |  | 169 |  | 195 |
|  2.786% due 07/15/2031 •  |  | 11523 |  | 13538 |
|  ICG U.S. CLO Ltd. |  |  |  |  |
|  5.308% due 01/16/2033 •  | $— | 8685 |  | 8685 |
|  Invesco CLO Ltd. |  |  |  |  |
|  5.441% due 07/20/2035 •  |  | 13000 |  | 13053 |
|  Jamestown CLO XVI Ltd. <br>|  |  |  |  |
|  5.438% due 07/25/2034 •  |  | 7000 |  | 6999 |
|  Jamestown CLO XVIII Ltd. <br>|  |  |  |  |
|  5.588% due 07/25/2035 •  |  | 12800 |  | 12814 |
|  Jubilee CLO DAC <br>|  |  |  |  |
|  2.676% due 04/15/2031 •  |  | 7005 |  | 8230 |
|  KKR CLO 36 Ltd. <br>|  |  |  |  |
|  5.321% due 10/15/2034 •  | $— | 18300 |  | 18300 |
|  LCM 30 Ltd. |  |  |  |  |
|  5.667% due 04/20/2031 •  |  | 4833 |  | 4841 |
|  LCM 35 Ltd. <br>|  |  |  |  |
|  5.398% due 10/15/2034 •  |  | 5600 |  | 5607 |
|  Madison Park Funding XLVI Ltd. |  |  |  |  |
|  5.318% due 10/15/2034 •  |  | 10000 |  | 10010 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mountain View CLO XIV Ltd. |  |  |  |
|  6.813% due 10/15/2034 •  | $| 19150 | 19178 |
|  Mountain View CLO XVI Ltd. |  |  |  |
|  5.778% due 04/15/2034 •  |  | 12700 | 12721 |
|  Navesink CLO 2 Ltd. |  |  |  |
|  5.588% due 04/15/2036 •  |  | 4500 | 4504 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 |  | 5161 | 4887 |
|  1.580% due 04/15/2070 |  | 6474 | 5859 |
|  1.690% due 05/15/2069 |  | 2912 | 2740 |
|  5.265% due 04/15/2069 •  |  | 2633 | 2622 |
|  Nelnet Student Loan Trust |  |  |  |
|  4.670% due 06/22/2065 |  | 29600 | 29527 |
|  4.840% due 05/17/2055 |  | 16000 | 16136 |
|  5.171% due 09/27/2038 •  |  | 6614 | 6594 |
|  5.321% due 02/25/2066 •  |  | 4449 | 4455 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  |  | 1205 | 1206 |
|  Oak Hill European Credit Partners VII DAC  | Oak Hill European Credit Partners VII DAC  | Oak Hill European Credit Partners VII DAC  | Oak Hill European Credit Partners VII DAC  |
|  2.764% due 10/20/2031 •  | EUR | 6553 | 7695 |
|  Ocean Trails CLO XI <br>|  |  |  |
|  5.355% due 07/20/2034 •  | $| 20100 | 20116 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(a) | EUR | 12500 | 14676 |
|  3.170% due 10/15/2034 •  |  | 16050 | 18835 |
|  PFS Financing Corp. <br>|  |  |  |
|  5.520% due 10/15/2028 | $| 8000 | 8120 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 |  | 2300 | 2319 |
|  Regatta XVI Funding Ltd. |  |  |  |
|  5.518% due 01/15/2033 •  |  | 1207 | 1210 |
|  SLM Student Loan Trust |  |  |  |
|  4.921% due 06/25/2043 •  |  | 10621 | 10472 |
|  5.121% due 06/26/2028 •  |  | 6037 | 6039 |
|  5.121% due 12/27/2038 •  |  | 5439 | 5406 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 |  | 5323 | 5083 |
|  5.240% due 03/15/2056 |  | 3198 | 3271 |
|  5.365% due 07/15/2053 •  |  | 651 | 652 |
|  5.380% due 07/15/2053 |  | 4458 | 4580 |
|  5.670% due 11/15/2052 |  | 4423 | 4549 |
|  6.022% due 09/15/2053 •  |  | 2935 | 2990 |
|  Trinitas CLO VI Ltd. |  |  |  |
|  0.000% due 01/25/2034 •(a) |  | 5400 | 5400 |
|  Trinitas CLO XVII Ltd. |  |  |  |
|  5.310% due 10/20/2034 •  |  | 2500 | 2500 |
|  Venture 33 CLO Ltd. |  |  |  |
|  5.639% due 07/15/2031 •  |  | 2627 | 2630 |
|  Venture 44 CLO Ltd. |  |  |  |
|  5.465% due 10/20/2034 •  |  | 5300 | 5309 |
|  Verizon Master Trust |  |  |  |
|  4.170% due 08/20/2030 |  | 9200 | 9250 |
|  Voya CLO Ltd. |  |  |  |
|  5.385% due 04/20/2034 •  |  | 8000 | 8010 |
|  Wellfleet CLO Ltd. |  |  |  |
|  5.436% due 07/15/2034 •  |  | 7150 | 7166 |
|  |  |  | 646871 |
|  Total Asset-Backed Securities<br>(Cost $1,071,430) |  |  | 1072674 |
| SOVEREIGN ISSUES 0.6% |  |  |  |
|  Eagle Funding Luxco SARL |  |  |  |
|  5.500% due 08/17/2030 |  | 34600 | 35147 |
|  Korea National Oil Corp. |  |  |  |
|  4.951% (SOFRRATE + 0.770%) due 03/31/2028 ~ |  | 3000 | 3012 |
|  Total Sovereign Issues<br>(Cost $37,899) |  |  | 38159 |
| SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% |
| COMMERCIAL PAPER 4.9% |  |  |  |
|  Air Lease Corp. |  |  |  |
|  4.550% due 10/02/2025 |  | 7000 | 6998 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **193** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.570% due 10/10/2025 | $— | 26100 | $— | 26067 |
|  4.570% due 10/14/2025 |  | 39000 |  | 38931 |
|  Canadian Natural Resources Ltd. |  |  |  |  |
|  4.450% due 10/22/2025 |  | 37300 |  | 37197 |
|  Crown Castle, Inc. |  |  |  |  |
|  4.610% due 10/21/2025 (a) |  | 3300 |  | 3291 |
|  4.610% due 10/23/2025 |  | 27000 |  | 26920 |
|  4.620% due 10/21/2025 |  | 7000 |  | 6981 |
|  4.620% due 10/23/2025 |  | 5300 |  | 5284 |
|  4.800% due 10/07/2025 |  | 35450 |  | 35418 |
|  Dominion Energy, Inc. |  |  |  |  |
|  4.480% due 10/03/2025 |  | 22600 |  | 22592 |
|  Glencore Funding LLC |  |  |  |  |
|  4.360% due 10/16/2025 |  | 300 |  | 300 |
|  HCA, Inc. |  |  |  |  |
|  4.600% due 10/22/2025 |  | 46600 |  | 46468 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.650% due 10/20/2025 | 12200 | 12169 |
|  4.650% due 10/21/2025 | 20000 | 19946 |
|  Keurig Dr. Pepper, Inc. |  |  |
|  4.410% due 10/01/2025 | 4600 | 4600 |
|  Targa Resources Corp. |  |  |
|  4.380% due 10/17/2025 | 11500 | 11475 |
|  |  | 304637 |
| REPURCHASE AGREEMENTS (f) 1.7% | REPURCHASE AGREEMENTS (f) 1.7% | REPURCHASE AGREEMENTS (f) 1.7% |
|  |  | 103984 |
| U.S. TREASURY BILLS 0.2% |  |  |
|  4.300% due 10/02/2025 - 11/28/2025 (b)(c)(h)(j) | 12233 | 12185 |

---

---

| | | |
|:---|:---|:---|
|  | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Short-Term Instruments<br> (Cost $420,906) | $— | 420806 |
| Total Investments in Securities<br> (Cost $6,219,951) |  | 6227648 |
| Total Investments 99.7%<br> (Cost $6,219,951) | $— | 6227648 |
|  Financial Derivative<br>Instruments (g)(i) (0.0)%<br> (Cost or Premiums, net $(2947)) |  | (2562) |
| Other Assets and Liabilities, net 0.3% |  | 22887 |
| Net Assets 100.0% | $— | 6247973 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AT&T, Inc. | 4.000% | 11/25/2025 | 10/02/2020 | $7505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191 | 0.12% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.320% | 09/30/2025 | 10/01/2025 | $4000 | U.S. Treasury Notes 3.500% due 09/30/2027 | $(4079) | $4000 | $4000 |
| BUS | 2.520 | 09/29/2025 | 10/14/2025 | 30000 | Province of Ontario 2.800% due 06/02/2048 | (22552) | 21557 | 21559 |
| CEW | 2.520 | 10/01/2025 | 10/15/2025 | 30000 | Province of Quebec 2.850% due 12/01/2053 | (22148) | 21556 | 21556 |
| MEI | 2.510 | 09/23/2025 | 10/01/2025 | 20000 | Canada Government Bond 2.750% due 03/01/2030 | (14692) | 14371 | 14379 |
| SAL | 4.230 | 09/30/2025 | 10/01/2025 | $42500 | U.S. Treasury Notes 4.500% due 07/15/2026 | (43362) | 42500 | 42505 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106833) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103999 |

---

194 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net<br>Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $4000 | $0 | $0 | $4000 | $(4079) | $(79) |
|  BUS | 21559 | 0 | 0 | 21559 | (22552) | (993) |
|  CEW | 21556 | 0 | 0 | 21556 | (22148) | (592) |
|  MEI | 14379 | 0 | 0 | 14379 | (14692) | (313) |
|  SAL | 42505 | 0 | 0 | 42505 | (43362) | (857) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(53,235) at a weighted average interest rate of 4.514%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 5285 | $1267838 | $(22) | $99 | $0 |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 3038 | 214776 | (788) | 295 | (59) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 2571 | 213040 | 2700 | 517 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 21931 | 2394762 | 2501 | 857 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 11244 | $(2343232) | $(522) | $0 | $(1230) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 699 | (83924) | (2209) | 393 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 429 | (49369) | (246) | 27 | 0 |
|  |  |  |  | $(2977) | $420 | $(1230) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 103200 | $(501) | $(95) | $(596) | $142 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $912700 | 1132 | 222 | 1354 | 0 | (57) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 145200 | 0 | (1947) | (1947) | 0 | (92) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 195900 | (718) | (1244) | (1962) | 0 | (109) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 341381 | (137) | 533 | 396 | 0 | (172) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 1114028 | (6766) | 6967 | 201 | 0 | (564) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 53400 | 76 | 393 | 469 | 0 | (24) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6914) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2085) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 195

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2307) |

---

(h) Securities with an aggregate market value of $20,730 and cash of $62,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 354452 | $229328 | $0 | $(5142) |
|  | 10/2025 | 155692 | 181591 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1207) |
|  | 10/2025 | $11400 | 15860 | 0 | (5) |
|  | 11/2025 | 15835 | $11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 0 |
|  | 11/2025 | $1131 | 1721 | 8 | 0 |
|  BOA | 10/2025 | 546 | $4 | 0 | 0 |
|  | 10/2025 | $497 | 1670 | 7 | 0 |
|  | 10/2025 | 63 | 9357 | 1 | 0 |
|  | 11/2025 | 9325 | $63 | 0 | (1) |
|  BPS | 10/2025 | $73 | 10841 | 0 | 0 |
|  | 11/2025 | 10803 | $73 | 0 | 0 |
|  | 11/2025 | $3082 | 4661 | 3 | 0 |
|  | 12/2025 | 103 | 34298 | 0 | 0 |
|  CBK | 10/2025 | 20029 | $14498 | 108 | 0 |
|  | 10/2025 | $4169 | 6382 | 53 | 0 |
|  | 11/2025 | 13 | 18 | 0 | 0 |
|  FAR | 10/2025 | 30305 | $21799 | 11 | 0 |
|  | 10/2025 | 26443 | 180 | 1 | 0 |
|  | 10/2025 | $230298 | 352731 | 3033 | 0 |
|  | 10/2025 | 182392 | 156111 | 900 | (3) |
|  | 11/2025 | 352731 | $230411 | 0 | (3030) |
|  | 11/2025 | 155237 | 181728 | 0 | (901) |
|  MBC | 10/2025 | 52037 | 37544 | 174 | (30) |
|  | 10/2025 | 419 | 496 | 4 | 0 |
|  | 10/2025 | 2505 | 3395 | 27 | 0 |
|  | 10/2025 | 388 | 3 | 0 | 0 |
|  | 10/2025 | $5533 | 7625 | 0 | (54) |
|  | 10/2025 | 36 | 5373 | 0 | 0 |
|  | 11/2025 | 9186 | $62 | 0 | 0 |
|  | 11/2025 | $1924 | 1431 | 0 | 0 |
|  | 11/2025 | 280 | 938 | 3 | 0 |
|  MYI | 10/2025 | 2415 | $16 | 0 | 0 |
|  | 10/2025 | $1071 | 1478 | 0 | (9) |
|  | 10/2025 | 85 | 12692 | 1 | 0 |
|  | 11/2025 | 12648 | $85 | 0 | (1) |
|  SCX | 10/2025 | 5632 | 4086 | 39 | 0 |
|  | 10/2025 | 12364 | 84 | 1 | 0 |
|  | 10/2025 | $2151 | 2969 | 0 | (18) |
|  | 10/2025 | 52167 | 39000 | 271 | 0 |
|  | 11/2025 | 39000 | $52176 | 0 | (271) |
|  | 11/2025 | 44 | 0 | 0 | 0 |
|  SSB | 10/2025 | 36495 | 49192 | 123 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10672) |

---

196 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 02/13/2026 | 1868100 | $1244 | $479 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 898300 | 903 | 975 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 1713400 | 1820 | 1860 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $3967 | $3314 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $13 | $0 | $0 | $13 | $(6354) | $0 | $0 | $(6354) | $(6341) | $4866 | $(1475) |
|  BOA | 8 | 0 | 0 | 8 | (1) | 0 | 0 | (1) | 7 | 0 | 7 |
|  BPS | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  CBK | 161 | 479 | 0 | 640 | 0 | 0 | 0 | 0 | 640 | (630) | 10 |
|  FAR | 3945 | 0 | 0 | 3945 | (3934) | 0 | 0 | (3934) | 11 | 0 | 11 |
|  MBC | 208 | 0 | 0 | 208 | (84) | 0 | 0 | (84) | 124 | (170) | (46) |
|  MYC | 0 | 975 | 0 | 975 | 0 | 0 | 0 | 0 | 975 | (1110) | (135) |
|  MYI | 1 | 0 | 0 | 1 | (10) | 0 | 0 | (10) | (9) | 0 | (9) |
|  NGF | 0 | 1860 | 0 | 1860 | 0 | 0 | 0 | 0 | 1860 | (2100) | (240) |
|  SCX | 311 | 0 | 0 | 311 | (289) | 0 | 0 | (289) | 22 | (30) | (8) |
|  SSB | 123 | 0 | 0 | 123 | 0 | 0 | 0 | 0 | 123 | (270) | (147) |
|  Total Over the Counter | $4773 | $3314 | $0 | $8087 | $(10672) | $0 | $0 | $(10672) |  |  |  |

---

(j) Securities with an aggregate market value of $4,866 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2188 | $2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 142 | 142 |
|  | $0 | $0 | $0 | $0 | $2330 | $2330 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4773 | $0 | $4773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3314 | 3314 |
|  | $0 | $0 | $0 | $4773 | $3314 | $8087 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10417 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 197

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1289 | $1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1018 | 1018 |
|  | $0 | $0 | $0 | $0 | $2307 | $2307 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10672 | $0 | $10672 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $27197 | $27197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (25465) | (25465) |
|  | $0 | $0 | $0 | $0 | $1732 | $1732 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(31026) | $0 | $(31026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (2447) | (2447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 202 | 0 | 0 | 0 | 202 |
|  | $0 | $202 | $0 | $(31026) | $(2447) | $(33271) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31026) | $(715) | $(31539) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 16019 | 16019 |
|  | $0 | $0 | $0 | $0 | $5012 | $5012 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(6377) | $0 | $(6377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (1438) | (1438) |
|  | $0 | $0 | $0 | $(6377) | $(1438) | $(7815) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(6377) | $3574 | $(2803) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2080176 | $0 | $2080176 |
| &nbsp;&nbsp; Industrials | 0 | 929831 | 0 | 929831 |
| &nbsp;&nbsp; Utilities | 0 | 214127 | 0 | 214127 |
|  U.S. Government Agencies | 0 | 1069531 | 19294 | 1088825 |
|  U.S. Treasury Obligations | 0 | 121803 | 0 | 121803 |
|  Non-Agency Mortgage-Backed Securities | 0 | 241783 | 19464 | 261247 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 120675 | 0 | 120675 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 248800 | 0 | 248800 |
| &nbsp;&nbsp; CMBS Other | 0 | 14018 | 0 | 14018 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 42310 | 0 | 42310 |
| &nbsp;&nbsp; Other ABS | 5400 | 626795 | 14676 | 646871 |
|  Sovereign Issues | 0 | 38159 | 0 | 38159 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 304637 | 0 | 304637 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 103984 | 0 | 103984 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 12185 | 0 | 12185 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227648 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $812 | $1518 | $0 | $2330 |
|  Over the counter | 0 | 8087 | 0 | 8087 |
|  | $812 | $9605 | $0 | $10417 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (59) | (2248) | 0 | (2307) |
|  Over the counter | 0 | (10672) | 0 | (10672) |
|  | $(59) | $(12920) | $0 | $(12979) |
|  Total Financial Derivative Instruments | $753 | $(3315) | $0 | $(2562) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225086 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **198** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 107.7% | INVESTMENTS IN SECURITIES 107.7% | INVESTMENTS IN SECURITIES 107.7% |
| CORPORATE BONDS & NOTES 7.9% | CORPORATE BONDS & NOTES 7.9% | CORPORATE BONDS & NOTES 7.9% |
| BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  1.542% due 06/16/2027 •  | 15989 | 15678 |
|  4.800% due 04/18/2026 | 400 | 401 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 62356 | 61281 |
|  Allstate Corp.  | Allstate Corp.  | Allstate Corp.  |
|  0.750% due 12/15/2025 | 1020 | 1013 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.932% (SOFRINDX + 0.650%) due 11/04/2026 ~ | 3100 | 3109 |
|  5.639% (SOFRINDX + 1.350%) due 10/30/2026 ~ | 2768 | 2771 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.806% due 12/11/2026 •  | 1500 | 1502 |
|  4.828% due 01/12/2026 •  | 1300 | 1301 |
|  4.831% (SOFRRATE + 0.500%) due 10/10/2025 ~ | 21300 | 21302 |
|  4.880% due 10/06/2026 •  | 7200 | 7213 |
|  5.043% (SOFRRATE + 0.710%) due 01/09/2026 ~ | 28658 | 28691 |
|  5.139% (SOFRINDX + 0.790%) due 10/03/2025 ~ | 29261 | 29262 |
|  5.248% (SOFRRATE + 0.920%) due 01/12/2026 ~ | 2312 | 2316 |
|  American Tower Corp. <br>|  |  |
|  4.400% due 02/15/2026 | 717 | 717 |
|  Asian Development Bank  | Asian Development Bank  | Asian Development Bank  |
|  5.182% (SOFRINDX + 1.000%) due 06/16/2026 ~ | 17400 | 17503 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.450% due 01/08/2026 | 8721 | 8652 |
|  5.068% due 07/16/2026 •  | 7900 | 7919 |
|  5.174% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 74 | 74 |
|  5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 36335 | 36532 |
|  5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 1192 | 1202 |
|  5.620% due 05/08/2026 | 777 | 784 |
|  5.684% due 02/23/2026 | 29801 | 29940 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.667% (SOFRRATE + 0.470%) due 12/16/2026 ~ | 5000 | 5011 |
|  4.989% (SOFRRATE + 0.640%) due 10/03/2025 ~ | 1000 | 1000 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 1350 | 1335 |
|  5.080% due 01/20/2027 •  | 67841 | 67972 |
|  Bank of America NA  | Bank of America NA  | Bank of America NA  |
|  5.268% (SOFRRATE + 1.020%) due 08/18/2026 ~ | 1500 | 1509 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.796% (SOFRINDX + 0.620%) due 09/15/2026 ~ | 3000 | 3006 |
|  5.530% (SOFRINDX + 1.330%) due 06/05/2026 ~ | 4504 | 4537 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.601% (BBSW3M + 0.900%) due 10/27/2025 ~ | 12800 | 8473 |
|  4.759% (SOFRINDX + 0.545%) due 03/02/2026 ~ | 2482 | 2485 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 24299 | 24301 |
|  5.829% due 05/09/2027 •  | 66457 | 67052 |
|  7.325% due 11/02/2026 •  | 3500 | 3508 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.000% due 01/20/2026 | 500 | 495 |
|  5.100% due 01/26/2026 | 3140 | 3148 |
|  5.975% due 01/18/2027 •  | 33023 | 33149 |
|  Canadian Imperial Bank of Commerce  | Canadian Imperial Bank of Commerce  | Canadian Imperial Bank of Commerce  |
|  1.250% due 06/22/2026 | 800 | 784 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital One NA  | Capital One NA  | Capital One NA  |
|  4.250% due 03/13/2026 | 1650 | 1649 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.682% due 02/27/2026 •  | 1744 | 1746 |
|  5.008% due 10/16/2026 •  | 825 | 829 |
|  Charles Schwab Corp.  | Charles Schwab Corp.  | Charles Schwab Corp.  |
|  4.776% (SOFRINDX + 0.520%) due 05/13/2026 ~ | 7300 | 7309 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.879% (SOFRINDX + 0.590%) due 04/30/2026 ~ | 6825 | 6834 |
|  4.980% (SOFRRATE + 0.708%) due 08/06/2026 ~ | 33500 | 33600 |
|  5.263% (SOFRINDX + 1.060%) due 12/04/2026 ~ | 500 | 504 |
|  Citigroup Global Markets Holdings, Inc.  | Citigroup Global Markets Holdings, Inc.  | Citigroup Global Markets Holdings, Inc.  |
|  4.610% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 45100 | 45070 |
|  Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
|  1.122% due 01/28/2027 •  | 45478 | 45012 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.701% (SOFRRATE + 0.460%) due 11/27/2026 ~ | 41134 | 41224 |
|  4.720% (SOFRRATE + 0.520%) due 06/15/2026 ~ | 6200 | 6211 |
|  4.950% (SOFRRATE + 0.750%) due 03/13/2026 ~ | 566 | 567 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 3000 | 2962 |
|  5.043% (SOFRINDX + 0.710%) due 01/09/2026 ~ | 49800 | 49868 |
|  5.245% (SOFRINDX + 0.900%) due 10/05/2026 ~ | 550 | 553 |
|  Corebridge Global Funding  | Corebridge Global Funding  | Corebridge Global Funding  |
|  5.350% due 06/24/2026 | 5647 | 5696 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 22455 | 21901 |
|  3.700% due 06/15/2026 | 735 | 732 |
|  4.450% due 02/15/2026 | 4820 | 4818 |
|  Deutsche Bank AG  | Deutsche Bank AG  | Deutsche Bank AG  |
|  1.686% due 03/19/2026 | 1620 | 1602 |
|  DNB Bank ASA <br>|  |  |
|  5.896% due 10/09/2026 •  | 2450 | 2451 |
|  European Bank for Reconstruction & Development  | European Bank for Reconstruction & Development  | European Bank for Reconstruction & Development  |
|  4.518% (SOFRINDX + 0.190%) due 04/14/2026 ~ | 51270 | 51261 |
|  Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  | Federation des Caisses Desjardins du Quebec  |
|  4.850% due 10/14/2025 | 8900 | 8902 |
|  GA Global Funding Trust  | GA Global Funding Trust  | GA Global Funding Trust  |
|  1.625% due 01/15/2026 | 2420 | 2401 |
|  General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
|  6.050% due 10/10/2025 | 3612 | 3613 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.093% due 12/09/2026 •  | 12090 | 12015 |
|  4.984% due 12/09/2026 •  | 1696 | 1698 |
|  HSBC Holdings PLC  | HSBC Holdings PLC  | HSBC Holdings PLC  |
|  7.336% due 11/03/2026 •  | 5950 | 5964 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  3.981% (BBSW3M + 0.400%) due 08/19/2026 ~ | 17250 | 11423 |
|  4.555% (BBSW3M + 0.980%) due 12/08/2025 ~ | 44100 | 29221 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  4.519% (SOFRINDX + 0.280%) due 02/23/2027 ~ | 6500 | 6506 |
|  4.705% due 01/12/2027 •  | 27930 | 27974 |
|  Intesa Sanpaolo SpA  | Intesa Sanpaolo SpA  | Intesa Sanpaolo SpA  |
|  7.000% due 11/21/2025 | 2000 | 2007 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  3.050% due 04/29/2026 | 373 | 370 |
|  5.500% due 01/09/2026 | 2005 | 2010 |
|  5.600% due 04/10/2026 | 7655 | 7712 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.651% (SOFRRATE + 0.440%) due 03/06/2026 ~ | 1850 | 1852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.790% (SOFRRATE + 0.570%) due 03/03/2026 ~ | $— | 9730 | $— | 9745 |
|  4.925% due 04/19/2027 •  |  | 1277 |  | 1282 |
|  5.012% (SOFRRATE + 0.680%) due 07/15/2027 ~ |  | 3619 |  | 3644 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.040% due 02/04/2027 •  |  | 6500 |  | 6429 |
|  1.578% due 04/22/2027 •  |  | 10432 |  | 10284 |
|  3.300% due 04/01/2026 |  | 110 |  | 110 |
|  3.960% due 01/29/2027 •  |  | 63168 |  | 63099 |
|  5.191% (SOFRRATE + 0.885%) due 04/22/2027 ~ |  | 11500 |  | 11539 |
|  KeyBank NA  | KeyBank NA  | KeyBank NA  | KeyBank NA  | KeyBank NA  |
|  4.700% due 01/26/2026 |  | 250 |  | 250 |
|  Kreditanstalt fuer Wiederaufbau  | Kreditanstalt fuer Wiederaufbau  | Kreditanstalt fuer Wiederaufbau  | Kreditanstalt fuer Wiederaufbau  | Kreditanstalt fuer Wiederaufbau  |
|  5.300% (SOFRINDX + 1.000%) due 10/30/2026 ~ |  | 25000 |  | 25223 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank  | Landeskreditbank Baden-Wuerttemberg Foerderbank  | Landeskreditbank Baden-Wuerttemberg Foerderbank  | Landeskreditbank Baden-Wuerttemberg Foerderbank  | Landeskreditbank Baden-Wuerttemberg Foerderbank  |
|  5.277% (SOFRINDX + 1.000%) due 05/08/2026 ~ |  | 34800 |  | 34968 |
|  Morgan Stanley  | Morgan Stanley  | Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
|  5.050% due 01/28/2027 •  |  | 51683 |  | 51797 |
|  MUFG Bank Ltd.  | MUFG Bank Ltd.  | MUFG Bank Ltd.  | MUFG Bank Ltd.  | MUFG Bank Ltd.  |
|  4.460% (BBSW3M + 0.870%) due 02/17/2026 ~ |  | 19700 |  | 13065 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  4.853% (SOFRRATE + 0.550%) due 01/29/2026 ~ | $— | 1000 |  | 1001 |
|  4.858% (SOFRRATE + 0.650%) due 12/10/2025 ~ |  | 768 |  | 768 |
|  NatWest Group PLC  | NatWest Group PLC  | NatWest Group PLC  | NatWest Group PLC  | NatWest Group PLC  |
|  7.472% due 11/10/2026 •  |  | 19581 |  | 19643 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.800% (SOFRRATE + 0.580%) due 08/28/2026 ~ |  | 12950 |  | 12983 |
|  4.898% due 01/16/2026 •  |  | 13000 |  | 13015 |
|  5.282% (SOFRINDX + 0.930%) due 04/02/2026 ~ |  | 500 |  | 502 |
|  Nomura Holdings, Inc.  | Nomura Holdings, Inc.  | Nomura Holdings, Inc.  | Nomura Holdings, Inc.  | Nomura Holdings, Inc.  |
|  1.653% due 07/14/2026 |  | 17135 |  | 16811 |
|  Nordea Bank Abp  | Nordea Bank Abp  | Nordea Bank Abp  | Nordea Bank Abp  | Nordea Bank Abp  |
|  1.500% due 09/30/2026 |  | 3800 |  | 3707 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.752% due 03/27/2026 •  |  | 325 |  | 326 |
|  4.823% (SOFRRATE + 0.620%) due 06/04/2026 ~ |  | 700 |  | 702 |
|  PNC Bank NA  | PNC Bank NA  | PNC Bank NA  | PNC Bank NA  | PNC Bank NA  |
|  4.826% (SOFRRATE + 0.500%) due 01/15/2027 ~ |  | 68350 |  | 68376 |
|  Protective Life Global Funding  | Protective Life Global Funding  | Protective Life Global Funding  | Protective Life Global Funding  | Protective Life Global Funding  |
|  4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ |  | 43800 |  | 43833 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.838% (SOFRRATE + 0.525%) due 01/20/2026 ~ |  | 21778 |  | 21803 |
|  4.870% (SOFRINDX + 0.570%) due 04/27/2026 ~ |  | 5138 |  | 5149 |
|  Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  | Santander U.K. Group Holdings PLC  |
|  6.833% due 11/21/2026 •  |  | 15243 |  | 15289 |
|  Standard Chartered PLC  | Standard Chartered PLC  | Standard Chartered PLC  | Standard Chartered PLC  | Standard Chartered PLC  |
|  4.050% due 04/12/2026 |  | 2850 |  | 2847 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.423% (BBSW3M + 0.850%) due 02/20/2026 ~ |  | 88470 |  | 58669 |
|  4.590% (BBSW3M + 0.900%) due 10/23/2026 ~ |  | 4200 |  | 2793 |
|  4.791% (BBSW3M + 1.100%) due 11/07/2025 ~ |  | 20200 |  | 13379 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.632% due 07/14/2026 | $— | 13238 |  | 13096 |
|  3.784% due 03/09/2026 |  | 29200 |  | 29164 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.340% (SOFRRATE + 1.120%) due 03/09/2026 ~ |  | 1350 |  | 1356 |
|  5.650% due 03/09/2026 |  | 4101 |  | 4128 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  1.200% due 06/03/2026 |  | 10778 |  | 10581 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **199** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.775% (SOFRRATE + 0.590%) due 09/10/2026 ~ | $| 419 | 420 |
|  4.783% (SOFRRATE + 0.620%) due 12/17/2026 ~ |  | 6011 | 6031 |
|  4.811% (SOFRRATE + 0.480%) due 10/10/2025 ~ |  | 7900 | 7901 |
|  5.103% due 01/09/2026 |  | 876 | 878 |
|  5.396% (SOFRRATE + 1.080%) due 07/17/2026 ~ |  | 15656 | 15758 |
|  Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
|  4.781% (SOFRINDX + 0.450%) due 04/10/2026 ~ |  | 33012 | 33049 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  4.048% (BBSW3M + 0.500%) due 02/26/2026 ~ | AUD | 19100 | 12645 |
|  4.934% (BBSW3M + 1.300%) due 05/12/2026 ~ |  | 3100 | 2063 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.364% due 01/30/2027 •  | $| 2670 | 2643 |
|  5.711% due 01/12/2027 •  |  | 1300 | 1305 |
|  United Overseas Bank Ltd.  | United Overseas Bank Ltd.  | United Overseas Bank Ltd.  | United Overseas Bank Ltd.  |
|  3.946% (BBSW3M + 0.410%) due 08/27/2026 ~ | AUD | 5000 | 3310 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.000% due 04/22/2026 | $| 30282 | 30110 |
|  4.100% due 06/03/2026 |  | 614 | 614 |
|  Wells Fargo Bank NA  | Wells Fargo Bank NA  | Wells Fargo Bank NA  | Wells Fargo Bank NA  |
|  5.036% (SOFRRATE + 0.710%) due 01/15/2026 ~ |  | 7270 | 7278 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
|  4.853% (SOFRRATE + 0.550%) due 01/29/2026 ~ |  | 1035 | 1036 |
|  4.984% (SOFRRATE + 0.720%) due 11/17/2025 ~ |  | 6292 | 6297 |
|  Weyerhaeuser Co.  | Weyerhaeuser Co.  | Weyerhaeuser Co.  | Weyerhaeuser Co.  |
|  4.750% due 05/15/2026 |  | 4341 | 4353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690042 |
| INDUSTRIALS 2.2% | INDUSTRIALS 2.2% | INDUSTRIALS 2.2% | INDUSTRIALS 2.2% |
|  Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  |
|  4.400% due 02/14/2026 |  | 15692 | 15681 |
|  BAE Systems Holdings, Inc.  | BAE Systems Holdings, Inc.  | BAE Systems Holdings, Inc.  | BAE Systems Holdings, Inc.  |
|  3.850% due 12/15/2025 |  | 603 | 602 |
|  BAT International Finance PLC  | BAT International Finance PLC  | BAT International Finance PLC  | BAT International Finance PLC  |
|  1.668% due 03/25/2026 |  | 128176 | 126644 |
|  Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  | Baxter International, Inc.  |
|  2.600% due 08/15/2026 |  | 3095 | 3053 |
|  Bayer U.S. Finance II LLC  | Bayer U.S. Finance II LLC  | Bayer U.S. Finance II LLC  | Bayer U.S. Finance II LLC  |
|  4.250% due 12/15/2025 |  | 3800 | 3797 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.902% (SOFRINDX + 0.550%) due 04/02/2026 ~ |  | 3125 | 3130 |
|  5.056% (SOFRINDX + 0.800%) due 08/13/2026 ~ |  | 655 | 657 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 28960 | 28744 |
|  2.600% due 10/30/2025 |  | 2000 | 1997 |
|  3.100% due 05/01/2026 |  | 19376 | 19250 |
|  Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
|  4.728% (SOFRRATE + 0.490%) due 02/20/2026 ~ |  | 52 | 52 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  | Broadcom Corp./Broadcom Cayman Finance Ltd.  |
|  3.875% due 01/15/2027 |  | 2656 | 2655 |
|  Campbell's Co.  | Campbell's Co.  | Campbell's Co.  | Campbell's Co.  |
|  5.300% due 03/20/2026 |  | 6427 | 6451 |
|  Canadian National Railway Co.  | Canadian National Railway Co.  | Canadian National Railway Co.  | Canadian National Railway Co.  |
|  2.750% due 03/01/2026 |  | 3518 | 3498 |
|  Cigna Group  | Cigna Group  | Cigna Group  | Cigna Group  |
|  1.250% due 03/15/2026 |  | 1786 | 1761 |
|  Conagra Brands, Inc.  | Conagra Brands, Inc.  | Conagra Brands, Inc.  | Conagra Brands, Inc.  |
|  4.600% due 11/01/2025 |  | 577 | 577 |
|  Dell International LLC/EMC Corp.  | Dell International LLC/EMC Corp.  | Dell International LLC/EMC Corp.  | Dell International LLC/EMC Corp.  |
|  6.020% due 06/15/2026 |  | 19818 | 19981 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
|  4.493% due 11/15/2025 | 955 | 955 |
|  Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
|  4.750% due 01/15/2026 | 7764 | 7766 |
|  General Electric Co.  | General Electric Co.  | General Electric Co.  |
|  4.963% (US0003M + 0.380%) due 05/05/2026 ~ | 175 | 175 |
|  GlaxoSmithKline Capital PLC  | GlaxoSmithKline Capital PLC  | GlaxoSmithKline Capital PLC  |
|  4.679% (SOFRRATE + 0.500%) due 03/12/2027 ~ | 387 | 388 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 13700 | 13521 |
|  Halliburton Co. | Halliburton Co. | Halliburton Co. |
|  3.800% due 11/15/2025 | 541 | 540 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.250% due 06/15/2026 | 700 | 701 |
|  5.375% due 09/01/2026 | 13684 | 13745 |
|  5.875% due 02/15/2026 | 3000 | 3004 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.486% (SOFRRATE + 0.330%) due 12/24/2025 ~ | 354 | 354 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.300% due 01/08/2026 | 950 | 942 |
|  5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~ | 195 | 195 |
|  6.250% due 11/03/2025 | 7146 | 7157 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 4013 | 3955 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  1.125% due 07/15/2026 | 350 | 342 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 4811 | 4770 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 20610 | 20397 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 2891 | 2846 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 140423 | 138786 |
|  2.650% due 07/15/2026 | 108985 | 107733 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.200% due 11/15/2025 | 1401 | 1395 |
|  5.750% due 05/24/2026 | 660 | 665 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  4.656% (SOFRINDX + 0.400%) due 02/13/2026 ~ | 2757 | 2759 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2026 | 5800 | 5813 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 5145 | 5136 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.000% due 02/27/2026 | 846 | 848 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  4.000% due 12/21/2025 | 380 | 380 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.450% due 06/15/2026 | 1800 | 1781 |
|  4.750% due 02/15/2026 | 2432 | 2438 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  3.300% due 07/15/2026 | 139 | 138 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 02/15/2026 | 8653 | 8586 |
|  2.625% due 04/15/2026 | 21073 | 20905 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.000% due 03/28/2026 | 5100 | 5119 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.826% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 10125 | 10138 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 6990 | 6957 |
|  4.625% due 11/13/2025 | 8250 | 8248 |
|  4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 2000 | 2004 |
|  5.400% due 03/20/2026 | 72650 | 73039 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.050% due 01/15/2026 | 34396 | 34257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757408 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  1.000% due 11/01/2025 | 2177 | 2170 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.900% due 10/01/2025 | 632 | 632 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.456% (SOFRINDX + 0.280%) due 09/15/2026 ~ | 13075 | 13079 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.611% (SOFRRATE + 0.400%) due 12/03/2025 ~ | 955 | 955 |
|  4.809% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 19850 | 19931 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.000% due 12/03/2025 | 10000 | 6584 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 9464 | 9481 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.850% due 07/15/2026 | 14500 | 14552 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 18452 | 18327 |
|  3.150% due 01/01/2026 | 118326 | 117958 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 1056 | 1059 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 | 29194 | 28855 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  4.750% due 01/09/2026 | 4350 | 4355 |
|  |  | 237938 |
|  Total Corporate Bonds & Notes<br>(Cost $2,675,388) | Total Corporate Bonds & Notes<br>(Cost $2,675,388) | 2685388 |
| U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  4.330% due 10/05/2027 •(a) | 363600 | 363636 |
|  Total U.S. Government Agencies<br>(Cost $363,600) | Total U.S. Government Agencies<br>(Cost $363,600) | 363636 |
| U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.057% due 07/31/2027 •  | 272200 | 272009 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.875% due 09/30/2026 | 225000 | 218804 |
|  3.750% due 08/15/2027 | 1064530 | 1066879 |
|  4.125% due 01/31/2027 | 550000 | 553040 |
|  4.250% due 11/30/2026 | 100000 | 100606 |
|  Total U.S. Treasury Obligations<br>(Cost $2,208,181) | Total U.S. Treasury Obligations<br>(Cost $2,208,181) | 2211338 |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.453% due 09/15/2026 | 5494 | 5497 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.536% due 02/20/2026 | 446 | 446 |
|  4.555% due 05/20/2026 | 7967 | 7973 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.359% due 08/20/2026 | 2358 | 2360 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.390% due 08/20/2026 | 20131 | 20150 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.359% due 08/17/2026 | 21645 | 21658 |
|  Total Asset-Backed Securities<br>(Cost $58,042) | Total Asset-Backed Securities<br>(Cost $58,042) | 58084 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  BNG Bank NV | BNG Bank NV | BNG Bank NV |
|  5.286% (SOFRINDX + 1.000%) due 08/05/2026 ~ | 27900 | 28072 |

---

---

| | | |
|:---|:---|:---|
| **200** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.805% (SOFRRATE + 0.500%) due 07/27/2026 ~ | 4000 | 4010 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  4.314% (FEDL01 + 0.224%) due 08/13/2026 ~ | 144000 | 143944 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  5.179% (SOFRINDX + 1.000%) due 06/17/2026 ~ | 3200 | 3217 |
|  Kommunekredit | Kommunekredit | Kommunekredit |
|  5.305% (SOFRRATE + 1.000%) due 07/27/2026 ~ | 14500 | 14598 |
|  Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
|  5.286% (SOFRRATE + 1.000%) due 05/05/2027 ~ | 125200 | 126493 |
|  Total Sovereign Issues (Cost $320,490) | Total Sovereign Issues (Cost $320,490) | 320334 |
| SHORT-TERM INSTRUMENTS 91.1% | SHORT-TERM INSTRUMENTS 91.1% | SHORT-TERM INSTRUMENTS 91.1% |
| CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.410% (SOFRRATE + 0.250%) due 12/03/2025 ~ | 26600 | 26608 |
|  4.600% due 02/04/2026 ~ | 10300 | 10304 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.350% (SOFRRATE + 0.230%) due 04/07/2026 ~ | 25200 | 25200 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.410% (SOFRRATE + 0.250%) due 12/05/2025 ~ | 15400 | 15404 |
|  |  | 77516 |
| COMMERCIAL PAPER 0.4% | COMMERCIAL PAPER 0.4% | COMMERCIAL PAPER 0.4% |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 14400 | 14373 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.580% due 10/06/2025 | 3300 | 3298 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 103600 | 102992 |
|  |  | 120663 |
| REPURCHASE AGREEMENTS (e) 90.1% | REPURCHASE AGREEMENTS (e) 90.1% | REPURCHASE AGREEMENTS (e) 90.1% |
|  |  | 30519692 |
| SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% |
|  ARI Fleet Lease Trust  | ARI Fleet Lease Trust  | ARI Fleet Lease Trust  |
|  4.559% due 05/15/2026 | 14499 | 14510 |
|  CarMax Auto Owner Trust  | CarMax Auto Owner Trust  | CarMax Auto Owner Trust  |
|  4.474% due 07/15/2026 | 29311 | 29328 |
|  Chase Auto Owner Trust  | Chase Auto Owner Trust  | Chase Auto Owner Trust  |
|  4.467% due 07/27/2026 | 11311 | 11317 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.551% due 07/20/2026 | 5508 | 5515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.940% due 12/12/2025 (c)(d) | 13100 | $— | 12998 |
|  4.060% due 10/29/2025 (c)(d) | 2600 |  | 2592 |
|  4.210% due 10/22/2025 (c)(d) | 8000 |  | 7980 |
|  PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  | PenFed Auto Receivables Owner Trust  |
|  4.178% due 09/15/2026 | 3200 |  | 3201 |
|  |  |  | 87441 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.170% due 10/02/2025 - 12/04/2025 (b)(c)(g) | 19900 |  | 19812 |
| Total Short-Term Instruments<br>(Cost $30,828,111) | Total Short-Term Instruments<br>(Cost $30,828,111) |  | 30825124 |
| Total Investments in Securities<br>(Cost $36,453,812) | Total Investments in Securities<br>(Cost $36,453,812) |  | 36463904 |
| Total Investments 107.7%<br>(Cost $36,453,812) | Total Investments 107.7%<br>(Cost $36,453,812) | $— | 36463904 |
|  Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $0) |  | 973 |
| Other Assets and Liabilities, net (7.7)% | Other Assets and Liabilities, net (7.7)% |  | (2600803) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 33864074 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(e) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | **Principal<br>Amount** | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BCY | 4.240% | 10/01/2025 | 10/02/2025 | $1250000 | U.S. Treasury Bonds 4.625% due 05/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 |
|  | 4.350 | 09/30/2025 | 10/01/2025 | 1250000 | U.S. Treasury Bonds 4.625% due 05/15/2054 | (1271893) | 1250000 | 1250151 |
| BOS | 4.170 | 10/01/2025 | 10/31/2025 | 500000 | U.S. Treasury Notes 1.125% - 4.125% due 02/28/2027 | (510075) | 500000 | 500000 |
|  | 4.190 | 09/18/2025 | 10/07/2025 | 1750000 | U.S. Treasury Notes 3.750% - 3.875% due 05/31/2027 - 06/30/2027 | (1989704) | 1950000 | 1951438 |
|  | 4.190 | 09/19/2025 | 10/16/2025 | 650000 | U.S. Treasury Bonds 3.875% due 05/15/2043 | (663130) | 650000 | 650908 |
|  | 4.190 | 09/19/2025 | 10/17/2025 | 150000 | U.S. Treasury Notes 4.000% due 07/31/2029 | (152887) | 150000 | 150209 |
|  | 4.200 | 09/19/2025 | 10/15/2025 | 350000 | U.S. Treasury Notes 4.250% due 02/15/2028 | (356904) | 350000 | 350490 |
|  | 4.200 | 09/18/2025 | 10/27/2025 | 1450000 | U.S. Treasury Notes 0.375% - 2.750% due 07/31/2027 - 02/15/2028 | (1479267) | 1450000 | 1452199 |
|  | 4.200 | 09/29/2025 | 10/27/2025 | 250000 | U.S. Treasury Notes 4.125% due 01/31/2027 | (255354) | 250000 | 250058 |
|  | 4.210 | 09/19/2025 | 10/07/2025 | 800000 | U.S. Treasury Notes 3.750% due 06/30/2027 | (816223) | 800000 | 801123 |
|  | 4.220 | 09/30/2025 | 10/01/2025 | 150000 | U.S. Treasury Notes 4.375% due 12/31/2029 | (153082) | 150000 | 150018 |
|  | 4.220 | 09/23/2025 | 10/09/2025 | 1300000 | U.S. Treasury Notes 0.375% - 4.375% due 07/15/2027 - 03/15/2028 | (1326981) | 1300000 | 1301219 |
|  | 4.220 | 09/16/2025 | 10/14/2025 | 250000 | U.S. Treasury Notes 4.250% due 11/30/2026 | (255404) | 250000 | 250440 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **201** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
|  | 4.220% | 09/16/2025 | 10/15/2025 | 350000 | U.S. Treasury Notes 3.750% due 04/30/2027 - 06/30/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350615 |
|  | 4.240 | 09/12/2025 | 10/16/2025 | 150000 | U.S. Treasury Notes 4.250% due 06/30/2029 | (152711) | 150000 | 150336 |
|  | 4.240 | 09/12/2025 | 10/20/2025 | 200000 | U.S. Treasury Notes 4.250% due 06/30/2029 | (203615) | 200000 | 200448 |
|  | 4.250 | 09/25/2025 | 10/06/2025 | 800000 | U.S. Treasury Notes 4.250% due 02/15/2028 | (816801) | 800000 | 800567 |
|  | 4.250 | 09/30/2025 | 10/06/2025 | 1600000 | U.S. Treasury Notes 0.625% - 4.375% due 11/30/2027 - 08/31/2028 | (1634292) | 1600000 | 1600189 |
|  | 4.250 | 09/12/2025 | 10/15/2025 | 1550000 | U.S. Treasury Notes 2.875% - 4.375% due 08/15/2028 - 08/31/2029 | (1578522) | 1550000 | 1553477 |
|  | 4.260 | 09/24/2025 | 10/06/2025 | 1200000 | U.S. Treasury Notes 2.875% - 3.625% due 05/15/2028 - 08/15/2028 | (1224091) | 1200000 | 1200994 |
|  | 4.260 | 09/12/2025 | 10/08/2025 | 400000 | U.S. Treasury Notes 3.625% due 03/31/2028 | (400705) | 400000 | 400899 |
|  | 4.260 | 09/12/2025 | 10/14/2025 | 800000 | U.S. Treasury Notes 1.125% - 2.875% due 08/15/2028 - 08/31/2028 | (815213) | 800000 | 801799 |
|  | 4.270 | 09/15/2025 | 10/02/2025 | 400000 | U.S. Treasury Notes 1.125% due 02/28/2027 | (408432) | 400000 | 400759 |
|  | 4.270 | 09/11/2025 | 10/06/2025 | 1750000 | U.S. Treasury Notes 1.250% - 3.875% due 06/15/2028 - 06/30/2028 | (1783879) | 1750000 | 1754151 |
|  | 4.270 | 09/12/2025 | 10/09/2025 | 1100000 | U.S. Treasury Notes 3.875% due 06/15/2028 | (1121327) | 1100000 | 1102479 |
|  | 4.280 | 09/25/2025 | 10/02/2025 | 400000 | U.S. Treasury Notes 3.625% due 08/15/2028 | (408019) | 400000 | 400285 |
|  | 4.280 | 09/30/2025 | 10/02/2025 | 1100000 | U.S. Treasury Notes 1.000% due 07/31/2028 | (1122962) | 1100000 | 1100131 |
|  | 4.280 | 09/25/2025 | 10/03/2025 | 400000 | U.S. Treasury Notes 3.625% due 08/15/2028 | (408019) | 400000 | 400285 |
|  | 4.280 | 09/11/2025 | 10/10/2025 | 400000 | U.S. Treasury Notes 3.875% due 07/15/2028 | (407454) | 400000 | 400951 |
|  | 4.290 | 09/15/2025 | 10/01/2025 | 750000 | U.S. Treasury Notes 1.625% - 4.250% due 09/30/2026 - 11/30/2026 | (761507) | 750000 | 751430 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 3889000 | U.S. Treasury Notes 0.875% - 4.250% due 06/30/2026 - 06/30/2029 | (3968323) | 3889000 | 3892607 |
|  | 4.310 | 09/09/2025 | 10/01/2025 | 200000 | U.S. Treasury Notes 2.250% - 4.125% due 01/31/2027 - 02/15/2027 | (204260) | 200000 | 200527 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 109000 | U.S. Treasury Notes 3.500% due 09/30/2027 | (111142) | 109000 | 109013 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 1250000 | U.S. Treasury Notes 3.875% - 4.000% due 05/31/2027 - 07/31/2032 | (1274336) | 1250000 | 1250154 |
| BPS | 4.080 | 09/25/2025 | 10/02/2025 | 500000 | United Kingdom Gilt 1.500% - 4.375% due 01/22/2044 - 07/31/2054 | (684575) | 672450 | 672899 |
|  | 4.250 | 09/30/2025 | 10/01/2025 | $800 | U.S. Treasury Inflation-Indexed Notes 2.125% due 04/15/2029 | (816) | 800 | 800 |
| BUS | 2.520 | 09/26/2025 | 10/10/2025 | 590000 | Province of Quebec 3.100% due 12/01/2051 | (439398) | 423942 | 424088 |
| FICC STR | 4.200 | 09/30/2025 | 10/01/2025 | $75000 | U.S. Treasury Bonds 1.625% due 11/15/2050 | (76500) | 75000 | 75009 |
| JPS | 4.250 | 09/30/2025 | 10/01/2025 | 1000 | U.S. Treasury Notes 4.500% due 05/31/2029 | (1020) | 1000 | 1000 |
| SAL | 4.230 | 09/30/2025 | 10/01/2025 | 224500 | U.S. Treasury Notes 4.625% due 03/15/2026 | (229174) | 224500 | 224526 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 24000 | U.S. Treasury Bills 0.000% due 03/26/2026 | (24482) | 24000 | 24003 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $(31119950) | $30519692 | $30552674 |

---

202 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BCY | $2500151 | $0 | $0 | $2500151 | $(2542043) | $(41892) |
|  BOO | 0 | 0 | 0 | 0 | (60293) | (60293) |
|  BOS | 26630198 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26630198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27121942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491744) |
|  BPS | 673699 | 0 | 0 | 673699 | (683750) | (10051) |
|  BUS | 424088 | 0 | 0 | 424088 | (438832) | (14744) |
|  FICC STR | 75009 | 0 | 0 | 75009 | (76500) | (1491) |
|  JPS | 1000 | 0 | 0 | 1000 | (1020) | (20) |
|  SAL | 248529 | 0 | 0 | 248529 | (253656) | (5127) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30552674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

Cash of $2,206 has been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to**<br> **be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to**<br> **be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 231259 | $149624 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3354) |
|  | 10/2025 | 248 | 178 | 0 | 0 |
|  | 11/2025 | $806 | 1227 | 6 | 0 |
|  | 11/2025 | 178 | 248 | 0 | 0 |
|  BOA | 10/2025 | 72896 | $487 | 0 | (6) |
|  | 10/2025 | $1011 | 148724 | 2 | (7) |
|  | 11/2025 | 19071 | $128 | 0 | (2) |
|  | 11/2025 | $472 | 70453 | 6 | 0 |
|  BPS | 10/2025 | 500000 | $675859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 | 0 |
|  | 10/2025 | 117794 | 793 | 0 | (4) |
|  | 10/2025 | $149 | 22172 | 1 | 0 |
|  | 11/2025 | 22095 | $149 | 0 | (1) |
|  | 11/2025 | $793 | 117385 | 4 | 0 |
|  BRC | 10/2025 | 36908 | $26708 | 190 | 0 |
|  | 10/2025 | $29781 | 40979 | 0 | (337) |
|  | 10/2025 | 2674 | 392637 | 0 | (19) |
|  | 11/2025 | 2197 | 3323 | 3 | 0 |
|  | 11/2025 | 884 | 130254 | 0 | (1) |
|  CBK | 10/2025 | 16796 | $11188 | 78 | 0 |
|  | 10/2025 | 1904 | 1378 | 10 | 0 |
|  | 10/2025 | $2972 | 4550 | 38 | 0 |
|  | 10/2025 | 4848 | 31041 | 35 | 0 |
|  DUB | 10/2025 | 43826 | $32 | 0 | 0 |
|  FAR | 10/2025 | 590570 | 423908 | 0 | (582) |
|  | 10/2025 | 873370 | 5941 | 36 | 0 |
|  | 10/2025 | $157107 | 240630 | 2069 | 0 |
|  | 10/2025 | 954 | 140255 | 0 | (6) |
|  | 11/2025 | 240630 | $157184 | 0 | (2067) |
|  IND | 10/2025 | 33766 | 5280 | 0 | (31) |
|  | 10/2025 | $4050 | 6198 | 50 | 0 |
|  | 11/2025 | 5280 | 33688 | 31 | 0 |
|  JPM | 10/2025 | 23415 | $3678 | 0 | (5) |
|  | 10/2025 | 75856 | 55 | 1 | 0 |
|  | 10/2025 | $502 | 693 | 0 | (4) |
|  | 11/2025 | 3678 | 23361 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **203** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to**<br> **be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to**<br> **be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 10/2025 | 1094 | $794 | $8 | $0 |
|  | 10/2025 | 30 | 5 | 0 | 0 |
|  | 10/2025 | 128275 | 863 | 0 | (5) |
|  | 10/2025 | 60244 | 43 | 0 | 0 |
|  | 10/2025 | $1685 | 2330 | 0 | (11) |
|  | 10/2025 | 1584 | 232290 | 0 | (14) |
|  | 11/2025 | 18787 | $127 | 0 | 0 |
|  | 11/2025 | $1480 | 218889 | 5 | 0 |
|  MYI | 10/2025 | 77213 | $518 | 0 | (4) |
|  | 10/2025 | $3225 | 480720 | 26 | (1) |
|  | 11/2025 | 417751 | $2808 | 0 | (26) |
|  | 11/2025 | $1486 | 219731 | 5 | 0 |
|  NGF | 10/2025 | 100473 | $72 | 1 | 0 |
|  SCX | 10/2025 | 49772 | 338 | 2 | 0 |
|  | 10/2025 | $4074 | 26168 | 42 | 0 |
|  | 10/2025 | 1387 | 203969 | 0 | (8) |
|  | 11/2025 | 417 | $300 | 0 | 0 |
|  | 11/2025 | 91 | 1 | 0 | 0 |
|  | 11/2025 | $1480 | 218365 | 2 | 0 |
|  SOG | 10/2025 | 602734 | $4087 | 18 | (6) |
|  | 10/2025 | $7474 | 1109827 | 37 | (8) |
|  | 11/2025 | 909758 | $6135 | 0 | (37) |
|  | 11/2025 | $988 | 146473 | 6 | 0 |
|  SSB | 10/2025 | 2340 | $1700 | 18 | 0 |
|  | 11/2025 | $1489 | 219464 | 0 | 0 |
|  UAG | 10/2025 | 1508 | $1100 | 17 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6546) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.250 | Maturity | 10/06/2025 | $100000 | $0 | $18 | $18 | $0 |
|  | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.250 | Maturity | 10/07/2025 | 425000 | 0 | 1076 | 1076 | 0 |
|  | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.250 | Maturity | 10/09/2025 | 350000 | 0 | (151) | 0 | (151) |
| SOG | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.310 | Maturity | 10/01/2025 | 400000 | 0 | 90 | 90 | 0 |
|  | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.210 | Maturity | 10/16/2025 | 464530 | 0 | 339 | 339 | 0 |
|  | Receive | U.S. Treasury<br>Inflation<br>Protected Securities | N/A | 4.250 | Maturity | 10/24/2025 | 200000 | 0 | (189) | 0 | (189) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) |

---

204 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $6 | $0 | $0 | $6 | $(3354) | $0 | $0 | $(3354) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3348) | $2475 | $(873) |
|  BOA | 8 | 0 | 0 | 8 | (15) | 0 | 0 | (15) | (7) | 0 | (7) |
|  BPS | 3589 | 0 | 0 | 3589 | (5) | 0 | 0 | (5) | 3584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1356) |
|  BRC | 193 | 0 | 0 | 193 | (357) | 0 | 0 | (357) | (164) | 0 | (164) |
|  CBK | 161 | 0 | 0 | 161 | 0 | 0 | 0 | 0 | 161 | 0 | 161 |
|  FAR | 2105 | 0 | 0 | 2105 | (2655) | 0 | 0 | (2655) | (550) | 624 | 74 |
|  IND | 81 | 0 | 0 | 81 | (31) | 0 | 0 | (31) | 50 | 0 | 50 |
|  JPM | 6 | 0 | 0 | 6 | (9) | 0 | 0 | (9) | (3) | 0 | (3) |
|  MBC | 13 | 0 | 0 | 13 | (30) | 0 | 0 | (30) | (17) | 0 | (17) |
|  MYC | 0 | 0 | 1094 | 1094 | 0 | 0 | (151) | (151) | 943 | (270) | 673 |
|  MYI | 31 | 0 | 0 | 31 | (31) | 0 | 0 | (31) | 0 | 0 | 0 |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 46 | 0 | 0 | 46 | (8) | 0 | 0 | (8) | 38 | 0 | 38 |
|  SOG | 61 | 0 | 429 | 490 | (51) | 0 | (189) | (240) | 250 | (670) | (420) |
|  SSB | 18 | 0 | 0 | 18 | 0 | 0 | 0 | 0 | 18 | 0 | 18 |
|  UAG | 17 | 0 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | (10) | 7 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6886) |  |  |  |

---

(g) Securities with an aggregate market value of $3,099 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6336 | $0 | $6336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1523 | 1523 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6546 | $0 | $6546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 340 | 340 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 205

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.) September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | **Interest**<br> **Rate Contracts** | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(37992) | $0 | $(37992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 3886 | 3886 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34106) |
|  Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(22635) | $0 | $(22635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | (3641) | (3641) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22635) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3641) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26276) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $1690042 | $0 | $1690042 |
| &nbsp;&nbsp; Industrials | 0 | 757408 | 0 | 757408 |
| &nbsp;&nbsp; Utilities | 0 | 237938 | 0 | 237938 |
|  U.S. Government Agencies | 0 | 363636 | 0 | 363636 |
|  U.S. Treasury Obligations | 0 | 2211338 | 0 | 2211338 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 58084 | 0 | 58084 |
|  Sovereign Issues | 0 | 320334 | 0 | 320334 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 77516 | 0 | 77516 |
| &nbsp;&nbsp; Commercial Paper | 0 | 120663 | 0 | 120663 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 30519692 | 0 | 30519692 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 87441 | 0 | 87441 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 19812 | 0 | 19812 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36463904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36463904 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $7859 | $0 | $7859 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(6886) | $0 | $(6886) |
|  Total Financial Derivative Instruments | $0 | $973 | $0 | $973 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36464877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36464877 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **206** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the portfolios (each, a "Portfolio" and collectively, the "Portfolios") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolios.

PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III have respectively organized the PIMCO International Portfolio Subsidiary LLC, PIMCO Short Asset Portfolio Subsidiary LLC and PIMCO ST Floating NAV III Subsidiary LLC, each a wholly-owned subsidiary organized under the laws of the state of Delaware (each, a "Subsidiary" and collectively, the "Subsidiaries"). See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding each Subsidiary.

Shares of the Portfolios have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. Each Portfolio issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act.

Hereinafter, the Board of Trustees of the Portfolios shall be collectively referred to as the "Board."

Each Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolios' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent offering memorandum supplement, act as the Portfolios' CODM. Each Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolios as a whole and each Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Portfolios' portfolio managers as a team. The financial information in the form of

each Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Portfolio's comparative benchmarks and to make resource allocation decisions for each Portfolio's single segment, is consistent with that presented within the Portfolios' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Portfolios is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **207** |

---

------

Notes to Financial Statements (Cont.)

recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Portfolio may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Portfolio invests. These foreign taxes, if any, are paid by a Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolios do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Portfolios may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded

amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Portfolio Name | Declared | Declared | Distributed | Distributed |
|  PIMCO ABS and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO EM Bond and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO High Yield and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Investment Grade Credit Bond Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Long Duration Credit Bond Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Low Duration Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Moderate Duration Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Mortgage and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Municipal Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Real Return Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - AM |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - H |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - I |  | Quarterly |  | Quarterly |
|  PIMCO Short-Term Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Short-Term Floating NAV Portfolio II |  | Daily |  | Monthly |
|  PIMCO U.S. Government and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO International Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Short Asset Portfolio |  | Daily |  | Monthly |
|  PIMCO Short-Term Floating NAV Portfolio III |  | Daily |  | Monthly |

---

Net realized capital gains earned by each Portfolio, if any, will be distributed no less frequently than annually. A Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Portfolio's annual financial statements presented under U.S. GAAP.

---

| | |
|:---|:---|
| **208** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Separately, if a Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Portfolio's daily internal accounting records and practices, a Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the

fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Portfolio's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio 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, with respect to each Portfolio other than the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, portfolio shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). With respect to the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, portfolio shares are ordinarily valued as of 3:00 p.m. Eastern time on each day that the NYSE is open. Information that becomes known to the Portfolios or their 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, each Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **209** |

---

------

Notes to Financial Statements (Cont.)

day. Each Portfolio 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, each Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that each Portfolio 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 a Portfolio 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 Portfolios will normally use pricing data for domestic equity securities received shortly after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close) and do not normally take into account trading, clearances or settlements that take place after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close).

A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 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 has designated PIMCO as the valuation designee ("Valuation Designee") for each Portfolio to perform the fair value determination relating to all Portfolio 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 portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), a Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close), the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable

---

| | |
|:---|:---|
| **210** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Portfolio normally will be taken into account in calculating the NAV. A Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Portfolio 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 a Portfolio may differ from the value that would be realized if the securities were sold. The Portfolios' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Portfolio's offering memorandum.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Portfolio 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

---

| | |
|:---|:---|
| <sup>∎</sup> | 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. |

---

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). 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 each respective Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Portfolio'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 each respective Portfolio.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **211** |

---

------

Notes to Financial Statements (Cont.)

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-

backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity's trading currency to the contract's settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

---

| | |
|:---|:---|
| **212** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to

the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **213** |

---

------

Notes to Financial Statements (Cont.)

of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the affiliate funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolios' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $681147 | $2019792 | $(1579100) | $(81) | $501 | $1122259 | $22442 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 19287 | 159971 | (149800) | 5 | 10 | 29473 | 769 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2263 | 27126 | (27100) | (1) | 1 | 2289 | 26 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 19998 | 508345 | (439400) | 27 | 30 | 89000 | 1937 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 50798 | 9540817 | (9555600) | 69 | 3 | 36087 | 1929 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 3546 | 396700 | (375100) | 8 | 1 | 25155 | 297 | 0 |
|  PIMCO Municipal Portfolio | 2744 | 12551 | (14300) | 0 | 0 | 995 | 51 | 0 |
|  PIMCO Real Return Portfolio | 19005 | 137452 | (155600) | (6) | 0 | 851 | 52 | 0 |
|  PIMCO Sector Fund Series - AM | 775 | 9126 | (7800) | 1 | 1 | 2103 | 26 | 0 |
|  PIMCO Sector Fund Series - H | 2089 | 22276 | (9700) | 1 | 0 | 14666 | 74 | 0 |
|  PIMCO Sector Fund Series - I | 1128 | 852700 | (844500) | (51) | 0 | 9277 | 201 | 0 |
|  PIMCO Short-Term Portfolio | 8881 | 37666 | (33900) | 0 | 6 | 12653 | 265 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1649 | 162477 | (123200) | 2 | 5 | 40933 | 271 | 0 |
|  PIMCO International Portfolio | 173246 | 389590 | (378100) | (35) | 72 | 184773 | 3291 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

An affiliate includes any company in which a Portfolio owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>, except number of shares).

#### PIMCO High Yield and Short-Term Investments Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income | **Shares Held at**<br> **09/30/2025** |
|  Xfit Brands, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68040639 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(b) Investments in Securities

The Portfolios may utilize the investments and strategies described below to the extent permitted by each Portfolio's respective investment policies.

Bank Obligations in which a Portfolio may invest include certificates of deposit, bankers' acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time

deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

Delayed-Delivery Transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement

period. When delayed-delivery transactions are outstanding, a Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in

---

| | |
|:---|:---|
| **214** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

a realized gain (loss). When a Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolios may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolios may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **215** |

---

------

Notes to Financial Statements (Cont.)

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Portfolio's offering memorandum and offering memorandum supplement (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest

income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios as of September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Portfolio's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and

---

| | |
|:---|:---|
| **216** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolios to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Portfolios' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolios and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each

takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Portfolio to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may enter into the borrowings and other financing transactions described below to the extent permitted by each Portfolio's respective investment policies.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **217** |

---

------

Notes to Financial Statements (Cont.)

The following disclosures contain information on a Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Portfolio. The location of these instruments in each Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by a Portfolio's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by a Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to a Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Portfolio or counterparty at any time. A Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of

the agreement. The agreed-upon proceeds for securities to be repurchased by a Portfolio are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Portfolio. A short sale is "against the box" if a Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Portfolios of the Trust may participate in a

---

| | |
|:---|:---|
| **218** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. The Portfolios are currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Portfolios did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolios may enter into the financial derivative instruments described below to the extent permitted by each Portfolio's respective investment policies.

The following disclosures contain information on how and why the Portfolios use financial derivative instruments, and how financial derivative instruments affect the Portfolios' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Portfolios.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Portfolio's securities or as part of an investment strategy. A forward

foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Portfolio's exposure to the underlying instrument. Writing call options tends to decrease a Portfolio's exposure to the underlying instrument. When a Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **219** |

---

------

Notes to Financial Statements (Cont.)

to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio's exposure to the underlying instrument. A Portfolio pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Portfolio's investment policies and restrictions, a Portfolio will value the

---

| | |
|:---|:---|
| **220** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Portfolio's other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of a Portfolio's credit quality guidelines (if any) because such value in general better reflects a Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, a Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Portfolio's offering memorandum. In this context, both the notional amount and the market value may be positive or negative depending on whether a Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Portfolio and the counterparty and by the posting of collateral to a Portfolio to cover a Portfolio's exposure to the counterparty.

To the extent a Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for

the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. Unlike credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues, deliverable obligations in most instances would be limited to the specific referenced obligation, or in some cases, specific tranches of the specified reference obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **221** |

---

------

Notes to Financial Statements (Cont.)

other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation's default.

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting

values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Portfolio is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Portfolios hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked

---

| | |
|:---|:---|
| **222** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a

basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference

asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Portfolio, which could adversely affect its net asset value, yield and total return, are listed below.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>ABS and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>ABS and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>EM Bond and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>EM Bond and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>High Yield and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>High Yield and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio | PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio | PIMCO<br>Long Duration<br>Credit Bond<br>Portfolio | PIMCO<br>Long Duration<br>Credit Bond<br>Portfolio | PIMCO<br>Low Duration<br>Portfolio | PIMCO<br>Low Duration<br>Portfolio | PIMCO<br>Moderate<br>Duration<br>Portfolio | PIMCO<br>Moderate<br>Duration<br>Portfolio | PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>Municipal<br>Portfolio |
|  New Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Small Portfolio |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Interest Rate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Call |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Credit |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  High Yield |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Market |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Issuer |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Liquidity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Derivatives |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Equity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Mortgage-Related and Other Asset- Backed Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Collateralized Loan Obligations |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Extension |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Prepayment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Privately Issued Mortgage-Related Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Foreign (Non-U.S.) Investment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Emerging Markets |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Sovereign Debt |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Currency |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Issuer Non-Diversification |  |  |  | X |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Leveraging |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Management |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  AMT Bonds |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Short Exposure |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X | X |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **223** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO**<br> **Real<br>Return**<br> **Portfolio** | **PIMCO**<br> **Sector**<br> **Fund<br>Series - AM** | **PIMCO<br>Sector<br>Fund<br>Series - H** | **PIMCO<br>Sector<br>Fund<br>Series - I** | **PIMCO<br>Short-Term<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating<br>NAV<br>Portfolio II** | **PIMCO<br>U.S. Government<br>and Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>International<br>Portfolio** | **PIMCO<br>Short<br>Asset<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating<br>NAV<br>Portfolio III** |
|  New Portfolio |  | X | X | X |  |  |  |  |  |  |
|  Small Portfolio | X | X | X | X | X | X | X | X |  |  |
|  Interest Rate | X | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X | X | X |
|  High Yield | X |  | X |  | X | X | X | X |  |  |
|  Market | X | X | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X | X |  |  |
|  Mortgage-Related and Other Asset- Backed Securities | X | X | X | X | X | X | X | X | X | X |
|  Collateralized Loan Obligations | X |  |  |  | X | X | X | X | X |  |
|  Extension | X | X | X | X | X | X | X | X |  |  |
|  Prepayment | X | X | X | X | X | X | X | X |  |  |
|  Privately Issued Mortgage- Related Securities | X | X | X | X | X | X | X | X |  |  |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X | X | X |
|  Emerging Markets | X | X | X | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X | X | X |  |
|  Issuer Non-Diversification |  | X | X |  |  |  |  | X |  |  |
|  Leveraging | X | X | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X | X | X |
|  AMT Bonds | X |  |  |  | X | X | X | X |  |  |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  |
|  Subsidiary |  |  |  |  |  |  |  | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |  | X |
|  Preferred Securities |  | X | X | X |  |  |  |  |  |  |
|  Capital Securities |  | X | X | X |  |  |  |  |  |  |

---

Please see "Description of Principal Risks" in a Portfolio's offering memorandum for a more detailed description of the risks of investing in a Portfolio.

New Portfolio Risk is the risk that a new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, new portfolios have limited operating histories for investors to evaluate and new portfolios may not attract sufficient assets to achieve investment and trading efficiencies.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size.

Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a portfolio with a longer

average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call

outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Portfolio could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a

---

| | |
|:---|:---|
| **224** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Portfolio may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income portfolios may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Portfolio. A Portfolio's use of derivatives or other similar investments may result in losses to a Portfolio, a reduction in a Portfolio's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not

fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Portfolio's ability to invest in derivatives, limit a Portfolio's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Portfolio's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **225** |

---

------

Notes to Financial Statements (Cont.)

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Portfolio's investment in such securities and may prevent a Portfolio from receiving higher interest rates on proceeds reinvested.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Portfolio foregoing future interest income on the portion of the principal repaid early and may result in a Portfolio being forced to reinvest investment proceeds at lower interest rates.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence

than a more diversified portfolio might be. Portfolios that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified."

Leveraging Risk is the risk that certain transactions of a Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Portfolio's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment

techniques available to PIMCO and the individual portfolio managers in connection with managing a Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Portfolio to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Portfolio's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

California State-Specific Risk is the risk that by concentrating its investments in California municipal bonds, the Portfolio may be affected significantly by economic, regulatory, social, environmental or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by concentrating its investments in New York municipal bonds, the Portfolio may be

---

| | |
|:---|:---|
| **226** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

affected significantly by economic, regulatory, social or political developments affecting the ability of New York issuers to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that the Portfolio may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Subsidiary Risk is the risk that, by investing in a Subsidiary, a Portfolio is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Portfolio.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited or no voting rights, liquidity constraints, interest rate changes, regulatory or tax changes and special redemption or call rights.

Capital Securities Risk is the risk that the value of capital securities, which may be in the form of debt, equity, or a hybrid thereof, issued by U.S. and non-U.S. financial institutions to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Subordinated and hybrid securities in particular are also subject to the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income instruments, including interest rate risk, credit risk, market risk and liquidity risk, and equity investments, any of which could result in losses to a Portfolio. Changes to regulatory capital requirements or related supervisory guidance may affect the value, ranking, or terms of capital securities. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, a Portfolio will be more susceptible to these risks than a portfolio that does not invest in capital securities to the same extent as a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Other Risks

In general, a Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Portfolio's offering memorandum and offering memorandum supplement for a more detailed description of the risks of investing in a Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Portfolio's performance.

Market Disruptions Risk A Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which a Portfolio's service providers, including PIMCO as a Portfolio's investment adviser, rely, and could otherwise disrupt a Portfolio's service providers' ability to fulfill their obligations to a Portfolio.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Portfolio itself is regulated. Such legislation or regulation could limit or preclude a Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of a Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **227** |

---

------

Notes to Financial Statements (Cont.)

regulation and intervention. Government regulation and/or intervention may change the way a Portfolio is regulated, affect the expenses incurred directly by a Portfolio and the value of its investments, and limit and/or preclude a Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Portfolio. While a Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolios and their shareholders may suffer losses as a result of a cyber security

breach related to the Portfolios, their service providers, trading counterparties or the issuers in which a Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

A Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of

---

| | |
|:---|:---|
| **228** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolios, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any

obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolios may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolios are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for each Portfolio is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each Portfolio's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **229** |

---

------

Notes to Financial Statements (Cont.)

The Investment Advisory Fees and Supervisory and Administrative Fees for each Portfolio are charged at the annual rate as noted in the following table (calculated as a percentage of each Portfolio's average daily net assets attributable to each Portfolio):

---

| | | |
|:---|:---|:---|
| Portfolio Name | Investment<br>Advisory<br>Fee | Supervisory and<br>Administrative<br>Fee |
|  PIMCO ABS and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0.02% | 0.10% |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO Investment Grade Credit Bond Portfolio | 0.02% | 0.03% |
|  PIMCO Long Duration Credit Bond Portfolio | 0.02% | 0.03% |
|  PIMCO Low Duration Portfolio | 0.02% | 0.03% |
|  PIMCO Moderate Duration Portfolio | 0.02% | 0.03% |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO Municipal Portfolio | 0.02% | 0.03% |
|  PIMCO Real Return Portfolio | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - AM | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - H | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - I | 0.02% | 0.03% |
|  PIMCO Short-Term Portfolio | 0.02% | 0.03% |
|  PIMCO Short-Term Floating NAV Portfolio II | 0.02% | 0.03% |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO International Portfolio | 0.02% | 0.10% |
|  PIMCO Short Asset Portfolio | 0.00%<sup>(1)</sup> | 0.00% |
|  PIMCO Short-Term Floating NAV Portfolio III | 0.00%<sup>(1)</sup> | 0.00% |

---

<sup>(1)</sup> By investing in the Portfolio, each investing fund agrees that 0.005% of the fee that each investing fund is currently obligated to pay PIMCO under its investment advisory contract will be designated as compensation for the investment advisory services PIMCO provides to the Portfolio. 

(c) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolios, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Portfolios are responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit (except the PIMCO Short Asset Portfolio); (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of

the Trust and the Portfolios, and any other expenses which are capitalized in accordance with generally accepted accounting principles (except the PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III); and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Portfolio is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Portfolio's Supervisory and Administrative Fee (except the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III), or reimburse each Portfolio, to the extent that each Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.00049% (the "Expense Limit"). The Expense

---

| | |
|:---|:---|
| **230** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Pursuant to an Advisory Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive the advisory fee it receives from PIMCO Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I by 0.02% of the average daily net assets of the applicable Portfolio. This Advisory Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO

provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Supervisory and Administrative Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive the supervisory and administrative fee it receives from PIMCO Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I by 0.03% of the average daily net assets of the applicable Portfolio. This Supervisory and Administrative Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Advisory Fee Waiver Agreement and Supervisory and Administrative Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Portfolios below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Portfolio Name | Waived Fees |
|  PIMCO Sector Fund Series - AM | $13 |
|  PIMCO Sector Fund Series - H | 11 |
|  PIMCO Sector Fund Series - I | 720 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Portfolio (except the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III) of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO as of September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | |
| Portfolio Name | 12 months | 13 - 24 months | 25 - 36 months | Total |
|  PIMCO ABS and Short-Term Investments Portfolio | $0 | $0 | $39 | $39 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 1 | 3 | 3 | 7 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2 | 1 | 1 | 4 |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 10 | 19 | 29 |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | 97 | 164 | 261 |
|  PIMCO Low Duration Portfolio | 0 | 0 | 14 | 14 |
|  PIMCO Moderate Duration Portfolio | 0 | 6 | 21 | 27 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 4 | 8 | 8 | 20 |
|  PIMCO Municipal Portfolio | 0 | 1 | 1 | 2 |
|  PIMCO Real Return Portfolio | 0 | 0 | 2 | 2 |
|  PIMCO Short-Term Portfolio | 2 | 1 | 1 | 4 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 16 | 53 | 69 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 2 | 11 | 9 | 22 |
|  PIMCO International Portfolio | 0 | 4 | 3 | 7 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(f) Distributor PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **231** |

---

------

Notes to Financial Statements (Cont.)

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolios from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| Portfolio Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO Low Duration Portfolio | $2371 | $0 | $0 |
|  PIMCO Moderate Duration Portfolio | 644 | 0 | 0 |
|  PIMCO Municipal Portfolio | 3496 | 3653 | (311) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the

securities held by a Portfolio is known as "portfolio turnover." Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Portfolio. Frequent and active trading of a Portfolio's holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Portfolio Name | Purchases | Sales | Purchases | Sales |
|  PIMCO ABS and Short-Term Investments Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33806350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33515860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409539 | $334931 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 0 | 87532 | 100987 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 0 | 45886 | 46146 |
|  PIMCO Investment Grade Credit Bond Portfolio | 2013240 | 2227930 | 356969 | 412871 |
|  PIMCO Long Duration Credit Bond Portfolio | 39932710 | 43118242 | 1454784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246331 |
|  PIMCO Low Duration Portfolio | 771213 | 582917 | 134245 | 53952 |
|  PIMCO Moderate Duration Portfolio | 4402225 | 4366493 | 203393 | 135626 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 25742362 | 25835760 | 0 | 19714 |
|  PIMCO Municipal Portfolio | 0 | 0 | 14665 | 13225 |
|  PIMCO Real Return Portfolio | 75765 | 68080 | 0 | 0 |
|  PIMCO Sector Fund Series - AM | 503382 | 507351 | 906 | 0 |
|  PIMCO Sector Fund Series - H | 0 | 0 | 56552 | 8508 |
|  PIMCO Sector Fund Series - I | 1690872 | 1672455 | 712419 | 585619 |

---

---

| | |
|:---|:---|
| **232** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Portfolio Name** | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  PIMCO Short-Term Portfolio | $861181 | $859376 | $25513 | $6052 |
|  PIMCO Short-Term Floating NAV Portfolio II | 202858 | 55400 | 373444 | 483254 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 127701 | 88300 | 0 | 17100 |
|  PIMCO International Portfolio | 0 | 0 | 80999 | 59357 |
|  PIMCO Short Asset Portfolio | 296307 | 21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071224 |
|  PIMCO Short-Term Floating NAV Portfolio III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238156 | 966907 | 1078272 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments Portfolio** |
| | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
| | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 88391 | $1049250 | 172226 | $2025164 | 1621 | $15216 | 2091 | $18944 |
|  **Issued as reinvestment of distributions** | 17260 | 204477 | 33175 | 386614 | 2267 | 21147 | 516 | 4887 |
|  **Cost of shares redeemed** | (35695) | (422969) | (62077) | (731602) | (1745) | (16278) | (10355) | (94280) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 69956 | $830758 | 143324 | $1680176 | 2143 | $20085 | (7748) | $(70449) |
|  | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 522 | $3766 | 657 | $4632 | 11804 | $107256 | 26141 | $234138 |
|  **Issued as reinvestment of distributions** | 986 | 7076 | 1109 | 7817 | 5615 | 51354 | 15944 | 142885 |
|  **Cost of shares redeemed** | (1423) | (10151) | (4018) | (28526) | (22344) | (201030) | (159398) | (1444636) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 85 | $691 | (2252) | $(16077) | (4925) | $(42420) | (117313) | $(1067613) |
|  | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 289569 | $2723823 | 864471 | $8201041 | 15089 | $144779 | 26318 | $252108 |
|  **Issued as reinvestment of distributions** | 69107 | 657538 | 139527 | 1321504 | 3426 | 33002 | 11470 | 109228 |
|  **Cost of shares redeemed** | (345351) | (3237634) | (902438) | (8645510) | (7349) | (70769) | (25844) | (247200) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 13325 | $143727 | 101560 | $877035 | 11166 | $107012 | 11944 | $114136 |
|  | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Mortgage and Short-Term Investments Portfolio** | **PIMCO**<br> **Mortgage and Short-Term Investments Portfolio** | **PIMCO**<br> **Mortgage and Short-Term Investments Portfolio** | **PIMCO**<br> **Mortgage and Short-Term Investments Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 24184 | $219128 | 44749 | $404006 | 5624 | $43841 | 8454 | $66711 |
|  **Issued as reinvestment of distributions** | 7770 | 71005 | 16230 | 145851 | 3179 | 25394 | 7524 | 58450 |
|  **Cost of shares redeemed** | (13733) | (125372) | (39593) | (357025) | (6448) | (49670) | (50939) | (406550) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 18221 | $164761 | 21386 | $192832 | 2355 | $19565 | (34961) | $(281389) |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 233

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 639 | $3708 | 809 | $4923 | 1439 | $17379 | 13984 | $166841 |
|  **Issued as reinvestment of distributions** | 458 | 2682 | 579 | 3513 | 1207 | 14623 | 1227 | 14628 |
|  **Cost of shares redeemed** | (1062) | (6127) | (4119) | (25133) | (1604) | (19348) | (8075) | (96703) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 35 | $263 | (2731) | $(16697) | 1042 | $12654 | 7136 | $84766 |
|  | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **Sector Funds: PIMCO Sector Fund Series – H** | **Sector Funds: PIMCO Sector Fund Series – H** | **Sector Funds: PIMCO Sector Fund Series – H** | **Sector Funds: PIMCO Sector Fund Series – H** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Inception date through<br>03/31/2025<sup>(a)</sup>** | **Inception date through<br>03/31/2025<sup>(a)</sup>** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 0 | $0 | 10479 | $106020 | 5825 | $61309 | 0 | $0 |
|  **Issued as reinvestment of distributions** | 129 | 1300 | 218 | 2163 | 134 | 1400 | 228 | 2310 |
|  **Cost of shares redeemed** | 0 | 0 | (5625) | (56533) | (248) | (2570) | 0 | 0 |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 129 | $1300 | 5072 | $51650 | 5711 | $60139 | 228 | $2310 |
|  | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 51293 | $519714 | 201042 | $2004675 | 0 | $0 | 0 | $0 |
|  **Issued as reinvestment of distributions** | 6418 | 64801 | 10927 | 108350 | 668 | 6000 | 1329 | 11872 |
|  **Cost of shares redeemed** | (41953) | (423319) | (54809) | (549237) | (27) | (246) | (4410) | (39518) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 15758 | $161196 | 157160 | $1563788 | 641 | $5754 | (3081) | $(27646) |
|  | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term<br>Investments Portfolio** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 3359992 | $33655090 | 5946206 | $59560768 | 10196 | $63657 | 12654 | $78895 |
|  **Issued as reinvestment of distributions** | 22782 | 228200 | 40938 | 410058 | 2741 | 17311 | 7781 | 48263 |
|  **Cost of shares redeemed** | (3175759) | (31810030) | (5886375) | (58961337) | (7804) | (48359) | (121607) | (790740) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 207015 | $2073260 | 100769 | $1009489 | 5133 | $32609 | (101172) | $(663582) |
|  | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 3404 | $21538 | 4076 | $25653 | 95700 | $938128 | 133295 | $1303168 |
|  **Issued as reinvestment of distributions** | 5127 | 32114 | 2247 | 14217 | 14525 | 142323 | 29629 | 289531 |
|  **Cost of shares redeemed** | (4049) | (25913) | (19652) | (124116) | (90976) | (890094) | (82920) | (810108) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 4482 | $27739 | (13329) | $(84246) | 19249 | $190357 | 80004 | $782591 |

---

---

| | |
|:---|:---|
| **234** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** |
| | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 11045116 | $107540700 | 23442607 | $228171700 |
|  **Issued as reinvestment of distributions** | 65855 | 641203 | 80439 | 782927 |
|  **Cost of shares redeemed** | (9493503) | (92431673) | (23167043) | (225485918) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 1617468 | $15750230 | 356003 | $3468709 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Inception date of the Portfolio was July 19, 2024.

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Portfolio along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Name | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 1 | 0 | 18% | 0% |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2 | 0 | 26% | 0% |
|  PIMCO Investment Grade Credit Bond Portfolio | 1 | 0 | 18% | 0% |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Municipal Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Real Return Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Sector Fund Series - AM | 3 | 0 | 100% | 0% |
|  PIMCO Sector Fund Series - H | 2 | 0 | 89% | 0% |
|  PIMCO Sector Fund Series - I | 1 | 0 | 31% | 0% |
|  PIMCO Short-Term Portfolio | 2 | 0 | 27% | 0% |
|  PIMCO Short-Term Floating NAV Portfolio II | 1 | 0 | 10% | 0% |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO International Portfolio | 2 | 0 | 32% | 0% |
|  PIMCO Short Asset Portfolio | 0 | 3 | 0% | 63% |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 1 | 0% | 68% |

---

14. BASIS FOR CONSOLIDATION

The Subsidiaries, each a Delaware limited liability company, were incorporated as wholly-owned subsidiaries acting as investment vehicles for the PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III, respectively (each, a "Consolidated Portfolio"), in order to effect certain investments for each Consolidated Portfolio consistent with each Consolidated Portfolio's investment objectives and policies as specified in each Portfolio's offering memorandum and offering memorandum supplement. Each Consolidated Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Portfolio and its respective Subsidiary. The consolidated

financial statements include the accounts of each Consolidated Portfolio and its respective Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III and their Subsidiaries comprising the entire issued share capital of the respective Subsidiary, with the intent that each Consolidated Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Subsidiary, shares issued by each Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the respective Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **235** |

---

------

Notes to Financial Statements (Cont.)

participate in the profits or assets of the respective Subsidiary. See the table below for details regarding the structure, incorporation and relationship as of period end of each Subsidiary to its respective Consolidated Portfolio.

---

| | | | |
|:---|:---|:---|:---|
| Portfolio name | Subsidiary | Date of<br>Incorporation | Subsidiary % of Consolidated<br>Portfolio Net Assets |
| PIMCO International Portfolio | PIMCO International Portfolio Subsidiary LLC | 03/20/2014 | 23.1% |
| PIMCO Short Asset Portfolio | PIMCO Short Asset Portfolio Subsidiary LLC | 03/01/2017 | 0.1% |
| PIMCO Short-Term Floating NAV Portfolio III | PIMCO ST Floating NAV III Subsidiary LLC | 03/20/2014 | 0.0% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than 0.01%.  |

---

15. REGULATORY AND LITIGATION MATTERS

The Portfolios are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Portfolio 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.

A Portfolio 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 Adviser has reviewed the Portfolios' tax positions for all open tax years. As of September 30, 2025, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U.S. federal, state and local tax returns as required. The Portfolios' 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO ABS and Short-Term Investments Portfolio | $187722 | $17095 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 8747 | 486 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 37450 |
|  PIMCO Investment Grade Credit Bond Portfolio | 57729 | 187695 |
|  PIMCO Long Duration Credit Bond Portfolio | 809181 | 1176749 |
|  PIMCO Low Duration Portfolio | 56754 | 18940 |
|  PIMCO Moderate Duration Portfolio | 278938 | 114002 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 262688 | 54681 |
|  PIMCO Municipal Portfolio | 1257 | 6521 |
|  PIMCO Real Return Portfolio\* | 16637 | 26351 |
|  PIMCO Sector Fund Series - AM | 0 | 0 |
|  PIMCO Sector Fund Series - H | 0 | 0 |
|  PIMCO Sector Fund Series - I | 0 | 0 |
|  PIMCO Short-Term Portfolio\* | 25267 | 65848 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 237722 | 277893 |
|  PIMCO International Portfolio | 49949 | 19670 |

---

---

| | |
|:---|:---|
| **236** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Short Asset Portfolio | $58971 | $103155 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1520 | 26824 |

---

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

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation) |
|  PIMCO ABS and Short-Term Investments Portfolio | $13101095 | $298297 | $(368971) | $(70674) |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 441948 | 31572 | (28398) | 3174 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 152113 | 4983 | (8418) | (3435) |
|  PIMCO Investment Grade Credit Bond Portfolio | 2717064 | 73915 | (59896) | 14019 |
|  PIMCO Long Duration Credit Bond Portfolio | 36361517 | 757919 | (3119602) | (2361683) |
|  PIMCO Low Duration Portfolio | 2561738 | 25857 | (10782) | 15075 |
|  PIMCO Moderate Duration Portfolio | 4510894 | 65460 | (49236) | 16224 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 2966510 | 38305 | (138775) | (100470) |
|  PIMCO Municipal Portfolio | 101162 | 804 | (2689) | (1885) |
|  PIMCO Real Return Portfolio | 845666 | 11487 | (13504) | (2017) |
|  PIMCO Sector Fund Series - AM | 96130 | 643 | (330) | 313 |
|  PIMCO Sector Fund Series - H | 97953 | 1357 | (198) | 1159 |
|  PIMCO Sector Fund Series - I | 3749885 | 87597 | (16095) | 71502 |
|  PIMCO Short-Term Portfolio | 286566 | 5335 | (14021) | (8686) |
|  PIMCO Short-Term Floating NAV Portfolio II | 11740809 | 1537 | (109) | 1428 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1557002 | 60480 | (377538) | (317058) |
|  PIMCO International Portfolio | 507801 | 22504 | (23985) | (1481) |
|  PIMCO Short Asset Portfolio | 6217004 | 47293 | (39905) | 7388 |
|  PIMCO Short-Term Floating NAV Portfolio III | 36453812 | 22160 | (11095) | 11065 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **237** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BCY | Barclays Capital, Inc. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | NGF | Nomura Global Financial Products, Inc. |
| BOM | Bank of Montreal | GLM | Goldman Sachs Bank USA | NOM | Nomura Securities International, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | GSC | Goldman Sachs & Co. LLC | NXN | Natixis New York |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | JML | JP Morgan Securities Plc | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BUS | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | STR | State Street FICC Repo |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | TDM | TD Securities (USA) LLC |
| CEW | Canadian Imperial Bank of Commerce World Markets | MSC | Morgan Stanley & Co. LLC. | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. | MSR | Morgan Stanley & Co LLC FICC Repo | UBS | UBS Securities LLC |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PLN | Polish Zloty |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | SEK | Swedish Krona |
| CHF | Swiss Franc | ILS | Israeli Shekel | SGD | Singapore Dollar |
| CLP | Chilean Peso | INR | Indian Rupee | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | TRY | Turkish New Lira |
| CZK | Czech Koruna | KRW | South Korean Won | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MXN | Mexican Peso | USD (or $) | United States Dollar |
| EUR | Euro | NOK | Norwegian Krone | ZAR | South African Rand |
| GBP | British Pound | NZD | New Zealand Dollar |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SOFRINDESX | Secured Overnight Financing Rate Index |
| BBSW3M | 3 Month Bank Bill Swap Rate | EUR003M | 3 Month EUR Swap Rate | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| Bobl | Bundesobligation, the German word for federal government bond | FEDL01 | Federal funds effective rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | H15T5Y | 5 Year US Treasury Yield Curve Constant Maturity Rate | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | MUTKCALM | Tokyo Overnight Average Rate | TSFR6M | Term SOFR 6-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate | US0003M | ICE 3-Month USD LIBOR |
| CMBX | Commercial Mortgage-Backed Index |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |
| AGM | Assured Guaranty Municipal | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
| BAM | Build America Mutual Assurance | FHA | Federal Housing Administration | PSF | Public School Fund |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BABs | Build America Bonds | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | MSCI | Morgan Stanley Capital International | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **238** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolios estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO ABS and Short-Term Investments Portfolio** | **PIMCO ABS and Short-Term Investments Portfolio** | **PIMCO ABS and Short-Term Investments Portfolio** | **PIMCO ABS and Short-Term Investments Portfolio** | **PIMCO ABS and Short-Term Investments Portfolio** |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1579 | $0.0000 | $0.0000 | $0.1579 |
|  September 2025 | $0.1609 | $0.0000 | $0.0000 | $0.1609 |
|  <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** |  |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.3011 | $0.0000 | $0.0000 | $0.3011 |
|  September 2025 | $0.1893 | $0.0000 | $0.0000 | $0.1893 |
|  **PIMCO High Yield and Short-Term Investments Portfolio** | **PIMCO High Yield and Short-Term Investments Portfolio** | **PIMCO High Yield and Short-Term Investments Portfolio** | **PIMCO High Yield and Short-Term Investments Portfolio** | **PIMCO High Yield and Short-Term Investments Portfolio** |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  September 2025 | $0.1797 | $0.0000 | $0.0000 | $0.1797 |
|  **PIMCO Investment Grade Credit Bond Portfolio** | **PIMCO Investment Grade Credit Bond Portfolio** | **PIMCO Investment Grade Credit Bond Portfolio** | **PIMCO Investment Grade Credit Bond Portfolio** | **PIMCO Investment Grade Credit Bond Portfolio** |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.0923 | $0.0000 | $0.0000 | $0.0923 |
|  September 2025 | $0.1078 | $0.0000 | $0.0000 | $0.1078 |
|  **PIMCO Long Duration Credit Bond Portfolio** | **PIMCO Long Duration Credit Bond Portfolio** | **PIMCO Long Duration Credit Bond Portfolio** | **PIMCO Long Duration Credit Bond Portfolio** | **PIMCO Long Duration Credit Bond Portfolio** |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1173 | $0.0000 | $0.0000 | $0.1173 |
|  September 2025 | $0.1226 | $0.0000 | $0.0000 | $0.1226 |
|  **PIMCO Low Duration Portfolio** | **PIMCO Low Duration Portfolio** | **PIMCO Low Duration Portfolio** | **PIMCO Low Duration Portfolio** | **PIMCO Low Duration Portfolio** |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.0717 | $0.0000 | $0.0000 | $0.0717 |
|  September 2025 | $0.0660 | $0.0000 | $0.0000 | $0.0660 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **239** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0929 | $0.0000 | $0.0000 | $0.0929 |
|  September 2025 | $0.0887 | $0.0000 | $0.0000 | $0.0887 |
|  <br> **PIMCO Mortgage and Short-Term Investments Portfolio** | <br> **PIMCO Mortgage and Short-Term Investments Portfolio** | <br> **PIMCO Mortgage and Short-Term Investments Portfolio** | <br> **PIMCO Mortgage and Short-Term Investments Portfolio** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0863 | $0.0000 | $0.0000 | $0.0863 |
|  September 2025 | $0.1008 | $0.0000 | $0.0000 | $0.1008 |
|  <br> **PIMCO Municipal Portfolio** | <br> **PIMCO Municipal Portfolio** | <br> **PIMCO Municipal Portfolio** | <br> **PIMCO Municipal Portfolio** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0768 | $0.0000 | $0.0000 | $0.0768 |
|  September 2025 | $0.0907 | $0.0000 | $0.0000 | $0.0907 |
|  <br> **PIMCO Real Return Portfolio** | <br> **PIMCO Real Return Portfolio** | <br> **PIMCO Real Return Portfolio** | <br> **PIMCO Real Return Portfolio** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.2067 | $0.0000 | $0.0000 | $0.2067 |
|  September 2025 | $0.1980 | $0.0000 | $0.0000 | $0.1980 |
|  <br> **PIMCO Sector Fund Series – AM** | <br> **PIMCO Sector Fund Series – AM** | <br> **PIMCO Sector Fund Series – AM** | <br> **PIMCO Sector Fund Series – AM** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1282 | $0.0000 | $0.0000 | $0.1282 |
|  September 2025 | $0.1265 | $0.0000 | $0.0000 | $0.1265 |
|  <br> **PIMCO Sector Fund Series – H** | <br> **PIMCO Sector Fund Series – H** | <br> **PIMCO Sector Fund Series – H** | <br> **PIMCO Sector Fund Series – H** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1573 | $0.0000 | $0.0000 | $0.1573 |
|  September 2025 | $0.0972 | $0.0000 | $0.0000 | $0.0972 |
|  <br> **PIMCO Sector Fund Series - I** | <br> **PIMCO Sector Fund Series - I** | <br> **PIMCO Sector Fund Series - I** | <br> **PIMCO Sector Fund Series - I** | <br> **PIMCO Sector Fund Series - I** |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1196 | $0.0000 | $0.0000 | $0.1196 |
|  September 2025 | $0.1062 | $0.0000 | $0.0000 | $0.1062 |
|  <br> **PIMCO Short-Term Portfolio** | <br> **PIMCO Short-Term Portfolio** | <br> **PIMCO Short-Term Portfolio** | <br> **PIMCO Short-Term Portfolio** | <br> **PIMCO Short-Term Portfolio** |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1560 | $0.0000 | $0.0000 | $0.1560 |
|  September 2025 | $0.1535 | $0.0000 | $0.0000 | $0.1535 |

---

---

| | |
|:---|:---|
| **240** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  <br> **PIMCO Short-Term Floating NAV Portfolio II** | <br> **PIMCO Short-Term Floating NAV Portfolio II** | <br> **PIMCO Short-Term Floating NAV Portfolio II** | <br> **PIMCO Short-Term Floating NAV Portfolio II** |  |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  May 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  June 2025 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  July 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  August 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  September 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  <br> **PIMCO U.S. Government and Short-Term Investments Portfolio** | <br> **PIMCO U.S. Government and Short-Term Investments Portfolio** | <br> **PIMCO U.S. Government and Short-Term Investments Portfolio** | <br> **PIMCO U.S. Government and Short-Term Investments Portfolio** | <br> **PIMCO U.S. Government and Short-Term Investments Portfolio** |
|  | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0503 | $0.0000 | $0.0000 | $0.0503 |
|  September 2025 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
|  <br> **PIMCO International Portfolio** | <br> **PIMCO International Portfolio** | <br> **PIMCO International Portfolio** | <br> **PIMCO International Portfolio** | <br> **PIMCO International Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.2326 | $0.0000 | $0.0000 | $0.2326 |
|  September 2025 | $0.1829 | $0.0000 | $0.0000 | $0.1829 |
|  <br> **PIMCO Short Asset Portfolio** | <br> **PIMCO Short Asset Portfolio** | <br> **PIMCO Short Asset Portfolio** | <br> **PIMCO Short Asset Portfolio** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0395 | $0.0000 | $0.0008 | $0.0403 |
|  May 2025 | $0.0412 | $0.0000 | $0.0011 | $0.0423 |
|  June 2025 | $0.0373 | $0.0000 | $0.0014 | $0.0387 |
|  July 2025 | $0.0389 | $0.0000 | $0.0017 | $0.0406 |
|  August 2025 | $0.0399 | $0.0000 | $0.0019 | $0.0418 |
|  September 2025 | $0.0371 | $0.0000 | $0.0013 | $0.0384 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  May 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  June 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  July 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  August 2025 | $0.0375 | $0.0000 | $0.0004 | $0.0379 |
|  September 2025 | $0.0333 | $0.0000 | $0.0005 | $0.0338 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **241** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **242** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **243** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of each of the Trust's Private Account Portfolio Series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset: Multi-Real Fund, PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") (the "Sub-Advisory Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; and information about the

personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements. With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

---

| | |
|:---|:---|
| **244** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(Unaudited)

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the PIMCO All Asset: Multi-Real Fund, PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025. The Board considered information regarding both the short- and long-term investment performance of each Portfolio relative to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year. The Board considered those Portfolios that had outperformed their respective performance indexes on a net-of-fees basis over short- and long-term periods, as applicable.

The Board noted that some of the Portfolios had underperformed in comparison to their respective performance indexes on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. PIMCO reported to the Board regarding actions that have been taken by PIMCO throughout the year to attempt to address underperformance and PIMCO's plans to monitor performance going forward.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **245** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

PIMCO reported to the Board that it considers a number of factors in proposing fees for any Portfolio, including the unique structure of the Portfolios.

In addition, PIMCO reported to the Board that it periodically reviews the fees charged to the Portfolios and noted that the unified fee can be increased or decreased in subsequent contractual periods with Board approval. The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Portfolios (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets). In addition, the Board noted the expense limitation agreement in place with respect to each Portfolio. The Board noted the unique structure of the Portfolios, in that only clients of PIMCO (including separately managed accounts, registered investment companies, and other funds managed by PIMCO) are eligible to invest in the Portfolios and, in the case of the PAPS Short-Term Floating NAV Portfolio III and the PAPS Short Asset Portfolio, only certain registered investment companies managed by PIMCO are eligible to invest in those two Portfolios. The Board also noted that currently only the PIMCO All Asset Fund, the PIMCO All Asset Portfolio and the PIMCO All Asset All Authority Fund are eligible to invest in the PAPS All Asset: Multi-Real Fund and PAPS All Asset: Multi-RAE PLUS Fund. In addition, the Board noted that currently only the PIMCO All Asset All Authority Fund is eligible to invest in the PAPS All Authority: Multi-RAE PLUS Fund. The Board also noted that the structure of the Portfolios provides client accounts with simplified custody and accounting. The Board took notice of the fact that clients that invest in the Portfolios pay separate fees to PIMCO and, that under those client agreements, PIMCO offsets the client account fees by the amount of the Portfolios' advisory fees and all or a portion of the Portfolios' supervisory and administrative fees that the client account incurs by investing in the Portfolios. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO.

The Board considered that, with respect to certain Portfolios, shareholders generally are separate account clients or other public or private funds managed by PIMCO who have separately negotiated fee

arrangements with PIMCO with respect to their accounts or funds. The Board noted that these Portfolios were established primarily as a means of giving certain client accounts exposure to particular market sectors in a more efficient manner than if the client accounts were to seek direct exposure to those market sectors. The Trustees noted that the PAPS Short-Term Floating NAV Portfolio III and the PAPS Short Asset Portfolio are each used as a cash management tool for series of the Trust and other registered investment companies advised by PIMCO in accordance with Rule 12d1-4 under the Investment Company Act of 1940. The Board also considered the differences between the services provided to shareholders of the Portfolios and other clients of PIMCO. Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates with respect to the Portfolio. The Board considered the revenues and costs of the Portfolios' structure together with the revenue generated by all separate accounts as relevant to separate account investments in the Portfolios. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, the Portfolios' fee levels inherently reflect certain such economies of scale. The Board then considered the ways in which economies of scale, if any, are shared with shareholders, such as PIMCO's investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid.

---

| | |
|:---|:---|
| **246** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(Unaudited)

The Board concluded that the Portfolios' cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each of the Portfolios, to the benefit of their respective shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements. The Board further considered the ancillary benefits of the advisory fees PIMCO receives for investment management services it provides to clients that invest in the Portfolios.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **247** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolios listed on the Report cover.

------

![LOGO](g949972g75h91.jpg)

PAPSFUNDSFSTMSAR_093025

------

![LOGO](g920085g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Private Account Portfolio Series**

PIMCO All Asset: Multi-RAE PLUS Fund

PIMCO All Authority: Multi-RAE PLUS Fund

PIMCO All Asset: Multi-Real Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx920085_1) | [2](#tx920085_1) |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920085_2) | [6](#tx920085_2) |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx920085_3) | [8](#tx920085_3) |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx920085_4) | [9](#tx920085_4) |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx920085_5) | [10](#tx920085_5) |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx920085_6) | [11](#tx920085_6) |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx920085_7) | [12](#tx920085_7) |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx920085_8) | [13](#tx920085_8) |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx920085_9) | 14 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920085_10) | [71](#tx920085_10) |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920085_11) | [92](#tx920085_11) |
| &nbsp;&nbsp; [Glossary](#tx920085_13) | 97 |
| &nbsp;&nbsp; [Distribution Information](#tx920085_14) | 98 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920085_16) | 99 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx920085_17) | 100 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920085_18) | 101 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-RAE PLUS Fund](#tx920085_19) | 15 |
| &nbsp;&nbsp; [PIMCO All Authority: Multi-RAE PLUS Fund](#tx920085_20) | 37 |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-Real Fund<sup>(1)</sup>](#tx920085_21) | 54 |

---

<sup>(1)</sup> Consolidated Schedule of Investments

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO All Asset: Multi-RAE PLUS Fund, PIMCO All Authority: Multi-RAE PLUS Fund and PIMCO All Asset: Multi-Real Fund (each, a "Fund" and collectively, the "Funds").

Shares of the PIMCO All Asset: Multi-Real Fund and PIMCO All Asset: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and the PIMCO All Asset Portfolio, a series of PIMCO Variable Insurance Trust. Shares of the PIMCO All Authority: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset All Authority Fund, a series of PIMCO Funds. The PIMCO All Asset: Multi-Real Fund may invest directly or indirectly (through investment in a wholly-owed subsidiary) in commodity-linked derivative instruments which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political or regulatory developments.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of

corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's offering memorandum and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's offering memorandum, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to offering memorandum and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and

uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Diversification<br>Status | Diversification<br>Status |
|  PIMCO All Asset: Multi-Real Fund |  | 09/22/20 |  | Diversified |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | 08/23/22 |  | Non-diversified |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | 10/06/20 |  | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's offering memorandum nor offering memorandum supplement, any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent offering memorandum or use a new offering memorandum or offering memorandum supplement with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current offering memorandum or offering memorandum supplement.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Daily updates on the net asset value of a Fund may be obtained by calling (888) 87-PIMCO.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance

based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO All Asset: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.20 | $&nbsp;&nbsp;&nbsp;&nbsp;0.26 | $&nbsp;&nbsp;&nbsp;&nbsp;1.74 | $2.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.49 | 0.46 | 0.29 | 0.75 | (1.04) | 0.00 | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.64 | 0.42 | 0.93 | 1.35 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.38 | 0.23 | (0.97) | (0.74) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.60 | 0.00 | (0.36) | (0.36) | (0.80) | (0.06) | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/06/2020 - 03/31/2021 | 10.00 | (0.01) | 2.94 | 2.93 | (1.32) | (0.01) | 0.00 | (1.33) |
|  **PIMCO All Authority: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.53 | $0.26 | $1.74 | $&nbsp;&nbsp;&nbsp;&nbsp;2.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.04 | 0.46 | 0.03 | 0.49 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.76 | 0.45 | (0.57) | (0.12) | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/23/2022 - 03/31/2023 | 10.00 | 0.18 | 0.04 | 0.22 | (0.46) | 0.00 | 0.00 | (0.46) |
|  **PIMCO All Asset: Multi-Real Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.13 | $0.20 | $0.12 | $0.32 | $(0.33) | $0.00 | $0.00 | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.12 | 0.33 | 0.38 | 0.71 | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.85 | 0.22 | 0.29 | 0.51 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 14.26 | 0.57 | (3.35) | (2.78) | (2.52) | (0.11) | 0.00 | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.30 | 0.68 | 4.60 | 5.28 | (3.21) | (0.11) | 0.00 | (3.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/2020 - 03/31/2021 | 10.00 | 0.04 | 2.64 | 2.68 | (0.38) | 0.00 | 0.00 | (0.38) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' offering memorandum and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' offering memorandum and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **6** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;11.85 | 19.80% | $1983819 | 1.05 | %\* | 1.05 | %\* | 0.93 | %\* | 0.93 | %\* | 4.60 | 410% |
| 10.20 | 7.56 | 2099500 | 0.97 |  | 0.97 |  | 0.89 |  | 0.89 |  | 4.44 | 485 |
| 10.49 | 14.32 | 2555455 | 1.11 |  | 1.11 |  | 0.89 |  | 0.89 |  | 4.25 | 332 |
| 9.64 | (7.13) | 2909688 | 0.96 |  | 0.96 |  | 0.89 |  | 0.89 |  | 2.45 | 52 |
| 10.38 | (3.70) | 3949906 | 0.89 |  | 0.89 |  | 0.89 |  | 0.89 |  | (0.04) | 57 |
| 11.60 | 29.59 | 3218304 | 0.90 | \* | 0.90 | \* | 0.89 | \* | 0.89 | \* | (0.15) | 100 |
| $11.53 | 20.99% | $195936 | 1.03 | %\* | 1.03 | %\* | 0.93 | %\* | 0.93 | %\* | 4.92 | 412% |
| 9.53 | 5.48 | 173830 | 1.02 |  | 1.02 |  | 0.89 |  | 0.89 |  | 5.02 | 465 |
| 9.04 | (1.22) | 266083 | 1.07 |  | 1.07 |  | 0.89 |  | 0.89 |  | 4.77 | 342 |
| 9.76 | 2.16 | 447188 | 0.98 | \* | 1.00 | \* | 0.89 | \* | 0.91 | \* | 3.11 | 11 |
| $9.12 | 3.66% | $1765167 | 4.11 | %\* | 4.19 | %\* | 0.74 | %\* | 0.82 | %\* | 4.55 | 78% |
| 9.13 | 8.18 | 1896642 | 4.02 |  | 4.09 |  | 0.74 |  | 0.81 |  | 3.65 | 200 |
| 9.12 | 5.90 | 2515828 | 3.79 |  | 3.86 |  | 0.74 |  | 0.81 |  | 2.59 | 161 |
| 8.85 | (20.93) | 2489847 | 2.70 |  | 2.84 |  | 0.74 |  | 0.88 |  | 5.43 | 117 |
| 14.26 | 46.22 | 3042029 | 0.79 |  | 0.88 |  | 0.74 |  | 0.83 |  | 4.88 | 96 |
| 12.30 | 26.87 | 1621140 | 0.81 | \* | 0.88 | \* | 0.75 | \* | 0.82 | \* | 0.70 | 87 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **All Asset:**<br> **Multi-RAE<br>PLUS Fund** | **PIMCO**<br> **All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3806171 | $322445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 9906 | 8062 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1980 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 75259 | 6926 |
|  Deposits with counterparty | 36596 | 3714 |
|  Foreign currency, at value | 6655 | 760 |
|  Receivable for investments sold | 39957 | 4446 |
|  Receivable for TBA investments sold | 2257838 | 150850 |
|  Interest and/or dividends receivable | 8540 | 732 |
|  Dividends receivable from Affiliates | 35 | 50 |
|  **Total Assets** | 6242937 | 498124 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $214727 | $20125 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1373 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 21006 | 2077 |
|  Payable for investments purchased | 208514 | 2508 |
|  Payable for investments in Affiliates purchased | 37 | 51 |
|  Payable for investments purchased on a delayed-delivery basis | 50157 | 4641 |
|  Payable for TBA investments purchased | 3654960 | 269008 |
|  Deposits from counterparty | 46875 | 3256 |
|  Payable for Fund shares redeemed | 59890 | 0 |
|  Overdraft due to custodian | 6 | 280 |
|  Accrued investment advisory fees | 1104 | 101 |
|  Accrued supervisory and administrative fees | 431 | 40 |
|  Accrued taxes payable | 5 | 0 |
|  Accrued reimbursement to PIMCO | 0 | 1 |
|  Foreign capital gains tax payable | 33 | 3 |
|  **Total Liabilities** | 4259118 | 302188 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $1983819 | $195936 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | 1742247 | 157204 |
|  Distributable earnings (accumulated loss) | 241572 | 38732 |
|  **Net Assets** | $1983819 | $195936 |
|  **Shares Issued and Outstanding:** | 167407 | 17001 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** | 11.85 | 11.53 |
|  Cost of investments in securities | $3858469 | $319272 |
|  Cost of investments in Affiliates | $9905 | $8045 |
|  Cost of foreign currency held | $6867 | $761 |
|  Proceeds received on short sales | $214503 | $20074 |
|  Cost or premiums of financial derivative instruments, net | $59215 | $7299 |
|  \* Includes repurchase agreements of: | $423700 | $45000 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **8** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Assets and Liabilities September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO All<br>Asset: Multi-<br>Real Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3343044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1566 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 7723 |
|  Cash | 2099 |
|  Deposits with counterparty | 17586 |
|  Foreign currency, at value | 4249 |
|  Receivable for investments sold | 770412 |
|  Receivable for investments sold on a delayed-delivery basis | 1360 |
|  Receivable for TBA investments sold | 243441 |
|  Interest and/or dividends receivable | 9413 |
|  Dividends receivable from Affiliates | 26 |
|  Reimbursement receivable from PIMCO | 139 |
|  **Total Assets** | 4403657 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $2159925 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 12288 |
|  Payable for investments purchased | 50966 |
|  Payable for investments in Affiliates purchased | 27 |
|  Payable for TBA investments purchased | 400933 |
|  Deposits from counterparty | 10966 |
|  Accrued investment advisory fees | 822 |
|  Accrued supervisory and administrative fees | 410 |
|  **Total Liabilities** | 2638490 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1765167 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 2030819 |
|  Distributable earnings (accumulated loss) | (265652) |
|  **Net Assets** | $1765167 |
|  **Shares Issued and Outstanding:** | 193625 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>**  | 9.12 |
|  Cost of investments in securities | $3244407 |
|  Cost of investments in Affiliates | $1566 |
|  Cost of foreign currency held | $4263 |
|  Cost or premiums of financial derivative instruments, net | $1079 |
|  \* Includes repurchase agreements of: | $139540 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Statements of Operations

Six Months Ended September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:**<br> **Multi-RAE<br>PLUS Fund** | **PIMCO**<br> **All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Investment Income:** |  |  |
|  Interest, net of foreign taxes\* | $59860 | $5442 |
|  Dividends | 51 | 26 |
|  Dividends from Investments in Affiliates | 1493 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 61404 | 5665 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 6951 | 608 |
|  Supervisory and administrative fees | 2715 | 238 |
|  Trustee fees | 5 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1333 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expense | 395 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 11399 | 985 |
|  **Net Investment Income (Loss)** | 50005 | 4680 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | 16648 | 1861 |
|  Investments in Affiliates | 367 | 18 |
|  Exchange-traded or centrally cleared financial derivative instruments | 4095 | 955 |
|  Over the counter financial derivative instruments | 306456 | 27573 |
|  Short sales | 16 | 0 |
|  Foreign currency | 846 | (1) |
|  **Net Realized Gain (Loss)** | 328428 | 30406 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 27174 | 1178 |
|  Investments in Affiliates | 1 | 13 |
|  Exchange-traded or centrally cleared financial derivative instruments | (11490) | (564) |
|  Over the counter financial derivative instruments | 456 | (141) |
|  Foreign currency assets and liabilities | 13 | (1) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 16154 | 485 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $394587 | $35571 |
|  \* Foreign tax withholdings | $84 | $7 |
|  \*\* Foreign capital gains tax | $(5) | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>†</sup>A zero balance may reflect actual amounts rounding to less than one thousand.

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **PIMCO All<br>Asset: Multi-<br>Real Fund** |
|  **Investment Income:** |  |
|  Interest | $68875 |
|  Dividends | 10921 |
|  Dividends from Investments in Affiliates | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 80069 |
|  **Expenses:** |  |
|  Investment advisory fees | 5081 |
|  Supervisory and administrative fees | 2536 |
|  Trustee fees | 4 |
|  Interest expense | 31171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 38792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 38019 |
|  **Net Investment Income (Loss)** | 42050 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (14061) |
|  Investments in Affiliates | (54) |
|  Exchange-traded or centrally cleared financial derivative instruments | (6852) |
|  Over the counter financial derivative instruments | 18627 |
|  Foreign currency | 720 |
|  **Net Realized Gain (Loss)** | (1620) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 52397 |
|  Exchange-traded or centrally cleared financial derivative instruments | 6733 |
|  Over the counter financial derivative instruments | (6975) |
|  Foreign currency assets and liabilities | 227 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 52382 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $92812 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended<br>March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $50005 | $104093 | $4680 | $10681 |
|  Net realized gain (loss) | 328428 | 83089 | 30406 | 6250 |
|  Net change in unrealized appreciation (depreciation) | 16154 | (10351) | 485 | (4903) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 394587 | 176831 | 35571 | 12028 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (66252) | (229004) | 0 | (97) |
|  **Total Distributions<sup>(a)</sup>**  | (66252) | (229004) | 0 | (97) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (444016) | (403782) | (13465) | (104184) |
|  **Total Increase (Decrease) in Net Assets** | (115681) | (455955) | 22106 | (92253) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 2099500 | 2555455 | 173830 | 266083 |
|  End of period | $1983819 | $2099500 | $195936 | $173830 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $42050 | $82579 |
|  Net realized gain (loss) | (1620) | (65691) |
|  Net change in unrealized appreciation (depreciation) | 52382 | 166566 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 92812 | 183454 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (67902) | (154922) |
|  **Total Distributions<sup>(a)</sup>**  | (67902) | (154922) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (156385) | (647718) |
|  **Total Increase (Decrease) in Net Assets** | (131475) | (619186) |
|  **Net Assets:** |  |  |
|  Beginning of period | 1896642 | 2515828 |
|  End of period | $1765167 | $1896642 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Consolidated Statement of Cash Flows

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:**<br> **Multi-Real Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $92812 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (2530522) |
|  Proceeds from sales of long-term securities | 2706632 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (17861) |
| (Increase) decrease in deposits with counterparty | 1488 |
| (Increase) decrease in receivable for investments sold | 598112 |
| (Increase) decrease in interest and/or dividends receivable | 188 |
| (Increase) decrease in dividends receivable from Affiliates | 210 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (868) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 16820 |
| (Increase) decrease in reimbursement receivable from PIMCO | (20) |
|  Increase (decrease) in payable for investments purchased | (155686) |
|  Increase (decrease) in deposits from counterparty | 2988 |
|  Increase (decrease) in accrued investment advisory fees | (51) |
|  Increase (decrease) in accrued supervisory and administrative fees | (27) |
|  Proceeds from short sales transactions | 212695 |
|  Payments on short sales transactions | (212695) |
|  Proceeds from (Payments on) foreign currency transactions | 936 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 14061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (18627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (720) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (52397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (6733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (227) |
|  Net amortization (accretion) on investments | (9924) |
|  **Net Cash Provided by (Used for) Operating Activities** | 654465 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 747591 |
|  Payments on shares redeemed | (971878) |
|  Cash distributions paid\* | 0 |
|  Proceeds from reverse repurchase agreements | 123708781 |
|  Payments on reverse repurchase agreements | (124139851) |
|  Proceeds from sale-buyback transactions | 858748 |
|  Payments on sale-buyback transactions | (858748) |
|  **Net Cash Received from (Used for) Financing Activities** | (655357) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (892) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of period | 7240 |
|  End of period | $6348 |
|  \* Reinvestment of distributions | $67902 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the period | $30703 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **14** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 191.9% | INVESTMENTS IN SECURITIES 191.9% | INVESTMENTS IN SECURITIES 191.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 3100 | 3623 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 2000 | 2366 |
|  Total Loan Participations and Assignments<br>(Cost $5,416) | Total Loan Participations and Assignments<br>(Cost $5,416) | 5989 |
| CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% |
| BANKING & FINANCE 4.3% | BANKING & FINANCE 4.3% | BANKING & FINANCE 4.3% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 2000 | 1843 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 3900 | 4058 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 5700 | 5746 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 8800 | 8945 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1210 | 1164 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.202% due 04/25/2029 •  | 1200 | 1230 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 8400 | 8771 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 500 | 538 |
|  7.437% due 11/02/2033 •  | 2800 | 3214 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1600 | 488 |
|  Credit Suisse AG AT1 Claim | 14166 | 1842 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 4633 | 4393 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 222 | 209 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 500 | 520 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 2303 | 2698 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 1300 | 1298 |
|  5.303% due 09/06/2029 | 1800 | 1796 |
|  5.800% due 03/08/2029 | 700 | 711 |
|  5.918% due 03/20/2028 | 1900 | 1933 |
|  7.350% due 11/04/2027 | 700 | 730 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 | 400 | 411 |
|  5.900% due 01/13/2035 | 900 | 935 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 134 | 135 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.400% due 03/15/2030 | 241 | 218 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 2000 | 2015 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1500 | 1526 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.357% due 08/18/2031 •  | 431 | 390 |
|  2.848% due 06/04/2031 •  | 300 | 279 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 500 | 502 |
|  5.350% due 01/13/2030 | 200 | 207 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1174 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 300 | 300 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 3000 | 3036 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | $| 409 | 376 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) |  | 3900 | 2939 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.130% due 07/08/2030 |  | 991 | 898 |
|  4.660% due 07/08/2031 •  |  | 4400 | 4452 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  |  | 1700 | 1573 |
|  4.194% due 04/01/2031 •  |  | 250 | 247 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 |  | 1650 | 1664 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 07/22/2032 •  | EUR | 2100 | 2541 |
|  5.150% due 04/23/2031 •  | $| 7400 | 7634 |
|  |  |  | 85830 |
| INDUSTRIALS 1.8% | INDUSTRIALS 1.8% | INDUSTRIALS 1.8% | INDUSTRIALS 1.8% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 4300 | 4162 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 400 | 399 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 |  | 400 | 428 |
|  6.500% due 11/21/2033 |  | 200 | 216 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) |  | 21000 | 21000 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 |  | 1100 | 1120 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 |  | 22 | 22 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 |  | 1800 | 1744 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 03/30/2032 |  | 200 | 209 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 |  | 600 | 613 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 |  | 363 | 386 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 |  | 400 | 319 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.876% due 07/16/2030 |  | 400 | 406 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 |  | 3300 | 2443 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 |  | 1500 | 1192 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 |  | 500 | 509 |
|  |  |  | 35168 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 582 | 519 |
|  3.000% due 06/15/2028 |  | 2300 | 2218 |
|  6.150% due 03/01/2055 |  | 600 | 604 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 |  | 1500 | 1279 |
|  5.150% due 06/01/2029 |  | 3600 | 3664 |
|  5.350% due 03/01/2026 |  | 1100 | 1104 |
|  |  |  | 9388 |
|  Total Corporate Bonds & Notes<br>(Cost $127,211) | Total Corporate Bonds & Notes<br>(Cost $127,211) | Total Corporate Bonds & Notes<br>(Cost $127,211) | 130386 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 |
|  7.804% due 03/01/2035 |  | 35 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 1065 | 953 |
|  |  | 992 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 |
|  6.642% due 11/01/2029 | 110 | 115 |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 50 | 53 |
|  6.725% due 04/01/2035 | 100 | 106 |
|  7.350% due 07/01/2035 | 71 | 78 |
|  |  | 352 |
| NEBRASKA 0.0% | NEBRASKA 0.0% | NEBRASKA 0.0% |
|  Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 |
|  7.242% due 01/01/2041 | 20 | 22 |
| OHIO 0.0% | OHIO 0.0% | OHIO 0.0% |
|  Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 |
|  4.800% due 06/01/2111 | 67 | 57 |
| PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 5 | 5 |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 605 | 645 |
|  Total Municipal Bonds & Notes (Cost $2,344) | Total Municipal Bonds & Notes (Cost $2,344) | 2073 |
| U.S. GOVERNMENT AGENCIES 101.5% | U.S. GOVERNMENT AGENCIES 101.5% | U.S. GOVERNMENT AGENCIES 101.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 11/01/2032 | 2307 | 2249 |
|  3.500% due 05/01/2049 | 176 | 163 |
|  3.650% due 11/01/2043 | 10357 | 8666 |
|  4.000% due 07/01/2047 - 03/01/2049 | 501 | 482 |
|  5.000% due 01/01/2028 - 01/01/2039 | 46 | 46 |
|  5.500% due 01/01/2035 - 09/01/2055 | 34699 | 35414 |
|  6.000% due 08/01/2027 - 06/01/2054 | 7962 | 8169 |
|  6.500% due 01/01/2029 - 03/01/2055 | 9913 | 10471 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 6431 | 6120 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.140% due 09/15/2041 •  | 134 | 130 |
|  1.887% due 02/15/2040 •  | 25 | 23 |
|  1.983% due 07/15/2036 •(a) | 57 | 6 |
|  2.083% due 09/15/2036 •(a) | 33 | 3 |
|  2.213% due 04/15/2036 •(a) | 5 | 0 |
|  3.500% due 07/15/2042 | 576 | 542 |
|  4.787% due 05/15/2037 •  | 1 | 1 |
|  4.867% due 03/15/2037 •  | 12 | 12 |
|  4.887% due 11/15/2043 •  | 15 | 15 |
|  5.000% due 04/15/2041 | 390 | 400 |
|  5.037% due 07/15/2041 •  | 20 | 20 |
|  5.187% due 08/15/2037 •  | 56 | 56 |
|  5.197% due 10/15/2037 •  | 8 | 8 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 59 | 60 |
|  5.296% due 11/25/2054 •  | 8196 | 8210 |
|  5.306% due 09/25/2055 •  | 48182 | 48608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.456% due 07/25/2055 - 09/25/2055 •  | $— | 28924 | $— | 28998 |
|  5.500% due 03/15/2034 |  | 37 |  | 38 |
|  5.506% due 09/25/2055 •  |  | 6630 |  | 6654 |
|  5.556% due 02/25/2055 - 08/25/2055 •  |  | 11878 |  | 11940 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.553% due 07/25/2044 •  |  | 2 |  | 2 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 12/01/2026 - 12/01/2032 |  | 3351 |  | 3254 |
|  3.500% due 02/01/2043 - 09/01/2048 |  | 1887 |  | 1757 |
|  4.000% due 06/01/2026 - 10/01/2030 |  | 1 |  | 1 |
|  4.202% due 10/01/2029 ~ |  | 11100 |  | 11160 |
|  4.300% due 12/01/2029 |  | 7717 |  | 7788 |
|  4.500% due 04/01/2028 - 12/01/2054 |  | 16226 |  | 15958 |
|  4.540% due 07/01/2030 |  | 2600 |  | 2640 |
|  4.705% due 09/01/2031 ~ |  | 20400 |  | 20801 |
|  4.720% due 10/01/2028 - 08/01/2030 |  | 7270 |  | 7421 |
|  4.770% due 10/01/2028 |  | 3100 |  | 3168 |
|  4.850% due 05/01/2029 |  | 1900 |  | 1940 |
|  4.860% due 08/01/2030 |  | 3500 |  | 3619 |
|  4.930% due 06/01/2029 |  | 5000 |  | 5136 |
|  5.000% due 11/01/2025 - 12/01/2029 |  | 11 |  | 10 |
|  5.060% due 10/01/2033 |  | 7025 |  | 7260 |
|  5.210% due 04/01/2035 |  | 2136 |  | 2231 |
|  5.300% due 11/01/2030 |  | 10000 |  | 10486 |
|  5.500% due 11/01/2025 - 11/01/2054 |  | 16820 |  | 17163 |
|  5.820% due 08/01/2035 •  |  | 2 |  | 2 |
|  6.000% due 10/01/2026 - 06/01/2054 |  | 5516 |  | 5675 |
|  6.203% due 03/01/2034 •  |  | 4 |  | 4 |
|  6.426% due 12/01/2034 •  |  | 15 |  | 16 |
|  6.500% due 09/01/2036 - 11/01/2054 |  | 7729 |  | 8132 |
|  6.534% due 10/01/2035 •  |  | 1 |  | 1 |
|  Federal National Mortgage Association - MHP | Federal National Mortgage Association - MHP | Federal National Mortgage Association - MHP | Federal National Mortgage Association - MHP | Federal National Mortgage Association - MHP |
|  1.000% due 10/01/2035 «~ |  | 3760 |  | 3850 |
|  Federal National Mortgage Association - Crain Fl | Federal National Mortgage Association - Crain Fl | Federal National Mortgage Association - Crain Fl | Federal National Mortgage Association - Crain Fl | Federal National Mortgage Association - Crain Fl |
|  4.070% due 10/01/2032 «~ |  | 5184 |  | 5093 |
|  Federal National Mortgage Association - Field Te | Federal National Mortgage Association - Field Te | Federal National Mortgage Association - Field Te | Federal National Mortgage Association - Field Te | Federal National Mortgage Association - Field Te |
|  4.640% due 10/01/2032 « |  | 6007 |  | 6089 |
|  Federal National Mortgage Association - Kennedy | Federal National Mortgage Association - Kennedy | Federal National Mortgage Association - Kennedy | Federal National Mortgage Association - Kennedy | Federal National Mortgage Association - Kennedy |
|  4.410% due 10/01/2032 «~ |  | 3353 |  | 3364 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 08/25/2039 (b)(e) |  | 67 |  | 59 |
|  0.000% due 11/25/2040 •  |  | 1 |  | 1 |
|  1.379% due 03/25/2041 •(a) |  | 102 |  | 10 |
|  1.579% due 03/25/2037 •(a) |  | 29 |  | 3 |
|  1.629% due 04/25/2037 •(a) |  | 104 |  | 10 |
|  1.679% due 11/25/2039 •(a) |  | 16 |  | 2 |
|  1.909% due 03/25/2037 •(a) |  | 37 |  | 4 |
|  1.929% due 05/25/2037 •(a) |  | 95 |  | 8 |
|  2.229% due 03/25/2036 •(a) |  | 27 |  | 2 |
|  2.319% due 04/25/2037 •(a) |  | 177 |  | 24 |
|  2.729% due 02/25/2037 •(a) |  | 16 |  | 2 |
|  3.179% due 07/25/2033 •(a) |  | 10 |  | 1 |
|  4.500% due 09/25/2040 |  | 452 |  | 446 |
|  4.593% due 03/25/2036 •  |  | 1 |  | 1 |
|  4.801% due 04/25/2037 •  |  | 1 |  | 1 |
|  4.821% due 07/25/2037 •  |  | 4 |  | 4 |
|  4.851% due 07/25/2037 •  |  | 7 |  | 7 |
|  4.871% due 09/25/2035 •  |  | 11 |  | 11 |
|  4.881% due 09/25/2035 •  |  | 9 |  | 9 |
|  4.991% due 10/25/2040 •  |  | 4 |  | 4 |
|  5.191% due 06/25/2037 •  |  | 46 |  | 46 |
|  5.256% due 09/25/2055 •  |  | 8560 |  | 8583 |
|  5.306% due 11/25/2054 •  |  | 7030 |  | 7032 |
|  5.456% due 07/25/2055 •  |  | 950 |  | 952 |
|  5.506% due 09/25/2055 •  |  | 7358 |  | 7384 |
|  5.556% due 08/25/2055 •  |  | 22626 |  | 22744 |
|  8.678% due 12/25/2036 •  |  | 1 |  | 2 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  |  | 2 |  | 2 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 780 |  | 45 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 02/15/2045 - 03/15/2045 | 47 | 45 |
|  4.000% due 09/20/2055 | 399 | 375 |
|  4.500% due 06/20/2055 | 690 | 670 |
|  4.750% due 11/20/2044 •  | 96 | 98 |
|  5.000% due 08/15/2033 -<br>03/15/2042 | 575 | 586 |
|  6.000% due 07/15/2037 -<br>08/15/2037 | 2 | 2 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.745% due 08/20/2047 •  | 140 | 136 |
|  4.977% due 04/20/2068 •  | 366 | 370 |
|  5.539% due 07/20/2055 •  | 16787 | 16834 |
|  5.739% due 07/20/2055 •  | 4678 | 4698 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 -<br>11/01/2055 | 77441 | 72812 |
|  4.500% due 11/01/2055 | 48470 | 46985 |
|  5.000% due 11/01/2055 | 60750 | 60357 |
|  5.500% due 10/01/2055 -<br>11/01/2055 | 33150 | 33381 |
|  6.000% due 10/01/2055 -<br>11/01/2055 | 32710 | 33269 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 2 | 2 |
|  5.490% due 03/01/2028 | 2 | 2 |
|  6.020% due 08/01/2028 | 14 | 15 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 2650 | 2328 |
|  4.000% due 11/01/2055 | 67950 | 64034 |
|  4.500% due 10/01/2055 - 11/01/2055 | 61430 | 59582 |
|  5.000% due 11/01/2055 | 235600 | 233524 |
|  5.500% due 11/01/2055 | 43460 | 43793 |
|  6.000% due 10/01/2055 - 11/01/2055 | 403950 | 412624 |
|  6.500% due 10/01/2055 - 11/01/2055 | 529760 | 547814 |
|  Total U.S. Government Agencies<br>(Cost $2,013,307) | Total U.S. Government Agencies<br>(Cost $2,013,307) | 2013260 |
| U.S. TREASURY OBLIGATIONS 9.6% | U.S. TREASURY OBLIGATIONS 9.6% | U.S. TREASURY OBLIGATIONS 9.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (k) | 4100 | 2677 |
|  2.250% due 08/15/2049 (m) | 146 | 93 |
|  3.000% due 08/15/2048 (m) | 473 | 356 |
|  3.000% due 02/15/2049 (k)(m) | 17298 | 12956 |
|  3.125% due 05/15/2048 | 124 | 96 |
|  4.125% due 08/15/2053 (m) | 100 | 90 |
|  4.625% due 02/15/2040 (k) | 3734 | 3802 |
|  4.625% due 05/15/2044 (m) | 27300 | 27107 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  1.000% due 02/15/2046 (k) | 2047 | 1580 |
|  1.000% due 02/15/2048 (k) | 193 | 145 |
|  1.375% due 07/15/2033 (k) | 6169 | 6076 |
|  1.750% due 01/15/2034 (k) | 1786 | 1796 |
|  1.875% due 07/15/2034 | 80402 | 81603 |
|  2.125% due 04/15/2029 (k) | 27362 | 28250 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.375% due 05/15/2029 (k)(m) | 2075 | 1985 |
|  3.875% due 07/31/2030 | 21600 | 21734 |
|  Total U.S. Treasury Obligations<br>(Cost $203,212) | Total U.S. Treasury Obligations<br>(Cost $203,212) | 190346 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.131% due 01/25/2036 ~ | 409 | 307 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 7 | 6 |
|  4.462% due 10/25/2046 •  | 30 | 15 |
|  5.073% due 11/25/2046 •  | 10503 | 2567 |
|  6.750% due 11/25/2046 þ | 153 | 138 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 23 | 15 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 19 | 18 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.358% due 06/20/2037 ~ | 8 | 7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.630% due 10/20/2036 •  | $— | 5 | $— | 4 |
|  4.670% due 04/20/2047 •  |  | 2 |  | 2 |
|  4.710% due 02/20/2047 •  |  | 283 |  | 266 |
|  4.835% due 09/20/2046 ~ |  | 294 |  | 266 |
|  4.985% due 02/20/2035 ~ |  | 6 |  | 5 |
|  6.000% due 08/25/2036 |  | 5 |  | 5 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.333% due 06/25/2035 ~ |  | 3 |  | 2 |
|  5.697% due 06/25/2034 ~ |  | 3 |  | 3 |
|  5.864% due 02/25/2034 ~ |  | 4 |  | 4 |
|  6.012% due 01/25/2035 ~ |  | 4 |  | 4 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.632% due 03/25/2037 •  |  | 1365 |  | 1243 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.480% due 11/25/2035 ~ |  | 38 |  | 35 |
|  4.592% due 08/25/2036 •  |  | 274 |  | 243 |
|  4.592% due 01/25/2047 •  |  | 28 |  | 24 |
|  4.612% due 12/25/2046 •  |  | 3 |  | 3 |
|  4.772% due 01/25/2036 •  |  | 4 |  | 3 |
|  5.166% due 07/25/2035 ~ |  | 42 |  | 26 |
|  5.232% due 10/25/2035 ~ |  | 32 |  | 27 |
|  5.425% due 05/25/2035 ~ |  | 9 |  | 9 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.475% due 02/25/2036 ~ |  | 37 |  | 34 |
|  4.839% due 07/25/2034 ~ |  | 4 |  | 4 |
|  5.391% due 11/25/2034 ~ |  | 1 |  | 1 |
|  6.242% due 01/25/2033 ~ |  | 21 |  | 21 |
|  6.331% due 04/25/2033 ~ |  | 1 |  | 1 |
|  6.375% due 08/25/2033 ~ |  | 2 |  | 2 |
|  6.530% due 02/25/2036 •  |  | 3 |  | 3 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  5.561% due 10/15/2036 •  |  | 16000 |  | 15996 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ |  | 81 |  | 69 |
|  4.739% due 12/25/2035 ~ |  | 1 |  | 1 |
|  4.848% due 01/25/2036 ~ |  | 4 |  | 4 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 2251 |  | 1999 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.502% due 05/25/2036 •  |  | 52 |  | 50 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.732% due 05/25/2035 •  |  | 11 |  | 10 |
|  4.852% due 04/25/2035 •  |  | 614 |  | 588 |
|  4.872% due 05/25/2035 •  |  | 29 |  | 26 |
|  4.912% due 03/25/2035 •  |  | 1 |  | 1 |
|  4.932% due 02/25/2035 •  |  | 5 |  | 4 |
|  5.097% due 11/25/2034 ~ |  | 8 |  | 8 |
|  5.750% due 05/25/2037 |  | 3 |  | 2 |
|  6.000% due 07/25/2036 |  | 234 |  | 112 |
|  6.000% due 01/25/2037 |  | 158 |  | 73 |
|  6.000% due 02/25/2037 |  | 156 |  | 69 |
|  6.248% due 02/20/2036 •  |  | 2 |  | 2 |
|  6.500% due 12/25/2037 |  | 361 |  | 143 |
|  6.589% due 10/20/2034 ~ |  | 9 |  | 9 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 22 |  | 21 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ |  | 101 |  | 93 |
|  4.592% due 01/25/2037 •  |  | 70 |  | 61 |
|  6.300% due 03/25/2036 •  |  | 12 |  | 13 |
|  6.480% due 10/25/2035 •  |  | 6 |  | 6 |
|  6.560% due 10/25/2035 •  |  | 7 |  | 7 |
|  9.170% due 09/25/2062 þ |  | 13817 |  | 13861 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.872% due 04/25/2037 •  |  | 102 |  | 85 |
|  6.000% due 12/25/2036 |  | 31 |  | 28 |
|  6.000% due 06/25/2037 |  | 43 |  | 38 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.147% due 08/25/2035 ~ |  | 863 |  | 740 |
|  4.440% due 09/20/2046 •  |  | 1338 |  | 1381 |
|  4.460% due 09/20/2046 •  |  | 11 |  | 10 |
|  4.472% due 04/25/2047 •  |  | 990 |  | 981 |
|  4.482% due 04/25/2047 •  |  | 1433 |  | 1266 |
|  4.512% due 12/25/2046 •  |  | 4821 |  | 4349 |
|  4.572% due 06/25/2035 •  |  | 767 |  | 486 |
|  4.612% due 05/25/2047 •  |  | 150 |  | 135 |
|  4.652% due 09/25/2046 •  |  | 38 |  | 38 |
|  4.670% due 03/20/2046 •  |  | 10 |  | 10 |
|  4.670% due 07/20/2046 •  |  | 6 |  | 5 |
|  4.672% due 05/25/2036 •  |  | 56 |  | 49 |
|  4.672% due 08/25/2037 •  |  | 9 |  | 5 |
|  4.710% due 05/20/2046 •  |  | 3 |  | 3 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.772% due 11/25/2036 •  | $— | 10526 | $— | 9099 |
|  4.792% due 12/25/2035 •  |  | 4 |  | 4 |
|  4.822% due 05/25/2035 •  |  | 21 |  | 16 |
|  4.832% due 02/25/2037 •  |  | 226 |  | 192 |
|  4.850% due 11/20/2035 •  |  | 25 |  | 23 |
|  4.872% due 08/25/2035 •  |  | 144 |  | 139 |
|  4.890% due 12/20/2035 •  |  | 33 |  | 31 |
|  4.912% due 11/25/2035 •  |  | 172 |  | 158 |
|  5.153% due 12/25/2035 •  |  | 5 |  | 4 |
|  5.500% due 05/25/2035 |  | 82 |  | 65 |
|  5.500% due 06/25/2035 |  | 139 |  | 111 |
|  5.500% due 11/25/2035 |  | 59 |  | 32 |
|  5.553% due 08/25/2035 •  |  | 15 |  | 15 |
|  5.633% due 01/25/2036 •  |  | 59 |  | 56 |
|  5.750% due 03/25/2037 |  | 75 |  | 38 |
|  6.000% due 12/25/2035 |  | 184 |  | 131 |
|  6.000% due 05/25/2036 |  | 32 |  | 15 |
|  6.000% due 08/25/2036 •  |  | 38 |  | 21 |
|  6.000% due 05/25/2037 |  | 107 |  | 45 |
|  6.203% due 10/20/2035 •  |  | 4 |  | 3 |
|  6.250% due 08/25/2036 |  | 548 |  | 287 |
|  7.000% due 10/25/2037 |  | 69 |  | 23 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 |  | 162 |  | 125 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 1261 |  | 193 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.750% due 08/25/2036 |  | 7 |  | 6 |
|  5.750% due 03/25/2037 |  | 15 |  | 8 |
|  6.421% due 10/25/2037 ~ |  | 199 |  | 116 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.359% due 11/30/2037 ~ |  | 11763 |  | 10828 |
|  3.559% due 12/27/2037 ~ |  | 4757 |  | 4201 |
|  4.136% due 12/27/2060 ~ |  | 2979 |  | 2969 |
|  4.209% due 07/27/2061 ~ |  | 5848 |  | 5825 |
|  4.838% due 06/25/2050 ~ |  | 379 |  | 345 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  4.572% due 01/27/2037 •  |  | 19 |  | 12 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.652% due 02/25/2037 •  |  | 4100 |  | 3573 |
|  4.772% due 02/25/2035 •  |  | 65 |  | 64 |
|  4.932% due 02/25/2036 •  |  | 102 |  | 101 |
|  5.772% due 10/25/2047 •  |  | 155 |  | 120 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.388% due 04/19/2047 •  |  | 491 |  | 405 |
|  4.438% due 10/19/2036 •  |  | 109 |  | 99 |
|  4.988% due 08/19/2045 •  |  | 3 |  | 3 |
|  5.068% due 09/19/2044 •  |  | 17 |  | 16 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 3 |  | 4 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.640% due 03/25/2035 ~ | $— | 1 |  | 0 |
|  5.120% due 06/25/2036 ~ |  | 197 |  | 156 |
|  5.361% due 12/25/2035 ~ |  | 15 |  | 11 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.747% due 10/25/2035 ~ |  | 44 |  | 40 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.632% due 01/25/2037 •  |  | 106 |  | 98 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.887% due 12/26/2036 •  |  | 61 |  | 44 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 9 |  | 8 |
|  4.977% due 11/25/2035 ~ |  | 3 |  | 3 |
|  5.010% due 07/25/2035 ~ |  | 1 |  | 1 |
|  5.381% due 09/25/2035 ~ |  | 9 |  | 9 |
|  5.500% due 01/25/2037 |  | 5 |  | 10 |
|  5.880% due 04/25/2032 •  |  | 5 |  | 5 |
|  6.000% due 02/25/2036 |  | 218 |  | 79 |
|  6.000% due 07/25/2037 |  | 53 |  | 34 |
|  6.363% due 09/25/2035 ~ |  | 1 |  | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ |  | 54 |  | 28 |
|  4.468% due 07/19/2047 •  |  | 119 |  | 117 |
|  4.588% due 12/19/2036 •  |  | 4 |  | 4 |
|  4.658% due 12/19/2036 •  |  | 228 |  | 181 |
|  4.688% due 05/19/2035 •  |  | 149 |  | 144 |
|  4.728% due 06/19/2035 •  |  | 940 |  | 921 |
|  4.728% due 12/19/2036 •  |  | 94 |  | 89 |
|  4.748% due 01/19/2036 •  |  | 411 |  | 267 |
|  4.930% due 06/20/2035 •  |  | 76 |  | 73 |
|  6.153% due 10/19/2035 •  |  | 265 |  | 124 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.892% due 03/25/2035 •  | 89 | 73 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 124 | 121 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.314% due 07/25/2035 ~ | 16 | 15 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.812% due 02/25/2037 •  | 10003 | 9231 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.037% due 06/25/2036 ~ | 91 | 81 |
|  4.200% due 05/25/2035 ~ | 137 | 91 |
|  4.572% due 06/25/2037 •  | 4 | 2 |
|  4.632% due 02/25/2037 •  | 59 | 55 |
|  4.652% due 09/25/2046 •  | 46 | 42 |
|  4.672% due 11/25/2046 •  | 403 | 385 |
|  4.692% due 05/25/2046 •  | 3859 | 3534 |
|  4.752% due 07/25/2035 •  | 116 | 107 |
|  4.792% due 06/25/2035 •  | 25 | 20 |
|  4.912% due 07/25/2045 •  | 2 | 2 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.244% due 05/25/2036 ~ | 51 | 28 |
|  6.000% due 12/27/2036 | 51 | 25 |
|  6.500% due 03/25/2036 | 1665 | 837 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 133 | 133 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.063% due 07/27/2037 ~ | 43 | 40 |
|  4.274% due 10/25/2036 ~ | 23 | 16 |
|  4.341% due 10/25/2036 ~ | 3 | 2 |
|  4.835% due 04/25/2036 ~ | 476 | 420 |
|  5.106% due 08/25/2035 ~ | 14 | 12 |
|  5.464% due 04/25/2037 ~ | 3 | 2 |
|  5.743% due 07/25/2035 ~ | 47 | 45 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ | 2285 | 2287 |
|  5.750% due 04/25/2061 þ | 2916 | 2916 |
|  5.750% due 07/25/2061 þ | 4694 | 4697 |
|  5.892% due 10/25/2066 þ | 2698 | 2700 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.922% due 11/25/2036 •  | 405 | 185 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.672% due 03/25/2047 •  | 4231 | 3888 |
|  4.722% due 08/25/2046 •  | 532 | 547 |
|  4.772% due 08/25/2037 •  | 35 | 35 |
|  5.972% due 09/25/2047 •  | 38 | 34 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.488% due 04/25/2036 ~ | 1697 | 1118 |
|  4.992% due 04/25/2036 •  | 23 | 20 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ | 7 | 6 |
|  4.916% due 10/25/2033 ~ | 28 | 25 |
|  4.953% due 12/25/2046 •  | 9880 | 8162 |
|  5.578% due 11/21/2034 ~ | 119 | 115 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 74 | 40 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  | 8 | 8 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.492% due 03/25/2037 •  | 120 | 28 |
|  4.672% due 03/25/2037 •  | 1861 | 437 |
|  4.692% due 04/25/2037 •  | 13647 | 2303 |
|  4.872% due 03/25/2037 •  | 76 | 18 |
|  6.000% due 03/25/2037 | 37 | 12 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ | 40 | 32 |
|  5.087% due 04/25/2035 ~ | 5 | 4 |
|  5.207% due 05/25/2036 ~ | 27 | 25 |
|  5.850% due 05/25/2033 ~ | 2 | 2 |
|  5.945% due 02/25/2033 •  | 5 | 5 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 29 | 28 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.582% due 07/25/2035 ~ | 52 | 47 |
|  6.000% due 08/25/2036 | 57 | 23 |
|  6.035% due 06/25/2036 ~ | 2 | 2 |
|  6.815% due 06/25/2036 þ | 786 | 199 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.250% due 05/26/2037 ~ | 50 | 22 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 30 | 27 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.792% due 12/25/2035 •  | 95 | 94 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 587 | 568 |
|  2.750% due 11/25/2059 ~ | 766 | 738 |
|  3.500% due 12/25/2057 ~ | 411 | 400 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.462% due 06/25/2037 •  | 2912 | 2424 |
|  5.476% due 05/25/2035 þ | 18 | 9 |
|  5.769% due 06/25/2036 ~ | 10129 | 2621 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.398% due 09/25/2046 •  | 1294 | 464 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.592% due 02/25/2037 •  | 113 | 83 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.168% due 11/25/2037 ~ | 108 | 90 |
|  4.572% due 02/25/2037 •  | 45 | 40 |
|  4.572% due 02/25/2047 •  | 1321 | 1205 |
|  4.592% due 01/25/2037 •  | 835 | 755 |
|  4.612% due 01/25/2037 •  | 1882 | 1669 |
|  4.632% due 07/25/2036 •  | 194 | 63 |
|  4.632% due 09/25/2036 •  | 210 | 195 |
|  4.642% due 08/25/2036 •  | 83 | 75 |
|  4.652% due 07/25/2036 •  | 72 | 66 |
|  4.652% due 09/25/2036 •  | 116 | 107 |
|  4.772% due 08/25/2035 •  | 367 | 251 |
|  4.953% due 09/25/2046 •  | 5770 | 4836 |
|  5.000% due 09/25/2036 | 3 | 2 |
|  5.139% due 10/25/2037 ~ | 191 | 153 |
|  6.000% due 08/25/2036 | 10 | 8 |
|  6.000% due 01/25/2037 | 19 | 16 |
|  6.000% due 03/25/2037 | 78 | 66 |
|  6.500% due 08/25/2036 | 873 | 716 |
|  6.876% due 09/25/2034 ~ | 30 | 30 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 09/25/2035 | 75 | 32 |
|  6.000% due 03/25/2037 | 809 | 247 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.696% due 04/25/2037 ~ | 94 | 82 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.573% due 09/20/2046 ~ | 49 | 33 |
|  4.810% due 07/20/2034 •  | 52 | 52 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.711% due 01/25/2037 ~ | 29 | 17 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 43 | 42 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | 1613 | 2173 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ | 7 | 7 |
|  3.937% due 11/25/2035 ~ | 29 | 27 |
|  4.572% due 08/25/2036 •  | 28 | 22 |
|  4.932% due 08/25/2035 ~ | 17 | 9 |
|  5.216% due 03/25/2036 ~ | 20 | 16 |
|  5.553% due 01/25/2035 •  | 2 | 2 |
|  6.572% due 12/25/2037 •  | 335 | 286 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.392% due 08/25/2036 •  | 109 | 96 |
|  4.652% due 07/25/2046 •  | 38 | 30 |
|  4.692% due 04/25/2036 •  | 11 | 10 |
|  4.712% due 05/25/2046 •  | 9 | 3 |
|  4.732% due 02/25/2036 •  | 30 | 28 |
|  4.832% due 02/25/2036 •  | 2 | 2 |
|  4.948% due 02/19/2035 •  | 1 | 1 |
|  6.226% due 02/25/2036 •  | 9 | 8 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.854% due 03/25/2044 ~ | 21 | 21 |
|  5.506% due 12/25/2044 ~ | 34 | 33 |
|  5.583% due 06/25/2047 •  | 96 | 92 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 4470 | 6027 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | 3093 | 3014 |
|  2.900% due 10/25/2059 ~ | 469 | 451 |
|  3.000% due 01/25/2058 ~ | 36 | 36 |
|  3.292% due 10/25/2057 ~ | 1031 | 873 |
|  5.272% due 05/25/2058 •  | 19 | 20 |
|  5.272% due 10/25/2059 •  | 27 | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 2146 | 2893 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.509% due 01/25/2037 ~ | $| 36 | 31 |
|  3.943% due 12/25/2046 •  |  | 11 | 10 |
|  3.949% due 12/25/2046 •  |  | 10 | 9 |
|  4.009% due 06/25/2037 ~ |  | 67 | 59 |
|  4.108% due 02/25/2037 ~ |  | 13 | 11 |
|  4.181% due 02/25/2037 ~ |  | 96 | 90 |
|  4.206% due 12/25/2036 ~ |  | 21 | 19 |
|  4.402% due 06/25/2037 ~ |  | 208 | 188 |
|  4.546% due 10/25/2035 ~ |  | 11 | 10 |
|  4.812% due 12/25/2045 •  |  | 4206 | 3878 |
|  4.832% due 11/25/2045 •  |  | 3 | 3 |
|  4.852% due 10/25/2045 •  |  | 7 | 7 |
|  4.852% due 12/25/2045 •  |  | 200 | 184 |
|  4.853% due 03/25/2047 •  |  | 1757 | 1558 |
|  4.903% due 06/25/2047 •  |  | 1442 | 1212 |
|  4.963% due 07/25/2047 •  |  | 26 | 22 |
|  5.033% due 10/25/2046 •  |  | 284 | 249 |
|  5.052% due 01/25/2045 •  |  | 315 | 305 |
|  5.055% due 12/25/2035 ~ |  | 99 | 94 |
|  5.072% due 12/25/2045 •  |  | 723 | 708 |
|  5.153% due 02/25/2046 •  |  | 130 | 120 |
|  5.223% due 01/25/2046 •  |  | 873 | 782 |
|  5.232% due 01/25/2035 ~ |  | 23 | 22 |
|  5.432% due 11/25/2045 •  |  | 1295 | 1228 |
|  5.527% due 08/25/2035 ~ |  | 12 | 12 |
|  5.653% due 10/25/2046 •  |  | 428 | 406 |
|  5.653% due 11/25/2046 •  |  | 394 | 353 |
|  6.381% due 06/25/2033 ~ |  | 9 | 9 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.792% due 09/25/2036 •  |  | 322 | 83 |
|  3.918% due 09/25/2036 þ |  | 616 | 162 |
|  4.772% due 02/25/2036 •  |  | 302 | 255 |
|  4.903% due 02/25/2047 •  |  | 563 | 522 |
|  4.983% due 11/25/2046 •  |  | 48 | 41 |
|  5.003% due 10/25/2046 •  |  | 77 | 67 |
|  5.093% due 04/25/2046 •  |  | 37 | 34 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 |  | 70 | 61 |
|  6.443% due 07/25/2037 ~ |  | 2 | 2 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.175% due 09/25/2036 ~ |  | 2 | 2 |
|  6.814% due 12/25/2036 ~ |  | 13 | 12 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $195,723) | Total Non-Agency Mortgage-Backed Securities (Cost $195,723) | Total Non-Agency Mortgage-Backed Securities (Cost $195,723) | 182710 |
| ASSET-BACKED SECURITIES 30.8% | ASSET-BACKED SECURITIES 30.8% | ASSET-BACKED SECURITIES 30.8% | ASSET-BACKED SECURITIES 30.8% |
| AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.120% due 04/20/2027 |  | 7800 | 7849 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.530% due 01/18/2028 |  | 79 | 79 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.540% due 04/16/2029 |  | 1600 | 1621 |
|  5.760% due 11/15/2027 |  | 116 | 117 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 |  | 2171 | 2191 |
|  5.890% due 06/15/2030 |  | 778 | 785 |
|  FHF Trust | FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 |  | 1984 | 1999 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 |  | 822 | 825 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 |  | 1122 | 1127 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 |  | 319 | 321 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 10400 | 10624 |
|  5.490% due 06/25/2027 |  | 1900 | 1912 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 |  | 8517 | 8674 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 |  | 919 | 910 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 701 | 706 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 406 | 406 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 450 | 453 |
|  |  | 40599 |
| CMBS OTHER 3.4% | CMBS OTHER 3.4% | CMBS OTHER 3.4% |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.446% due 07/15/2039 •  | 2842 | 2849 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.500% due 11/22/2038 •  | 6463 | 6356 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.586% due 02/18/2043 •  | 7100 | 7114 |
|  5.708% due 02/18/2040 •  | 11200 | 11178 |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.700% due 10/16/2036 •  | 12800 | 12744 |
|  5.884% due 02/19/2037 •  | 12500 | 12504 |
|  6.000% due 10/16/2036 •  | 12800 | 12744 |
|  |  | 66494 |
| HOME EQUITY OTHER 14.6% | HOME EQUITY OTHER 14.6% | HOME EQUITY OTHER 14.6% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  6.297% due 01/25/2035 •  | 15 | 14 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.007% due 03/25/2035 •  | 4108 | 3940 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  | 123 | 123 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.552% due 07/25/2036 •  | 1768 | 1745 |
|  4.592% due 03/25/2037 •  | 27719 | 11901 |
|  4.712% due 11/25/2036 •  | 3486 | 1434 |
|  4.752% due 06/25/2036 •  | 1590 | 1174 |
|  4.752% due 12/25/2036 •  | 282 | 149 |
|  4.887% due 12/25/2035 •  | 877 | 836 |
|  5.217% due 05/25/2035 •  | 4760 | 4408 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  4.977% due 10/25/2035 •  | 627 | 607 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.086% due 11/25/2034 •  | 847 | 795 |
|  5.142% due 11/25/2035 •  | 1300 | 1222 |
|  5.247% due 07/25/2035 •  | 2000 | 1913 |
|  5.397% due 11/25/2034 •  | 84 | 82 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 47 | 43 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 65 | 21 |
|  4.572% due 07/25/2036 •  | 412 | 373 |
|  4.632% due 04/25/2036 •  | 15655 | 4907 |
|  4.652% due 03/25/2036 •  | 719 | 667 |
|  4.752% due 06/25/2036 •  | 8504 | 2319 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.354% due 01/25/2034 •  | 175 | 169 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.082% due 06/25/2034 •  | 484 | 499 |
|  5.367% due 02/25/2035 •  | 8 | 8 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 611 | 594 |
|  4.622% due 05/25/2037 •  | 13644 | 11613 |
|  5.322% due 08/25/2037 •  | 346 | 314 |
|  5.383% due 12/25/2034 •  | 3678 | 3693 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.947% due 08/25/2036 •  | 4 | 4 |
|  5.247% due 02/25/2034 •  | 1057 | 1079 |
|  5.472% due 08/25/2034 •  | 215 | 216 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.532% due 02/25/2037 •  | 247 | 239 |
|  5.022% due 10/25/2035 •  | 975 | 958 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.917% due 03/25/2034 •  | 144 | 143 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.912% due 08/25/2032 •  | 9 | 9 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 5447 | 5516 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.462% due 05/25/2037 •  | 1313 | 887 |
|  4.472% due 05/25/2037 •  | 2028 | 1376 |
|  4.572% due 12/25/2036 •  | 283 | 107 |
|  4.592% due 09/25/2036 •  | 32 | 25 |
|  4.632% due 01/25/2037 •  | 3786 | 2791 |
|  4.752% due 08/25/2036 •  | 3282 | 3079 |
|  4.792% due 03/25/2036 •  | 676 | 620 |
|  4.872% due 10/25/2036 •  | 84 | 49 |
|  5.172% due 09/25/2035 •  | 4930 | 4803 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.552% due 03/25/2037 •  | 1599 | 1472 |
|  4.672% due 02/25/2037 •  | 81 | 77 |
|  4.752% due 04/25/2037 •  | 173 | 155 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.197% due 05/25/2036 •  | 1877 | 1864 |
|  4.412% due 07/25/2037 •  | 217 | 204 |
|  4.472% due 06/25/2047 •  | 55 | 49 |
|  4.522% due 06/25/2047 •  | 1477 | 1436 |
|  4.552% due 06/25/2035 •  | 71 | 65 |
|  4.552% due 03/25/2037 •  | 60 | 59 |
|  4.552% due 12/25/2046 •  | 1538 | 1473 |
|  4.552% due 04/25/2047 •  | 36 | 35 |
|  4.562% due 10/25/2047 •  | 7600 | 6641 |
|  4.632% due 11/25/2047 •  | 27 | 26 |
|  4.692% due 05/25/2047 •  | 84 | 78 |
|  4.712% due 09/25/2037 •  | 90 | 96 |
|  4.732% due 05/25/2037 •  | 1512 | 1474 |
|  4.812% due 03/25/2036 •  | 204 | 184 |
|  5.012% due 08/25/2047 •  | 153 | 150 |
|  5.232% due 02/25/2036 •  | 1241 | 1215 |
|  5.307% due 12/25/2035 •  | 145 | 144 |
|  6.222% due 08/25/2035 •  | 3000 | 2848 |
|  6.867% due 09/25/2046 þ | 1756 | 1265 |
|  Countrywide Partnership Trust | Countrywide Partnership Trust | Countrywide Partnership Trust |
|  5.172% due 02/25/2035 •  | 826 | 821 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  | 2007 | 1975 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.572% due 02/25/2041 •  | 3 | 3 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.652% due 05/25/2036 •  | 86 | 65 |
|  4.812% due 05/25/2036 •  | 1971 | 1461 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 359 | 328 |
|  4.552% due 11/25/2036 •  | 2189 | 1297 |
|  4.572% due 10/25/2036 •  | 691 | 277 |
|  4.592% due 08/25/2036 •  | 9476 | 2959 |
|  4.612% due 02/25/2037 •  | 4464 | 1378 |
|  5.007% due 01/25/2035 •  | 24 | 24 |
|  5.322% due 11/25/2034 •  | 772 | 739 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  4.912% due 12/25/2035 •  | 6547 | 6372 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.936% due 03/25/2036 ~ | 153 | 19 |
|  4.372% due 05/25/2037 •  | 171 | 60 |
|  4.412% due 03/25/2036 •  | 129 | 41 |
|  4.512% due 06/25/2036 •  | 56 | 10 |
|  4.672% due 03/25/2037 •  | 1293 | 351 |
|  4.912% due 04/25/2047 •  | 243 | 105 |
|  6.795% due 06/25/2036 þ | 234 | 52 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.337% due 06/25/2035 •  | 29 | 29 |
|  5.995% due 03/25/2046 ~ | 1207 | 428 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  | 951 | 584 |
|  4.372% due 12/25/2046 •  | 125 | 62 |
|  4.412% due 12/25/2036 •  | 2195 | 1175 |
|  4.442% due 12/25/2036 •  | 258 | 128 |
|  4.452% due 11/25/2035 •  | 1 | 0 |
|  4.472% due 12/25/2046 •  | 91 | 45 |
|  4.532% due 12/25/2046 •  | 4750 | 2524 |
|  4.572% due 09/25/2036 •  | 3608 | 1248 |
|  4.572% due 12/25/2046 •  | 451 | 224 |
|  4.672% due 01/25/2047 •  | 1366 | 695 |
|  4.732% due 01/25/2037 •  | 3394 | 2956 |
|  4.752% due 03/25/2046 •  | 23 | 23 |
|  4.772% due 05/25/2046 •  | 343 | 332 |
|  6.072% due 06/25/2035 •  | 166 | 162 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.947% due 02/25/2036 •  | 123 | 121 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.502% due 04/25/2037 •  | 3155 | 3086 |
|  4.612% due 04/25/2037 •  | 314 | 282 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.472% due 07/25/2036 •  | 105 | 45 |
|  4.492% due 12/25/2036 •  | 772 | 192 |
|  4.632% due 04/25/2037 •  | 714 | 471 |
|  4.752% due 11/25/2035 •  | 398 | 376 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.672% due 03/25/2036 •  | 163 | 85 |
|  4.732% due 01/25/2037 •  | 10840 | 3627 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 36 | 36 |
|  4.572% due 07/25/2036 •  | 53 | 25 |
|  4.872% due 07/25/2036 •  | 1874 | 1819 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 05/25/2036 •  | 46 | 24 |
|  4.592% due 12/25/2036 •  | 328 | 224 |
|  4.612% due 12/25/2036 •  | 248 | 85 |
|  4.712% due 02/25/2036 •  | 203 | 201 |
|  4.792% due 08/25/2045 •  | 16 | 16 |
|  4.812% due 05/25/2046 •  | 311 | 92 |
|  4.872% due 01/25/2036 •  | 6348 | 5742 |
|  5.187% due 08/25/2035 •  | 5466 | 5004 |
|  5.247% due 04/25/2035 •  | 13 | 13 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  | 1154 | 325 |
|  4.472% due 10/25/2036 •  | 7630 | 3654 |
|  4.492% due 11/25/2036 •  | 467 | 138 |
|  4.592% due 10/25/2036 •  | 240 | 115 |
|  4.692% due 05/25/2037 •  | 903 | 878 |
|  4.752% due 03/25/2036 •  | 34 | 21 |
|  5.022% due 10/25/2035 •  | 6520 | 6360 |
|  6.972% due 07/25/2034 •  | 140 | 132 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.397% due 11/25/2035 •  | 414 | 397 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.480% due 03/25/2037 •  | 60019 | 14582 |
|  4.492% due 07/25/2037 •  | 344 | 133 |
|  4.492% due 08/25/2037 •  | 2214 | 1090 |
|  4.772% due 07/25/2037 •  | 176 | 37 |
|  4.792% due 02/25/2037 •  | 620 | 175 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.352% due 11/25/2036 •  | 346 | 204 |
|  4.362% due 01/25/2037 •  | 254 | 117 |
|  4.382% due 12/25/2036 •  | 6000 | 3013 |
|  4.382% due 03/25/2037 •  | 515 | 219 |
|  4.402% due 10/25/2036 •  | 17 | 15 |
|  4.402% due 01/25/2037 •  | 200 | 92 |
|  4.402% due 02/25/2037 •  | 2463 | 1769 |
|  4.407% due 11/25/2036 •  | 339 | 215 |
|  4.452% due 03/25/2037 •  | 826 | 352 |
|  4.482% due 01/25/2037 •  | 183 | 84 |
|  4.487% due 03/25/2037 •  | 2542 | 993 |
|  4.502% due 10/25/2036 •  | 527 | 275 |
|  4.502% due 11/25/2036 •  | 1396 | 824 |
|  4.552% due 08/25/2036 •  | 339 | 170 |
|  4.592% due 09/25/2036 •  | 569 | 245 |
|  4.632% due 02/25/2037 •  | 15036 | 4765 |
|  4.772% due 04/25/2036 •  | 1801 | 1730 |
|  4.977% due 12/25/2034 •  | 18 | 18 |
|  5.127% due 03/25/2034 •  | 585 | 605 |
|  5.202% due 07/25/2035 •  | 354 | 347 |
|  8.072% due 02/25/2047 •  | 79 | 66 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.252% due 02/25/2033 •  | 23 | 23 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 12/25/2036 •  | 890 | 427 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.452% due 12/25/2036 •  | 3406 | 1162 |
|  4.612% due 11/25/2036 •  | 28 | 8 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.812% due 09/25/2036 •  | 4993 | 4954 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.052% due 03/25/2035 •  | 299 | 299 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.932% due 10/25/2036 •  | 136 | 25 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.532% due 10/25/2036 þ | $— | 168 | $— | 29 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.472% due 09/25/2037 •  |  | 196 |  | 194 |
|  4.592% due 10/25/2036 •  |  | 185 |  | 86 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.372% due 07/25/2036 •  |  | 3464 |  | 1580 |
|  4.402% due 07/25/2037 •  |  | 4894 |  | 3201 |
|  4.412% due 03/25/2037 •  |  | 1551 |  | 1426 |
|  4.492% due 04/25/2037 •  |  | 473 |  | 338 |
|  4.492% due 05/25/2037 •  |  | 363 |  | 219 |
|  4.552% due 01/25/2037 •  |  | 4054 |  | 2382 |
|  4.812% due 01/25/2036 •  |  | 1462 |  | 1384 |
|  5.052% due 02/25/2035 •  |  | 176 |  | 168 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.097% due 08/25/2036 •  |  | 9769 |  | 8867 |
|  5.172% due 10/25/2036 •  |  | 21 |  | 21 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.322% due 10/25/2034 •  |  | 14 |  | 13 |
|  5.997% due 02/25/2035 •  |  | 7592 |  | 7020 |
|  6.072% due 12/25/2034 •  |  | 15 |  | 15 |
|  6.147% due 12/25/2034 •  |  | 4101 |  | 3900 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.767% due 07/25/2036 •  |  | 205 |  | 198 |
|  5.142% due 02/25/2036 •  |  | 3154 |  | 3011 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  |  | 158 |  | 64 |
|  5.586% due 11/25/2036 þ |  | 2157 |  | 688 |
|  5.612% due 04/25/2037 þ |  | 368 |  | 94 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.712% due 12/25/2035 •  |  | 13 |  | 12 |
|  4.962% due 10/25/2035 •  |  | 5 |  | 5 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.542% due 08/25/2036 •  |  | 219 |  | 218 |
|  4.562% due 06/25/2033 •  |  | 40 |  | 38 |
|  4.932% due 12/25/2035 •  |  | 2356 |  | 2324 |
|  5.157% due 12/25/2035 •  |  | 17408 |  | 15992 |
|  5.517% due 02/25/2035 •  |  | 4966 |  | 4870 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.722% due 09/25/2036 •  |  | 8365 |  | 7083 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  |  | 716 |  | 283 |
|  4.917% due 10/25/2035 •  |  | 1898 |  | 1559 |
|  4.992% due 10/25/2035 •  |  | 1317 |  | 1156 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.552% due 10/25/2036 •  |  | 85 |  | 79 |
|  5.157% due 10/25/2035 •  |  | 5879 |  | 4966 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  |  | 45 |  | 30 |
|  4.442% due 07/25/2037 •  |  | 185 |  | 165 |
|  4.442% due 08/25/2037 •  |  | 609 |  | 528 |
|  4.472% due 06/25/2037 •  |  | 700 |  | 482 |
|  4.632% due 02/25/2037 •  |  | 2039 |  | 546 |
|  4.737% due 02/25/2036 •  |  | 670 |  | 636 |
|  4.792% due 02/25/2037 •  |  | 117 |  | 31 |
|  5.172% due 10/25/2037 •  |  | 3492 |  | 2720 |
|  5.572% due 10/25/2037 •  |  | 1005 |  | 779 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  |  | 1 |  | 1 |
|  4.452% due 09/25/2036 •  |  | 5874 |  | 3631 |
|  4.532% due 07/25/2036 •  |  | 23 |  | 17 |
|  4.892% due 01/25/2036 •  |  | 52 |  | 49 |
|  5.052% due 02/25/2035 •  |  | 356 |  | 352 |
|  5.202% due 06/25/2035 •  |  | 182 |  | 176 |
|  5.222% due 08/25/2033 •  |  | 106 |  | 105 |
|  7.422% due 08/25/2033 •  |  | 120 |  | 109 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.432% due 03/25/2036 •  |  | 6 |  | 6 |
|  4.582% due 08/25/2046 •  |  | 2608 |  | 2408 |
|  4.692% due 02/25/2037 •  |  | 212 |  | 210 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.497% due 05/25/2037 •  |  | 81 |  | 76 |
|  4.512% due 05/25/2037 •  |  | 351 |  | 312 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  4.392% due 11/25/2036 •  |  | 678 |  | 212 |
|  4.582% due 08/25/2036 •  |  | 1482 |  | 1441 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.022% due 12/25/2035 •  | 153 | 152 |
|  |  | 288702 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 30 | 8 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.612% due 12/25/2036 •  | 2 | 2 |
|  |  | 10 |
| WHOLE LOAN COLLATERAL 3.1% | WHOLE LOAN COLLATERAL 3.1% | WHOLE LOAN COLLATERAL 3.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.147% due 10/25/2036 ~ | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.692% due 08/25/2036 •  | 2516 | 2492 |
|  4.722% due 10/25/2036 •  | 19 | 19 |
|  7.250% due 05/25/2036 þ | 306 | 152 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.377% due 10/25/2036 •  | 10533 | 9728 |
|  4.432% due 11/25/2036 •  | 11 | 11 |
|  4.582% due 09/25/2036 •  | 5629 | 5261 |
|  4.752% due 04/25/2036 •  | 2757 | 2529 |
|  4.772% due 06/25/2036 •  | 3500 | 3261 |
|  4.992% due 11/25/2035 •  | 283 | 268 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.622% due 03/25/2035 •  | 911 | 997 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.592% due 05/25/2036 •  | 53 | 47 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 ~ | 778 | 779 |
|  5.744% due 07/25/2051 þ | 2220 | 2220 |
|  5.843% due 09/25/2051 þ | 6728 | 6735 |
|  6.721% due 07/25/2051 þ | 6896 | 6906 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.977% due 02/25/2036 •  | 5323 | 5154 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.872% due 03/25/2036 •  | 71 | 71 |
|  5.352% due 08/25/2034 •  | 2178 | 2197 |
|  5.522% due 10/25/2034 •  | 860 | 820 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.372% due 10/25/2036 •  | 22486 | 7515 |
|  4.432% due 08/25/2036 •  | 2062 | 674 |
|  4.612% due 08/25/2036 •  | 16 | 5 |
|  4.932% due 08/25/2035 •  | 30 | 23 |
|  5.232% due 01/25/2036 •  | 186 | 179 |
|  5.322% due 03/25/2035 •  | 30 | 30 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.412% due 11/25/2037 •  | 2084 | 1138 |
|  4.570% due 12/25/2036 •  | 152 | 151 |
|  4.572% due 06/25/2037 •  | 35 | 21 |
|  4.572% due 09/25/2037 •  | 241 | 168 |
|  4.622% due 04/25/2037 •  | 2554 | 1882 |
|  |  | 61435 |
| OTHER ABS 7.7% | OTHER ABS 7.7% | OTHER ABS 7.7% |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 1103 | 1092 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 1200 | 1166 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 500 | 481 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 600 | 574 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 600 | 591 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 500 | 484 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 700 | 673 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 322 | 321 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 444 | 442 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 716 | 735 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 2500 | 2502 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.260% due 04/17/2036 | 2961 | 2995 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.016% due 05/15/2032 •  | 3984 | 4682 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 2382 | 2799 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 3394 | 3400 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  | 478 | 561 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 1689 | 1985 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.926% due 08/15/2032 •  | 6129 | 7204 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 600 | 579 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 175 | 176 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 1813 | 2126 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 5100 | 5998 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 5000 | 5024 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 3136 | 3683 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 1252 | 1472 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.676% due 07/15/2031 •  | 704 | 827 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 5396 | 6339 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.979% due 04/15/2031 •  | 3850 | 3856 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | 2084 | 2450 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 4 | 4 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 5300 | 5305 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  3.480% due 04/15/2060 | 2881 | 2703 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.712% due 09/27/2066 •  | 116 | 116 |
|  6.589% due 02/20/2041 •  | 716 | 731 |
|  6.640% due 02/20/2041 | 653 | 677 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 2500 | 2944 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 1737 | 1738 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 2200 | 2204 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 | 473 | 474 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  6.037% due 07/20/2032 •  | 6650 | 6682 |
|  6.287% due 07/20/2032 •  | 4050 | 4057 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.329% due 10/15/2032 | 5099 | 5127 |
|  5.628% due 07/15/2032 | 5650 | 5715 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 1800 | 1815 |
|  6.258% due 10/15/2031 | 785 | 790 |
|  6.660% due 07/15/2031 | 583 | 587 |
|  7.573% due 08/15/2031 | 2318 | 2341 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 3400 | 3404 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.340% due 08/16/2032 | 1000 | 1015 |
|  6.300% due 02/18/2031 | 30 | 30 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 500 | 473 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.076% due 10/15/2034 •  | 11010 | 12943 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.339% due 10/25/2039 •  | 585 | 643 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.310% due 07/17/2051 | 3765 | 3540 |
|  4.550% due 02/16/2055 | 8813 | 8676 |
|  5.924% due 11/15/2052 •  | 957 | 968 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 391 | 379 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 188 | 188 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 675 | 675 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  6.287% due 07/20/2032 •  | 9125 | 9141 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.505% due 04/20/2034 •  | 1900 | 1903 |
|  |  | 153205 |
|  Total Asset-Backed Securities<br>(Cost $655,866) | Total Asset-Backed Securities<br>(Cost $655,866) | 610445 |
| SOVEREIGN ISSUES 12.2% | SOVEREIGN ISSUES 12.2% | SOVEREIGN ISSUES 12.2% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 5825000 | 5904 |
|  5.000% due 10/01/2028 | 4440000 | 4612 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | 247000 | 43354 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 4600 | 4879 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 29655000 | 6928 |
|  11.000% due 08/22/2029 | 41126900 | 10595 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 4000 | 3034 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 11200 | 11377 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (e) | 3100 | 2394 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 169400 | 3539 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 3600 | 3627 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 166300 | 9215 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (g) | 4275 | 212 |
|  3.000% due 12/03/2026 (g) | 6841 | 371 |
|  4.000% due 11/30/2028 (g) | 4104 | 224 |
|  4.000% due 08/24/2034 (g) | 28046 | 1467 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 700 | 213 |
|  7.300% due 08/12/2033 | 36200 | 11628 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 41300 | 11522 |
|  6.150% due 08/12/2032 | 153400 | 46837 |
|  6.950% due 08/12/2031 | 4641 | 1481 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 352430 | 16199 |
|  7.000% due 02/28/2031 | 184200 | 10117 |
|  8.000% due 01/31/2030 | 73400 | 4266 |
|  8.250% due 03/31/2032 | 33700 | 1926 |
|  8.500% due 01/31/2037 | 44000 | 2348 |
|  8.875% due 02/28/2035 | 195200 | 11104 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 4700 | 5630 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 3800 | 4054 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 800 | 19 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 700 | 17 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 104700 | 2478 |
| Total Sovereign Issues (Cost $226,224) | Total Sovereign Issues (Cost $226,224) | 241571 |
| SHORT-TERM INSTRUMENTS 21.6% | SHORT-TERM INSTRUMENTS 21.6% | SHORT-TERM INSTRUMENTS 21.6% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/01/2025 | 1020 | 1020 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.200% (h) | 599479 | 599 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| REPURCHASE AGREEMENTS (i) 21.4% | REPURCHASE AGREEMENTS (i) 21.4% | REPURCHASE AGREEMENTS (i) 21.4% |
|  |  | 423700 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  30.968% due 06/26/2026 - 06/29/2026 ~(d)(e) | 4219813 | 2483 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (e)(f) | 13600 | 753 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.104% due 10/14/2025 - 01/27/2026 (d)(e)(m) | 841 | 836 |
| Total Short-Term Instruments<br>(Cost $429,166) | Total Short-Term Instruments<br>(Cost $429,166) | 429391 |
| Total Investments in Securities<br>(Cost $3,858,469) | Total Investments in Securities<br>(Cost $3,858,469) | 3806171 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.5% | INVESTMENTS IN AFFILIATES 0.5% | INVESTMENTS IN AFFILIATES 0.5% |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1017109 | 9906 |
| Total Short-Term Instruments<br> (Cost $9,905) | Total Short-Term Instruments<br> (Cost $9,905) | 9906 |
| Total Investments in Affiliates<br>(Cost $9,905) | Total Investments in Affiliates<br>(Cost $9,905) | 9906 |
| Total Investments 192.4%<br>(Cost $3,868,374) | Total Investments 192.4%<br>(Cost $3,868,374) | 3816077 |
|  Financial Derivative<br>Instruments (j)(l) 2.8%<br> (Cost or Premiums, net $59,215) | Financial Derivative<br>Instruments (j)(l) 2.8%<br> (Cost or Premiums, net $59,215) | 54860 |
| Other Assets and Liabilities, net (95.2)% | Other Assets and Liabilities, net (95.2)% | (1887118) |
| Net Assets 100.0% | Net Assets 100.0% | 1983819 |

---

20 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(g) Principal amount of security is adjusted for inflation.

(h) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168400 | U.S. Treasury Notes 1.625% due 10/31/2026 | $(171891) | $168400 | $168400 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 246800 | U.S. Treasury Notes 1.125% - 4.125% due 02/28/2027 - 03/31/2029 | (251988) | 246800 | 246829 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 8500 | U.S. Treasury Notes 3.500% due 09/30/2027 | (8667) | 8500 | 8501 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423730 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $45460 | $(36638) | $(36653) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 40960 | (33863) | (34515) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 25000 | (21042) | (21070) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134090 | (122960) | (122489) |
|  Total Short Sales (10.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214503) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214727) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOS | $423730 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8816) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(805) at a weighted average interest rate of 4.129%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 1261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 1261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | $(156) | $(141) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  30-Day Federal Fund February Futures  | 02/2026 | 489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196507 | $3 | $4 | $(1) |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 374 | 32909 | 111 | 148 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | 151 | 1 | 0 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 1 | 134 | 3 | 1 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 675 | 140669 | 50 | 74 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 4154 | 453597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(682) | 162 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 273 | 31830 | 618 | 0 | (68) |
|  |  |  |  | $104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87863) | $67 | $12 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 643 | (77200) | (697) | 362 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 197 | (22670) | (193) | 12 | 0 |
|  |  |  |  | $(823) | $386 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $5000 | $37 | $(27) | $10 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 5700 | 74 | (26) | 48 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 1900 | 11 | (7) | 4 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 800 | 5 | (3) | 2 | 0 | 0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2031 | 1.024 | 3100 | (61) | 57 | (4) | 0 | (2) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | $5100 | 34 | 1 | 35 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 500 | 6 | 0 | 6 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 600 | 2 | (1) | 1 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 1300 | 8 | (1) | 7 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.090 | 200 | 1 | 0 | 1 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 12/20/2025 | 0.270 | 13300 | 160 | (131) | 29 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

22 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | (1.000)% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111230 | $(2538) | $(30) | $(2568) | $0 | $(13) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 143990 | (2389) | (922) | (3311) | 0 | (11) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 230800 | (5092) | (212) | (5304) | 0 | (26) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 160400 | $(706) | $(221) | $(927) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 800 | (4) | 23 | 19 | 2 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 500 | (2) | 21 | 19 | 0 | (1) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 20200 | (593) | 249 | (344) | 65 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 10250 | 484 | (175) | 309 | 0 | (80) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | 17 | (867) | (850) | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $108810 | 489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1295) | (806) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 137320 | (316) | 248 | (68) | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 119600 | 0 | (47) | (47) | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 109250 | 1089 | (464) | 625 | 0 | (65) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 136730 | 0 | 1731 | 1731 | 87 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3200 | (6) | (46) | (52) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 94750 | 1270 | 659 | 1929 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 24830 | (345) | (59) | (404) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 65390 | 802 | 7450 | 8252 | 0 | (16) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 91400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1499) | (87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1586) | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 106530 | 888 | (617) | 271 | 0 | (44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 30700 | 89 | (443) | (354) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 32290 | (505) | 2 | (503) | 0 | (9) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 83400 | (2209) | 872 | (1337) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 121830 | 7706 | (2798) | 4908 | 0 | (17) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 4600 | (16) | (47) | (63) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 77250 | (478) | 102 | (376) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 800 | (3) | 26 | 23 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 1700 | (5) | 41 | 36 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 1400 | (4) | 23 | 19 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 800 | (2) | 13 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 1100 | (3) | 23 | 20 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 1500 | (4) | 31 | 27 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 1500 | (4) | 32 | 28 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 1900 | (5) | 52 | 47 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 2900 | (8) | 105 | 97 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 800 | (2) | 31 | 29 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 1700 | (5) | 65 | 60 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 1300 | (5) | (31) | (36) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 750 | (3) | (11) | (14) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1400 | (5) | (23) | (28) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 600 | (2) | (8) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1800 | (6) | (24) | (30) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 1500 | (5) | (24) | (29) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1500 | (4) | (25) | (29) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2200 | (6) | (50) | (56) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 2600 | (8) | (49) | (57) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 1800 | (5) | (27) | (32) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 2600 | (13) | 31 | 18 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 97070 | (15) | (757) | (772) | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 20900 | (408) | 255 | (153) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 43400 | 718 | (240) | 478 | 32 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/18/2040 | 8000 | 360 | (4) | 356 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2044 | 24400 | 381 | 337 | 718 | 36 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 22900 | 349 | 702 | 1051 | 45 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 15650 | 0 | 242 | 242 | 0 | (42) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 16280 | 0 | 272 | 272 | 0 | (44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 26400 | 1424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | 5504 | 75 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 24890 | (558) | 2541 | 1983 | 74 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 67460 | 1045 | 4646 | 5691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 34600 | (4593) | 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4295) | 0 | (105) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 09/17/2055 | 50570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4335) | $492 | $(3843) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 9400 | 0 | (8) | (8) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 81800 | 0 | (73) | (73) | 0 | (15) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 27000 | 0 | (14) | (14) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 187200 | 0 | 36 | 36 | 21 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 65600 | (1) | (19) | (20) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 5200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | 26233300 | 0 | 171 | 171 | 4 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38842100 | 0 | 6 | 6 | 10 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | 25800 | 0 | 17 | 17 | 15 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 26100 | 0 | (213) | (213) | 0 | (16) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 121100 | 0 | (34) | (34) | 0 | (8) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 61000 | 34 | 1065 | 1099 | 160 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 22800 | 434 | (83) | 351 | 79 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 | 4200700 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825000 | 0 | (56) | (56) | 3 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 2500 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 1300 | (3) | (1) | (4) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 2500 | (5) | 4 | (1) | 0 | (3) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 6200 | 27 | (8) | 19 | 10 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 600 | (3) | (47) | (50) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 600 | (3) | (49) | (52) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 900 | (4) | (58) | (62) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 900 | (3) | (54) | (57) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 1000 | (3) | (45) | (48) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 700 | (2) | (3) | (5) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 1000 | (3) | (6) | (9) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 400 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 800 | (2) | 4 | 2 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1100 | (3) | 7 | 4 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 900 | (2) | 10 | 8 | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 900 | (2) | (8) | (10) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 1100 | (3) | (28) | (31) | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 1000 | (3) | 13 | 10 | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 1300 | (3) | (8) | (11) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 900 | (2) | (2) | (4) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 1000 | (3) | 14 | 11 | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 900 | (2) | 3 | 1 | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 700 | (2) | (12) | (14) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 900 | (3) | 15 | 12 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 1000 | (4) | 17 | 13 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 800 | (3) | 11 | 8 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 900 | (3) | 21 | 18 | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | 31300 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 | 42900 | 0 | (12) | (12) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 3900 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 165200 | (339) | (174) | (513) | 0 | (6) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 | 42900 | 0 | (222) | (222) | 0 | (2) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 | 31300 | 0 | (159) | (159) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 | 83800 | 77 | 98 | 175 | 3 | 0 |
|  Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | $990 | 0 | 6 | 6 | 0 | 0 |
|  Receive | CPURNSA | 2.522 | Maturity | 03/27/2030 | 38600 | 0 | 184 | 184 | 4 | 0 |
|  |  |  |  |  |  | $577 | $17564 | $18141 | $1204 | $(841) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9165) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | $(411) | $(69) | $(893) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1373) |

---

(k) Securities with an aggregate market value of $51,562 and cash of $36,596 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 178910 | $208672 | $0 | $(1378) |
|  | 10/2025 | $25902 | 36035 | 0 | (8) |
|  | 11/2025 | 35978 | $25902 | 8 | 0 |
|  BOA | 10/2025 | 883 | 1103 | 0 | (6) |
|  | 10/2025 | 5741 | 807 | 1 | 0 |
|  | 10/2025 | 381451 | 2574 | 1 | (6) |
|  | 10/2025 | $8104 | 6926 | 28 | 0 |
|  | 10/2025 | 631 | 2122 | 10 | 0 |
|  | 10/2025 | 1540 | 136242 | 0 | (8) |
|  | 10/2025 | 1876 | 279200 | 12 | 0 |
|  | 10/2025 | 1345 | 1861650 | 0 | (18) |
|  | 10/2025 | 1189 | 2064 | 8 | 0 |
|  | 10/2025 | 877 | 3239 | 55 | 0 |
|  | 10/2025 | 363 | 1306 | 0 | (3) |
|  | 11/2025 | 4348 | $1288 | 0 | (24) |
|  | 11/2025 | 2064 | 1190 | 0 | (8) |
|  | 11/2025 | $408 | 1364 | 4 | 0 |
|  | 11/2025 | 55 | 8241 | 1 | 0 |
|  | 11/2025 | 34763 | $1994 | 0 | (13) |
|  | 12/2025 | 12035 | 3308 | 0 | (153) |
|  | 12/2025 | $22 | 88635 | 0 | 0 |
|  | 12/2025 | 1226 | 23068 | 24 | 0 |
|  BPS | 10/2025 | 45320 | $8008 | 3 | (510) |
|  | 10/2025 | 32935 | 4624 | 2 | 0 |
|  | 10/2025 | 101559812 | 6139 | 59 | (9) |
|  | 10/2025 | 143495 | 1629 | 15 | 0 |
|  | 10/2025 | 9581 | 64 | 0 | 0 |
|  | 10/2025 | 1163 | 27 | 0 | 0 |
|  | 10/2025 | 238853 | 7942 | 107 | (11) |
|  | 10/2025 | $7817 | 45320 | 698 | 0 |
|  | 10/2025 | 2332 | 16568 | 0 | (6) |
|  | 10/2025 | 5251 | 86706009 | 0 | (55) |
|  | 10/2025 | 6361 | 8792184 | 0 | (96) |
|  | 10/2025 | 1687 | 6141 | 2 | (1) |
|  | 11/2025 | 16042913 | $960 | 0 | (1) |
|  | 11/2025 | 97020 | 1090 | 0 | 0 |
|  | 11/2025 | 841090 | 600 | 0 | 0 |
|  | 11/2025 | $37 | 200 | 0 | 0 |
|  | 11/2025 | 1301 | 4373 | 19 | 0 |
|  | 11/2025 | 64 | 9547 | 0 | 0 |
|  | 12/2025 | 32912 | $1097 | 10 | 0 |
|  | 12/2025 | $65 | 21467 | 0 | 0 |
|  | 12/2025 | 1580 | 26579758 | 10 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $2232 | 42313 | $60 | $0 |
|  | 04/2026 | 5800 | $1015 | 0 | (28) |
|  BRC | 10/2025 | 18799 | 23443 | 0 | (173) |
|  | 10/2025 | 39492 | 53100 | 0 | (13) |
|  | 10/2025 | 720323 | 44 | 1 | 0 |
|  | 10/2025 | 213 | 5 | 0 | 0 |
|  | 10/2025 | $20216 | 16135 | 53 | 0 |
|  | 10/2025 | 1284 | 951 | 0 | (5) |
|  | 10/2025 | 58 | 1088 | 1 | 0 |
|  | 10/2025 | 23 | 231 | 0 | 0 |
|  | 10/2025 | 1889 | 6908 | 11 | 0 |
|  | 10/2025 | 331 | 14196 | 7 | 0 |
|  | 10/2025 | 2706 | 81662 | 0 | (23) |
|  | 11/2025 | 14019 | $17634 | 0 | (48) |
|  | 11/2025 | 231 | 23 | 0 | 0 |
|  | 11/2025 | $1980 | 86216 | 29 | 0 |
|  | 11/2025 | 98055 | $5569 | 0 | (89) |
|  | 12/2025 | 17209 | 4810 | 0 | (138) |
|  | 12/2025 | $112 | 2063 | 0 | 0 |
|  | 12/2025 | 6445 | 283812 | 38 | 0 |
|  BSH | 10/2025 | 10200 | $1918 | 1 | 0 |
|  | 10/2025 | $1876 | 10200 | 41 | 0 |
|  | 10/2025 | 351 | 605 | 0 | 0 |
|  | 11/2025 | 605 | $351 | 0 | 0 |
|  | 11/2025 | 6557 | 1784 | 0 | (101) |
|  | 12/2025 | 4075 | 1147 | 0 | (25) |
|  | 12/2025 | $12672 | 70313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | 0 |
|  | 12/2025 | 151 | 539 | 4 | 0 |
|  | 02/2026 | 17724 | $5069 | 0 | (17) |
|  | 03/2026 | 204 | 58 | 0 | 0 |
|  | 04/2026 | 10900 | 1919 | 0 | (42) |
|  | 05/2026 | 17078 | 4805 | 0 | (82) |
|  CBK | 10/2025 | 3212 | 2098 | 0 | (28) |
|  | 10/2025 | 17837 | 3354 | 2 | 0 |
|  | 10/2025 | 41 | 30 | 0 | 0 |
|  | 10/2025 | 628 | 88 | 0 | 0 |
|  | 10/2025 | 24005 | 3749 | 0 | (27) |
|  | 10/2025 | 1560 | 1823 | 0 | (9) |
|  | 10/2025 | 50718 | 6523 | 3 | 0 |
|  | 10/2025 | 64406755 | 3893 | 40 | (7) |
|  | 10/2025 | 213467 | 2404 | 3 | 0 |
|  | 10/2025 | 492000 | 3323 | 0 | (4) |
|  | 10/2025 | 6419487 | 4639 | 63 | 0 |
|  | 10/2025 | 1800 | 178 | 0 | (2) |
|  | 10/2025 | 7315 | 1970 | 0 | (136) |
|  | 10/2025 | 15946 | 12431 | 70 | 0 |
|  | 10/2025 | 36404 | 1128 | 3 | 0 |
|  | 10/2025 | 256720 | 8663 | 228 | 0 |
|  | 10/2025 | $3350 | 17837 | 2 | 0 |
|  | 10/2025 | 22 | 87840 | 1 | 0 |
|  | 10/2025 | 5328 | 4551 | 17 | (1) |
|  | 10/2025 | 5991 | 4440 | 1 | (21) |
|  | 10/2025 | 9251 | 151641379 | 0 | (162) |
|  | 10/2025 | 6243 | 548440 | 0 | (74) |
|  | 10/2025 | 5732 | 846700 | 0 | (7) |
|  | 10/2025 | 2287 | 22816 | 0 | (1) |
|  | 10/2025 | 3391 | 11901 | 36 | 0 |
|  | 10/2025 | 1385 | 13140 | 11 | 0 |
|  | 10/2025 | 2941 | 3771 | 0 | (18) |
|  | 10/2025 | 3714 | 113056 | 2 | (3) |
|  | 10/2025 | 24322 | $1404 | 0 | (4) |
|  | 11/2025 | 153 | 22 | 0 | 0 |
|  | 11/2025 | 41909681 | 10352 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) |
|  | 11/2025 | 22811 | 2287 | 1 | 0 |
|  | 11/2025 | $2385 | 3609 | 4 | 0 |
|  | 11/2025 | 30 | 41 | 0 | 0 |
|  | 11/2025 | 945 | 3167 | 11 | 0 |
|  | 11/2025 | 2404 | 213886 | 0 | (3) |
|  | 11/2025 | 1417 | 24765 | 12 | 0 |
|  | 11/2025 | 32319 | $1864 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | 18092 | $3350 | $0 | $(1) |
|  | 12/2025 | 63255 | 17334 | 0 | (851) |
|  | 12/2025 | 392187 | 13126 | 181 | (1) |
|  | 12/2025 | $1634 | 27450235 | 8 | 0 |
|  | 12/2025 | 5867 | 20516 | 31 | 0 |
|  | 01/2026 | 53006 | $1757 | 1 | 0 |
|  | 02/2026 | 17703 | 5006 | 0 | (74) |
|  | 03/2026 | 13675 | 14 | 0 | 0 |
|  | 08/2026 | $1421 | 25306 | 7 | 0 |
|  DUB | 10/2025 | 70574 | $9926 | 20 | 0 |
|  | 10/2025 | 37942339 | 2315 | 41 | 0 |
|  | 10/2025 | 346550 | 3901 | 3 | 0 |
|  | 10/2025 | 2714153 | 1958 | 23 | 0 |
|  | 10/2025 | $3329 | 11376 | 105 | 0 |
|  | 10/2025 | 3268 | 288951 | 0 | (18) |
|  | 10/2025 | 7237 | 26360 | 13 | 0 |
|  | 11/2025 | 11370 | $3329 | 0 | (103) |
|  | 11/2025 | 312113 | 3522 | 19 | 0 |
|  | 11/2025 | $3901 | 347239 | 0 | (3) |
|  | 11/2025 | 236780 | $13527 | 0 | (137) |
|  | 01/2026 | 38033 | 10620 | 0 | (301) |
|  FAR | 10/2025 | 69970 | 45386 | 0 | (913) |
|  | 10/2025 | 30770 | 4334 | 15 | 0 |
|  | 10/2025 | 2624 | 3066 | 0 | (15) |
|  | 10/2025 | 3846485 | 26164 | 155 | 0 |
|  | 10/2025 | 5713 | 4454 | 26 | 0 |
|  | 10/2025 | $44711 | 68480 | 603 | 0 |
|  | 10/2025 | 3166 | 2522 | 3 | 0 |
|  | 10/2025 | 6001 | 529330 | 0 | (47) |
|  | 10/2025 | 8842 | 30847 | 41 | 0 |
|  | 10/2025 | 3078 | 11242 | 15 | 0 |
|  | 10/2025 | 35901 | 46237 | 0 | (57) |
|  | 11/2025 | 68480 | $44733 | 0 | (602) |
|  | 11/2025 | 2512 | 3166 | 0 | (3) |
|  | 11/2025 | 11291 | 3084 | 0 | (164) |
|  | 11/2025 | 46120 | 35901 | 54 | 0 |
|  | 11/2025 | $3072 | 2624 | 15 | 0 |
|  | 12/2025 | 152619 | $8052 | 0 | (215) |
|  | 02/2026 | 30963 | 8842 | 0 | (41) |
|  GLM | 10/2025 | 36900 | 6068 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) |
|  | 10/2025 | 287 | 359 | 0 | (2) |
|  | 10/2025 | 2426 | 341 | 1 | 0 |
|  | 10/2025 | 26959491 | 1617 | 1 | 0 |
|  | 10/2025 | 18896 | 13 | 0 | 0 |
|  | 10/2025 | 461 | 360 | 2 | 0 |
|  | 10/2025 | $6856 | 36900 | 80 | (3) |
|  | 10/2025 | 1346 | 986 | 0 | (19) |
|  | 10/2025 | 1509 | 24946406 | 0 | (14) |
|  | 10/2025 | 1623 | 142429 | 0 | (21) |
|  | 10/2025 | 13 | 18896 | 0 | 0 |
|  | 10/2025 | 65 | 1214 | 1 | 0 |
|  | 11/2025 | 241 | 802 | 2 | 0 |
|  | 12/2025 | 523580 | $31 | 0 | 0 |
|  | 12/2025 | 1676 | 88 | 0 | (3) |
|  | 12/2025 | 7317 | 1990 | 0 | (114) |
|  | 12/2025 | $1576 | 26358244 | 0 | 0 |
|  | 04/2026 | 54000 | $9312 | 1 | (402) |
|  JPM | 10/2025 | 124 | 23 | 0 | (1) |
|  | 10/2025 | 35942 | 26008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | 0 |
|  | 10/2025 | 4525133 | 4710 | 3 | 0 |
|  | 10/2025 | 75082690 | 4497 | 0 | (3) |
|  | 10/2025 | 4697628 | 3389 | 40 | 0 |
|  | 10/2025 | 2182 | 1697 | 6 | 0 |
|  | 10/2025 | 37131 | 1209 | 0 | (11) |
|  | 10/2025 | $23 | 124 | 0 | 0 |
|  | 10/2025 | 6949 | 44245 | 9 | 0 |
|  | 10/2025 | 1632 | 1387 | 0 | (4) |
|  | 10/2025 | 6233 | 103656291 | 3 | (21) |
|  | 10/2025 | 666 | 2237 | 9 | 0 |
|  | 10/2025 | 1245 | 4575 | 14 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $331 | 10049 | $0 | $(1) |
|  | 11/2025 | 44143 | $6949 | 0 | (10) |
|  | 11/2025 | $6088 | 265950 | 99 | 0 |
|  | 11/2025 | 209676 | $11962 | 0 | (137) |
|  | 12/2025 | $814 | 15243 | 11 | 0 |
|  | 04/2026 | 176300 | $29863 | 0 | (1849) |
|  | 06/2026 | 13600 | 767 | 0 | (4) |
|  MBC | 10/2025 | 19 | 14 | 0 | 0 |
|  | 10/2025 | 258 | 323 | 0 | (1) |
|  | 10/2025 | 35914 | 5053 | 12 | 0 |
|  | 10/2025 | 364 | 432 | 4 | 0 |
|  | 10/2025 | 3725223 | 226 | 3 | 0 |
|  | 10/2025 | 11632 | 79 | 0 | 0 |
|  | 10/2025 | 8935379 | 6406 | 39 | 0 |
|  | 10/2025 | 132894 | 13862 | 0 | (254) |
|  | 10/2025 | 25294 | 19738 | 129 | 0 |
|  | 10/2025 | 27346 | 849 | 4 | 0 |
|  | 10/2025 | $3102 | 4702 | 9 | 0 |
|  | 10/2025 | 1996 | 1572 | 0 | (21) |
|  | 10/2025 | 4114 | 29304 | 0 | (1) |
|  | 10/2025 | 3720 | 3143 | 0 | (30) |
|  | 10/2025 | 1982 | 291600 | 0 | (10) |
|  | 10/2025 | 4947 | 6905426 | 0 | (25) |
|  | 10/2025 | 24 | 236 | 0 | 0 |
|  | 10/2025 | 3036 | 28720 | 23 | (9) |
|  | 10/2025 | 960 | 31080 | 1 | 0 |
|  | 11/2025 | 29237 | $4114 | 1 | 0 |
|  | 11/2025 | 236 | 24 | 0 | 0 |
|  | 11/2025 | $245 | 814 | 1 | 0 |
|  | 11/2025 | 55 | 8118 | 0 | 0 |
|  | 12/2025 | 1761 | 32925 | 22 | 0 |
|  MYI | 10/2025 | 17737 | $3318 | 0 | (15) |
|  | 10/2025 | 36258 | 5095 | 7 | 0 |
|  | 10/2025 | 15084262 | 916 | 12 | 0 |
|  | 10/2025 | 42814 | 290 | 1 | 0 |
|  | 10/2025 | $3335 | 17737 | 0 | (2) |
|  | 10/2025 | 11796 | 1761099 | 112 | 0 |
|  | 10/2025 | 179 | 3288 | 0 | 0 |
|  | 10/2025 | 1 | 7 | 0 | 0 |
|  | 10/2025 | 920 | 3330 | 0 | (4) |
|  | 10/2025 | 1726 | 51989 | 0 | (17) |
|  | 11/2025 | 1755002 | $11796 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |
|  | 11/2025 | 7 | 1 | 0 | 0 |
|  | 12/2025 | 2838 | $138 | 1 | 0 |
|  | 12/2025 | 51651 | 1726 | 21 | 0 |
|  | 12/2025 | $1073 | 20249 | 23 | 0 |
|  RBC | 10/2025 | 16404 | $12 | 0 | 0 |
|  | 12/2025 | $231 | 4314 | 3 | 0 |
|  SCX | 10/2025 | 26369 | 3711 | 10 | 0 |
|  | 10/2025 | 20237 | 3150 | 0 | (33) |
|  | 10/2025 | 33016314 | 1977 | 0 | (2) |
|  | 10/2025 | 246453 | 2772 | 0 | 0 |
|  | 10/2025 | 219203 | 1491 | 8 | 0 |
|  | 10/2025 | 73256 | 20730 | 0 | (365) |
|  | 10/2025 | 424 | 332 | 4 | 0 |
|  | 10/2025 | 152124 | 5134 | 135 | 0 |
|  | 10/2025 | $44295 | 33115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | 0 |
|  | 10/2025 | 1619 | 26617123 | 0 | (23) |
|  | 10/2025 | 3185 | 281200 | 0 | (22) |
|  | 11/2025 | 33115 | $44303 | 0 | (242) |
|  | 11/2025 | $2474 | 220374 | 0 | 0 |
|  | 11/2025 | 0 | 39 | 0 | 0 |
|  | 12/2025 | 654 | $32 | 0 | 0 |
|  | 12/2025 | $1977 | 33099759 | 2 | 0 |
|  SOG | 10/2025 | 14236 | $2667 | 0 | (7) |
|  | 10/2025 | 2007222 | 13649 | 76 | 0 |
|  | 10/2025 | 2670 | 1555 | 8 | 0 |
|  | 10/2025 | $2677 | 14236 | 0 | (2) |
|  | 10/2025 | 196923 | 167451 | 0 | (326) |
|  | 10/2025 | 25774 | 3835230 | 160 | 0 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $77 | 772 | $0 | $0 |
|  | 10/2025 | 9698 | 91578 | 29 | 0 |
|  | 11/2025 | 28867871 | $7081 | 0 | (244) |
|  | 11/2025 | 167451 | 197318 | 328 | 0 |
|  | 11/2025 | 3821966 | 25774 | 0 | (160) |
|  | 11/2025 | 772 | 77 | 0 | 0 |
|  | 11/2025 | 91385 | 9698 | 0 | (30) |
|  | 11/2025 | $17594 | 98004 | 672 | 0 |
|  | 12/2025 | 2667 | 14438 | 7 | 0 |
|  | 03/2026 | 5579406 | $5757 | 0 | (42) |
|  UAG | 10/2025 | 32 | 23 | 0 | 0 |
|  | 10/2025 | 16878 | 5059 | 0 | (36) |
|  | 10/2025 | 22261 | 2188 | 0 | (43) |
|  | 10/2025 | $334 | 1142 | 11 | 0 |
|  | 10/2025 | 13681 | 1207595 | 0 | (99) |
|  | 10/2025 | 1124 | 4073 | 0 | (4) |
|  | 10/2025 | 960 | 31068 | 0 | 0 |
|  | 10/2025 | 1408 | 24321 | 1 | 0 |
|  | 10/2025 | 24332 | $1408 | 0 | (1) |
|  | 11/2025 | 1142 | 334 | 0 | (11) |
|  | 11/2025 | 106659 | 6050 | 0 | (104) |
|  | 12/2025 | 18029 | 384 | 0 | (24) |
|  | 12/2025 | $46 | 15246 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13251) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 41500 | $62 | $42 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 59300 | 82 | 60 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 11560 | 507 | 623 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 6850 | 116 | 210 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 10100 | 13 | 10 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 20400 | 27 | 21 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 22200 | 33 | 22 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | **Pay/Receive**<br> **Floating Rate** | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 24000 | $184 | $192 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 6500 | 32 | 14 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 12000 | 95 | 91 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 2500 | 22 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 1300 | 17 | 13 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 2600 | 22 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 1300 | 17 | 13 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 2800 | 21 | 21 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 1400 | 17 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 2800 | 22 | 22 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 1400 | 17 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 7200 | 634 | 601 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 7200 | 634 | 601 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 7200 | 623 | 655 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 7200 | 623 | 562 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 10900 | 939 | 1005 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 10900 | 939 | 842 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 21000 | 1695 | 1923 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 27400 | 2211 | 1859 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 45400 | 11 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 1576700 | 7919 | 6872 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 1576700 | 7919 | 7681 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 30700 | 2659 | 2763 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive**<br> **Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628% | 08/21/2035 | 24300 | $2101 | $2186 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 33000 | 46 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 65100 | 55 | 13 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 65800 | 63 | 14 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 37700 | 3319 | 3220 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 37700 | 3319 | 3096 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 61000 | 4923 | 5585 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 79800 | 6440 | 5414 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 68300 | 142 | 44 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 3500 | 29 | 22 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 1800 | 23 | 19 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 2600 | 21 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 1300 | 17 | 14 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 2800 | 23 | 20 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 1400 | 17 | 16 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 11100 | 978 | 948 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 11100 | 978 | 912 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 256200 | 191 | 182 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 70000 | 66 | 31 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 23500 | 98 | 78 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 32600 | 425 | 350 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 29000 | 576 | 505 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 29000 | 427 | 271 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 2800 | 22 | 20 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 1400 | 17 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 7400 | 652 | 633 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 7400 | 652 | 608 |
|  |  |  |  |  |  | $52892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50031 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $98.063 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88900 | $108 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 70300 | 52 | 2 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 45200 | 60 | 43 |
|  |  |  |  |  | $220 | $45 |
| Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51064 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell <br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 137300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 41500 | $(23) | $(27) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 59300 | (27) | (38) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 23130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) | (599) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 6850 | (19) | (30) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 6850 | (56) | (12) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 10100 | (5) | (7) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 20400 | (9) | (13) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 22200 | (12) | (14) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 3300 | (108) | (25) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) |

---

30 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028% | 12/04/2025 | 32400 | $(60) | $(67) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 46900 | (44) | (4) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 53200 | (108) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 26200 | (98) | (122) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | $(51) | $(166) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1240) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —¨% | $1529 | $0 | $19 | $19 | $0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | —¨ | 647 | 0 | 8 | 8 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 500 | (4) | 5 | 1 | 0 |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 370 | (347) | 23 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | $6600 | 44 | (50) | 0 | (6) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8408 | $1632 | $110 | $1742 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13723 | 2697 | 146 | 2843 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 6089 | 1216 | 46 | 1262 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50446 | 10410 | 42 | 10452 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $7099 | (109) | 49 | 0 | (60) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap<br>Agreements, at<br>Value | Swap<br>Agreements, at<br>Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | RADMFENT Index  | 2651 | 4.420% (SOFR plus a specified spread) | Monthly | 11/05/2025 | $6015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(21) |
|  | Receive | RADMFXNT Index  | 1643 | 4.570% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 3728 | 0 | (13) | 0 | (13) |
|  | Receive | RADMFENT Index  | 5602 | 4.770% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144 | 0 | (40) | 0 | (40) |
|  | Receive | RADMFENT Index  | 16192 | 4.870% (SOFR plus a specified spread) | Monthly | 03/04/2026 | 32210 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | 0 | (120) |
|  | Receive | RADMFENT Index  | 19773 | 4.790% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 39333 | 0 | (145) | 0 | (145) |
|  | Receive | RADMFENT Index  | 14573 | 4.720% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 28989 | 0 | (105) | 0 | (105) |
|  BRC | Receive | NDDUEAFE Index  | 7426 | 4.470% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 75102 | 0 | (379) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements, at<br>Value** | **Swap Agreements, at<br>Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  CBK | Receive | NDDUEAFE Index  | 6773 | 4.460% (SOFR plus a specified spread) | Monthly | 11/19/2025 | $68498 | $0 | $(42) | $0 | $(42) |
|  CIB | Receive | RU20INTR Index  | 3557 | 4.520% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 47354 | 0 | (171) | 0 | (171) |
|  GST | Receive | RU20INTR Index  | 964 | 4.430% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 12446 | 0 | 342 | 342 | 0 |
|  | Receive | RU20INTR Index  | 3212 | 4.470% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 41471 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | 0 |
|  | Receive | RU20INTR Index  | 965 | 4.520% (SOFR plus a specified spread) | Monthly | 01/07/2026 | 12847 | 0 | (46) | 0 | (46) |
|  | Receive | NDDUEAFE Index  | 105 | 4.500% (SOFR plus a specified spread) | Monthly | 06/10/2026 | 1062 | 0 | (4) | 0 | (4) |
|  JPM | Receive | ERAUSLT Index  | 14968 | 4.510% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 118323 | 0 | 217 | 217 | 0 |
|  | Receive | ERAUSLT Index  | 54621 | 4.700% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 36786 | 0 | (128) | 0 | (128) |
|  | Receive | RADMFXNT Index  | 22327 | 4.490% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 50658 | 0 | (177) | 0 | (177) |
|  | Receive | RADMFENT Index  | 63463 | 4.500% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 143991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (466) | 0 | (466) |
|  | Receive | RADMFENT Index  | 84113 | 4.880% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 167321 | 0 | (583) | 0 | (583) |
|  | Receive | NDDUEAFE Index  | 13553 | 4.475% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 137067 | 0 | (479) | 0 | (479) |
|  | Receive | RADMFENT Index  | 10191 | 4.180% (SOFR less a specified spread) | Monthly | 07/08/2026 | 27744 | 0 | (93) | 0 | (93) |
|  | Receive | RADMFENT Index  | 22159 | 4.500% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 50277 | 0 | (176) | 0 | (176) |
|  | Receive | RADMFENT Index  | 73572 | 4.840% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 146352 | 0 | (544) | 0 | (544) |
|  | Receive | RADMFENT Index  | 6017 | 4.210% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 16381 | 0 | (55) | 0 | (55) |
|  | Receive | ERAUSLT Index  | 35220 | 4.800% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 23720 | 0 | (91) | 0 | (91) |
|  | Receive | ERADXULN Index  | 828 | 4.590% (SOFR plus a specified spread) | Monthly | 09/23/2026 | 1928 | 0 | 0 | 0 | 0 |
|  MBC | Receive | ERAUSLT Index  | 493 | 4.600% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 3919 | 0 | (15) | 0 | (15) |
|  MEI | Receive | ERAEMLN Index  | 92374 | 4.830% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 230169 | 0 | (863) | 0 | (863) |
|  | Receive | ERAEMLN Index  | 1268 | 4.790% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 3159 | 0 | (12) | 0 | (12) |
|  | Receive | ERADXULN Index  | 8859 | 4.465% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 20630 | 0 | (106) | 0 | (106) |
|  MYI | Receive | ERAUSLT Index  | 4546 | 5.030% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 14616 | 0 | (58) | 0 | (58) |
|  | Receive | RU20INTR Index  | 453 | 4.500% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 6031 | 0 | (22) | 0 | (22) |
|  | Receive | ERAUSLT Index  | 10193 | 4.650% (SOFR plus a specified spread) | Monthly | 03/11/2026 | 81021 | 0 | (308) | 0 | (308) |
|  | Receive | ERADXULT Index  | 10783 | 5.155% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 34668 | 0 | (141) | 0 | (141) |
|  | Receive | NDDUEAFE Index  | 954 | 4.480% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 9648 | 0 | (34) | 0 | (34) |
|  | Receive | ERADXULN Index  | 49127 | 4.420% (SOFR plus a specified spread) | Monthly | 06/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114401 | 0 | (368) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) |
|  | Receive | NDDUEAFE Index  | 5495 | 4.490% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 55573 | 0 | (195) | 0 | (195) |
|  | Receive | NDDUEAFE Index  | 3758 | 4.440% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 38006 | 0 | (132) | 0 | (132) |
|  UAG | Receive | NDDUEAFE Index  | 7427 | 4.420% (SOFR plus a specified spread) | Monthly | 11/19/2025 | 75112 | 0 | (375) | 0 | (375) |
|  |  |  |  |  |  |  |  | $0 | $(4809) | $1698 | $(6507) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4781) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6573) |

---

32 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $8 | $0 | $0 | $8 | $(1386) | $0 | $0 | $(1386) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1378) | $1286 | $(92) |
|  BOA | 144 | 5422 | 1742 | 7308 | (239) | (664) | 0 | (903) | 6405 | (1920) | 4485 |
|  BPS | 985 | 0 | 2843 | 3828 | (717) | 0 | (444) | (1161) | 2667 | (6000) | (3333) |
|  BRC | 140 | 3782 | 0 | 3922 | (489) | 0 | (379) | (868) | 3054 | 182 | 3236 |
|  BSH | 397 | 0 | 0 | 397 | (267) | 0 | 0 | (267) | 130 | 220 | 350 |
|  CBK | 738 | 0 | 0 | 738 | (1729) | 0 | (42) | (1771) | (1033) | 1044 | 11 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (171) | (171) | (171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1545) |
|  DUB | 224 | 19502 | 27 | 19753 | (562) | (67) | 0 | (629) | 19124 | 1360 | 20484 |
|  FAR | 927 | 0 | 0 | 927 | (2057) | 0 | 0 | (2057) | (1130) | 754 | (376) |
|  GLM | 88 | 17563 | 0 | 17651 | (1443) | (53) | 0 | (1496) | 16155 | 1626 | 17781 |
|  GSC | 0 | 45 | 0 | 45 | 0 | (166) | 0 | (166) | (121) | 262 | 141 |
|  GST | 0 | 0 | 2744 | 2744 | 0 | (58) | (50) | (108) | 2636 | (2980) | (344) |
|  JPM | 375 | 2012 | 10692 | 13079 | (2041) | 0 | (2798) | (4839) | 8240 | (23828) | (15588) |
|  MBC | 248 | 43 | 0 | 291 | (351) | (27) | (15) | (393) | (102) | 271 | 169 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (981) | (981) | (981) | (4700) | (5681) |
|  MYC | 0 | 2695 | 0 | 2695 | 0 | (122) | 0 | (122) | 2573 | (1200) | 1373 |
|  MYI | 177 | 0 | 0 | 177 | (150) | 0 | (1258) | (1408) | (1231) | (1636) | (2867) |
|  RBC | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (60) | (60) | (60) | 0 | (60) |
|  SCX | 401 | 0 | 0 | 401 | (687) | 0 | 0 | (687) | (286) | 282 | (4) |
|  SOG | 1280 | 0 | 0 | 1280 | (811) | 0 | 0 | (811) | 469 | (470) | (1) |
|  UAG | 12 | 0 | 0 | 12 | (322) | (25) | (375) | (722) | (710) | 556 | (154) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21006) |  |  |  |

---

(m) Securities with an aggregate market value of $7,843 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $775 | $775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 1204 | 1205 |
|  | $0 | $1 | $0 | $0 | $1979 | $1980 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6147 | $0 | $6147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 988 | 50076 | 51064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16350 | 1698 | 0 | 0 | 18048 |
|  | $0 | $16350 | $1698 | $7135 | $50076 | $75259 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77239 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $411 | $411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 52 | 0 | 0 | 841 | 893 |
|  | $0 | $52 | $0 | $0 | $1321 | $1373 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $13251 | $0 | $13251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 58 | 0 | 765 | 359 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 66 | 6507 | 0 | 0 | 6573 |
|  | $0 | $124 | $6507 | $14016 | $359 | $21006 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22379 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 587 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1252) | (1252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3945) | 0 | 0 | 8710 | 4765 |
|  | $0 | $(3945) | $0 | $0 | $8040 | $4095 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(43372) | $0 | $(43372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (690) | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 56 | 0 | 0 | 1507 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2187 | 346768 | 0 | 0 | 348955 |
|  | $0 | $2243 | $346768 | $(43372) | $817 | $306456 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1702) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43372) | $8857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310551 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $178 | $178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (1216) | (1216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1448) | 0 | 0 | (9004) | (10452) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1448) | $0 | $0 | $(10042) | $(11490) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1452) | $0 | $(1452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 148 | (2812) | (2664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 68 | 0 | (17) | (419) | (368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 731 | 4209 | 0 | 0 | 4940 |
|  | $0 | $799 | $4209 | $(1321) | $(3231) | $456 |
|  | $0 | $(649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13273) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11034) |

---

34 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $3623 | $2366 | $5989 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 84656 | 1174 | 85830 |
| &nbsp;&nbsp; Industrials | 0 | 14168 | 21000 | 35168 |
| &nbsp;&nbsp; Utilities | 0 | 9388 | 0 | 9388 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 992 | 0 | 992 |
| &nbsp;&nbsp; Illinois | 0 | 352 | 0 | 352 |
| &nbsp;&nbsp; Nebraska | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp; Ohio | 0 | 57 | 0 | 57 |
| &nbsp;&nbsp; Pennsylvania | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp; Washington | 0 | 645 | 0 | 645 |
|  U.S. Government Agencies | 0 | 1994864 | 18396 | 2013260 |
|  U.S. Treasury Obligations | 0 | 190346 | 0 | 190346 |
|  Non-Agency Mortgage-Backed Securities | 0 | 182710 | 0 | 182710 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 40599 | 0 | 40599 |
| &nbsp;&nbsp; CMBS Other | 0 | 66494 | 0 | 66494 |
| &nbsp;&nbsp; Home Equity Other | 0 | 288702 | 0 | 288702 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 10 | 0 | 10 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 61435 | 0 | 61435 |
| &nbsp;&nbsp; Other ABS | 0 | 153205 | 0 | 153205 |
|  Sovereign Issues | 0 | 241571 | 0 | 241571 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1020 | 0 | 1020 |
| &nbsp;&nbsp; Mutual Funds | 0 | 599 | 0 | 599 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 423700 | 0 | 423700 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2483 | 0 | 2483 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 753 | 0 | 753 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 836 | 0 | 836 |
|  | $0 | $3763235 | $42936 | $3806171 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $9906 | $0 | $0 | $9906 |
|  Total Investments | $9906 | $3763235 | $42936 | $3816077 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(214727) | $0 | $(214727) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 149 | 1831 | 0 | 1980 |
|  Over the counter | 0 | 75232 | 27 | 75259 |
|  | $149 | $77063 | $27 | $77239 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (1373) | 0 | (1373) |
|  Over the counter | 0 | (21006) | 0 | (21006) |
|  | $0 | $(22379) | $0 | $(22379) |
|  Total Financial Derivative Instruments | $149 | $54684 | $27 | $54860 |
|  Totals | $10055 | $3603192 | $42963 | $3656210 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |
|  Loan Participations and Assignments | $2163 | $0 | $0 | $0 | $0 | $203 | $0 | $0 | $2366 | $203 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 1170 | 0 | 0 | 0 | 4 | 0 | 0 | 1174 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 21000 | 0 | 0 | 0 | 0 | 0 | 0 | 21000 | 0 |
|  U.S. Government Agencies | 0 | 18434 | 0 | 0 | 0 | (38) | 0 | 0 | 18396 | (38) |
|  | $2163 | $40604 | $0 | $0 | $0 | $169 | $0 | $0 | $42936 | $169 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |
|  Over the counter | $25 | $0 | $(5) | $0 | $0 | $7 | $0 | $0 | $27 | $8 |
|  Totals | $2188 | $40604 | $(5) | $0 | $0 | $176 | $0 | $0 | $42963 | $177 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 35

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of Investments | PIMCO All Asset: Multi-RAE PLUS Fund | **(Cont.)** | September 30, 2025 | (Unaudited) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input<br>Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $2366 | Discounted Cash Flow | Discount Rate | 4.157 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 1174 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 21000 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 18396 | Proxy Pricing | Base Price | 98.375-102.625 | 100.733 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |
|  Over the counter | 27 | Indicative Market Quotation | Broker Quote | 0.939-0.978 | 0.951 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42963 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **36** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 164.6% | INVESTMENTS IN SECURITIES 164.6% | INVESTMENTS IN SECURITIES 164.6% |
| CORPORATE BONDS & NOTES 5.6% | CORPORATE BONDS & NOTES 5.6% | CORPORATE BONDS & NOTES 5.6% |
| BANKING & FINANCE 3.5% | BANKING & FINANCE 3.5% | BANKING & FINANCE 3.5% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 500 | 504 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 700 | 712 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 800 | 835 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 1000 | 1076 |
|  Credit Suisse AG AT1 Claim | 400 | 52 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 100 | 94 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 150 | 176 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 400 | 404 |
|  7.350% due 11/04/2027 | 200 | 209 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 100 | 101 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 800 | 794 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 400 | 409 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 300 | 304 |
|  5.558% due 07/09/2034 | 200 | 211 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 101 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 100 | 97 |
|  5.150% due 04/23/2031 •  | 700 | 722 |
|  |  | 6801 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 200 | 216 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 2000 | 2000 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 45 | 47 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 300 | 222 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 97 | 100 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 100 | 102 |
|  |  | 2766 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 87 |
|  5.450% due 06/15/2027 | 100 | 102 |
|  6.150% due 03/01/2055 | 100 | 101 |
|  6.700% due 04/01/2053 | 500 | 535 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 100 | 85 |
|  5.150% due 06/01/2029 | 400 | 407 |
|  |  | 1317 |
|  Total Corporate Bonds & Notes (Cost $10,531) | Total Corporate Bonds & Notes (Cost $10,531) | 10884 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 320 | 341 |
|  Total Municipal Bonds & Notes<br>(Cost $338) | Total Municipal Bonds & Notes<br>(Cost $338) | 341 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. GOVERNMENT AGENCIES 84.9% | U.S. GOVERNMENT AGENCIES 84.9% | U.S. GOVERNMENT AGENCIES 84.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 10/01/2053 | 448 | 446 |
|  5.500% due 04/01/2054 - 09/01/2055 | 2535 | 2581 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 594 | 565 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.867% due 03/15/2037 •  | 24 | 24 |
|  5.187% due 08/15/2037 •  | 61 | 61 |
|  5.197% due 10/15/2037 •  | 9 | 9 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 64 | 64 |
|  5.296% due 11/25/2054 •  | 729 | 730 |
|  5.306% due 09/25/2055 •  | 9809 | 9878 |
|  5.556% due 08/25/2055 •  | 2569 | 2583 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.202% due 10/01/2029 ~ | 900 | 905 |
|  4.300% due 12/01/2029 | 601 | 607 |
|  4.705% due 09/01/2031 ~ | 1800 | 1835 |
|  4.720% due 10/01/2028 | 500 | 510 |
|  4.770% due 10/01/2028 | 600 | 613 |
|  4.930% due 06/01/2029 | 400 | 411 |
|  5.300% due 11/01/2030 | 800 | 839 |
|  6.500% due 07/01/2026 - 12/01/2026 | 1 | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.000% due 04/25/2041 | 356 | 345 |
|  4.821% due 07/25/2037 •  | 2 | 2 |
|  4.851% due 07/25/2037 •  | 5 | 5 |
|  4.871% due 09/25/2035 •  | 9 | 9 |
|  4.881% due 09/25/2035 •  | 19 | 19 |
|  5.191% due 06/25/2037 •  | 39 | 39 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.500% due 06/20/2055 | 2980 | 2892 |
|  5.000% due 01/20/2055 | 421 | 419 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.539% due 07/20/2055 •  | 1653 | 1657 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 | 6700 | 6301 |
|  4.500% due 10/01/2055 | 2180 | 2114 |
|  5.000% due 11/01/2055 | 4910 | 4878 |
|  5.500% due 10/01/2055 | 2860 | 2882 |
|  6.000% due 10/01/2055 | 2820 | 2868 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 4 | 5 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 820 | 720 |
|  4.000% due 11/01/2055 | 6310 | 5946 |
|  4.500% due 11/01/2055 | 7320 | 7097 |
|  5.000% due 11/01/2055 | 10720 | 10626 |
|  5.500% due 11/01/2055 | 7830 | 7890 |
|  6.000% due 10/01/2055 - 11/01/2055 | 38620 | 39449 |
|  6.500% due 10/01/2055 - 11/01/2055 | 46020 | 47576 |
|  Total U.S. Government Agencies (Cost $166,457) | Total U.S. Government Agencies (Cost $166,457) | 166404 |
| U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 (i)(k) | 2700 | 2681 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.500% due 10/31/2027 (k) | 300 | 281 |
|  0.625% due 12/31/2027 (k) | 100 | 94 |
|  3.875% due 07/31/2030 | 2300 | 2314 |
|  Total U.S. Treasury Obligations (Cost $5,379) | Total U.S. Treasury Obligations (Cost $5,379) | 5370 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 18.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.1% |
|  Ashford Hospitality Trust |  |  |
|  5.223% due 04/15/2035 •  | 230 | 230 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.948% due 12/15/2036 •  | 5000 | 4915 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.487% due 07/25/2035 ~ | 12 | 12 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ | 46 | 25 |
|  5.232% due 10/25/2035 ~ | 68 | 56 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.391% due 11/25/2034 ~ | 2 | 2 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.140% due 01/17/2039 •  | 3000 | 2999 |
|  BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  | 644 | 644 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 601 | 546 |
|  5.606% due 05/25/2055 •  | 377 | 376 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ | 15 | 13 |
|  4.739% due 12/25/2035 ~ | 3 | 3 |
|  6.000% due 12/25/2036 | 23 | 9 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.097% due 11/25/2034 ~ | 17 | 16 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  9.170% due 09/25/2062 þ | 1108 | 1112 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  6.066% due 11/15/2038 •  | 2900 | 2832 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.652% due 09/25/2046 •  | 81 | 79 |
|  4.832% due 02/25/2037 •  | 29 | 25 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.932% due 02/25/2036 •  | 215 | 213 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 3915 | 3944 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.480% due 11/25/2035 ~ | 24 | 20 |
|  6.000% due 02/25/2036 | 457 | 165 |
|  6.000% due 07/25/2037 | 111 | 71 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ | 113 | 58 |
|  4.588% due 12/19/2036 •  | 9 | 8 |
|  4.728% due 06/19/2035 •  | 55 | 54 |
|  4.728% due 12/19/2036 •  | 197 | 188 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.037% due 06/25/2036 ~ | 192 | 171 |
|  4.632% due 02/25/2037 •  | 124 | 115 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.244% due 05/25/2036 ~ | 107 | 59 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.248% due 02/15/2035 •  | 847 | 840 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.274% due 10/25/2036 ~ | 48 | 34 |
|  4.341% due 10/25/2036 ~ | 6 | 3 |
|  4.625% due 07/25/2063 ~ | 854 | 840 |
|  5.250% due 11/25/2063 ~ | 689 | 693 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 | 55 | 54 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ | 15 | 13 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.872% due 03/25/2037 •  | 160 | 37 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ | 41 | 32 |
|  5.850% due 05/25/2033 ~ | 1 | 1 |
|  MFA Trust | MFA Trust | MFA Trust |
|  5.750% due 11/25/2067 þ | 3557 | 3554 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 64 | 57 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 2300 | 2287 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 4 | 2 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.120% due 11/25/2062 ~ | 1565 | 1564 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.584% due 09/25/2058 þ | 750 | 758 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 02/25/2037 •  | $| 94 | 83 |
|  4.612% due 01/25/2037 •  |  | 149 | 132 |
|  4.632% due 07/25/2036 •  |  | 408 | 131 |
|  4.642% due 08/25/2036 •  |  | 173 | 158 |
|  4.652% due 09/25/2036 •  |  | 242 | 224 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.553% due 01/25/2035 •  |  | 2 | 1 |
|  6.336% due 02/25/2034 ~ |  | 1 | 1 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  |  | 37 | 33 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | GBP | 505 | 680 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 03/25/2058 ~ | $| 1243 | 1213 |
|  3.750% due 05/25/2058 ~ |  | 565 | 557 |
|  3.750% due 09/25/2062 |  | 978 | 941 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 383 | 517 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ | $| 1023 | 1032 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.108% due 02/25/2037 ~ |  | 27 | 23 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.814% due 12/25/2036 ~ |  | 26 | 26 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $34,876) | Total Non-Agency Mortgage-Backed Securities (Cost $34,876) | Total Non-Agency Mortgage-Backed Securities (Cost $34,876) | 35481 |
| ASSET-BACKED SECURITIES 17.5% | ASSET-BACKED SECURITIES 17.5% | ASSET-BACKED SECURITIES 17.5% | ASSET-BACKED SECURITIES 17.5% |
| AUTOMOBILE SEQUENTIAL 1.7% | AUTOMOBILE SEQUENTIAL 1.7% | AUTOMOBILE SEQUENTIAL 1.7% | AUTOMOBILE SEQUENTIAL 1.7% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 255 | 257 |
|  5.710% due 07/10/2028 |  | 500 | 503 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.890% due 06/15/2030 |  | 299 | 302 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 |  | 97 | 97 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 |  | 550 | 555 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 1000 | 1022 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 130 | 131 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.630% due 01/16/2029 |  | 407 | 410 |
|  |  |  | 3277 |
| CMBS OTHER 1.7% |  |  |  |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  5.586% due 02/18/2043 •  |  | 600 | 601 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.722% due 11/15/2038 •  |  | 1185 | 1183 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  |  | 1466 | 1470 |
|  |  |  | 3254 |
| HOME EQUITY OTHER 2.8% |  |  |  |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  |  | 1 | 0 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 12/25/2036 •  |  | 708 | 399 |
|  4.632% due 01/25/2037 •  |  | 886 | 653 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.552% due 04/25/2047 •  |  | 75 | 74 |
|  4.812% due 03/25/2036 •  |  | 126 | 114 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.592% due 08/25/2036 •  |  | 1830 | 571 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.372% due 12/25/2046 •  | 262 | 130 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 05/25/2036 •  | 96 | 51 |
|  4.812% due 05/25/2046 •  | 652 | 193 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  | 2421 | 682 |
|  4.692% due 05/25/2037 •  | 418 | 406 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.772% due 07/25/2037 •  | 370 | 78 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 02/25/2037 •  | 832 | 501 |
|  4.407% due 11/25/2036 •  | 712 | 450 |
|  4.482% due 01/25/2037 •  | 383 | 177 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 12/25/2036 •  | 395 | 190 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 748 | 239 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 186 | 73 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.552% due 10/25/2036 •  | 179 | 165 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.172% due 10/25/2037 •  | 525 | 409 |
|  |  | 5555 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.612% due 12/25/2036 •  | 2 | 2 |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.592% due 04/25/2036 •  | 12 | 11 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.744% due 07/25/2051 þ | 137 | 137 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.432% due 08/25/2036 •  | 349 | 114 |
|  5.232% due 01/25/2036 •  | 194 | 187 |
|  |  | 449 |
| OTHER ABS 11.1% | OTHER ABS 11.1% | OTHER ABS 11.1% |
|  AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC |
|  3.101% due 10/18/2034 •  | 900 | 1058 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 300 | 287 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 300 | 296 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 779 | 782 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 36 | 42 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 900 | 904 |
|  Contego CLO VIII DAC | Contego CLO VIII DAC | Contego CLO VIII DAC |
|  2.969% due 01/25/2034 •  | 2230 | 2620 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 494 | 580 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 1000 | 1005 |
|  Euro-Galaxy V CLO DAC | Euro-Galaxy V CLO DAC | Euro-Galaxy V CLO DAC |
|  2.986% due 02/15/2034 •  | 2498 | 2933 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 9 | 9 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  4.100% due 12/16/2058 ~ | 391 | 389 |
|  5.715% due 07/16/2040 •  | 1006 | 1011 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.712% due 09/27/2066 •  | 14 | 14 |
|  4.990% due 04/20/2062 •  | 775 | 774 |
|  6.589% due 02/20/2041 •  | 176 | 180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.640% due 02/20/2041 | $— | 176 | 182 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  |  | 621 | 622 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  |  | 290 | 290 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  |  | 1676 | 1759 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 |  | 1054 | 963 |
|  3.500% due 12/16/2041 |  | 1100 | 1078 |
|  4.995% due 01/15/2053 •  |  | 1167 | 1157 |
|  5.122% due 09/15/2054 •  |  | 655 | 652 |
|  5.380% due 01/15/2053 |  | 492 | 503 |
|  5.474% due 07/15/2053 •  |  | 429 | 428 |
|  6.222% due 05/16/2050 •  |  | 372 | 378 |
|  St. Paul's CLO VIII DAC | St. Paul's CLO VIII DAC | St. Paul's CLO VIII DAC | St. Paul's CLO VIII DAC |
|  3.023% due 07/17/2030 •  |  | 711 | 834 |
|  |  |  | 21730 |
|  Total Asset-Backed Securities (Cost $33,323) | Total Asset-Backed Securities (Cost $33,323) | Total Asset-Backed Securities (Cost $33,323) | 34267 |
| SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 |  | 480000 | 487 |
|  5.000% due 10/01/2028 |  | 450000 | 468 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) |  | 22700 | 3984 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | $— | 400 | 424 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 |  | 2477100 | 579 |
|  11.000% due 08/22/2029 |  | 3807500 | 981 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 1000 | 1016 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) |  | 300 | 232 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 13900 | 290 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 |  | 300 | 302 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 |  | 14600 | 809 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | $— | 200 | 207 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (e) |  | 855 | 46 |
|  4.000% due 08/24/2034 (e) |  | 2565 | 134 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 |  | 100 | 30 |
|  7.300% due 08/12/2033 |  | 2900 | 932 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 3500 | 976 |
|  6.150% due 08/12/2032 |  | 14200 | 4336 |
|  6.950% due 08/12/2031 |  | 401 | 128 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 31270 | 1437 |
|  7.000% due 02/28/2031 |  | 18100 | 994 |
|  8.000% due 01/31/2030 |  | 7100 | 413 |
|  8.250% due 03/31/2032 |  | 3200 | 183 |
|  8.500% due 01/31/2037 |  | 4400 | 235 |
|  8.875% due 02/28/2035 |  | 16800 | 956 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 |  | 400 | 479 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 08/19/2026 ~ |  | 100 | 2 |
|  42.493% (BISTREFI) due 05/17/2028 ~ |  | 10400 | 246 |
|  Total Sovereign Issues (Cost $19,977) | Total Sovereign Issues (Cost $19,977) | Total Sovereign Issues (Cost $19,977) | 21306 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 24.7% | SHORT-TERM INSTRUMENTS 24.7% | SHORT-TERM INSTRUMENTS 24.7% | SHORT-TERM INSTRUMENTS 24.7% | SHORT-TERM INSTRUMENTS 24.7% |
| COMMERCIAL PAPER 1.0% | COMMERCIAL PAPER 1.0% | COMMERCIAL PAPER 1.0% | COMMERCIAL PAPER 1.0% | COMMERCIAL PAPER 1.0% |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | $— | 1960 | $— | 1948 |
|  | **SHARES** | **SHARES** |  |  |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) |  | 982018 |  | 982 |
| REPURCHASE AGREEMENTS (g) 23.0% | REPURCHASE AGREEMENTS (g) 23.0% | REPURCHASE AGREEMENTS (g) 23.0% | REPURCHASE AGREEMENTS (g) 23.0% | REPURCHASE AGREEMENTS (g) 23.0% |
|  |  |  |  | 45000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (c)(d) |  | 1200 | $— | 67 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.943% due 12/11/2025 - 01/27/2026 (b)(c)(k) | $— | 400 |  | 395 |
| Total Short-Term Instruments (Cost $48,391) | Total Short-Term Instruments (Cost $48,391) | Total Short-Term Instruments (Cost $48,391) |  | 48392 |
| Total Investments in Securities (Cost $319,272) | Total Investments in Securities (Cost $319,272) | Total Investments in Securities (Cost $319,272) |  | 322445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 4.1% | INVESTMENTS IN AFFILIATES 4.1% | INVESTMENTS IN AFFILIATES 4.1% | INVESTMENTS IN AFFILIATES 4.1% |
| SHORT-TERM INSTRUMENTS 4.1% | SHORT-TERM INSTRUMENTS 4.1% | SHORT-TERM INSTRUMENTS 4.1% | SHORT-TERM INSTRUMENTS 4.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% |
|  PIMCO Short Asset Portfolio | 821716 | $— | 8062 |
| Total Short-Term Instruments (Cost $8,045) | Total Short-Term Instruments (Cost $8,045) |  | 8062 |
| Total Investments in Affiliates (Cost $8,045) | Total Investments in Affiliates (Cost $8,045) |  | 8062 |
| Total Investments 168.7% (Cost $327,317) | Total Investments 168.7% (Cost $327,317) | $— | 330507 |
|  Financial Derivative<br>Instruments (h)(j) 2.5%<br> (Cost or Premiums, net $7,299) | Financial Derivative<br>Instruments (h)(j) 2.5%<br> (Cost or Premiums, net $7,299) |  | 4891 |
| Other Assets and Liabilities, net (71.2)% | Other Assets and Liabilities, net (71.2)% |  | (139462) |
| Net Assets 100.0% |  | $— | 195936 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 | U.S. Treasury Notes 1.500% due 01/31/2027 | $(39589) | $38800 | $38800 |
|  |  |  |  |  | U.S. Treasury Notes 4.125% due 03/31/2029 | (6328) | 6200 | 6205 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45917) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.3)% | U.S. Government Agencies (10.3)% | U.S. Government Agencies (10.3)% | U.S. Government Agencies (10.3)% | U.S. Government Agencies (10.3)% | U.S. Government Agencies (10.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 10/01/2055 | $4230 | $(3410) | $(3410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 5700 | (4706) | (4803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040 | (11958) | (11912) |
|  Total Short Sales (10.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20074) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20125) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 39

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $45005 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45917) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(912) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

The average amount of borrowings outstanding during the period ended September 30, 2025 was $(21) at a weighted average interest rate of 4.510%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $113.500 | 10/24/2025 | 113 | $113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 113 | $113 | $(14) | $(13) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  30-Day Federal Fund February Futures  | 02/2026 | 47 | $18887 | $(1) | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 33 | 2904 | 10 | 13 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 91 | 18964 | (3) | 10 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 213 | 23259 | (11) | 8 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26213 | 53 | 0 | (4) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 5 | 575 | 7 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 1 | $(117) | $(2) | $0 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3122) | (12) | 15 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $41 | $46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

40 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $500 | $4 | $(3) | $1 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 500 | 7 | (3) | 4 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 100 | 1 | (1) | 0 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.234 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | $700 | 4 | 0 | 4 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 300 | 2 | 2 | 4 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $800 | $61 | $2 | $63 | $1 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 9900 | 221 | 6 | 227 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 14500 | $(74) | $(10) | $(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1700 | (50) | 21 | (29) | 6 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 880 | 41 | (14) | 27 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | 1 | (72) | (71) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | $8410 | (6) | 2 | (4) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 1300 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 3380 | 0 | 43 | 43 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 2200 | (31) | (5) | (36) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 7750 | 31 | (11) | 20 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 3000 | 9 | (44) | (35) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1140 | (12) | (6) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 19020 | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477) | 766 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2200 | 164 | (138) | 26 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 20 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 8750 | (55) | 13 | (42) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975% | Annual | 03/21/2035 |  | $200 | $(1) | $(4) | $(5) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 19070 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 2300 | 35 | 71 | 106 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 1400 | 0 | 22 | 22 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 1460 | 0 | 24 | 24 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 2650 | 142 | 411 | 553 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 6800 | 106 | 468 | 574 | 21 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 4990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) | 49 | (379) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 800 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 9000 | 0 | (8) | (8) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 2300 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 16600 | 0 | 3 | 3 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 5800 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 400 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191300 | 0 | 14 | 14 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 |  | 3596000 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 |  | 2200 | 0 | 2 | 2 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 2200 | 0 | (18) | (18) | 0 | (2) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 |  | 10700 | 0 | (3) | (3) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 6900 | (2) | 126 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 700 | 13 | (2) | 11 | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 |  | 425700 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 |  | 480000 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 100 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 100 | (1) | (8) | (9) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 100 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 100 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 100 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 100 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 90 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 200 | (1) | 2 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 5000 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 19100 | (31) | (28) | (59) | 0 | (1) |
|  Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 |  | $3500 | 0 | 21 | 21 | 1 | 0 |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 |  | 3100 | 0 | 15 | 15 | 0 | 0 |
|  Receive | CPURNSA | 2.544 | Maturity | 04/07/2030 |  | 2200 | (17) | 24 | 7 | 1 | 0 |
|  Receive | CPURNSA | 2.487 | Maturity | 04/03/2035 |  | 6400 | (69) | 97 | 28 | 2 | 0 |
|  |  |  |  |  |  |  | $887 | $381 | $1268 | $91 | $(56) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

42 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |

---

(i) Securities with an aggregate market value of $993 and cash of $3,714 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BOA | 10/2025 | 65 | $81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  | 10/2025 | 1172 | 8 | 0 | 0 |
|  | 10/2025 | $775 | 662 | 3 | 0 |
|  | 10/2025 | 50 | 168 | 1 | 0 |
|  | 10/2025 | 137 | 12086 | 0 | (1) |
|  | 10/2025 | 66 | 9937 | 1 | 0 |
|  | 10/2025 | 120 | 166715 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | 10/2025 | 109 | 190 | 1 | 0 |
|  | 10/2025 | 33 | 120 | 0 | 0 |
|  | 11/2025 | 374 | $111 | 0 | (2) |
|  | 11/2025 | 9903 | 66 | 0 | (1) |
|  | 11/2025 | 190 | 110 | 0 | (1) |
|  | 11/2025 | $40 | 133 | 0 | 0 |
|  | 11/2025 | 3155 | $181 | 0 | (1) |
|  | 12/2025 | $369 | 6927 | 6 | 0 |
|  BPS | 10/2025 | 5713 | $1034 | 1 | (40) |
|  | 10/2025 | 3030 | 425 | 0 | 0 |
|  | 10/2025 | 8976273 | 543 | 5 | (1) |
|  | 10/2025 | 13642 | 155 | 1 | 0 |
|  | 10/2025 | 21522 | 716 | 10 | (1) |
|  | 10/2025 | $968 | 5713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 0 |
|  | 10/2025 | 419 | 6917030 | 0 | (4) |
|  | 10/2025 | 77 | 11513 | 0 | 0 |
|  | 10/2025 | 576 | 796307 | 0 | (9) |
|  | 10/2025 | 163 | 594 | 0 | 0 |
|  | 11/2025 | 1504023 | $90 | 0 | 0 |
|  | 11/2025 | 8901 | 100 | 0 | 0 |
|  | 11/2025 | 11473 | 77 | 0 | 0 |
|  | 11/2025 | 84109 | 60 | 0 | 0 |
|  | 11/2025 | $110 | 370 | 2 | 0 |
|  | 12/2025 | 3047 | $102 | 1 | 0 |
|  | 12/2025 | $141 | 2380194 | 1 | 0 |
|  | 12/2025 | 133 | 2534 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 400 | $70 | $0 | $(2) |
|  BRC | 10/2025 | 2152 | 2683 | 0 | (20) |
|  | 10/2025 | 452 | 11 | 0 | 0 |
|  | 10/2025 | $2360 | 1884 | 6 | 0 |
|  | 10/2025 | 424 | 315 | 0 | 0 |
|  | 10/2025 | 3 | 28 | 0 | 0 |
|  | 10/2025 | 169 | 619 | 1 | 0 |
|  | 10/2025 | 67 | 2855 | 2 | 0 |
|  | 11/2025 | 61 | $40 | 0 | 0 |
|  | 11/2025 | 1705 | 2145 | 0 | (6) |
|  | 11/2025 | 28 | 3 | 0 | 0 |
|  | 11/2025 | $92 | 4024 | 1 | 0 |
|  | 11/2025 | 9059 | $514 | 0 | (8) |
|  | 12/2025 | 1610 | 450 | 0 | (13) |
|  | 12/2025 | $583 | 25668 | 4 | 0 |
|  BSH | 10/2025 | 700 | $132 | 0 | 0 |
|  | 10/2025 | 19277 | 22397 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
|  | 10/2025 | $129 | 700 | 3 | 0 |
|  | 10/2025 | 32 | 56 | 0 | 0 |
|  | 11/2025 | 56 | $32 | 0 | 0 |
|  | 11/2025 | 546 | 149 | 0 | (8) |
|  | 12/2025 | 4987 | 1401 | 0 | (33) |
|  | 12/2025 | $1127 | 6255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 0 |
|  | 04/2026 | 700 | $123 | 0 | (3) |
|  CBK | 10/2025 | 567 | 370 | 0 | (5) |
|  | 10/2025 | 9364 | 1761 | 1 | 0 |
|  | 10/2025 | 4 | 3 | 0 | 0 |
|  | 10/2025 | 58 | 8 | 0 | 0 |
|  | 10/2025 | 2541 | 397 | 0 | (3) |
|  | 10/2025 | 74 | 86 | 0 | 0 |
|  | 10/2025 | 5305 | 682 | 0 | 0 |
|  | 10/2025 | 5657608 | 342 | 4 | (1) |
|  | 10/2025 | 18872 | 212 | 0 | 0 |
|  | 10/2025 | 52300 | 353 | 0 | (1) |
|  | 10/2025 | 567239 | 410 | 6 | 0 |
|  | 10/2025 | 220 | 22 | 0 | 0 |
|  | 10/2025 | 1429 | 1114 | 6 | 0 |
|  | 10/2025 | 3307 | 103 | 0 | 0 |
|  | 10/2025 | 22288 | 752 | 20 | 0 |
|  | 10/2025 | $220 | 331 | 0 | (1) |
|  | 10/2025 | 1699 | 9364 | 60 | 0 |
|  | 10/2025 | 2053 | 2862 | 3 | 0 |
|  | 10/2025 | 103 | 736 | 0 | 0 |
|  | 10/2025 | 370 | 274 | 0 | (2) |
|  | 10/2025 | 807 | 13220981 | 0 | (14) |
|  | 10/2025 | 551 | 48377 | 0 | (7) |
|  | 10/2025 | 480 | 70900 | 0 | (1) |
|  | 10/2025 | 280 | 2791 | 0 | 0 |
|  | 10/2025 | 1087 | 3814 | 12 | 0 |
|  | 10/2025 | 121 | 1150 | 1 | 0 |
|  | 10/2025 | 330 | 10055 | 0 | 0 |
|  | 10/2025 | 2247 | $130 | 0 | 0 |
|  | 11/2025 | 2857 | 2053 | 0 | (3) |
|  | 11/2025 | 3872610 | 957 | 0 | (27) |
|  | 11/2025 | 2790 | 280 | 0 | 0 |
|  | 11/2025 | $61 | 205 | 1 | 0 |
|  | 11/2025 | 213 | 18909 | 0 | 0 |
|  | 11/2025 | 128 | 2230 | 1 | 0 |
|  | 11/2025 | 3551 | $204 | 0 | 0 |
|  | 12/2025 | 3822 | 1087 | 0 | (12) |
|  | 12/2025 | 34744 | 1163 | 16 | 0 |
|  | 12/2025 | $146 | 2458145 | 1 | 0 |
|  | 12/2025 | 336 | 1175 | 2 | 0 |
|  | 01/2026 | 833 | $152 | 0 | (1) |
|  | 01/2026 | 1718 | 483 | 0 | (11) |
|  | 01/2026 | 4846 | 161 | 0 | 0 |
|  | 03/2026 | 5605 | 1592 | 0 | (15) |
|  | 08/2026 | $128 | 2279 | 1 | 0 |
|  DUB | 10/2025 | 6493 | $913 | 2 | 0 |
|  | 10/2025 | 3449304 | 210 | 4 | 0 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 30652 | 345 | $0 | $0 |
|  | 10/2025 | 128682 | 93 | 1 | 0 |
|  | 10/2025 | $322 | 1100 | 10 | 0 |
|  | 10/2025 | 293 | 25932 | 0 | (2) |
|  | 10/2025 | 610 | 2222 | 1 | 0 |
|  | 11/2025 | 1100 | $322 | 0 | (10) |
|  | 11/2025 | 12894 | 145 | 0 | 0 |
|  | 11/2025 | $345 | 30712 | 0 | 0 |
|  | 11/2025 | 21875 | $1250 | 0 | (13) |
|  FAR | 10/2025 | 6731 | 4366 | 0 | (88) |
|  | 10/2025 | 2831 | 399 | 1 | 0 |
|  | 10/2025 | 465686 | 3168 | 19 | 0 |
|  | 10/2025 | 511 | 398 | 2 | 0 |
|  | 10/2025 | $4509 | 6906 | 61 | 0 |
|  | 10/2025 | 385 | 307 | 0 | 0 |
|  | 10/2025 | 530 | 46759 | 0 | (4) |
|  | 10/2025 | 761 | 2656 | 4 | 0 |
|  | 10/2025 | 283 | 1033 | 1 | 0 |
|  | 10/2025 | 3567 | 4593 | 0 | (6) |
|  | 11/2025 | 6906 | $4511 | 0 | (61) |
|  | 11/2025 | 306 | 385 | 0 | 0 |
|  | 11/2025 | 957 | 261 | 0 | (15) |
|  | 11/2025 | 4582 | 3567 | 5 | 0 |
|  | 12/2025 | 14945 | 788 | 0 | (21) |
|  | 12/2025 | $66 | 235 | 1 | 0 |
|  | 02/2026 | 2666 | $761 | 0 | (4) |
|  GLM | 10/2025 | 4900 | 790 | 0 | (131) |
|  | 10/2025 | 137 | 99 | 1 | 0 |
|  | 10/2025 | 27 | 34 | 0 | 0 |
|  | 10/2025 | 223 | 31 | 0 | 0 |
|  | 10/2025 | 2412609 | 145 | 0 | 0 |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $914 | 4900 | 7 | 0 |
|  | 10/2025 | 114 | 1888234 | 0 | (1) |
|  | 10/2025 | 142 | 12494 | 0 | (2) |
|  | 11/2025 | 20 | 66 | 0 | 0 |
|  | 12/2025 | 186 | $10 | 0 | 0 |
|  | 12/2025 | 620 | 169 | 0 | (10) |
|  | 12/2025 | $141 | 2360362 | 0 | 0 |
|  | 04/2026 | 1700 | $299 | 0 | (7) |
|  JPM | 10/2025 | 2721 | 1969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  | 10/2025 | 461160 | 480 | 0 | 0 |
|  | 10/2025 | 6550313 | 392 | 0 | 0 |
|  | 10/2025 | 222724 | 161 | 2 | 0 |
|  | 10/2025 | 308 | 240 | 1 | 0 |
|  | 10/2025 | 3778 | 123 | 0 | (1) |
|  | 10/2025 | $736 | 4684 | 1 | 0 |
|  | 10/2025 | 100 | 85 | 0 | 0 |
|  | 10/2025 | 215 | 160 | 0 | 0 |
|  | 10/2025 | 532 | 8842469 | 0 | (2) |
|  | 10/2025 | 60 | 201 | 1 | 0 |
|  | 10/2025 | 112 | 410 | 1 | 0 |
|  | 10/2025 | 29 | 887 | 0 | 0 |
|  | 11/2025 | 4673 | $736 | 0 | (1) |
|  | 11/2025 | 19371 | 1105 | 0 | (13) |
|  | 04/2026 | 19900 | 3376 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) |
|  | 06/2026 | 1200 | 68 | 0 | 0 |
|  MBC | 10/2025 | 25 | 31 | 0 | 0 |
|  | 10/2025 | 3304 | 465 | 1 | 0 |
|  | 10/2025 | 84 | 100 | 1 | 0 |
|  | 10/2025 | 325197 | 20 | 0 | 0 |
|  | 10/2025 | 804379 | 577 | 4 | 0 |
|  | 10/2025 | 14018 | 1462 | 0 | (27) |
|  | 10/2025 | 2267 | 1769 | 12 | 0 |
|  | 10/2025 | 2411 | 75 | 0 | 0 |
|  | 10/2025 | $100 | 79 | 0 | (1) |
|  | 10/2025 | 318 | 2267 | 0 | 0 |
|  | 10/2025 | 38 | 5706 | 0 | 0 |
|  | 10/2025 | 449 | 627281 | 0 | (2) |
|  | 10/2025 | 3 | 29 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $268 | 2530 | $2 | $(1) |
|  | 10/2025 | 90 | 2914 | 0 | 0 |
|  | 11/2025 | 2262 | $318 | 0 | 0 |
|  | 11/2025 | 9755 | 66 | 0 | 0 |
|  | 11/2025 | 29 | 3 | 0 | 0 |
|  | 12/2025 | $144 | 2683 | 1 | 0 |
|  MYI | 10/2025 | 3336 | $469 | 1 | 0 |
|  | 10/2025 | 1315511 | 80 | 1 | 0 |
|  | 10/2025 | 5183 | 35 | 0 | 0 |
|  | 10/2025 | $1458 | 217670 | 14 | 0 |
|  | 10/2025 | 89 | 322 | 0 | 0 |
|  | 10/2025 | 152 | 4571 | 0 | (2) |
|  | 11/2025 | 216917 | $1458 | 0 | (14) |
|  | 12/2025 | 4542 | 152 | 2 | 0 |
|  | 12/2025 | $134 | 2531 | 3 | 0 |
|  NGF | 10/2025 | 295004 | $212 | 2 | 0 |
|  | 10/2025 | $102 | 1695919 | 0 | (1) |
|  | 11/2025 | 564 | 24670 | 10 | 0 |
|  SCX | 10/2025 | 2426 | $341 | 1 | 0 |
|  | 10/2025 | 2142 | 333 | 0 | (3) |
|  | 10/2025 | 2929255 | 175 | 0 | 0 |
|  | 10/2025 | 22096 | 249 | 0 | 0 |
|  | 10/2025 | 26539 | 180 | 1 | 0 |
|  | 10/2025 | 6467 | 1830 | 0 | (32) |
|  | 10/2025 | 41 | 32 | 0 | 0 |
|  | 10/2025 | 13176 | 445 | 12 | 0 |
|  | 10/2025 | $5273 | 3942 | 29 | 0 |
|  | 10/2025 | 130 | 2135452 | 0 | (2) |
|  | 10/2025 | 286 | 25245 | 0 | (2) |
|  | 10/2025 | 99 | 3009 | 0 | 0 |
|  | 11/2025 | 3942 | $5274 | 0 | (29) |
|  | 11/2025 | 47 | 0 | 0 | 0 |
|  | 11/2025 | $219 | 19483 | 0 | 0 |
|  | 12/2025 | 175 | 2936658 | 0 | 0 |
|  SOG | 10/2025 | 10676 | $2001 | 0 | (5) |
|  | 10/2025 | 243011 | 1652 | 9 | 0 |
|  | 10/2025 | 246 | 143 | 1 | 0 |
|  | 10/2025 | $2007 | 10676 | 0 | (1) |
|  | 10/2025 | 21977 | 18688 | 0 | (36) |
|  | 10/2025 | 3186 | 474031 | 20 | 0 |
|  | 10/2025 | 1101 | 10399 | 3 | 0 |
|  | 11/2025 | 2411350 | $591 | 0 | (20) |
|  | 11/2025 | 18688 | 22021 | 37 | 0 |
|  | 11/2025 | 472391 | 3186 | 0 | (20) |
|  | 11/2025 | 10377 | 1101 | 0 | (3) |
|  | 12/2025 | $1834 | 9927 | 5 | 0 |
|  | 03/2026 | 459762 | $474 | 0 | (4) |
|  SSB | 10/2025 | 4691 | 6323 | 14 | 0 |
|  | 10/2025 | $82 | 302 | 5 | 0 |
|  | 12/2025 | 1658 | 448 | 0 | (28) |
|  UAG | 10/2025 | 1580 | 474 | 0 | (3) |
|  | 10/2025 | 2723 | 268 | 0 | (5) |
|  | 10/2025 | $32 | 110 | 1 | 0 |
|  | 10/2025 | 1214 | 107131 | 0 | (9) |
|  | 10/2025 | 89 | 322 | 0 | 0 |
|  | 10/2025 | 90 | 2913 | 0 | 0 |
|  | 10/2025 | 130 | 2247 | 0 | 0 |
|  | 10/2025 | 2248 | $130 | 0 | 0 |
|  | 11/2025 | 110 | 32 | 0 | (1) |
|  | 11/2025 | 9854 | 559 | 0 | (10) |
|  | 12/2025 | 1643 | 35 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354) |

---

46 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 3500 | $5 | $4 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 5300 | 7 | 5 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 1020 | 45 | 55 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 610 | 10 | 19 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1000 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 1800 | 3 | 2 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 2000 | 3 | 2 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 2300 | $18 | $18 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 600 | 3 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 1200 | 9 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 200 | 1 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 1 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 600 | 52 | 55 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 600 | 52 | 47 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 1000 | 86 | 92 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 1000 | 86 | 77 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1900 | 153 | 174 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 2400 | 194 | 163 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 139900 | 703 | 610 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 139900 | 703 | 682 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2700 | 234 | 243 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 2200 | 190 | 198 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 2900 | 4 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 5800 | 5 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 5800 | 6 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1600 | 141 | 137 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1600 | 141 | 131 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 5400 | 436 | 494 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 7100 | 573 | 482 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 6000 | 12 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 2600 | 229 | 222 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 2600 | 229 | 214 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 24600 | 18 | 18 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 6200 | 6 | 3 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 2100 | 9 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 2800 | 36 | 30 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 2500 | 50 | 44 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 2500 | 37 | 23 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 600 | 53 | 51 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 600 | 53 | 49 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 1300 | 114 | 113 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1300 | 114 | 106 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 47

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | $99.547 | 11/06/2025 | 6200 | $5 | $0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell <br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 12100 | $(11) | $(5) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 3500 | $(2) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 5300 | (2) | (4) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 2050 | (43) | (53) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 610 | (2) | (3) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 610 | (5) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1000 | (1) | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1800 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2000 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 300 | (10) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131% | 11/06/2025 | 4100 | $(4) | $0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 2400 | (9) | (11) |
|  |  |  |  |  |  | $(13) | $(11) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 0.872% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR 773 | $150 | $10 | $160 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1160 | 228 | 12 | 240 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 483 | 96 | 4 | 100 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 | 839 | 2 | 841 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $600 | (9) | 4 | 0 | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | $32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

48 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | S&P 500 Total Return Index  | 196 | 4.875% (SOFR<br>plus a<br>specified spread) | Monthly | 02/04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906 | $0 | $12 | $12 | $0 |
|  BPS | Receive | NDDUEAFE Index  | 93 | 4.380% (SOFR<br>plus a<br>specified spread) | Monthly | 10/15/2025 | 941 | 0 | (3) | 0 | (3) |
|  | Receive | RADMFENT Index  | 481 | 4.42% (SOFR<br>plus a<br>specified spread) | Monthly | 11/05/2025 | 1091 | 0 | (4) | 0 | (4) |
|  | Receive | RADMFENT Index  | 272 | 4.830% (FEDL01<br>plus a<br>specified spread) | Monthly | 11/05/2025 | 541 | 0 | (2) | 0 | (2) |
|  | Receive | RADMFXNT Index  | 780 | 4.570% (FEDL01<br>plus a<br>specified spread) | Monthly | 11/05/2025 | 1770 | 0 | (6) | 0 | (6) |
|  | Receive | RADMFXNT Index  | 1031 | 4.620% (FEDL01<br>plus a<br>specified spread) | Monthly | 11/05/2025 | 2339 | 0 | (9) | 0 | (9) |
|  | Receive | RADMFENT Index  | 503 | 4.770% (FEDL01<br>plus a<br>specified spread) | Monthly | 02/04/2026 | 1001 | 0 | (4) | 0 | (4) |
|  | Receive | RADMFENT Index  | 1268 | 4.870% (SOFR<br>plus a<br>specified spread) | Monthly | 03/04/2026 | 2522 | 0 | (9) | 0 | (9) |
|  | Receive | RADMFENT Index  | 1492 | 4.790% (SOFR<br>plus a<br>specified spread) | Monthly | 04/15/2026 | 2968 | 0 | (11) | 0 | (11) |
|  | Receive | RADMFENT Index  | 4296 | 4.720% (SOFR<br>plus a<br>specified spread) | Monthly | 05/20/2026 | 8546 | 0 | (31) | 0 | (31) |
|  CBK | Receive | NDDUEAFE Index  | 70 | 4.460% (SOFR<br>plus a<br>specified spread) | Monthly | 11/19/2025 | 708 | 0 | 0 | 0 | 0 |
|  CIB | Receive | RU20INTR Index  | 241 | 4.520% (SOFR<br>plus a<br>specified spread) | Monthly | 07/08/2026 | 3208 | 0 | (12) | 0 | (12) |
|  FAR | Pay | S&P 500 Total Return Index  | 443 | 4.910% (FEDL01<br>plus a<br>specified spread) | Monthly | 01/07/2026 | 6568 | 0 | 26 | 26 | 0 |
|  GST | Receive | RU20INTR Index  | 404 | 4.470% (SOFR<br>plus a<br>specified spread) | Monthly | 10/01/2025 | 5216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 0 |
|  | Receive | RADMFENT Index  | 707 | 4.780% (FEDL01<br>plus a<br>specified spread) | Monthly | 11/05/2025 | 1406 | 0 | (5) | 0 | (5) |
|  JPM | Receive | ERAUSLT Index  | 1757 | 4.510% (SOFR<br>plus a<br>specified spread) | Monthly | 10/01/2025 | 13889 | 0 | 27 | 27 | 0 |
|  | Pay | S&P 500 Total Return Index  | 36 | 4.870% (FEDL01<br>plus a<br>specified spread) | Monthly | 02/04/2026 | 534 | 0 | 2 | 2 | 0 |
|  | Pay | S&P 500 Total Return Index  | 251 | 4.810% (SOFR<br>plus a<br>specified spread) | Monthly | 04/01/2026 | 3722 | 0 | 14 | 14 | 0 |
|  | Receive | RADMFXNT Index  | 200 | 4.490% (SOFR<br>plus a<br>specified spread) | Monthly | 05/20/2026 | 454 | 0 | (2) | 0 | (2) |
|  | Receive | RADMFENT Index  | 724 | 4.500% (SOFR<br>plus a<br>specified spread) | Monthly | 06/03/2026 | 1643 | 0 | (5) | 0 | (5) |
|  | Receive | RADMFENT Index  | 4988 | 4.880% (SOFR<br>plus a<br>specified spread) | Monthly | 06/03/2026 | 9922 | 0 | (35) | 0 | (35) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | NDDUEAFE Index  | 2251 | 4.475% (SOFR<br>plus a<br>specified spread) | Monthly | 07/08/2026 | $22765 | $0 | $(80) | $0 | $(80) |
|  | Receive | RADMFENT Index  | 4074 | 4.500% (SOFR<br>plus a<br>specified spread) | Monthly | 07/08/2026 | 9243 | 0 | (32) | 0 | (32) |
|  | Receive | RADMFENT Index  | 8516 | 4.840% (SOFR<br>plus a<br>specified spread) | Monthly | 07/08/2026 | 16941 | 0 | (63) | 0 | (63) |
|  | Receive | RADMFENT Index  | 37 | 4.210% (SOFR<br>plus a<br>specified spread) | Monthly | 07/15/2026 | 101 | 0 | 0 | 0 | 0 |
|  | Receive | RADMFENT Index  | 5916 | 4.490% (SOFR<br>plus a<br>specified spread) | Monthly | 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13423 | 0 | (47) | 0 | (47) |
|  | Receive | ERADXULN Index  | 682 | 4.590% (SOFR<br>plus a<br>specified spread) | Monthly | 09/23/2026 | 1588 | 0 | 0 | 0 | 0 |
|  MEI | Receive | ERAEMLT Index  | 837 | 5.405% (SOFR<br>plus a<br>specified spread) | Monthly | 03/04/2026 | 4854 | 0 | (20) | 0 | (20) |
|  | Receive | ERAEMLN Index  | 6487 | 4.830% (SOFR<br>plus a<br>specified spread) | Monthly | 07/08/2026 | 16164 | 0 | (61) | 0 | (61) |
|  | Receive | ERAEMLN Index  | 1203 | 4.790% (SOFR<br>plus a<br>specified spread) | Monthly | 08/05/2026 | 2997 | 0 | (11) | 0 | (11) |
|  | Receive | ERADXULN Index  | 1173 | 4.465% (SOFR<br>plus a<br>specified spread) | Monthly | 08/19/2026 | 2732 | 0 | (14) | 0 | (14) |
|  MYI | Receive | ERADXULT Index  | 2766 | 5.155% (SOFR<br>plus a<br>specified spread) | Monthly | 04/01/2026 | 8893 | 0 | (36) | 0 | (36) |
|  | Receive | NDDUEAFE Index  | 568 | 4.480% (SOFR<br>plus a<br>specified spread) | Monthly | 05/20/2026 | 5744 | 0 | (20) | 0 | (20) |
|  | Receive | ERADXULN Index  | 3775 | 4.420% (SOFR<br>plus a<br>specified spread) | Monthly | 06/03/2026 | 8791 | 0 | (28) | 0 | (28) |
|  | Receive | NDDUEAFE Index  | 2370 | 4.490% (SOFR<br>plus a<br>specified spread) | Monthly | 06/03/2026 | 23969 | 0 | (84) | 0 | (84) |
|  |  |  |  |  |  |  |  | $0 | $(410) | $224 | $(634) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $12 | $473 | $172 | $657 | $(8) | $(59) | $0 | $(67) | $590 | $0 | $590 |
|  BPS | 130 | 0 | 240 | 370 | (57) | 0 | (79) | (136) | 234 | (650) | (416) |
|  BRC | 14 | 337 | 0 | 351 | (47) | 0 | 0 | (47) | 304 | 31 | 335 |
|  BSH | 34 | 0 | 0 | 34 | (279) | 0 | 0 | (279) | (245) | 329 | 84 |
|  CBK | 135 | 0 | 0 | 135 | (104) | 0 | 0 | (104) | 31 | 0 | 31 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (12) | (12) | (12) | 0 | (12) |
|  DUB | 18 | 1733 | 0 | 1751 | (25) | 0 | 0 | (25) | 1726 | 0 | 1726 |
|  FAR | 94 | 0 | 26 | 120 | (199) | 0 | 0 | (199) | (79) | 356 | 277 |
|  GLM | 8 | 1266 | 0 | 1274 | (151) | (5) | 0 | (156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 |
|  GST | 0 | 0 | 243 | 243 | 0 | (5) | (5) | (10) | 233 | (220) | 13 |
|  JPM | 20 | 444 | 884 | 1348 | (221) | 0 | (264) | (485) | 863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1710) | (847) |
|  MBC | 21 | 4 | 0 | 25 | (31) | (2) | 0 | (33) | (8) | 0 | (8) |

---

---

| | | |
|:---|:---|:---|
| **50** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  MEI | $0 | $0 | $0 | $0 | $0 | $0 | $(106) | $(106) | $(106) | $(220) | $(326) |
|  MYC | 0 | 228 | 0 | 228 | 0 | (11) | 0 | (11) | 217 | 0 | 217 |
|  MYI | 21 | 0 | 0 | 21 | (16) | 0 | (168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
|  NGF | 12 | 219 | 0 | 231 | (1) | 0 | 0 | (1) | 230 | 0 | 230 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 0 | (5) |
|  SCX | 43 | 0 | 0 | 43 | (68) | 0 | 0 | (68) | (25) | 0 | (25) |
|  SOG | 75 | 0 | 0 | 75 | (89) | 0 | 0 | (89) | (14) | 0 | (14) |
|  SSB | 19 | 0 | 0 | 19 | (28) | 0 | 0 | (28) | (9) | 0 | (9) |
|  UAG | 1 | 0 | 0 | 1 | (30) | (2) | 0 | (32) | (31) | 0 | (31) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2077) |  |  |  |

---

(k) Securities with an aggregate market value of $716 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $46 | $46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 91 | 93 |
|  | $0 | $2 | $0 | $0 | $137 | $139 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $657 | $0 | $657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 88 | 4616 | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1341 | 224 | 0 | 0 | 1565 |
|  | $0 | $1341 | $224 | $745 | $4616 | $6926 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 56 | 56 |
|  | $0 | $0 | $0 | $0 | $97 | $97 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1354 | $0 | $1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 68 | 11 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 634 | 0 | 0 | 639 |
|  | $0 | $10 | $634 | $1422 | $11 | $2077 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 386 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 0 | 0 | 466 | 517 |
|  | $0 | $51 | $0 | $0 | $904 | $955 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4069) | $0 | $(4069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (48) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 110 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 170 | 31406 | 0 | 0 | 31576 |
|  | $0 | $174 | $31406 | $(4069) | $62 | $27573 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28528 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $16 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (145) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | (463) | (435) |
|  | $0 | $28 | $0 | $0 | $(592) | $(564) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(78) | $0 | $(78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 13 | (245) | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 6 | 0 | (1) | (34) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 67 | 131 | 0 | 0 | 198 |
|  | $0 | $73 | $131 | $(66) | $(279) | $(141) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(871) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705) |

---

52 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6801 | $0 | $6801 |
| &nbsp;&nbsp; Industrials | 0 | 766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2766 |
| &nbsp;&nbsp; Utilities | 0 | 1317 | 0 | 1317 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Washington | 0 | 341 | 0 | 341 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166404 | 0 | 166404 |
|  U.S. Treasury Obligations | 0 | 5370 | 0 | 5370 |
|  Non-Agency Mortgage-Backed Securities | 0 | 35481 | 0 | 35481 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 3277 | 0 | 3277 |
| &nbsp;&nbsp; CMBS Other | 0 | 3254 | 0 | 3254 |
| &nbsp;&nbsp; Home Equity Other | 0 | 5555 | 0 | 5555 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 2 | 0 | 2 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 449 | 0 | 449 |
| &nbsp;&nbsp; Other ABS | 0 | 21730 | 0 | 21730 |
|  Sovereign Issues | 0 | 21306 | 0 | 21306 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1948 | 0 | 1948 |
| &nbsp;&nbsp; Mutual Funds | 0 | 982 | 0 | 982 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 45000 | 0 | 45000 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 67 | 0 | 67 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 395 | 0 | 395 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $320445 | $2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $8062 | $0 | $0 | $8062 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320445 | $2000 | $330507 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(20125) | $0 | $(20125) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 13 | 126 | 0 | 139 |
|  Over the counter | 0 | 6926 | 0 | 6926 |
|  | $13 | $7052 | $0 | $7065 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (97) | 0 | (97) |
|  Over the counter | 0 | (2077) | 0 | (2077) |
|  | $0 | $(2174) | $0 | $(2174) |
|  Total Financial Derivative Instruments | $13 | $4878 | $0 | $4891 |
|  Totals | $8075 | $305198 | $2000 | $315273 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $2000 | $0 | $0 | $0 | $0 | $0 | $0 | $2000 | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted<br>Otherwise) | (% Unless Noted<br>Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input<br>Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $2000 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 189.4% | INVESTMENTS IN SECURITIES 189.4% | INVESTMENTS IN SECURITIES 189.4% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
| BANKING & FINANCE 0.6% | BANKING & FINANCE 0.6% | BANKING & FINANCE 0.6% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 176 | 201 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 21 | 20 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1100 | 336 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.000% due 03/29/2040 | 274 | 356 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 65 | 8 |
|  1.000% due 10/01/2050 | 2862 | 354 |
|  1.500% due 10/01/2053 | 2307 | 287 |
|  2.000% due 10/01/2053 | 3940 | 521 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.500% due 10/01/2053 | 3924 | 473 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 9 | 1 |
|  2.000% due 10/01/2053 | 11 | 1 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 46952 | 6017 |
|  2.000% due 10/01/2053 | 1758 | 211 |
|  2.500% due 04/01/2047 | 2 | 0 |
|  3.000% due 10/01/2053 | 9844 | 1469 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.000% due 06/24/2027 •  | 100 | 116 |
|  2.125% due 11/15/2029 •  | 100 | 125 |
|  2.875% due 04/02/2032 •  | 100 | 115 |
|  7.750% due 03/01/2029 •  | 200 | 262 |
|  |  | 10873 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 9000 | 9000 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 39 | 39 |
|  |  | 9039 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 46 | 40 |
|  5.401% due 07/02/2037 | 282 | 287 |
|  |  | 327 |
|  Total Corporate Bonds & Notes (Cost $21,637) | Total Corporate Bonds & Notes (Cost $21,637) | 20239 |
| U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 04/01/2050 - 01/01/2053 | 442 | 418 |
|  4.500% due 07/01/2052 - 08/01/2052 | 309 | 301 |
|  5.500% due 08/01/2054 | 34496 | 34835 |
|  6.000% due 02/01/2054 | 89 | 91 |
|  6.195% due 09/01/2036 •  | 1 | 1 |
|  6.417% due 07/01/2036 •  | 4 | 4 |
|  6.460% due 10/01/2036 •  | 1 | 1 |
|  6.500% due 10/01/2053 - 02/01/2054 | 366 | 378 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.920% due 01/25/2026 | 706 | 702 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.867% due 07/15/2036 •  | 12 | 12 |
|  4.937% due 05/15/2032 •  | 76 | 76 |
|  5.087% due 12/15/2037 •  | 17 | 16 |
|  5.107% due 10/15/2037 •  | 32 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.296% due 11/25/2054 •  | 9835 | 9852 |
|  5.306% due 10/25/2054 - 03/25/2055 •  | 3221 | 3216 |
|  5.506% due 03/25/2055 •  | 4159 | 4176 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.937% due 09/15/2042 •  | 1 | 1 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 02/01/2045 - 05/01/2052 | 321 | 294 |
|  4.000% due 09/01/2048 - 08/01/2052 | 1756 | 1661 |
|  4.500% due 09/01/2052 | 555 | 541 |
|  5.421% due 09/01/2044 - 10/01/2044 •  | 1 | 2 |
|  6.000% due 03/01/2054 | 17235 | 17655 |
|  6.618% due 05/01/2038 •  | 148 | 154 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.721% due 06/25/2048 •  | 2746 | 2692 |
|  4.901% due 10/25/2036 •  | 1 | 1 |
|  4.921% due 08/25/2037 •  | 32 | 32 |
|  5.386% due 06/25/2055 •  | 1746 | 1758 |
|  5.506% due 03/25/2055 •  | 2080 | 2089 |
|  5.516% due 03/25/2055 •  | 1850 | 1858 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2053 ~(a) | 71 | 0 |
|  3.500% due 06/20/2052 - 04/20/2055 | 63321 | 57922 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.650% due 02/20/2049 •  | 314 | 307 |
|  4.695% due 10/20/2043 •  | 192 | 186 |
|  4.927% due 08/20/2068 •  | 533 | 535 |
|  5.150% due 07/20/2065 « | 18100 | 18089 |
|  5.289% due 07/20/2073 •  | 18182 | 18288 |
|  5.489% due 05/20/2073 •  | 383 | 389 |
|  5.510% due 09/20/2055 •  | 19600 | 19643 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.160% due 02/01/2028 | 1 | 1 |
|  5.310% due 05/01/2027 | 1 | 1 |
|  5.510% due 11/01/2027 | 1 | 1 |
|  5.820% due 06/01/2026 | 1 | 1 |
|  5.870% due 07/01/2028 | 1 | 1 |
|  6.770% due 11/01/2028 | 1 | 1 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 - 11/01/2055 | 51700 | 50141 |
|  6.000% due 11/01/2055 | 51500 | 52606 |
|  6.500% due 11/01/2055 | 54000 | 55843 |
|  Total U.S. Government Agencies (Cost $355,316) | Total U.S. Government Agencies (Cost $355,316) | 356803 |
| U.S. TREASURY OBLIGATIONS 106.9% | U.S. TREASURY OBLIGATIONS 106.9% | U.S. TREASURY OBLIGATIONS 106.9% |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 02/15/2051 | 17259 | 9584 |
|  0.125% due 02/15/2052 (j)(n) | 15202 | 8248 |
|  0.250% due 02/15/2050 | 22491 | 13320 |
|  0.625% due 02/15/2043 | 23374 | 17771 |
|  0.750% due 02/15/2042 | 28121 | 22323 |
|  0.750% due 02/15/2045 | 34706 | 25906 |
|  0.875% due 02/15/2047 | 19010 | 14053 |
|  1.000% due 02/15/2046 | 19086 | 14733 |
|  1.000% due 02/15/2048 | 15065 | 11300 |
|  1.000% due 02/15/2049 (j)(n) | 9195 | 6792 |
|  1.375% due 02/15/2044 | 29605 | 25341 |
|  1.500% due 02/15/2053 | 32167 | 25772 |
|  1.750% due 01/15/2028 (l) | 18460 | 18769 |
|  2.000% due 01/15/2026 (j)(l)(n) | 14396 | 14409 |
|  2.125% due 02/15/2040 (n) | 7404 | 7467 |
|  2.125% due 02/15/2041 | 18716 | 18715 |
|  2.125% due 02/15/2054 | 25472 | 23538 |
|  2.375% due 01/15/2027 | 25149 | 25602 |
|  2.375% due 02/15/2055 (j) | 21396 | 20910 |
|  2.500% due 01/15/2029 | 14143 | 14782 |
|  3.375% due 04/15/2032 (n) | 133 | 149 |
|  3.875% due 04/15/2029 (l)(n) | 918 | 1004 |
|  0.125% due 04/15/2026 (l) | 5506 | 5477 |
|  0.125% due 07/15/2026 | 37392 | 37264 |
|  0.125% due 10/15/2026 (j) | 55797 | 55494 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 04/15/2027 (l)(n) | $— | 30776 | 30356 |
|  0.125% due 01/15/2030 (j) |  | 65100 | 62172 |
|  0.125% due 07/15/2030 (j) |  | 60728 | 57758 |
|  0.125% due 01/15/2031 (j) |  | 64565 | 60647 |
|  0.125% due 07/15/2031 (j) |  | 64493 | 60248 |
|  0.125% due 01/15/2032 (j) |  | 70036 | 64511 |
|  0.250% due 07/15/2029 (j) |  | 45968 | 44606 |
|  0.375% due 01/15/2027 (j) |  | 44799 | 44460 |
|  0.375% due 07/15/2027 (j) |  | 43809 | 43520 |
|  0.500% due 01/15/2028 (j) |  | 44518 | 44011 |
|  0.625% due 07/15/2032 (j) |  | 71489 | 67687 |
|  0.750% due 07/15/2028 |  | 38478 | 38308 |
|  0.875% due 01/15/2029 |  | 35299 | 35039 |
|  1.125% due 01/15/2033 (j) |  | 73417 | 71181 |
|  1.250% due 04/15/2028 (j) |  | 70217 | 70499 |
|  1.375% due 07/15/2033 (j) |  | 79028 | 77840 |
|  1.625% due 10/15/2027 (j) |  | 58995 | 59953 |
|  1.625% due 10/15/2029 (j) |  | 77715 | 79276 |
|  1.625% due 04/15/2030 (j) |  | 65148 | 66168 |
|  1.750% due 01/15/2034 (j) |  | 75348 | 75731 |
|  1.875% due 07/15/2034 (j) |  | 68974 | 70005 |
|  1.875% due 07/15/2035 (j) |  | 35814 | 36116 |
|  2.125% due 04/15/2029 (j) |  | 60156 | 62108 |
|  2.125% due 01/15/2035 (j) |  | 72675 | 74840 |
|  2.375% due 10/15/2028 (j) |  | 49885 | 51971 |
|  Total U.S. Treasury Obligations (Cost $1,874,496) | Total U.S. Treasury Obligations (Cost $1,874,496) | Total U.S. Treasury Obligations (Cost $1,874,496) | 1887734 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  |  | 1205 | 1060 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.602% due 05/20/2036 ~ |  | 19 | 17 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.888% due 07/25/2035 ~ |  | 49 | 33 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ |  | 9 | 8 |
|  4.475% due 02/25/2036 ~ |  | 21 | 20 |
|  5.824% due 01/25/2035 ~ |  | 4 | 4 |
|  6.841% due 01/25/2035 ~ |  | 6 | 6 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  |  | 2788 | 2785 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.769% due 02/25/2037 ~ |  | 6 | 6 |
|  6.522% due 02/25/2037 ~ |  | 3 | 3 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.615% due 08/20/2035 ~ |  | 76 | 71 |
|  4.819% due 11/20/2034 ~ |  | 10 | 9 |
|  5.500% due 01/25/2035 |  | 14 | 14 |
|  6.000% due 04/25/2036 |  | 39 | 18 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 3 | 3 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.310% due 11/25/2035 •  |  | 2 | 2 |
|  6.751% due 03/25/2034 ~ |  | 4 | 4 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.500% due 04/25/2035 |  | 915 | 747 |
|  5.500% due 11/25/2035 |  | 7 | 6 |
|  6.000% due 03/25/2037 |  | 654 | 217 |
|  6.500% due 09/25/2037 |  | 164 | 58 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.972% due 10/25/2035 •  |  | 36 | 16 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  4.886% due 10/26/2036 ~ |  | 2 | 2 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.923% due 04/25/2047 •  |  | 113 | 103 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% due 06/13/2045 •  |  | 38 | 51 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.032% due 04/25/2035 ~ | $— | 11 | 11 |
|  6.000% due 02/25/2037 |  | 57 | 21 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.668% due 01/25/2036 ~ |  | 5 | 5 |
|  4.977% due 11/25/2035 ~ |  | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.508% due 03/19/2037 •  | 55 | 51 |
|  4.658% due 12/19/2036 •  | 755 | 598 |
|  4.688% due 05/19/2035 •  | 36 | 35 |
|  4.868% due 11/19/2035 •  | 22 | 14 |
|  4.930% due 06/20/2035 •  | 28 | 27 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ | 12 | 9 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.692% due 07/25/2036 •  | 69 | 67 |
|  4.832% due 07/25/2035 •  | 312 | 228 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.672% due 06/25/2037 •  | 810 | 298 |
|  6.810% due 08/25/2036 þ | 78 | 77 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | 6 | 6 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.005% due 09/15/2030 •  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.681% due 06/25/2035 ~ | 9 | 9 |
|  5.341% due 12/25/2034 ~ | 3 | 3 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 348 | 337 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  | 241 | 241 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 09/25/2036 | 47 | 38 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  | 132 | 79 |
|  5.750% due 03/25/2037 | 51 | 15 |
|  6.500% due 09/25/2036 | 887 | 264 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.216% due 03/25/2036 ~ | 16 | 13 |
|  5.345% due 11/25/2034 •  | 44 | 41 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 05/25/2036 •  | 6 | 4 |
|  4.928% due 05/19/2035 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.633% due 03/25/2037 •  | 142 | 100 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.341% due 08/25/2036 ~ | 1 | 1 |
|  5.012% due 11/25/2034 •  | 11 | 11 |
|  5.012% due 01/25/2045 •  | 15 | 15 |
|  5.072% due 01/25/2045 •  | 15 | 15 |
|  5.232% due 01/25/2035 ~ | 2 | 2 |
|  5.375% due 06/25/2034 ~ | 2 | 2 |
|  5.999% due 10/25/2034 ~ | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.500% due 08/25/2035 | 9 | 7 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ | 11 | 11 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $9,035) | Total Non-Agency Mortgage-Backed Securities (Cost $9,035) | 7927 |
| ASSET-BACKED SECURITIES 9.1% | ASSET-BACKED SECURITIES 9.1% | ASSET-BACKED SECURITIES 9.1% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.335% due 08/15/2034 •  | 652 | 653 |
|  5.615% due 11/15/2036 •  | 2353 | 2359 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 66 | 65 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 4222 | 4225 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 3045 | 3055 |
|  |  | 10357 |
| HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.172% due 12/25/2034 •  | 38 | 35 |
|  5.397% due 04/25/2035 •  | 2000 | 1810 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 59 | 54 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.732% due 11/25/2036 •  | 324 | 318 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.059% due 02/25/2036 •  | 510 | 508 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.592% due 11/25/2036 •  | 341 | 335 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.677% due 05/25/2037 •  | 2400 | 2294 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 81 | 80 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  | 58 | 54 |
|  4.462% due 11/25/2037 •  | 2046 | 1958 |
|  4.552% due 05/25/2035 •  | 204 | 197 |
|  4.672% due 09/25/2037 •  | 15 | 14 |
|  4.752% due 05/25/2036 •  | 664 | 573 |
|  5.052% due 11/25/2034 •  | 19 | 18 |
|  5.307% due 12/25/2035 •  | 286 | 285 |
|  5.805% due 04/25/2036 ~ | 51 | 48 |
|  5.997% due 11/25/2034 •  | 2920 | 2646 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  | 169 | 87 |
|  4.542% due 10/25/2036 •  | 88 | 80 |
|  4.752% due 10/25/2036 •  | 624 | 250 |
|  5.112% due 03/25/2035 •  | 1701 | 1409 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.672% due 11/25/2036 •  | 80 | 38 |
|  5.007% due 09/25/2035 •  | 4 | 4 |
|  5.247% due 03/25/2035 •  | 90 | 86 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 79 | 62 |
|  4.654% due 11/25/2034 •  | 13 | 13 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.812% due 02/25/2036 •  | 23 | 23 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.512% due 08/25/2036 •  | 68 | 27 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.612% due 06/25/2036 •  | 181 | 168 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2037 •  | 1273 | 359 |
|  4.992% due 10/25/2035 •  | 1223 | 1212 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 10/25/2036 •  | 480 | 429 |
|  5.172% due 05/25/2034 •  | 1202 | 1164 |
|  5.307% due 07/25/2035 •  | 351 | 345 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.512% due 04/25/2037 •  | 2617 | 1284 |
|  4.552% due 01/25/2037 •  | 179 | 116 |
|  4.552% due 03/25/2037 •  | 142 | 95 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.552% due 09/25/2037 •  | 3801 | 3412 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.132% due 06/25/2033 •  | 1239 | 1123 |
|  5.294% due 01/25/2037 þ | 7262 | 2178 |
|  5.372% due 09/25/2037 •  | 734 | 296 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.552% due 09/25/2036 •  | 891 | 884 |
|  4.752% due 08/25/2036 •  | 256 | 228 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.582% due 09/25/2037 •  | 42 | 40 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.947% due 10/25/2035 •  | 1230 | 1196 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.472% due 06/25/2037 •  | 638 | 439 |
|  5.222% due 10/25/2037 •  | 81 | 63 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.842% due 10/25/2036 •  | 125 | 125 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.672% due 12/25/2034 •  | 81 | 81 |
|  |  | 28543 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 751 | 716 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 09/25/2046 •  | 24 | 21 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  | 254 | 250 |
|  4.977% due 03/25/2037 •  | 4100 | 3979 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.977% due 11/25/2036 •  | 359 | 353 |
|  5.142% due 09/25/2035 •  | 98 | 98 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 827 | 261 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ | 138 | 136 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.032% due 12/25/2035 •  | 295 | 291 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 05/25/2036 •  | 797 | 431 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.472% due 04/25/2037 •  | 2562 | 1886 |
|  4.592% due 09/25/2037 •  | 9652 | 4713 |
|  |  | 12419 |
| OTHER ABS 6.2% | OTHER ABS 6.2% | OTHER ABS 6.2% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 266 | 266 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 3000 | 3006 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 2800 | 2803 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.366% due 05/15/2038 •  | 3500 | 4130 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 6700 | 6724 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 858 | 1008 |
|  3.267% due 01/22/2038 •  | 1400 | 1649 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 847 | 995 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.936% due 01/15/2033 •  | 1653 | 1942 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 1340 | 1574 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2000 | 2352 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.724% due 10/16/2028 •  | 1000 | 1003 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 1503 | 1762 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 5700 | 5703 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 1235 | 1451 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 1900 | 1907 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 517 | 518 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 566 | 664 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 481 | 565 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 1074 | 1259 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.896% due 05/15/2034 •  | 1206 | 1414 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 299 | 351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO All Asset: Multi-Real Fund | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | $| 3400 | 3402 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | EUR | 1503 | 1766 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  |  | 1100 | 1293 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  0.000% due 10/18/2039 •(b) |  | 4600 | 5409 |
|  3.371% due 07/18/2038 •  |  | 4600 | 5401 |
|  Henley CLO VI DAC | Henley CLO VI DAC | Henley CLO VI DAC | Henley CLO VI DAC |
|  2.939% due 06/10/2034 •  |  | 1900 | 2234 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | $| 4500 | 4500 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | EUR | 757 | 890 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.759% due 01/15/2031 •  | $| 392 | 392 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  |  | 49 | 49 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  |  | 1200 | 1201 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | EUR | 715 | 840 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | $| 18 | 18 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  |  | 1500 | 1503 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  2.956% due 04/15/2035 •  | EUR | 800 | 941 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.170% due 10/15/2034 •  |  | 1300 | 1526 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  |  | 1100 | 1296 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | $| 149 | 149 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  |  | 840 | 841 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  |  | 2700 | 2701 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.148% due 04/27/2038 •  | EUR | 4800 | 5651 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | $| 3760 | 3766 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  |  | 3100 | 3103 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  |  | 1100 | 1102 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  |  | 110 | 110 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  |  | 537 | 537 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  |  | 594 | 594 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  |  | 1664 | 1665 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.579% due 10/15/2030 •  |  | 168 | 168 |
|  Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC |
|  2.996% due 10/15/2034 •  | EUR | 10770 | 12660 |
|  |  |  | 108754 |
|  Total Asset-Backed Securities (Cost $163,281) | Total Asset-Backed Securities (Cost $163,281) | Total Asset-Backed Securities (Cost $163,281) | 160789 |
| SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | BRL | 296100 | 51972 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (f) | CAD | 1250 | 936 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 07/25/2031 (f)(j) | EUR | 5386 | 5995 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (f) | EUR | 2482 | 2837 |
|  1.800% due 05/15/2036 (f) |  | 934 | 1091 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | JPY | 1515502 | 10422 |
|  0.100% due 03/10/2029 (f) |  | 3240089 | 22370 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | $| 400 | 413 |
|  6.625% due 01/29/2038 |  | 400 | 421 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (f) | MXN | 701 | 37 |
|  Total Sovereign Issues<br>(Cost $101,067) | Total Sovereign Issues<br>(Cost $101,067) | Total Sovereign Issues<br>(Cost $101,067) | 96494 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  CBRE Group, Inc. Class A (c) |  | 4136 | 652 |
|  Cushman & Wakefield PLC (c) |  | 41365 | 658 |
|  Jones Lang LaSalle, Inc. (c) |  | 2152 | 642 |
|  Newmark Group, Inc. Class A |  | 34308 | 640 |
|  Total Common Stocks (Cost $2,457) | Total Common Stocks (Cost $2,457) | Total Common Stocks (Cost $2,457) | 2592 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(g) |  | 223000 | 226 |
|  Total Preferred Securities (Cost $230) | Total Preferred Securities (Cost $230) | Total Preferred Securities (Cost $230) | 226 |
| REAL ESTATE INVESTMENT TRUSTS 31.2% | REAL ESTATE INVESTMENT TRUSTS 31.2% | REAL ESTATE INVESTMENT TRUSTS 31.2% | REAL ESTATE INVESTMENT TRUSTS 31.2% |
| REAL ESTATE 31.2% | REAL ESTATE 31.2% | REAL ESTATE 31.2% | REAL ESTATE 31.2% |
|  Acadia Realty Trust |  | 66674 | 1344 |
|  Agree Realty Corp. |  | 56712 | 4029 |
|  Alexander & Baldwin, Inc. |  | 36665 | 667 |
|  Alexandria Real Estate Equities, Inc. |  | 78995 | 6583 |
|  American Assets Trust, Inc. |  | 24151 | 491 |
|  American Healthcare REIT, Inc. |  | 117242 | 4925 |
|  American Homes 4 Rent |  | 164279 | 5462 |
|  Americold Realty Trust, Inc. |  | 18931 | 232 |
|  Apartment Investment & Management Co. |  | 11946 | 95 |
|  Apple Hospitality REIT, Inc. |  | 112632 | 1353 |
|  AvalonBay Communities, Inc. |  | 76898 | 14854 |
|  Brandywine Realty Trust |  | 87258 | 364 |
|  Brixmor Property Group, Inc. |  | 156261 | 4325 |
|  Broadstone Net Lease, Inc. |  | 205310 | 3669 |
|  BXP, Inc. |  | 74681 | 5552 |
|  Camden Property Trust |  | 54701 | 5841 |
|  CareTrust REIT, Inc. |  | 131913 | 4575 |
|  Centerspace |  | 8615 | 507 |
|  Community Healthcare Trust, Inc. |  | 1512 | 23 |
|  COPT Defense Properties |  | 57421 | 1669 |
|  Cousins Properties, Inc. |  | 85878 | 2485 |
|  CubeSmart |  | 23709 | 964 |
|  Curbline Properties Corp. |  | 11150 | 249 |
|  DiamondRock Hospitality Co. |  | 105460 | 839 |
|  Digital Realty Trust, Inc. |  | 161791 | 27970 |
|  Diversified Healthcare Trust |  | 110932 | 489 |
|  Douglas Emmett, Inc. |  | 86005 | 1339 |
|  Easterly Government Properties, Inc. |  | 22030 | 505 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EastGroup Properties, Inc. | 27501 | $— | 4655 |
|  Elme Communities | 44577 |  | 752 |
|  Empire State Realty Trust, Inc. | 14300 |  | 110 |
|  EPR Properties | 38940 |  | 2259 |
|  Equinix, Inc. | 49975 |  | 39142 |
|  Equity LifeStyle Properties, Inc. | 98075 |  | 5953 |
|  Equity Residential | 186984 |  | 12104 |
|  Essential Properties Realty Trust, Inc. | 101753 |  | 3028 |
|  Essex Property Trust, Inc. | 33152 |  | 8873 |
|  Extra Space Storage, Inc. | 64853 |  | 9140 |
|  Federal Realty Investment Trust | 40111 |  | 4064 |
|  First Industrial Realty Trust, Inc. | 67670 |  | 3483 |
|  Four Corners Property Trust, Inc. | 9120 |  | 223 |
|  Getty Realty Corp. | 3587 |  | 96 |
|  Gladstone Commercial Corp. | 2815 |  | 35 |
|  Global Medical REIT, Inc. | 6421 |  | 216 |
|  Global Net Lease, Inc. | 101885 |  | 828 |
|  Healthcare Realty Trust, Inc. | 180336 |  | 3251 |
|  Healthpeak Properties, Inc. | 357366 |  | 6844 |
|  Highwoods Properties, Inc. | 55429 |  | 1764 |
|  Host Hotels & Resorts, Inc. | 442181 |  | 7526 |
|  Hudson Pacific Properties, Inc. | 196250 |  | 542 |
|  Independence Realty Trust, Inc. | 66687 |  | 1093 |
|  Innovative Industrial Properties, Inc. | 14332 |  | 768 |
|  Invitation Homes, Inc. | 286504 |  | 8403 |
|  JBG SMITH Properties | 31190 |  | 694 |
|  Kilroy Realty Corp. | 54901 |  | 2320 |
|  Kimco Realty Corp. | 346012 |  | 7560 |
|  Kite Realty Group Trust | 112257 |  | 2503 |
|  LXP Industrial Trust | 150210 |  | 1346 |
|  Macerich Co. | 136619 |  | 2486 |
|  Medical Properties Trust, Inc. | 248897 |  | 1262 |
|  Mid-America Apartment Communities, Inc. | 49666 |  | 6940 |
|  Millrose Properties, Inc. | 88042 |  | 2959 |
|  National Health Investors, Inc. | 32245 |  | 2564 |
|  National Storage Affiliates Trust | 5765 |  | 174 |
|  NET Lease Office Properties | 1696 |  | 50 |
|  NETSTREIT Corp. | 42342 |  | 765 |
|  NexPoint Residential Trust, Inc. | 10961 |  | 353 |
|  NNN REIT, Inc. | 96879 |  | 4124 |
|  Omega Healthcare Investors, Inc. | 212956 |  | 8991 |
|  Paramount Group, Inc. | 94158 |  | 616 |
|  Park Hotels & Resorts, Inc. | 104083 |  | 1153 |
|  Pebblebrook Hotel Trust | 60952 |  | 694 |
|  Phillips Edison & Co., Inc. | 64194 |  | 2204 |
|  Piedmont Realty Trust, Inc. | 63590 |  | 572 |
|  Plymouth Industrial REIT, Inc. | 22844 |  | 510 |
|  Prologis, Inc. | 472021 |  | 54056 |
|  Public Storage | 80782 |  | 23334 |
|  Realty Income Corp. | 468151 |  | 28459 |
|  Regency Centers Corp. | 83009 |  | 6051 |
|  Rexford Industrial Realty, Inc. | 120416 |  | 4950 |
|  RLJ Lodging Trust | 12545 |  | 90 |
|  Ryman Hospitality Properties, Inc. | 32325 |  | 2896 |
|  Sabra Health Care REIT, Inc. | 138509 |  | 2582 |
|  Service Properties Trust | 17567 |  | 48 |
|  Sila Realty Trust, Inc. | 5712 |  | 143 |
|  Simon Property Group, Inc. | 166516 |  | 31250 |
|  SITE Centers Corp. | 27100 |  | 244 |
|  SL Green Realty Corp. | 28779 |  | 1721 |
|  STAG Industrial, Inc. | 96237 |  | 3396 |
|  Summit Hotel Properties, Inc. | 54447 |  | 299 |
|  Sun Communities, Inc. | 60134 |  | 7757 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Sunstone Hotel Investors, Inc. | 98776 | 926 |
|  Tanger, Inc. | 58421 | 1977 |
|  Terreno Realty Corp. | 36187 | 2054 |
|  UDR, Inc. | 154953 | 5774 |
|  UMH Properties, Inc. | 8857 | 132 |
|  Universal Health Realty Income Trust | 6363 | 249 |
|  Urban Edge Properties | 63672 | 1303 |
|  Ventas, Inc. | 233592 | 16349 |
|  Veris Residential, Inc. | 40689 | 618 |
|  Vornado Realty Trust | 70799 | 2870 |
|  Welltower, Inc. | 365419 | 65096 |
|  WP Carey, Inc. | 113076 | 7641 |
|  Xenia Hotels & Resorts, Inc. | 49044 | 673 |
|  Total Real Estate Investment Trusts (Cost $489,262) | Total Real Estate Investment Trusts (Cost $489,262) | 550330 |
|  | **OUNCES** |  |
| COMMODITIES 6.5% | COMMODITIES 6.5% | COMMODITIES 6.5% |
|  Gold Warehouse Receipts | 30055 | 115052 |
|  Total Commodities (Cost $82,249) | Total Commodities (Cost $82,249) | 115052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (h) |  | 543219 | $— | 543 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| REPURCHASE AGREEMENTS (i) 7.9% | REPURCHASE AGREEMENTS (i) 7.9% | REPURCHASE AGREEMENTS (i) 7.9% | REPURCHASE AGREEMENTS (i) 7.9% | REPURCHASE AGREEMENTS (i) 7.9% |
|  |  |  |  | 139540 |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  3.981% due 11/18/2025 - 01/13/2026 (d)(e) | $— | 4818 |  | 4775 |
| Total Short-Term Instruments (Cost $145,377) | Total Short-Term Instruments (Cost $145,377) | Total Short-Term Instruments (Cost $145,377) |  | 144858 |
| Total Investments in Securities (Cost $3,244,407) | Total Investments in Securities (Cost $3,244,407) | Total Investments in Securities (Cost $3,244,407) |  | 3343044 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 160809 | $— | 1566 |
| Total Short-Term Instruments (Cost $1,566) | Total Short-Term Instruments (Cost $1,566) |  | 1566 |
| Total Investments in Affiliates (Cost $1,566) | Total Investments in Affiliates (Cost $1,566) |  | 1566 |
| Total Investments 189.5%<br>(Cost $3,245,973) | Total Investments 189.5%<br>(Cost $3,245,973) | $— | 3344610 |
|  Financial Derivative<br>Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $1,079) | Financial Derivative<br>Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $1,079) |  | (4119) |
| Other Assets and Liabilities, net (89.3)% | Other Assets and Liabilities, net (89.3)% |  | (1575324) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1765167 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | **Principal<br>Amount** | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $5400 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(5508) | $5400 | $5401 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55100 | U.S. Treasury Notes 1.250% due 11/30/2026 | (56263) | 55100 | 55106 |
| MEI | 2.510 | 09/23/2025 | 10/01/2025 | 30000 | Canada Government Bonds 2.750% due 09/01/2030 | (22049) | 21556 | 21568 |
|  | 2.510 | 10/01/2025 | 10/15/2025 | 20000 | Canada Government Bonds 3.250% due 12/01/2034 | (14764) | 14371 | 14371 |
|  | 2.530 | 09/25/2025 | 10/03/2025 | 60000 | Canada Government Bonds 4.000% due 05/01/2026 | (44347) | 43113 | 43131 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142931) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139577 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(2)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 4.140% | 09/22/2025 | 10/06/2025 | $(7251) | $(7259) |
|  | 4.150 | 09/22/2025 | 10/06/2025 | (29106) | (29136) |
|  CIB | 4.270 | 09/18/2025 | 10/09/2025 | (133392) | (133598) |
|  | 4.270 | 09/23/2025 | 10/09/2025 | (21318) | (21338) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (448900) | (449594) |
|  SOG | 2.040 | 09/10/2025 | 10/06/2025 | (5114) | (6011) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757585) | (757585) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (755312) | (755404) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2159925) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(36395) | $0 | $(36395) | $36276 | $(119) |
|  BOS | 60507 | 0 | 0 | 60507 | (61771) | (1264) |
|  CIB | 0 | (154936) | 0 | (154936) | 154625 | (311) |
|  MEI | 79070 | 0 | 0 | 79070 | (81160) | (2090) |
|  NOM | 0 | (449594) | 0 | (449594) | 448295 | (1299) |
|  SOG | 0 | (6011) | 0 | (6011) | 5995 | (16) |
|  STR | 0 | (1512989) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1512989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745131) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2159925) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $(10925) | $0 | $0 | $(10925) |
|  U.S. Treasury Obligations | (755404) | (630000) | 0 | 0 | (1385404) |
|  Sovereign Issues | 0 | (6011) | 0 | 0 | (6011) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755404) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646936) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1402340) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $(1402340) |

---

(j) Securities with an aggregate market value of $1,412,889 and cash of $160 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1361619) at a weighted average interest rate of 4.402%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(757585) is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **58** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Brent Crude December Futures  | 10/2025 | 88 | $5811 | $21 | $0 | $(93) |
|  California Carbon Allowance December Futures  | 12/2025 | 399 | 12405 | 98 | 44 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 2148 | 70476 | 2511 | 236 | 0 |
|  Carbon Emissions December Futures  | 12/2025 | 43 | 3823 | 169 | 42 | (54) |
|  Euro-Bobl December Futures  | 12/2025 | 196 | 27110 | 8 | 37 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 230 | 32361 | 297 | 103 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 26 | 3495 | 79 | 32 | (7) |
|  Euro-Schatz December Futures  | 12/2025 | 303 | 38057 | (36) | 7 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 684 | 17023 | (1581) | 0 | (359) |
|  Iron Ore January Futures  | 01/2026 | 512 | 5168 | (70) | 23 | 0 |
|  Iron Ore November Futures  | 11/2025 | 125 | 1295 | (13) | 7 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 1 | 918 | (9) | 1 | (1) |
|  Natural Gas December Futures  | 11/2025 | 4 | 155 | (2) | 0 | 0 |
|  Natural Gas November Futures  | 10/2025 | 5 | 165 | 4 | 2 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1147 | 129038 | 2 | 0 | (18) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 268 | 31247 | 604 | 0 | (67) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 172 | 20651 | (107) | 0 | (97) |
|  WTI Crude December Futures  | 11/2025 | 92 | 5700 | (711) | 0 | (96) |
|  |  |  |  | $1264 | $534 | $(792) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 327 | $(49360) | $(4) | $81 | $(4) |
|  Euro-Oat December Futures  | 12/2025 | 545 | (77647) | (596) | 0 | (186) |
|  Gas Oil December Futures  | 12/2025 | 71 | (4782) | (254) | 39 | 0 |
|  Gas Oil November Futures  | 11/2025 | 36 | (2473) | 7 | 9 | (4) |
|  Gas Oil October Futures  | 10/2025 | 12 | (833) | (52) | 7 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 309 | (119682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9757) | 0 | (556) |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 1 | (26) | 1 | 1 | 0 |
|  Silver December Futures  | 12/2025 | 30 | (6996) | (288) | 56 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 316 | (65854) | 143 | 0 | (35) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213149) | 99 | 9 | (63) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 425 | (48908) | (139) | 26 | 0 |
|  Wheat December Futures  | 12/2025 | 678 | (17221) | 1249 | 390 | 0 |
|  WTI Crude December Futures  | 11/2025 | 92 | (5700) | 591 | 97 | 0 |
|  |  |  |  | $(9000) | $715 | $(848) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(7736) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 74800 | $(363) | $(69) | $(432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480000 | (65) | 313 | 248 | 8 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 2165000 | 275 | 387 | 662 | 17 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 03/22/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | 0 | (4) | (4) | 0 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 20753 | (237) | 107 | (130) | 0 | (1) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 48075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1208) | (54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1262) | 139 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 34900 | 4216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 | 6792 | 94 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 14600 | 389 | 774 | 1163 | 43 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 | 8700 | (219) | 163 | (56) | 0 | (28) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 131580 | (57) | 241 | 184 | 441 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 37510 | (535) | (155) | (690) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | 8400 | (1) | (19) | (20) | 0 | (9) |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 25200 | 0 | 118 | 118 | 0 | (35) |
|  Receive | CPTFEMU | 2.359 | Maturity | 08/15/2030 | 3900 | 106 | (70) | 36 | 0 | (12) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3240 | 0 | (43) | (43) | 0 | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | CPTFEMU | 2.034% | Maturity | 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | $(53) | $(93) | $(146) | $0 | $(48) |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 500 | (33) | 57 | 24 | 4 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1900 | (119) | 217 | 98 | 14 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 1500 | (95) | 167 | 72 | 10 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 4600 | 246 | 499 | 745 | 33 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 3300 | 247 | 365 | 612 | 25 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 1500 | 73 | 163 | 236 | 10 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 2400 | 161 | 261 | 422 | 16 | 0 |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | $2100 | 0 | (9) | (9) | 0 | 0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 7000 | 0 | (29) | (29) | 0 | (1) |
|  Pay | CPURNSA | 2.702 | Maturity | 01/14/2026 | 8600 | 0 | (35) | (35) | 0 | (1) |
|  Receive | CPURNSA | 2.418 | Maturity | 03/05/2026 | 4400 | 414 | 119 | 533 | 0 | (1) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 3300 | 231 | 91 | 322 | 0 | (1) |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 2240 | 167 | 62 | 229 | 0 | (1) |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 4100 | 304 | 115 | 419 | 0 | (1) |
|  Pay | CPURNSA | 0.000 | Maturity | 08/01/2026 | 8500 | 0 | 11 | 11 | 4 | 0 |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 | 4900 | 278 | 148 | 426 | 0 | (1) |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 | 3100 | 152 | 91 | 243 | 0 | 0 |
|  Pay | CPURNSA | 2.006 | Maturity | 11/30/2030 | 8200 | (1072) | (297) | (1369) | 0 | (1) |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 | 8800 | 0 | (9) | (9) | 0 | (12) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 10100 | 57 | 135 | 192 | 37 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 4200 | 0 | 59 | 59 | 12 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1695) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) | $(2153) |

---

(l) Securities with an aggregate market value of $17,883 and cash of $17,431 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $340 and liability of $(55) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 152 | $109 | $0 | $0 |
|  | 10/2025 | 49577 | 57825 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) |
|  | 10/2025 | 25 | 15 | 0 | 0 |
|  | 10/2025 | $16064 | 22349 | 0 | (5) |
|  | 11/2025 | 22313 | $16064 | 5 | 0 |
|  | 11/2025 | $109 | 152 | 0 | 0 |
|  | 11/2025 | 15 | 25 | 0 | 0 |
|  BOA | 10/2025 | 60058 | $43550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | 0 |
|  | 10/2025 | 7811 | 53 | 0 | 0 |
|  | 10/2025 | 18 | 10 | 0 | 0 |
|  | 10/2025 | $591 | 1987 | 9 | 0 |
|  | 10/2025 | 1581 | 139860 | 0 | (8) |
|  | 10/2025 | 454 | 67998 | 6 | 0 |
|  | 10/2025 | 903 | 1250362 | 0 | (12) |
|  | 10/2025 | 251 | 902 | 0 | (3) |
|  | 11/2025 | 67763 | $454 | 0 | (6) |
|  | 11/2025 | $279 | 932 | 3 | 0 |
|  | 11/2025 | 10 | 18 | 0 | 0 |
|  BPS | 10/2025 | 75622 | $12805 | 3 | (1407) |
|  | 10/2025 | 22615 | 3175 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 1756 | $2068 | $6 | $0 |
|  | 10/2025 | 68399379 | 4136 | 41 | (6) |
|  | 10/2025 | 100325 | 1139 | 10 | 0 |
|  | 10/2025 | 18 | 10 | 0 | 0 |
|  | 10/2025 | 182977 | 6091 | 88 | (8) |
|  | 10/2025 | $14020 | 75622 | 194 | (5) |
|  | 10/2025 | 5674 | 93686185 | 0 | (59) |
|  | 10/2025 | 530 | 78779 | 2 | 0 |
|  | 10/2025 | 4340 | 5998909 | 0 | (66) |
|  | 10/2025 | 3601 | 13106 | 5 | (1) |
|  | 10/2025 | 1012 | 30751 | 0 | (2) |
|  | 11/2025 | 11029503 | $660 | 0 | (1) |
|  | 11/2025 | 66757 | 750 | 0 | 0 |
|  | 11/2025 | 78506 | 530 | 0 | (2) |
|  | 11/2025 | 574744 | 410 | 0 | 0 |
|  | 11/2025 | $224 | 1199 | 0 | 0 |
|  | 11/2025 | 881 | 2960 | 13 | 0 |
|  | 11/2025 | 10 | 18 | 0 | 0 |
|  | 12/2025 | 21941 | $731 | 7 | 0 |
|  | 12/2025 | $1018 | 17129492 | 6 | 0 |
|  | 12/2025 | 166 | 3073 | 1 | 0 |
|  | 12/2025 | 161 | 5077 | 0 | (3) |
|  | 04/2026 | 29800 | $5216 | 0 | (144) |
|  BRC | 10/2025 | 3681 | 4612 | 0 | (12) |
|  | 10/2025 | 914 | 1071 | 0 | (2) |
|  | 10/2025 | 2013 | 2719 | 11 | 0 |
|  | 10/2025 | 480216 | 29 | 0 | 0 |
|  | 10/2025 | $5816 | 4664 | 43 | 0 |
|  | 10/2025 | 5137 | 3820 | 1 | 0 |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 731 | 2674 | 4 | 0 |
|  | 10/2025 | 2201 | 38820 | 44 | 0 |
|  | 11/2025 | 5 | $1 | 0 | 0 |
|  | 11/2025 | $4572 | 3635 | 12 | 0 |
|  | 11/2025 | 1073 | 914 | 2 | 0 |
|  | 11/2025 | 2719 | 2013 | 0 | (11) |
|  | 11/2025 | 6742 | $383 | 0 | (6) |
|  BSH | 10/2025 | 52800 | 9927 | 7 | 0 |
|  | 10/2025 | 2314 | 2689 | 0 | (28) |
|  | 10/2025 | $9709 | 52800 | 211 | 0 |
|  | 10/2025 | 726 | 625 | 8 | 0 |
|  | 02/2026 | 1106 | $316 | 0 | (1) |
|  | 04/2026 | 56500 | 9948 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
|  CBK | 10/2025 | 2145 | 1401 | 0 | (18) |
|  | 10/2025 | 8736 | 1643 | 1 | 0 |
|  | 10/2025 | 32020 | 23172 | 164 | 0 |
|  | 10/2025 | 32373 | 5056 | 0 | (36) |
|  | 10/2025 | 733 | 862 | 2 | 0 |
|  | 10/2025 | 608 | 821 | 3 | 0 |
|  | 10/2025 | 42329870 | 2559 | 27 | (5) |
|  | 10/2025 | 136395 | 1536 | 2 | 0 |
|  | 10/2025 | 9022 | 7020 | 27 | 0 |
|  | 10/2025 | 13872 | 430 | 1 | 0 |
|  | 10/2025 | 239178 | 8071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 0 |
|  | 10/2025 | $1633 | 8736 | 9 | 0 |
|  | 10/2025 | 1540 | 10974 | 2 | (2) |
|  | 10/2025 | 155 | 133 | 1 | 0 |
|  | 10/2025 | 1688 | 27769570 | 0 | (24) |
|  | 10/2025 | 6733 | 591455 | 0 | (81) |
|  | 10/2025 | 52 | 521 | 0 | 0 |
|  | 10/2025 | 1849 | 17540 | 14 | 0 |
|  | 10/2025 | 3444 | 104803 | 3 | (4) |
|  | 10/2025 | 3298 | $190 | 0 | (1) |
|  | 11/2025 | 521 | 52 | 0 | 0 |
|  | 11/2025 | $18 | 26 | 0 | 0 |
|  | 11/2025 | 632 | 2117 | 8 | 0 |
|  | 11/2025 | 1536 | 136662 | 0 | (2) |
|  | 11/2025 | 1157 | 1490 | 0 | 0 |
|  | 12/2025 | 67990 | $2249 | 5 | (1) |
|  | 12/2025 | $1053 | 17690467 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 8925 | $1633 | $0 | $(7) |
|  | 01/2026 | 36044 | 1195 | 1 | 0 |
|  DUB | 10/2025 | 48460 | 6815 | 14 | 0 |
|  | 10/2025 | 25294893 | 1543 | 27 | 0 |
|  | 10/2025 | 221500 | 2493 | 2 | 0 |
|  | 10/2025 | 3075344 | 2218 | 26 | 0 |
|  | 10/2025 | $2007 | 6857 | 63 | 0 |
|  | 10/2025 | 3257 | 287980 | 0 | (18) |
|  | 11/2025 | 6853 | $2007 | 0 | (62) |
|  | 11/2025 | 18575 | 209 | 0 | 0 |
|  | 11/2025 | $2493 | 221940 | 0 | (2) |
|  | 11/2025 | 7666 | $436 | 0 | (7) |
|  FAR | 10/2025 | 21104 | 13689 | 0 | (275) |
|  | 10/2025 | 654 | 821 | 0 | (1) |
|  | 10/2025 | 21129 | 2976 | 10 | 0 |
|  | 10/2025 | 3103171 | 21108 | 125 | 0 |
|  | 10/2025 | 12 | 7 | 0 | 0 |
|  | 10/2025 | $15179 | 23249 | 205 | 0 |
|  | 10/2025 | 6393 | 563870 | 0 | (51) |
|  | 10/2025 | 2894 | 10560 | 11 | 0 |
|  | 10/2025 | 22245 | 28649 | 0 | (35) |
|  | 11/2025 | 23249 | $15187 | 0 | (204) |
|  | 11/2025 | 28576 | 22245 | 34 | 0 |
|  | 11/2025 | $19326 | 107979 | 800 | 0 |
|  | 11/2025 | 821 | 651 | 1 | 0 |
|  | 11/2025 | 7 | 12 | 0 | 0 |
|  | 12/2025 | 5848 | $307 | 0 | (10) |
|  | 12/2025 | $3734 | 70762 | 99 | 0 |
|  GLM | 10/2025 | 121200 | $19899 | 0 | (2873) |
|  | 10/2025 | 161 | 201 | 0 | (1) |
|  | 10/2025 | 1666 | 234 | 1 | 0 |
|  | 10/2025 | 17397989 | 1043 | 1 | 0 |
|  | 10/2025 | 308 | 240 | 2 | 0 |
|  | 10/2025 | $22364 | 121200 | 413 | (5) |
|  | 10/2025 | 1716 | 28372273 | 0 | (16) |
|  | 10/2025 | 1831 | 160685 | 0 | (24) |
|  | 11/2025 | 160 | 535 | 1 | 0 |
|  | 12/2025 | 356161 | $21 | 0 | 0 |
|  | 12/2025 | 1869 | 98 | 0 | (3) |
|  | 12/2025 | $1016 | 16986734 | 0 | 0 |
|  | 04/2026 | 152500 | $26648 | 3 | (786) |
|  JPM | 10/2025 | 3232 | 595 | 0 | (13) |
|  | 10/2025 | 22168 | 16041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | 0 |
|  | 10/2025 | 51092455 | 3060 | 0 | (2) |
|  | 10/2025 | 22846 | 259 | 2 | 0 |
|  | 10/2025 | 5322776 | 3839 | 46 | 0 |
|  | 10/2025 | 1485 | 1155 | 4 | 0 |
|  | 10/2025 | 103411 | 3476 | 78 | 0 |
|  | 10/2025 | $608 | 3232 | 0 | 0 |
|  | 10/2025 | 107 | 148 | 0 | (1) |
|  | 10/2025 | 9372 | 59667 | 13 | 0 |
|  | 10/2025 | 4881 | 81082144 | 2 | (22) |
|  | 10/2025 | 648 | 2175 | 9 | 0 |
|  | 10/2025 | 482 | 1771 | 5 | 0 |
|  | 10/2025 | 311 | 9458 | 0 | (1) |
|  | 10/2025 | 495 | 8752 | 11 | 0 |
|  | 11/2025 | 59530 | $9372 | 0 | (13) |
|  | 11/2025 | 21400 | 1223 | 0 | (11) |
|  | 04/2026 | 57300 | 9668 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639) |
|  MBC | 10/2025 | 526 | 382 | 4 | 0 |
|  | 10/2025 | 169 | 212 | 0 | 0 |
|  | 10/2025 | 24660 | 3469 | 8 | 0 |
|  | 10/2025 | 2465 | 3323 | 9 | (1) |
|  | 10/2025 | 2536405 | 154 | 2 | 0 |
|  | 10/2025 | 5554 | 38 | 0 | 0 |
|  | 10/2025 | 7044231 | 5053 | 34 | 0 |
|  | 10/2025 | 18217 | 1900 | 0 | (35) |
|  | 10/2025 | 19334 | 15087 | 99 | 0 |
|  | 10/2025 | 32738 | 1017 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 31768 | $1038 | $0 | $(6) |
|  | 10/2025 | $664 | 913 | 0 | (7) |
|  | 10/2025 | 2286 | 16282 | 0 | 0 |
|  | 10/2025 | 8357 | 7093 | 0 | (29) |
|  | 10/2025 | 2864 | 2121 | 0 | (11) |
|  | 10/2025 | 142 | 2338452 | 0 | (2) |
|  | 10/2025 | 262 | 39044 | 2 | 0 |
|  | 10/2025 | 3399 | 4745186 | 0 | (17) |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 1042 | 1777 | 0 | (12) |
|  | 10/2025 | 1164 | 1499 | 0 | (2) |
|  | 10/2025 | 640 | 20720 | 0 | 0 |
|  | 11/2025 | 16243 | $2286 | 0 | 0 |
|  | 11/2025 | 78271 | 879 | 0 | 0 |
|  | 11/2025 | 66751 | 451 | 0 | (2) |
|  | 11/2025 | 5 | 1 | 0 | 0 |
|  | 11/2025 | $3323 | 2465 | 1 | (9) |
|  | 11/2025 | 169 | 563 | 1 | 0 |
|  MYI | 10/2025 | 2700 | $441 | 0 | (67) |
|  | 10/2025 | 24896 | 3499 | 4 | 0 |
|  | 10/2025 | 10260797 | 623 | 8 | 0 |
|  | 10/2025 | 34540 | 234 | 1 | 0 |
|  | 10/2025 | 1045 | 105 | 1 | 0 |
|  | 10/2025 | $508 | 2700 | 0 | 0 |
|  | 10/2025 | 9977 | 1489464 | 95 | 0 |
|  | 10/2025 | 1963 | 7107 | 0 | (8) |
|  | 10/2025 | 1941 | 58493 | 0 | (20) |
|  | 11/2025 | 1484310 | $9977 | 0 | (95) |
|  | 12/2025 | 3299 | 176 | 0 | (2) |
|  | 12/2025 | 58113 | 1941 | 23 | 0 |
|  SCX | 10/2025 | 3898 | 733 | 0 | 0 |
|  | 10/2025 | 383 | 277 | 2 | 0 |
|  | 10/2025 | 18106 | 2548 | 7 | 0 |
|  | 10/2025 | 27291 | 4248 | 0 | (44) |
|  | 10/2025 | 856 | 1145 | 0 | (6) |
|  | 10/2025 | 21704297 | 1300 | 0 | (1) |
|  | 10/2025 | 159090 | 1790 | 0 | 0 |
|  | 10/2025 | 176843 | 1203 | 7 | 0 |
|  | 10/2025 | 141652 | 4780 | 126 | 0 |
|  | 10/2025 | $733 | 3898 | 0 | (1) |
|  | 10/2025 | 1340 | 1843 | 0 | (15) |
|  | 10/2025 | 1698 | 27923486 | 0 | (25) |
|  | 10/2025 | 3172 | 280017 | 0 | (22) |
|  | 11/2025 | 322 | $2 | 0 | 0 |
|  | 11/2025 | $1145 | 856 | 6 | 0 |
|  | 11/2025 | 1581 | 140808 | 0 | 0 |
|  | 12/2025 | 733 | 3954 | 0 | 0 |
|  | 12/2025 | 1300 | 21759152 | 1 | 0 |
|  SOG | 10/2025 | 1905 | $357 | 0 | (1) |
|  | 10/2025 | 1619336 | 11011 | 61 | 0 |
|  | 10/2025 | 1698 | 990 | 5 | 0 |
|  | 10/2025 | $358 | 1905 | 0 | 0 |
|  | 10/2025 | 55794 | 47444 | 0 | (92) |
|  | 10/2025 | 21799 | 3243678 | 135 | 0 |
|  | 10/2025 | 1282 | 38577 | 0 | (14) |
|  | 11/2025 | 47443 | $55906 | 93 | 0 |
|  | 11/2025 | 3232461 | 21799 | 0 | (135) |
|  | 12/2025 | $357 | 1932 | 1 | 0 |
|  UAG | 10/2025 | 20039 | $14414 | 5 | 0 |
|  | 10/2025 | 11708 | 3510 | 0 | (25) |
|  | 10/2025 | 1468 | 402 | 0 | (2) |
|  | 10/2025 | $201 | 688 | 7 | 0 |
|  | 10/2025 | 74 | 6494 | 0 | (1) |
|  | 10/2025 | 49 | 495 | 1 | 0 |
|  | 10/2025 | 2100 | 7619 | 0 | (5) |
|  | 10/2025 | 640 | 20712 | 0 | 0 |
|  | 10/2025 | 191 | 3298 | 0 | 0 |
|  | 10/2025 | 3299 | $191 | 0 | 0 |
|  | 11/2025 | 688 | 201 | 0 | (7) |
|  | 11/2025 | 7333 | 416 | 0 | (7) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8379) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 63

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | **Premiums<br>(Received)** | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 7500 | $(67) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 7500 | (67) | (33) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 35300 | (426) | (233) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 35300 | (426) | (3) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 22700 | (206) | (121) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 22700 | (206) | (122) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 42700 | (391) | (310) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 42700 | (391) | (172) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements, at<br>Value | Swap Agreements, at<br>Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | Alerian Midstream Energy Total Return Index  | 81838 | 4.760% (SOFR plus a specified spread) | Monthly | 11/05/2025 | $99539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353) |
|  | Receive | MLPIREIL Index<sup>(5)</sup>  | 1071746 | 4.740% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 104195 | 0 | (82) | 0 | (82) |
|  | Pay | MLPIREIS Index<sup>(6)</sup>  | 933379 | 4.590% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 92349 | 0 | 80 | 80 | 0 |
|  BPS | Receive | BCOMF1NTC Index  | 50338 | 0.120% | Monthly | 03/16/2026 | 6410 | 0 | (2) | 0 | (2) |
|  CBK | Receive | DWRTFT Index  | 10164 | 4.690% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 144215 | 0 | (550) | 0 | (550) |
|  | Receive | DWRTFT Index  | 7350 | 4.720% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 104287 | 0 | (400) | 0 | (400) |
|  | Receive | DWRTFT Index  | 8207 | 4.750% (SOFR plus a specified spread | Monthly | 08/05/2026 | 116447 | 0 | (450) | 0 | (450) |
|  CIB | Receive | PIMCODB Index<sup>(7)</sup>  | 455284 | 0.000% | Monthly | 06/15/2026 | 97218 | 0 | 645 | 645 | 0 |
|  GST | Receive | BCOMF1NTC Index  | 14108 | 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 5078 | 0 | (8) | 0 | (8) |
|  | Receive | PIMCODB Index<sup>(8)</sup>  | 1076712 | 0.000% | Monthly | 04/15/2026 | 119444 | 0 | 825 | 825 | 0 |
|  JPM | Receive | AMZX Index  | 30942 | 4.450% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 76794 | 0 | (292) | 0 | (292) |
|  | Receive | DWRTFT Index  | 10109 | 4.755% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 143434 | 0 | (489) | 0 | (489) |
|  | Receive | AMZX Index  | 9144 | 4.550% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 22694 | 0 | (88) | 0 | (88) |
|  | Receive | JMABNIC5 Index<sup>(9)</sup>  | 618271 | 0.000% | Monthly | 07/15/2026 | 116418 | 0 | (2) | 0 | (2) |
|  MAC | Receive | PIMCODB Index<sup>(10)</sup>  | 597158 | 0.000% | Monthly | 08/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122128 | 0 | 834 | 834 | 0 |
|  MYI | Receive | DWRTFT Index  | 2827 | 4.650% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 40112 | 0 | (152) | 0 | (152) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) |

---

64 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Volatility** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements, at<br>Value | Swap Agreements, at<br>Value |
| **Counterparty** | **Pay/Receive<br>Volatility** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  JPM | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.203% | Maturity | 10/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67785 | $0 | $844 | $844 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $5 | $0 | $0 | $5 | $(387) | $0 | $0 | $(387) | $(382) | $464 | $82 |
|  BOA | 409 | 0 | 80 | 489 | (29) | 0 | (435) | (464) | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3683) |
|  BPS | 377 | 0 | 0 | 377 | (1704) | 0 | (2) | (1706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1329) | 1170 | (159) |
|  BRC | 117 | 0 | 0 | 117 | (31) | (80) | 0 | (111) | 6 | 21 | 27 |
|  BSH | 226 | 0 | 0 | 226 | (244) | 0 | 0 | (244) | (18) | 0 | (18) |
|  CBK | 487 | 0 | 0 | 487 | (181) | 0 | (1400) | (1581) | (1094) | (354) | (1448) |
|  CIB | 0 | 0 | 645 | 645 | 0 | 0 | 0 | 0 | 645 | (1040) | (395) |
|  DUB | 132 | 0 | 0 | 132 | (89) | 0 | 0 | (89) | 43 | 0 | 43 |
|  FAR | 1285 | 0 | 0 | 1285 | (576) | 0 | 0 | (576) | 709 | (750) | (41) |
|  GLM | 421 | 0 | 0 | 421 | (3708) | (961) | 0 | (4669) | (4248) | 2992 | (1256) |
|  GST | 0 | 0 | 825 | 825 | 0 | 0 | (8) | (8) | 817 | (1120) | (303) |
|  JPM | 282 | 0 | 844 | 1126 | (702) | 0 | (871) | (1573) | (447) | 1337 | 890 |
|  MAC | 0 | 0 | 834 | 834 | 0 | 0 | 0 | 0 | 834 | (1230) | (396) |
|  MBC | 165 | 0 | 0 | 165 | (133) | 0 | 0 | (133) | 32 | 0 | 32 |
|  MYI | 132 | 0 | 0 | 132 | (192) | 0 | (152) | (344) | (212) | 41 | (171) |
|  SCX | 149 | 0 | 0 | 149 | (114) | 0 | 0 | (114) | 35 | 0 | 35 |
|  SOG | 295 | 0 | 0 | 295 | (242) | 0 | 0 | (242) | 53 | 0 | 53 |
|  UAG | 13 | 0 | 0 | 13 | (47) | 0 | 0 | (47) | (34) | 0 | (34) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8379) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12288) |  |  |  |

---

(n) Securities with an aggregate market value of $7,527 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Variance Swap.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 0.8% | $834 |
|  American Tower Corp. | 5.7 | 5938 |
|  Apple Hospitality REIT, Inc. | 4.8 | 5001 |
|  AvalonBay Communities, Inc. | 1.5 | 1563 |
|  Crown Castle International Corp. | 5.8 | 6043 |
|  Cubesmart | 0.8 | 834 |
|  DiamondRock Hospitality Company | 1.6 | 1667 |
|  Digital Realty Trust, Inc. | 2.9 | 3022 |
|  Equinix, Inc. | 2.0 | 2084 |
|  Equity Lifestyle Properties, Inc. | 4.8 | 5001 |
|  Equity Residential | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 |
|  Extra Space Storage, Inc. | 0.1 | 104 |
|  Federal Realty Investment Trust | 0.6 | 625 |
|  First Industrial Realty Trust, Inc. | 3.3 | 3438 |
|  Gaming and Leisure Properties, Inc. | 5.4 | 5627 |
|  Healthcare Realty Trust Incorporated | 2.5 | 2605 |
|  Healthpeak Properties, Inc. | 6.5 | 6773 |
|  Host Hotels & Resorts, Inc. | 2.5 | 2605 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
|  Invitation Homes, Inc. | 4.1% | $4272 |
|  Kimco Realty Corporation | 4 | 4168 |
|  Kite Realty Group Trust | 5.7 | 5939 |
|  Macerich Co. | 5.5 | 5731 |
|  NNN REIT, Inc. | 2.1 | 2188 |
|  Park Hotels & Resorts, Inc. | 1 | 1042 |
|  Public Storage | 0.5 | 521 |
|  Realty Income Corp. | 0.1 | 104 |
|  Ryman Hospitality Properties, Inc. | 2.6 | 2709 |
|  Sabra Health Care REIT, Inc. | 0.5 | 521 |
|  SBA Communications Corporation | 5.6 | 5835 |
|  Simon Property Group, Inc. | 5.9 | 6148 |
|  Sun Communities, Inc. | 2.8 | 2917 |
|  UDR, Inc. | 1.9 | 1980 |
|  VICI Properties, Inc. | 4 | 4168 |
|  Total Real Estate |  | $104195 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104195 |

---

<sup>(6)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.2% | $1108 |
|  Agree Realty Corporation | 4.9 | 4525 |
|  American Assets Trust, Inc. | 1.4 | 1293 |
|  Boston Properties Inc | 4.6 | 4248 |
|  Brandywine Realty Trust | 1.8 | 1662 |
|  Brixmor Property Group, Inc. | 2.5 | 2309 |
|  Camden Property Trust | 0.4 | 369 |
|  Copt Defense Properties | 5.5 | 5079 |
|  Cousins Properties Incorporated | 5.4 | 4987 |
|  Curbline Properties Corp. | 2.4 | 2216 |
|  Douglas Emmett, Inc. | 4.7 | 4340 |
|  Eastgroup Properties, Inc. | 2 | 1847 |
|  Elme Communities | 2.6 | 2401 |
|  EPR Properties | 0.2 | 185 |
|  Essential Properties Realty Trust, Inc. | 1.5 | 1386 |
|  Essex Property Trust, Inc. | 0.1 | 92 |
|  Highwoods Properties, Inc. | 6.6 | 6095 |
|  Independence Realty Trust, Inc. | 2.9 | 2678 |
|  JBG Smith Properties | 4.7 | 4340 |
|  Kilroy Realty Corporation | 6.8 | 6280 |
|  LXP Industrial Trust | 0.4 | 369 |
|  Mid-America Apartment Communities, Inc. | 2.1 | 1939 |
|  National Storage Affiliates Trust | 0.5 | 462 |
|  Omega Healthcare Investors, Inc. | 2.8 | 2586 |
|  Pebblebrook Hotel Trust | 1.4 | 1293 |
|  Phillips Edison & Company, Inc. | 0.1 | 92 |
|  Prologis, Inc. | 0.5 | 462 |
|  Regency Centers Corp. | 1.6 | 1479 |
|  Rexford Industrial Realty, Inc. | 1 | 923 |
|  Stag Industrial, Inc. | 0.4 | 369 |
|  Sunstone Hotel Investors, Inc. | 1.2 | 1108 |
|  Tanger, Inc. | 0.7 | 646 |
|  Terreno Realty Corporation | 3.1 | 2863 |
|  Urban Edge Properties | 0.7 | 646 |
|  Ventas, Inc. | 6.9 | 6372 |
|  Veries Residential, Inc. | 1.5 | 1386 |
|  Vornado Realty Trust | 3.3 | 3048 |
|  Welltower, Inc. | 8.2 | 7573 |
|  WP Carey, Inc. | 1.4 | 1293 |
|  Total Real Estate |  | $92349 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92349 |

---

66 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

September 30, 2025 (Unaudited)

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.2% | $4035 |
|  Aluminum November 2025 Futures | 1 | 992 |
|  Arabica Coffee March 2026 Futures | 3.5 | 3451 |
|  Brent Crude March 2026 Futures | 2.6 | 2508 |
|  Cocoa March 2026 Futures | 1.8 | 1798 |
|  Copper December 2025 Futures | 1.4 | 1400 |
|  Corn March 2026 Futures | 0.2 | 175 |
|  Gas Oil March 2026 Futures | 4.9 | 4803 |
|  Gold 100 oz. December 2025 Futures | 14.2 | 13785 |
|  Gold 100 oz. February 2026 Futures | 6.3 | 6096 |
|  Lead November 2025 Futures | 0.2 | 204 |
|  Live Cattle December 2025 Futures | 5.6 | 5473 |
|  Live Cattle February 2026 Futures | 5.2 | 5026 |
|  New York Harbor ULSD March 2026 Futures | 7.2 | 7019 |
|  Nickel March 2026 Futures | 4.2 | 4073 |
|  Nickel November 2025 Futures | 0.6 | 535 |
|  RBOB Gasoline March 2026 Futures | 8.6 | 8322 |
|  Silver December 2025 Futures | 6.9 | 6727 |
|  Silver March 2026 Futures | 3.5 | 3364 |
|  Soybean Oil March 2026 Futures | 0.4 | 350 |
|  WTI Crude March 2026 Futures | 2.4 | 2314 |
|  Zinc March 2026 Futures | 3.8 | 3714 |
|  Zinc November 2025 Futures | 3.8 | 3733 |
|  Total Long Futures Contracts |  | $89897 |
|  Cash | 7.5% | $7321 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97218 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum February 2026 Futures | 4.2% | $4969 |
|  Aluminum November 2025 Futures | 1 | 1218 |
|  Arabica Coffee March 2026 Futures | 3.6 | 4288 |
|  Brent Crude March 2026 Futures | 2.5 | 3034 |
|  Cocoa March 2026 Futures | 1.8 | 2138 |
|  Copper December 2025 Futures | 1.4 | 1708 |
|  Corn March 2026 Futures | 0.2 | 203 |
|  Gas Oil February 2026 Futures | 4.9 | 5865 |
|  Gold 100 oz. December 2025 Futures | 14.3 | 17056 |
|  Gold 100 oz. February 2026 Futures | 6.3 | 7537 |
|  Lead November 2025 Futures | 0.2 | 251 |
|  Live Cattle December 2025 Futures | 5.6 | 6760 |
|  Live Cattle February 2026 Futures | 5.2 | 6211 |
|  New York Harbor ULSD February 2026 Futures | 7.2 | 8552 |
|  Nickel February 2026 Futures | 4.2 | 4981 |
|  Nickel November 2025 Futures | 0.5 | 645 |
|  RBOB Gasoline February 2026 Futures | 8.5 | 10141 |
|  Silver December 2025 Futures | 6.9 | 8218 |
|  Silver March 2026 Futures | 3.4 | 4109 |
|  Soybean Oil March 2026 Futures | 0.4 | 430 |
|  WTI Crude February 2026 Futures | 2.3 | 2807 |
|  Zinc February 2026 Futures | 3.9 | 4599 |
|  Zinc November 2025 Futures | 3.9 | 4634 |
|  Total Long Futures Contracts |  | $110354 |
|  Cash | 7.6% | $9090 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119444 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude March 2026 Futures | 15.0% | $17473 |
|  Cotton No. 02 December 2025 Futures | 1.6 | 1867 |
|  Gas Oil February 2026 Futures | 2.9 | 3402 |
|  Gold 100 oz. December 2025 Futures | 21.6 | 25133 |
|  Live Cattle December 2025 Futures | 6.5 | 7622 |
|  LME - Copper November 2025 Futures | 7.5 | 8769 |
|  New York Harbor ULSD February 2026 Futures | 4.0 | 4680 |
|  Nickel November 2025 Futures | 3.6 | 4176 |
|  RBOB Gasoline February 2026 Futures | 3.9 | 4492 |
|  Silver December 2025 Futures | 7.1 | 8262 |
|  Soybean Meal December 2025 Futures | 10.3 | 12024 |
|  Soybeans November 2025 Futures | 13.2 | 15423 |
|  Sugar No. 11 March 2026 Futures | 2.7 | 3094 |
|  Total Long Futures Contracts |  | $116417 |
|  Cash | 0.1% | $1 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116418 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum December 2025 Futures | 1.0% | $1243 |
|  Aluminum March 2026 Futures | 4.2 | 5076 |
|  Arabica Coffee March 2026 Futures | 3.6 | 4385 |
|  Brent Crude May 2026 Futures | 2.5 | 3106 |
|  Cocoa March 2026 Futures | 1.8 | 2188 |
|  Copper December 2025 Futures | 1.4 | 1748 |
|  Corn March 2026 Futures | 0.2 | 211 |
|  Gas Oil May 2026 Futures | 4.9 | 5998 |
|  Gold 100 oz. April 2026 Futures | 6.3 | 7707 |
|  Gold 100 oz. December 2025 Futures | 14.3 | 17430 |
|  Lead December 2025 Futures | 0.2 | 262 |
|  Live Cattle April 2026 Futures | 5.2 | 6354 |
|  Live Cattle December 2025 Futures | 5.7 | 6911 |
|  New York Harbor ULSD May 2026 Futures | 7.2 | 8745 |
|  Nickel December 2025 Futures | 0.5 | 665 |
|  Nickel March 2026 Futures | 4.2 | 5093 |
|  RBOB Gasoline May 2026 Futures | 8.5 | 10371 |
|  Silver December 2025 Futures | 6.9 | 8396 |
|  Silver March 2026 Futures | 3.4 | 4197 |
|  Soybean Oil March 2026 Futures | 0.4 | 438 |
|  WTI Crude May 2026 Futures | 2.3 | 2871 |
|  Zinc December 2025 Futures | 3.9 | 4730 |
|  Zinc March 2026 Futures | 3.8 | 4699 |
|  Total Long Futures Contracts |  | $112824 |
|  Cash | 7.6% | $9304 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122128 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **68** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $1281 | $0 | $0 | $0 | $308 | $1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1010 | 1010 |
|  | $1281 | $0 | $0 | $0 | $1318 | $2599 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4495 | $0 | $4495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 3148 | 0 | 80 | 0 | 0 | 3228 |
|  | $3148 | $0 | $80 | $4495 | $0 | $7723 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10322 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $1216 | $0 | $0 | $0 | $479 | $1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 458 | 458 |
|  | $1216 | $0 | $0 | $0 | $937 | $2153 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $8379 | $0 | $8379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1041 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 12 | 0 | 2856 | 0 | 0 | 2868 |
|  | $12 | $0 | $2856 | $8379 | $1041 | $12288 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14441 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $428 | $0 | $0 | $0 | $0 | $428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 478 | 0 | 0 | 0 | 0 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (18466) | 0 | 1244 | 0 | 1831 | (15391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 7633 | 7633 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17560) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | $0 | $9464 | $(6852) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(15307) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 417 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 29512 | 0 | 4005 | 0 | 0 | 33517 |
|  | $29512 | $0 | $4005 | $(15307) | $417 | $18627 |
|  | $11952 | $0 | $5249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $147 | $0 | $0 | $0 | $0 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (160) | 0 | 0 | 0 | 0 | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 6122 | 0 | 0 | 0 | 753 | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (129) | (129) |
|  | $6109 | $0 | $0 | $0 | $624 | $6733 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2016) | $0 | $(2016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 405 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (5533) | 0 | 169 | 0 | 0 | (5364) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5533) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2016) | $405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6975) |
|  | $576 | $0 | $169 | $(2016) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | $(242) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 69

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $10873 | $0 | $10873 |
| &nbsp;&nbsp; Industrials | 0 | 39 | 9000 | 9039 |
| &nbsp;&nbsp; Utilities | 0 | 327 | 0 | 327 |
|  U.S. Government Agencies | 0 | 338714 | 18089 | 356803 |
|  U.S. Treasury Obligations | 0 | 1887734 | 0 | 1887734 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7927 | 0 | 7927 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 10357 | 0 | 10357 |
| &nbsp;&nbsp; Home Equity Other | 0 | 28543 | 0 | 28543 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 716 | 0 | 716 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12419 | 0 | 12419 |
| &nbsp;&nbsp; Other ABS | 0 | 108754 | 0 | 108754 |
|  Sovereign Issues | 0 | 96494 | 0 | 96494 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Real Estate | 2592 | 0 | 0 | 2592 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 226 | 0 | 226 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 550330 | 0 | 0 | 550330 |
|  Commodities | 0 | 115052 | 0 | 115052 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 543 | 0 | 543 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 139540 | 0 | 139540 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4775 | 0 | 4775 |
|  | $552922 | $2763033 | $27089 | $3343044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1566 | $0 | $0 | $1566 |
|  Total Investments | $554488 | $2763033 | $27089 | $3344610 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1214 | 1045 | 0 | 2259 |
|  Over the counter | 0 | 7723 | 0 | 7723 |
|  | $1214 | $8768 | $0 | $9982 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1360) | (738) | 0 | (2098) |
|  Over the counter | 0 | (12288) | 0 | (12288) |
|  | $(1360) | $(13026) | $0 | $(14386) |
|  Total Financial Derivative Instruments | $(146) | $(4258) | $0 | $(4404) |
|  Totals | $554342 | $2758775 | $27089 | $3340206 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $9000 | $0 | $0 | $0 | $0 | $0 | $0 | $9000 | $0 |
|  U.S. Government Agencies | 0 | 18089 | 0 | 0 | 0 | 0 | 0 | 0 | 18089 | 0 |
|  Totals | $0 | $27089 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $27089 | $0 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $9000 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 18089 | Recent Transaction | Purchase Price | 99.938 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27089 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **70** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser to the Funds.

Shares of the Funds have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. Each Fund issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act.

The PIMCO All Asset: Multi-Real Fund has established PIMCO All Asset: Multi-Real Fund (Cayman) Ltd., a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent offering memorandum supplement, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,

subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Notes to Financial Statements (Cont.)

Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the

U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Asset: Multi-Real Fund |  | Quarterly |  | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices

---

| | |
|:---|:---|
| **72** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The price of a Fund's shares is based on the Fund's net asset value ("NAV"). The NAV of a Fund, 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, each Funds' 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 Funds or their 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, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each 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, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each 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 a 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 Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Notes to Financial Statements (Cont.)

under 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 has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may

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

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

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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

---

| | |
|:---|:---|
| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's offering memorandum.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

---

| | |
|:---|:---|
| <sup>∎</sup> | 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. |

---

<sup>∎</sup> 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 each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a 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 each respective Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Notes to Financial Statements (Cont.)

backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity's trading currency to the contract's settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared

swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

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

---

| | |
|:---|:---|
| **76** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back

to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the affiliate funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $0 | $165985 | $(166352) | $367 | $0 | $0 | $1421 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 4200 | 25571 | (21740) | 18 | 13 | 8062 | 197 | 0 |

---

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $31 | $10774 | $(900) | $0 | $1 | $9906 | $72 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 13351 | 897269 | (909000) | (54) | 0 | 1566 | 273 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a

delayed- delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Notes to Financial Statements (Cont.)

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's offering memorandum and

---

| | |
|:---|:---|
| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

offering memorandum supplement (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Notes to Financial Statements (Cont.)

seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

(c) The PIMCO All Asset: Multi-Real Fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not

---

| | |
|:---|:---|
| **80** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

Notes to Financial Statements (Cont.)

hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument.

When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

---

| | |
|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's offering memorandum. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Notes to Financial Statements (Cont.)

active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of

the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments

---

| | |
|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

---

| | | | |
|:---|:---|:---|:---|
| Risks | PIMCO All Asset:<br>Multi-RAE PLUS<br>Fund | PIMCO All Authority:<br>Multi-RAE PLUS<br>Fund | **PIMCO All Asset:<br>Multi-Real**<br> **Fund** |
|  Small Fund | X | X | X |
|  Interest Rate | X | X | X |
|  Call | X | X | X |
|  Credit | X | X | X |
|  High Yield | X | X | X |
|  Market | X | X | X |
|  Issuer | X | X | X |
|  Liquidity | X | X | X |
|  Derivatives | X | X | X |
|  Futures Contract | X | X | X |
|  Equity | X | X | X |
|  Model | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X |
|  Collateralized Loan Obligations | X | X | X |
|  Extension | X | X | X |
|  Commodity |  |  | X |
|  MLP |  |  | X |
|  Prepayment | X | X | X |
|  Privately Issued Mortgage-Related Securities | X | X | X |
|  Real Estate |  |  | X |
|  Foreign (Non-U.S.) Investment | X | X | X |
|  Emerging Markets | X | X | X |
|  Sovereign Debt | X | X | X |
|  Currency | X | X | X |
|  Issuer Non-Diversification |  | X |  |
|  Leveraging | X | X | X |
|  Management | X | X | X |
|  Subsidiary |  |  | X |
|  Tax |  |  | X |
|  Short Exposure | X | X | X |
|  Convertibles Securities | X | X | X |
|  Inflation-Indexed Security |  |  | X |

---

Please see "Description of Principal Risks" in a Fund's offering memorandum for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates

than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

---

| | |
|:---|:---|
| **86** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not

fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. In addition, futures contracts may expose a Fund to leverage risk, liquidity risk, market volatility, and margin requirements.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of a Fund.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Notes to Financial Statements (Cont.)

extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through the Subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

MLP Risk is the risk that investments in derivatives or other instruments related to master limited partnerships and limited liability companies that are treated as partnerships for U.S. federal income tax purposes ("MLPs") may trade infrequently and in limited volume, and these MLP units may be subject to abrupt or erratic price movements.

MLPs that concentrate in the energy sector are subject to risks associated with the energy sector. Equity securities issued by MLPs are subject to the risks associated with all equity investments, including the risk that the value of such equity securities will decline due to general market or economic conditions, perceptions regarding MLPs or the energy sector, changes in interest rates, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer. Debt securities issued by MLPs are subject to the risks associated with all debt investments, including interest rate risk, prepayment risk, credit risk, and, as applicable, high yield securities risk.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

non-governmental issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITS that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

---

| | |
|:---|:---|
| **88** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or Research Affiliates, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or Research Affiliates and the individual portfolio managers in connection with managing a Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's offering memorandum and offering memorandum supplement for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Notes to Financial Statements (Cont.)

actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory

scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique

---

| | |
|:---|:---|
| **90** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Notes to Financial Statements (Cont.)

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for each Fund is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each Fund's respective average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for each Fund are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's respective average daily net assets attributable to each Fund):

---

| | | |
|:---|:---|:---|
| Fund Name | **Investment**<br> **Advisory**<br> **Fee** | **Supervisory and**<br> **Administrative**<br> **Fee** |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Asset: Multi-Real Fund | 0.49% | 0.25% |

---

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds are responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related

strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Funds' Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit"). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

As of September 30, 2025, the Fund below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived<br>Fees |
|  PIMCO All Authority: Multi-RAE PLUS Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally

---

| | |
|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | Expiring within |
| Fund Name | 12<br>months | 13 - 24<br>months | 25 - 36<br>months | Total |
|  PIMCO All Authority: Multi-RAE PLUS Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(f) Distributor PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

(g) Acquired Fund Fees and ExpensesThe Subsidiary, has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $773,262. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11918956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11153323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281709 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 964415 | 911226 | 24599 | 23922 |
|  PIMCO All Asset: Multi-Real Fund | 2311033 | 2473492 | 182916 | 199026 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE PLUS Fund** |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | 03/31/2025 | 03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | 03/31/2025 | 03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 1743 | $19605 | 13563 | $141439 | 1480 | $15415 | 2480 | $22705 |
|  **Issued as reinvestment of distributions** | 5845 | 66253 | 22446 | 229003 | 0 | 0 | 11 | 97 |
|  **Cost of shares redeemed** | (46100) | (529874) | (73700) | (774224) | (2715) | (28880) | (13693) | (126986) |
|  **Net increase (decrease) resulting from Fund share transactions** | (38512) | $(444016) | (37691) | $(403782) | (1235) | $(13465) | (11202) | (104184) |
|  | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** |  |  |  |  |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |  |  |  |  |
|  | Shares | Amount | Shares | Amount |  |  |  |  |
|  **Receipts for shares sold** | 88751 | $747591 | 99167 | $888279 |  |  |  |  |
|  **Issued as reinvestment of distributions** | 7590 | 67902 | 17312 | 154922 |  |  |  |  |
|  **Cost of shares redeemed** | (110468) | (971878) | (184484) | (1690919) |  |  |  |  |
|  **Net increase (decrease) resulting from Fund share transactions** | (14127) | $(156385) | (68005) | $(647718) |  |  |  |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| Fund Name | Non-Related<br>Parties | Related<br>Parties | Non-Related<br>Parties | Related<br>Parties |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0 | 1 | 0% | 98% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0 | 1 | 0% | 100% |
|  PIMCO All Asset: Multi-Real Fund | 0 | 1 | 0% | 96% |

---

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on June 17, 2020, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO All Asset: Multi-Real Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its offering memorandum and offering memorandum supplement. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 14.7% of the Fund's consolidated net assets.

---

| | |
|:---|:---|
| **94** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

September 30, 2025 (Unaudited)

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each 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.

A 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 Adviser has reviewed the Funds' tax positions for all open tax years. As of September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' 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.

The Funds may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options.

The Funds may also gain exposure indirectly to commodity markets by investing in the PIMCO All Asset Multi Real Fund (Cayman) Ltd., which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its

investments will be qualifying income. Based on the reasoning in such rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and perhaps through commodity-linked notes and through investments in the Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated a Fund's income inclusion (under Subpart F of the Code) with respect to the Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Fund is treated as qualifying dividends; and (iii) that income inclusion by a Fund of its Subsidiary's earnings would be treated as other qualifying income if derived with respect to a Fund's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund's investments in the Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its offering memorandum.

If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. In the event the Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as ordinary income for Federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $37783 | $61481 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0 | 0 |
|  PIMCO All Asset: Multi-Real Fund | 169627 | 164724 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713086 | $70847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122363) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51516) |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 314542 | 7497 | (5230) | 2267 |
|  PIMCO All Asset: Multi-Real Fund | 3247052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156348 | (61479) | 94869 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | |
|:---|:---|
| **96** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NOM | Nomura Securities International, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | MAC | Macquarie Bank Limited | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | STR | State Street FICC Repo |
| CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PLN | Polish Zloty |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | SEK | Swedish Krona |
| CLP | Chilean Peso | ILS | Israeli Shekel | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | THB | Thai Baht |
| COP | Colombian Peso | JPY | Japanese Yen | TRY | Turkish New Lira |
| CZK | Czech Koruna | KRW | South Korean Won | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MXN | Mexican Peso | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | ZAR | South African Rand |
| EUR | Euro | NOK | Norwegian Krone |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| AMZX | Alerian MLP Total Return Index | ERADXULT | eRAFI International Large Strategy Index | MSMMUSTF | MSILF Money Market US Treasury Fund Index |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | ERAEMLN | RAE Fundamental Emerging Markets Net Total Return Index | MUTKCALM | Tokyo Overnight Average Rate |
| BISTREFI | Turkish Lira Overnight Reference Rate | ERAEMLT | eRAFI Emerging Markets Strategy Index | NDDUEAFE | MSCI EAFE Index |
| Bobl | Bundesobligation, the German word for federal government bond | ERAUSLT | eRAFI U.S. Large Strategy Index | PIMCODB | PIMCO Custom Commodity Basket |
| Brent | Brent Crude | EUR003M | 3 Month EUR Swap Rate | RADMFENT | RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
| CDX.HY | Credit Derivatives Index - High Yield | EUR006M | 6 Month EUR Swap Rate | RADMFXNT | RAFI Dynamic Multi-Factor Developed Ex-U.S. Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | FEDL01 | Federal funds effective rate | RU20INTR | Russell 2000 Total Return Index |
| CMBX | Commercial Mortgage-Backed Index | GOLDLNPM | London Gold Market Fixing Ltd. PM | S&P 500 | Standard & Poor's 500 Index |
| CPTFEMU | Eurozone HICP ex-Tobacco Index | IBR | Indicador Bancario de Referencia | SOFR | Secured Overnight Financing Rate |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | SONIO | Sterling Overnight Interbank Average Rate |
| DWRTFT | Dow Jones Wilshire REIT Total Return Index | MLPIREIL | Merrill Lynch Custom Equity Index | UKRPI | United Kingdom Retail Prices Index |
| ERADXULN | RAE Fundamental International Large Net Total Return Index | MLPIREIS | Merrill Lynch Custom Equity Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | oz. | Ounce |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PRIBOR | Prague Interbank Offered Rate |
| BABs | Build America Bonds | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | Oat | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | WTI | West Texas Intermediate |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | PIMCO All Asset: Multi-RAE PLUS Fund | PIMCO All Asset: Multi-RAE PLUS Fund | PIMCO All Asset: Multi-RAE PLUS Fund | PIMCO All Asset: Multi-RAE PLUS Fund |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2135 |
|  September 2025 | $0.1383 | $0.0000 | $0.0000 | $0.1383 |
| <br> PIMCO All Authority: Multi-RAE PLUS Fund | <br> PIMCO All Authority: Multi-RAE PLUS Fund | <br> PIMCO All Authority: Multi-RAE PLUS Fund | <br> PIMCO All Authority: Multi-RAE PLUS Fund | <br> PIMCO All Authority: Multi-RAE PLUS Fund |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus<br>or Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| <br> PIMCO All Asset: Multi-Real Fund | <br> PIMCO All Asset: Multi-Real Fund | <br> PIMCO All Asset: Multi-Real Fund | <br> PIMCO All Asset: Multi-Real Fund | <br> PIMCO All Asset: Multi-Real Fund |
|  | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1607 | $0.0000 | $0.0000 | $0.1607 |
|  September 2025 | $0.1736 | $0.0000 | $0.0000 | $0.1736 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **98** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **100** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of each of the Trust's Private Account Portfolio Series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset: Multi-Real Fund, PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") (the "Sub-Advisory Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; and information about the

personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements. With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Portfolios. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the PIMCO All Asset: Multi-Real Fund, PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025. The Board considered information regarding both the short- and long-term investment performance of each Portfolio relative to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year. The Board considered those Portfolios that had outperformed their respective performance indexes on a net-of-fees basis over short- and long-term periods, as applicable.

The Board noted that some of the Portfolios had underperformed in comparison to their respective performance indexes on a net-of-fees basis over certain short- and long-term periods. With respect to the Portfolios that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Portfolios. PIMCO reported to the Board regarding actions that have been taken by PIMCO throughout the year to attempt to address underperformance and PIMCO's plans to monitor performance going forward.

---

| | |
|:---|:---|
| **102** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(Unaudited)

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

PIMCO reported to the Board that it considers a number of factors in proposing fees for any Portfolio, including the unique structure of the Portfolios.

In addition, PIMCO reported to the Board that it periodically reviews the fees charged to the Portfolios and noted that the unified fee can be increased or decreased in subsequent contractual periods with Board approval. The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Portfolios (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets). In addition, the Board noted the expense limitation agreement in place with respect to each Portfolio. The Board noted the unique structure of the Portfolios, in that only clients of PIMCO (including separately managed accounts, registered investment companies, and other funds managed by PIMCO) are eligible to invest in the Portfolios and, in the case of the PAPS Short-Term Floating NAV Portfolio III and the PAPS Short Asset Portfolio, only certain registered investment companies managed by PIMCO are eligible to invest in those two Portfolios. The Board also noted that currently only the PIMCO All Asset Fund, the PIMCO All Asset Portfolio and the PIMCO All Asset All Authority Fund are eligible to invest in the PAPS All Asset: Multi-Real Fund and PAPS All Asset: Multi-RAE PLUS Fund. In addition, the Board noted that currently only the PIMCO All Asset All Authority Fund is eligible to invest in the PAPS All Authority: Multi-RAE PLUS Fund. The Board also noted that the structure of the Portfolios provides client accounts with simplified custody and accounting. The Board took notice of the fact that clients that invest in the Portfolios pay separate fees to PIMCO and, that under those client agreements, PIMCO offsets the client account fees by the amount of the Portfolios' advisory fees and all or a portion of the Portfolios' supervisory and administrative fees that the client account incurs by investing in the Portfolios. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO.

The Board considered that, with respect to certain Portfolios, shareholders generally are separate account clients or other public or

private funds managed by PIMCO who have separately negotiated fee arrangements with PIMCO with respect to their accounts or funds. The Board noted that these Portfolios were established primarily as a means of giving certain client accounts exposure to particular market sectors in a more efficient manner than if the client accounts were to seek direct exposure to those market sectors. The Trustees noted that the PAPS Short-Term Floating NAV Portfolio III and the PAPS Short Asset Portfolio are each used as a cash management tool for series of the Trust and other registered investment companies advised by PIMCO in accordance with Rule 12d1-4 under the Investment Company Act of 1940. The Board also considered the differences between the services provided to shareholders of the Portfolios and other clients of PIMCO. Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreement, and the total expense ratios of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates with respect to the Portfolio. The Board considered the revenues and costs of the Portfolios' structure together with the revenue generated by all separate accounts as relevant to separate account investments in the Portfolios. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, the Portfolios' fee levels inherently reflect certain such economies of scale. The Board then considered the ways in which economies of scale, if any, are shared with shareholders, such as PIMCO's investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid.

The Board concluded that the Portfolios' cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each of the Portfolios, to the benefit of their respective shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements. The Board further considered the ancillary benefits of the advisory fees PIMCO receives for investment management services it provides to clients that invest in the Portfolios.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreement on behalf of the Portfolios were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

---

| | |
|:---|:---|
| **104** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g920085g75h91.jpg)

PAPSALLAFSTMSAR_093025

------

![LOGO](g10099g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Real Return Strategy Funds**

PIMCO Long-Term Real Return Fund

PIMCO Real Return Fund

PIMCO RealEstateRealReturn Strategy Fund

PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

PIMCO Inflation Response Multi-Asset Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx10099_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx10099_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx10099_3) | 14 |
| &nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities (N-CSR Item 7)](#tx10099_4) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx10099_5) | 18 |
| &nbsp;&nbsp; [Consolidated Statements of Operations (N-CSR Item 7)](#tx10099_6) | 19 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx10099_7) | 20 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx10099_8) | 21 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx10099_9) | 22 |
| &nbsp;&nbsp; [Consolidated Statements of Cash Flows (N-CSR Item 7)](#tx10099_10) | 23 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx10099_11) | 123 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx10099_12) | 145 |
| &nbsp;&nbsp; [Glossary](#tx10099_14) | 154 |
| &nbsp;&nbsp; [Distribution Information](#tx10099_15) | 155 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx10099_17) | 159 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx10099_18) | 160 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx10099_19) | 161 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Long-Term Real Return Fund](#tx10099_20) | 24 |
| &nbsp;&nbsp; [PIMCO Real Return Fund](#tx10099_21) | 34 |
| &nbsp;&nbsp; [PIMCO RealEstateRealReturn Strategy Fund](#tx10099_22) | 49 |
| &nbsp;&nbsp; [PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund<sup>(1)</sup>](#tx10099_23) | 61 |
| &nbsp;&nbsp; [PIMCO CommodityRealReturn Strategy Fund<sup>®</sup><sup>(1)</sup>](#tx10099_24) | 80 |
| &nbsp;&nbsp; [PIMCO Inflation Response Multi-Asset Fund<sup>(1)</sup>](#tx10099_25) | 106 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Long-Term Real Return Fund, PIMCO Real Return Fund, PIMCO RealEstateRealReturn Strategy Fund, PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund (each, a "Fund" and collectively, the "Funds").

The PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund and PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> are each intended for long-term investors and an investment in the Funds should be no more than a small part of a typical diversified portfolio. Each Fund's share price is expected to be more volatile than that of other funds. Each Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments and/or notes which may subject each Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, changes in interest rates, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political and regulatory developments, as well as, for PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, the trading activity of speculators and arbitrageurs in the underlying commodities.

The PIMCO Inflation Response Multi-Asset Fund may invest its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds") and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (collectively, "Acquired Funds"). The cost of investing in the PIMCO Inflation Response Multi-Asset Fund will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real

or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets

---

| | |
|:---|:---|
| **2** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional,

European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or

otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | **Fund**<br> **Inception** | Institutional<br>Class | I-2 | **I-3** | **Administrative**<br> **Class** | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Long-Term Real Return Fund | 11/12/01 | 11/12/01 | 11/19/10 |  |  |  |  |  | Diversified |
|  PIMCO Real Return Fund | 01/29/97 | 01/29/97 | 04/30/08 | 04/27/18 | 04/28/00 | 01/29/97 | 01/29/97 | 12/31/02 | Diversified |
|  PIMCO RealEstateRealReturn Strategy Fund | 10/30/03 | 10/30/03 | 04/30/08 | 04/27/18 |  | 10/30/03 | 10/30/03 |  | Diversified |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 05/28/10 | 05/28/10 | 05/28/10 | 04/27/18 |  | 05/28/10 | 05/28/10 |  | Diversified |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 06/28/02 | 06/28/02 | 04/30/08 | 04/27/18 | 02/14/03 | 11/29/02 | 11/29/02 | 03/12/10 | Diversified |
|  PIMCO Inflation Response Multi-Asset Fund | 08/31/11 | 08/31/11 | 08/31/11 | 09/15/22 |  | 08/31/11 |  |  | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names

---

| | |
|:---|:---|
| **4** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Long-Term Real Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $12.13 | $0.37 | $(0.34) | $0.03 | $(0.35) | $0.00 | $0.00 | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.40 | 0.65 | (0.30) | 0.35 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.87 | 0.64 | (1.52) | (0.88) | (0.43) | 0.00 | (0.16) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.83 | 0.88 | (5.08) | (4.20) | (1.32) | (0.44) | 0.00 | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 21.84 | 1.47 | 0.21 | 1.68 | (1.59) | (2.10) | 0.00 | (3.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 28.23 | 0.36 | 2.40 | 2.76 | (0.81) | (8.34) | 0.00 | (9.15) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 12.13 | 0.36 | (0.33) | 0.03 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.40 | 0.67 | (0.33) | 0.34 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.87 | 0.59 | (1.49) | (0.90) | (0.41) | 0.00 | (0.16) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.83 | 1.36 | (5.57) | (4.21) | (1.31) | (0.44) | 0.00 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 21.84 | 1.50 | 0.18 | 1.68 | (1.59) | (2.10) | 0.00 | (3.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 28.20 | 0.54 | 2.22 | 2.76 | (0.78) | (8.34) | 0.00 | (9.12) |
|  **PIMCO Real Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.36 | $0.22 | $0.09 | $0.31 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.36 | 0.33 | 0.69 | (0.35) | 0.00 | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.33 | (0.23) | 0.10 | (0.25) | 0.00 | (0.07) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.66 | (1.40) | (0.74) | (0.75) | (0.04) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.75 | (0.28) | 0.47 | (0.75) | 0.00 | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.17 | 0.93 | 1.10 | (0.33) | 0.00 | 0.00 | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.36 | 0.21 | 0.09 | 0.30 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.35 | 0.33 | 0.68 | (0.34) | 0.00 | (0.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.33 | (0.24) | 0.09 | (0.24) | 0.00 | (0.07) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.70 | (1.45) | (0.75) | (0.74) | (0.04) | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.74 | (0.28) | 0.46 | (0.74) | 0.00 | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.16 | 0.93 | 1.09 | (0.32) | 0.00 | 0.00 | (0.32) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.36 | 0.20 | 0.10 | 0.30 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.35 | 0.33 | 0.68 | (0.34) | 0.00 | (0.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.31 | (0.23) | 0.08 | (0.23) | 0.00 | (0.07) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.67 | (1.43) | (0.76) | (0.73) | (0.04) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.72 | (0.27) | 0.45 | (0.73) | 0.00 | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.18 | 0.90 | 1.08 | (0.31) | 0.00 | 0.00 | (0.31) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.36 | 0.20 | 0.10 | 0.30 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.33 | 0.34 | 0.67 | (0.33) | 0.00 | (0.01) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.29 | (0.22) | 0.07 | (0.22) | 0.00 | (0.07) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.65 | (1.42) | (0.77) | (0.72) | (0.04) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.77 | (0.33) | 0.44 | (0.72) | 0.00 | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.15 | 0.92 | 1.07 | (0.30) | 0.00 | 0.00 | (0.30) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.36 | 0.20 | 0.09 | 0.29 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.32 | 0.33 | 0.65 | (0.31) | 0.00 | (0.01) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.29 | (0.23) | 0.06 | (0.21) | 0.00 | (0.07) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.64 | (1.43) | (0.79) | (0.70) | (0.04) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.70 | (0.28) | 0.42 | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.12 | 0.93 | 1.05 | (0.28) | 0.00 | 0.00 | (0.28) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.36 | 0.17 | 0.09 | 0.26 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.28 | 0.32 | 0.60 | (0.26) | 0.00 | (0.01) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.25 | (0.24) | 0.01 | (0.16) | 0.00 | (0.07) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.59 | (1.43) | (0.84) | (0.65) | (0.04) | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.64 | (0.28) | 0.36 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.03 | 0.96 | 0.99 | (0.22) | 0.00 | 0.00 | (0.22) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $11.81 | 0.38% | $358171 | 2.14 | %\* | 2.14 | %\* | 0.50 | %\* | 0.50 | %\* | 6.36 | %\* | 64% |
| 12.13 | 2.99 | 403632 | 2.33 |  | 2.33 |  | 0.50 |  | 0.50 |  | 5.33 |  | 188 |
| 12.40 | (6.36) | 386532 | 2.28 |  | 2.28 |  | 0.50 |  | 0.50 |  | 5.06 |  | 141 |
| 13.87 | (21.71) | 705990 | 1.48 |  | 1.48 |  | 0.50 |  | 0.50 |  | 6.10 |  | 103 |
| 19.83 | 6.84 | 406108 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 6.53 |  | 127 |
| 21.84 | 7.40 | 583525 | 0.60 |  | 0.60 |  | 0.50 |  | 0.50 |  | 1.28 |  | 271 |
| 11.81 | 0.33 | 6007 | 2.24 | \* | 2.24 | \* | 0.60 | \* | 0.60 | \* | 6.25 | \* | 64 |
| 12.13 | 2.89 | 6667 | 2.43 |  | 2.43 |  | 0.60 |  | 0.60 |  | 5.56 |  | 188 |
| 12.40 | (6.45) | 9121 | 2.38 |  | 2.38 |  | 0.60 |  | 0.60 |  | 4.72 |  | 141 |
| 13.87 | (21.79) | 11424 | 1.58 |  | 1.58 |  | 0.60 |  | 0.60 |  | 8.94 |  | 103 |
| 19.83 | 6.73 | 18022 | 0.64 |  | 0.64 |  | 0.60 |  | 0.60 |  | 6.70 |  | 127 |
| 21.84 | 7.41 | 29244 | 0.70 |  | 0.70 |  | 0.60 |  | 0.60 |  | 1.97 |  | 271 |
| $10.45 | 3.03% | $5617096 | 0.70 | %\* | 0.70 | %\* | 0.45 | %\* | 0.45 | %\* | 4.22 | %\* | 93% |
| 10.36 | 7.06 | 5551497 | 0.55 |  | 0.55 |  | 0.45 |  | 0.45 |  | 3.56 |  | 227 |
| 10.03 | 1.05 | 5652426 | 0.50 |  | 0.50 |  | 0.45 |  | 0.45 |  | 3.33 |  | 134 |
| 10.25 | (6.38) | 6773169 | 0.67 |  | 0.67 |  | 0.45 |  | 0.45 |  | 6.24 |  | 71 |
| 11.78 | 3.86 | 7725995 | 0.47 |  | 0.47 |  | 0.45 |  | 0.45 |  | 6.18 |  | 104 |
| 12.06 | 9.75 | 7164153 | 0.47 |  | 0.47 |  | 0.45 |  | 0.45 |  | 1.42 |  | 225 |
| 10.45 | 2.98 | 620704 | 0.80 | \* | 0.80 | \* | 0.55 | \* | 0.55 | \* | 4.11 | \* | 93 |
| 10.36 | 6.96 | 598105 | 0.65 |  | 0.65 |  | 0.55 |  | 0.55 |  | 3.45 |  | 227 |
| 10.03 | 0.95 | 679467 | 0.60 |  | 0.60 |  | 0.55 |  | 0.55 |  | 3.31 |  | 134 |
| 10.25 | (6.48) | 1085452 | 0.77 |  | 0.77 |  | 0.55 |  | 0.55 |  | 6.59 |  | 71 |
| 11.78 | 3.75 | 1693296 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 6.03 |  | 104 |
| 12.06 | 9.64 | 1202563 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 1.34 |  | 225 |
| 10.45 | 2.95 | 41117 | 0.80 | \*<sup>(h)</sup> | 0.85 | \*<sup>(h)</sup> | 0.60 | \*<sup>(h)</sup> | 0.65 | \*<sup>(h)</sup> | 3.83 | \* | 93 |
| 10.36 | 6.90 | 17736 | 0.70 |  | 0.75 |  | 0.60 |  | 0.65 |  | 3.52 |  | 227 |
| 10.03 | 0.90 | 23312 | 0.65 |  | 0.70 |  | 0.60 |  | 0.65 |  | 3.15 |  | 134 |
| 10.25 | (6.52) | 36048 | 0.82 |  | 0.87 |  | 0.60 |  | 0.65 |  | 6.32 |  | 71 |
| 11.78 | 3.70 | 47216 | 0.62 |  | 0.67 |  | 0.60 |  | 0.65 |  | 5.90 |  | 104 |
| 12.06 | 9.58 | 27902 | 0.62 |  | 0.67 |  | 0.60 |  | 0.65 |  | 1.47 |  | 225 |
| 10.45 | 2.90 | 307201 | 0.95 | \* | 0.95 | \* | 0.70 | \* | 0.70 | \* | 3.97 | \* | 93 |
| 10.36 | 6.80 | 311446 | 0.80 |  | 0.80 |  | 0.70 |  | 0.70 |  | 3.32 |  | 227 |
| 10.03 | 0.80 | 366693 | 0.75 |  | 0.75 |  | 0.70 |  | 0.70 |  | 2.89 |  | 134 |
| 10.25 | (6.62) | 316258 | 0.92 |  | 0.92 |  | 0.70 |  | 0.70 |  | 6.17 |  | 71 |
| 11.78 | 3.60 | 382874 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 6.29 |  | 104 |
| 12.06 | 9.47 | 836823 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 1.24 |  | 225 |
| 10.45 | 2.83 | 976897 | 1.10 | \* | 1.10 | \* | 0.85 | \* | 0.85 | \* | 3.82 | \* | 93 |
| 10.36 | 6.64 | 997486 | 0.95 |  | 0.95 |  | 0.85 |  | 0.85 |  | 3.17 |  | 227 |
| 10.03 | 0.65 | 1116152 | 0.90 |  | 0.90 |  | 0.85 |  | 0.85 |  | 2.94 |  | 134 |
| 10.25 | (6.76) | 1424744 | 1.07 |  | 1.07 |  | 0.85 |  | 0.85 |  | 6.09 |  | 71 |
| 11.78 | 3.44 | 1825061 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 5.76 |  | 104 |
| 12.06 | 9.31 | 1794767 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 0.97 |  | 225 |
| 10.45 | 2.57 | 31800 | 1.60 | \* | 1.60 | \* | 1.35 | \* | 1.35 | \* | 3.34 | \* | 93 |
| 10.36 | 6.11 | 35415 | 1.45 |  | 1.45 |  | 1.35 |  | 1.35 |  | 2.76 |  | 227 |
| 10.03 | 0.15 | 53255 | 1.40 |  | 1.40 |  | 1.35 |  | 1.35 |  | 2.57 |  | 134 |
| 10.25 | (7.23) | 94406 | 1.57 |  | 1.57 |  | 1.35 |  | 1.35 |  | 5.61 |  | 71 |
| 11.78 | 2.93 | 123275 | 1.37 |  | 1.37 |  | 1.35 |  | 1.35 |  | 5.22 |  | 104 |
| 12.06 | 8.75 | 74017 | 1.37 |  | 1.37 |  | 1.35 |  | 1.35 |  | 0.21 |  | 225 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Real Return Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.36 | $0.18 | $0.10 | $0.28 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.29 | 0.34 | 0.63 | (0.29) | 0.00 | (0.01) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.26 | (0.22) | 0.04 | (0.19) | 0.00 | (0.07) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.60 | (1.41) | (0.81) | (0.68) | (0.04) | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.67 | (0.28) | 0.39 | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.09 | 0.93 | 1.02 | (0.25) | 0.00 | 0.00 | (0.25) |
|  **PIMCO RealEstateRealReturn Strategy Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $26.63 | $0.56 | $0.40 | $0.96 | $(0.15) | $0.00 | $0.00 | $(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 24.88 | 0.70 | 1.65 | 2.35 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 23.18 | 0.47 | 1.23 | 1.70 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 34.08 | 1.72 | (9.37) | (7.65) | (1.64) | (1.61) | 0.00 | (3.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 35.40 | 2.24 | 8.56 | 10.80 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 27.12 | 0.44 | 11.60 | 12.04 | (2.56) | (1.20) | 0.00 | (3.76) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 25.46 | 0.53 | 0.38 | 0.91 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 23.82 | 0.59 | 1.63 | 2.22 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 22.22 | 0.44 | 1.16 | 1.60 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 32.84 | 1.80 | (9.19) | (7.39) | (1.62) | (1.61) | 0.00 | (3.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.44 | 2.16 | 8.36 | 10.52 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 26.48 | 0.40 | 11.32 | 11.72 | (2.56) | (1.20) | 0.00 | (3.76) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 25.66 | 0.53 | 0.36 | 0.89 | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 23.98 | 0.62 | 1.62 | 2.24 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 22.39 | 0.44 | 1.15 | 1.59 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 33.04 | 2.12 | (9.56) | (7.44) | (1.60) | (1.61) | 0.00 | (3.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.64 | 1.80 | 8.72 | 10.52 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 26.56 | 0.56 | 11.24 | 11.80 | (2.52) | (1.20) | 0.00 | (3.72) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 21.30 | 0.41 | 0.31 | 0.72 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 20.02 | 0.47 | 1.33 | 1.80 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 18.73 | 0.29 | 1.00 | 1.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 28.36 | 1.32 | (7.76) | (6.44) | (1.58) | (1.61) | 0.00 | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 31.08 | 1.84 | 7.48 | 9.32 | (9.48) | (2.56) | 0.00 | (12.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 24.20 | 0.28 | 10.28 | 10.56 | (2.48) | (1.20) | 0.00 | (3.68) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.51 | 0.22 | 0.21 | 0.43 | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.83 | 0.21 | 0.92 | 1.13 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.04 | 0.13 | 0.66 | 0.79 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 21.04 | 0.94 | (5.82) | (4.88) | (1.51) | (1.61) | 0.00 | (3.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 25.56 | 1.24 | 6.16 | 7.40 | (9.36) | (2.56) | 0.00 | (11.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 20.40 | 0.04 | 8.56 | 8.60 | (2.24) | (1.20) | 0.00 | (3.44) |
|  **PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.84 | $0.11 | $(0.06) | $0.05 | $(0.09) | $0.00 | $0.00 | $(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.11 | 0.25 | 0.03 | 0.28 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.60 | 0.26 | 0.42 | 0.68 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.27 | 0.18 | (0.61) | (0.43) | (2.23) | (0.01) | 0.00 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.26 | 0.01 | 4.55 | 4.56 | (6.55) | 0.00 | 0.00 | (6.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.58 | 0.01 | 4.71 | 4.72 | (0.04) | 0.00 | 0.00 | (0.04) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 6.72 | 0.11 | (0.06) | 0.05 | (0.09) | 0.00 | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.00 | 0.24 | 0.03 | 0.27 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.25 | 0.41 | 0.66 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.16 | 0.16 | (0.59) | (0.43) | (2.22) | (0.01) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.19 | 0.00 | 4.51 | 4.51 | (6.54) | 0.00 | 0.00 | (6.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.54 | (0.01) | 4.70 | 4.69 | (0.04) | 0.00 | 0.00 | (0.04) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.45 | 2.70% | $163228 | 1.35 | %\* | 1.35 | %\* | 1.10 | %\* | 1.10 | %\* | 3.58 | 93% |
| 10.36 | 6.37 | 172903 | 1.20 |  | 1.20 |  | 1.10 |  | 1.10 |  | 2.90 | 227 |
| 10.03 | 0.40 | 178173 | 1.15 |  | 1.15 |  | 1.10 |  | 1.10 |  | 2.67 | 134 |
| 10.25 | (6.99) | 211686 | 1.32 |  | 1.32 |  | 1.10 |  | 1.10 |  | 5.71 | 71 |
| 11.78 | 3.19 | 247703 | 1.12 |  | 1.12 |  | 1.10 |  | 1.10 |  | 5.51 | 104 |
| 12.06 | 9.04 | 241998 | 1.12 |  | 1.12 |  | 1.10 |  | 1.10 |  | 0.73 | 225 |
| $27.44 | 3.62% | $415869 | 4.32 | %\* | 4.32 | %\* | 0.74 | %\* | 0.74 | %\* | 4.21 | 58% |
| 26.63 | 9.49 | 390808 | 5.49 |  | 5.49 |  | 0.74 |  | 0.74 |  | 2.70 | 165 |
| 24.88 | 7.33 | 403131 | 6.09 |  | 6.09 |  | 0.74 |  | 0.74 |  | 2.05 | 112 |
| 23.18 | (22.64) | 518027 | 3.11 |  | 3.11 |  | 0.74 |  | 0.74 |  | 6.41 | 84 |
| 34.08 | 31.78 | 984649 | 0.79 |  | 0.79 |  | 0.74 |  | 0.74 |  | 6.05 | 148 |
| 35.40 | 46.42 | 1117020 | 0.85 |  | 0.85 |  | 0.74 |  | 0.74 |  | 1.35 | 264 |
| 26.23 | 3.57 | 11198 | 4.42 | \* | 4.42 | \* | 0.84 | \* | 0.84 | \* | 4.19 | 58 |
| 25.46 | 9.38 | 14552 | 5.59 |  | 5.59 |  | 0.84 |  | 0.84 |  | 2.37 | 165 |
| 23.82 | 7.20 | 17019 | 6.14 | <sup>(h)</sup> | 6.14 | <sup>(h)</sup> | 0.84 | <sup>(h)</sup> | 0.84 | <sup>(h)</sup> | 2.02 | 112 |
| 22.22 | (22.71) | 47894 | 3.14 | <sup>(h)</sup> | 3.14 | <sup>(h)</sup> | 0.84 | <sup>(h)</sup> | 0.84 | <sup>(h)</sup> | 6.90 | 84 |
| 32.84 | 31.80 | 75810 | 0.89 |  | 0.89 |  | 0.84 |  | 0.84 |  | 5.97 | 148 |
| 34.44 | 46.22 | 33838 | 0.95 |  | 0.95 |  | 0.84 |  | 0.84 |  | 1.28 | 264 |
| 26.42 | 3.48 | 873 | 4.47 | \* | 4.52 | \* | 0.89 | \* | 0.94 | \* | 4.16 | 58 |
| 25.66 | 9.39 | 1127 | 5.64 |  | 5.69 |  | 0.89 |  | 0.94 |  | 2.46 | 165 |
| 23.98 | 7.10 | 1596 | 6.19 | <sup>(g)(h)</sup> | 6.24 | <sup>(h)</sup> | 0.89 | <sup>(h)</sup> | 0.94 | <sup>(h)</sup> | 2.00 | 112 |
| 22.39 | (22.73) | 3198 | 2.88 | <sup>(g)(h)</sup> | 2.93 | <sup>(h)</sup> | 0.89 | <sup>(h)</sup> | 0.94 | <sup>(h)</sup> | 7.88 | 84 |
| 33.04 | 31.63 | 10131 | 0.94 |  | 0.99 |  | 0.89 |  | 0.94 |  | 5.17 | 148 |
| 34.64 | 46.37 | 628 | 1.00 |  | 1.05 |  | 0.89 |  | 0.94 |  | 1.81 | 264 |
| 21.90 | 3.38 | 88802 | 4.72 | \* | 4.72 | \* | 1.14 | \* | 1.14 | \* | 3.85 | 58 |
| 21.30 | 9.08 | 90568 | 5.89 |  | 5.89 |  | 1.14 |  | 1.14 |  | 2.22 | 165 |
| 20.02 | 6.89 | 103478 | 6.49 |  | 6.49 |  | 1.14 |  | 1.14 |  | 1.58 | 112 |
| 18.73 | (22.94) | 129480 | 3.63 | <sup>(h)</sup> | 3.63 | <sup>(h)</sup> | 1.14 | <sup>(h)</sup> | 1.14 | <sup>(h)</sup> | 5.98 | 84 |
| 28.36 | 31.30 | 196578 | 1.19 |  | 1.19 |  | 1.14 |  | 1.14 |  | 5.77 | 148 |
| 31.08 | 45.77 | 141312 | 1.25 |  | 1.25 |  | 1.14 |  | 1.14 |  | 0.98 | 264 |
| 14.86 | 2.97 | 2619 | 5.47 | \* | 5.47 | \* | 1.89 | \* | 1.89 | \* | 3.12 | 58 |
| 14.51 | 8.28 | 3227 | 6.64 |  | 6.64 |  | 1.89 |  | 1.89 |  | 1.47 | 165 |
| 13.83 | 6.06 | 4962 | 7.24 |  | 7.24 |  | 1.89 |  | 1.89 |  | 1.04 | 112 |
| 13.04 | (23.53) | 9171 | 4.19 | <sup>(h)</sup> | 4.19 | <sup>(h)</sup> | 1.89 | <sup>(h)</sup> | 1.89 | <sup>(h)</sup> | 5.78 | 84 |
| 21.04 | 30.36 | 20310 | 1.94 |  | 1.94 |  | 1.89 |  | 1.89 |  | 4.95 | 148 |
| 25.56 | 44.54 | 14835 | 2.00 |  | 2.00 |  | 1.89 |  | 1.89 |  | 0.10 | 264 |
| $6.80 | 0.77% | $2014631 | 0.79 | %\* | 0.97 | %\* | 0.74 | %\* | 0.92 | %\* | 3.36 | 93% |
| 6.84 | 4.47 | 2074925 | 0.82 |  | 0.98 |  | 0.74 |  | 0.90 |  | 3.69 | 201 |
| 7.11 | 10.39 | 2169504 | 0.83 |  | 1.00 |  | 0.74 |  | 0.91 |  | 3.88 | 224 |
| 6.60 | (6.32) | 2084477 | 0.81 |  | 0.98 |  | 0.74 |  | 0.91 |  | 2.32 | 247 |
| 9.27 | 61.83 | 1795422 | 0.73 |  | 0.94 |  | 0.73 |  | 0.94 |  | 0.09 | 556 |
| 11.26 | 71.97 | 1394694 | 0.74 |  | 0.97 |  | 0.74 |  | 0.97 |  | 0.08 | 560 |
| 6.68 | 0.74 | 2585732 | 0.89 | \* | 1.07 | \* | 0.84 | \* | 1.02 | \* | 3.26 | 93 |
| 6.72 | 4.31 | 2437546 | 0.92 |  | 1.08 |  | 0.84 |  | 1.00 |  | 3.58 | 201 |
| 7.00 | 10.30 | 2056782 | 0.93 |  | 1.10 |  | 0.84 |  | 1.01 |  | 3.79 | 224 |
| 6.50 | (6.39) | 1678525 | 0.91 |  | 1.08 |  | 0.84 |  | 1.01 |  | 2.08 | 247 |
| 9.16 | 61.76 | 2148453 | 0.83 |  | 1.04 |  | 0.83 |  | 1.04 |  | (0.01) | 556 |
| 11.19 | 71.87 | 1125181 | 0.84 |  | 1.07 |  | 0.84 |  | 1.07 |  | (0.06) | 560 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.69 | $0.10 | $(0.05) | $0.05 | $(0.09) | $0.00 | $0.00 | $(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.97 | 0.24 | 0.03 | 0.27 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.48 | 0.25 | 0.40 | 0.65 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.13 | 0.15 | (0.57) | (0.42) | (2.22) | (0.01) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.17 | 0.00 | 4.50 | 4.50 | (6.54) | 0.00 | 0.00 | (6.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.54 | (0.01) | 4.67 | 4.66 | (0.03) | 0.00 | 0.00 | (0.03) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 6.46 | 0.09 | (0.05) | 0.04 | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.75 | 0.21 | 0.03 | 0.24 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.28 | 0.22 | 0.39 | 0.61 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.92 | 0.14 | (0.57) | (0.43) | (2.20) | (0.01) | 0.00 | (2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.06 | (0.03) | 4.41 | 4.38 | (6.52) | 0.00 | 0.00 | (6.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.48 | (0.04) | 4.64 | 4.60 | (0.02) | 0.00 | 0.00 | (0.02) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.38 | 0.06 | (0.05) | 0.01 | (0.06) | 0.00 | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.72 | 0.14 | 0.01 | 0.15 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.34 | 0.15 | 0.34 | 0.49 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.93 | 0.07 | (0.49) | (0.42) | (2.16) | (0.01) | 0.00 | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.48 | (0.08) | 4.03 | 3.95 | (6.50) | 0.00 | 0.00 | (6.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.16 | (0.09) | 4.41 | 4.32 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $14.48 | $0.33 | $(0.01) | $0.32 | $(0.74) | $0.00 | $0.00 | $(0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.16 | 0.60 | 1.11 | 1.71 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.43 | 0.37 | (0.53) | (0.16) | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.26 | 0.91 | (3.79) | (2.88) | (5.95) | 0.00 | 0.00 | (5.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.26 | 0.90 | 7.89 | 8.79 | (5.79) | 0.00 | 0.00 | (5.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.78 | 0.18 | 6.51 | 6.69 | (0.21) | 0.00 | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.35 | 0.32 | (0.01) | 0.31 | (0.73) | 0.00 | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.05 | 0.55 | 1.13 | 1.68 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.32 | 0.36 | (0.53) | (0.17) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.14 | 0.93 | (3.81) | (2.88) | (5.94) | 0.00 | 0.00 | (5.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.17 | 0.87 | 7.86 | 8.73 | (5.76) | 0.00 | 0.00 | (5.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.75 | 0.18 | 6.45 | 6.63 | (0.21) | 0.00 | 0.00 | (0.21) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.36 | 0.32 | (0.02) | 0.30 | (0.73) | 0.00 | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.05 | 0.53 | 1.15 | 1.68 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.32 | 0.35 | (0.52) | (0.17) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.14 | 0.91 | (3.80) | (2.89) | (5.93) | 0.00 | 0.00 | (5.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.20 | 0.96 | 7.74 | 8.70 | (5.76) | 0.00 | 0.00 | (5.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.75 | 0.18 | 6.48 | 6.66 | (0.21) | 0.00 | 0.00 | (0.21) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 13.81 | 0.30 | (0.02) | 0.28 | (0.72) | 0.00 | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.57 | 0.50 | 1.10 | 1.60 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.84 | 0.31 | (0.49) | (0.18) | (0.09) | 0.00 | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 21.57 | 0.77 | (3.58) | (2.81) | (5.92) | 0.00 | 0.00 | (5.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.81 | 0.90 | 7.59 | 8.49 | (5.73) | 0.00 | 0.00 | (5.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.51 | 0.15 | 6.36 | 6.51 | (0.21) | 0.00 | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 13.63 | 0.28 | (0.02) | 0.26 | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.41 | 0.48 | 1.08 | 1.56 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.69 | 0.29 | (0.49) | (0.20) | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 21.39 | 0.79 | (3.61) | (2.82) | (5.88) | 0.00 | 0.00 | (5.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.72 | 0.78 | 7.59 | 8.37 | (5.70) | 0.00 | 0.00 | (5.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.42 | 0.09 | 6.39 | 6.48 | (0.18) | 0.00 | 0.00 | (0.18) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |
| $6.65 | 0.73% | $47119 | 0.94 | %\* | 1.17 | %\* | 0.89 | %\* | 1.12 | %\* | 3.22 | 93% |
| 6.69 | 4.28 | 29920 | 0.97 |  | 1.18 |  | 0.89 |  | 1.10 |  | 3.51 | 201 |
| 6.97 | 10.16 | 20718 | 0.98 |  | 1.20 |  | 0.89 |  | 1.11 |  | 3.77 | 224 |
| 6.48 | (6.37) | 12368 | 0.96 |  | 1.18 |  | 0.89 |  | 1.11 |  | 1.90 | 247 |
| 9.13 | 61.64 | 34626 | 0.88 |  | 1.14 |  | 0.88 |  | 1.14 |  | (0.04) | 556 |
| 11.17 | 71.47 | 22592 | 0.89 |  | 1.17 |  | 0.89 |  | 1.17 |  | (0.10) | 560 |
| 6.42 | 0.60 | 107023 | 1.23 | \*<sup>(j)</sup> | 1.41 | \*<sup>(j)</sup> | 1.18 | \*<sup>(j)</sup> | 1.36 | \*<sup>(j)</sup> | 2.92 | 93 |
| 6.46 | 3.96 | 130549 | 1.27 |  | 1.43 |  | 1.19 |  | 1.35 |  | 3.25 | 201 |
| 6.75 | 9.84 | 121855 | 1.28 |  | 1.45 |  | 1.19 |  | 1.36 |  | 3.42 | 224 |
| 6.28 | (6.61) | 122821 | 1.26 |  | 1.43 |  | 1.19 |  | 1.36 |  | 1.80 | 247 |
| 8.92 | 60.97 | 131570 | 1.18 |  | 1.39 |  | 1.18 |  | 1.39 |  | (0.36) | 556 |
| 11.06 | 71.06 | 92269 | 1.19 |  | 1.42 |  | 1.19 |  | 1.42 |  | (0.40) | 560 |
| 5.33 | 0.26 | 9362 | 1.98 | \*<sup>(j)</sup> | 2.16 | \*<sup>(j)</sup> | 1.93 | \*<sup>(j)</sup> | 2.11 | \*<sup>(j)</sup> | 2.17 | 93 |
| 5.38 | 3.14 | 11209 | 2.02 |  | 2.18 |  | 1.94 |  | 2.10 |  | 2.50 | 201 |
| 5.72 | 9.25 | 12851 | 2.03 |  | 2.20 |  | 1.94 |  | 2.11 |  | 2.67 | 224 |
| 5.34 | (7.44) | 14296 | 2.01 |  | 2.18 |  | 1.94 |  | 2.11 |  | 1.04 | 247 |
| 7.93 | 59.80 | 15780 | 1.93 |  | 2.14 |  | 1.93 |  | 2.14 |  | (1.09) | 556 |
| 10.48 | 70.23 | 4976 | 1.94 |  | 2.17 |  | 1.94 |  | 2.17 |  | (1.14) | 560 |
| $14.06 | 2.36% | $1906344 | 0.87 | %\* | 0.97 | %\* | 0.74 | %\* | 0.84 | %\* | 4.77 | 92% |
| 14.48 | 13.27 | 2192325 | 0.90 |  | 0.98 |  | 0.74 |  | 0.82 |  | 4.47 | 268 |
| 13.16 | (1.16) | 3606301 | 1.00 |  | 1.07 |  | 0.74 |  | 0.81 |  | 2.80 | 172 |
| 13.43 | (16.05) | 4165112 | 0.99 |  | 1.05 |  | 0.74 |  | 0.80 |  | 5.09 | 77 |
| 22.26 | 52.80 | 6756668 | 0.75 |  | 0.87 |  | 0.73 |  | 0.85 |  | 4.48 | 120 |
| 19.26 | 52.89 | 2361604 | 0.82 |  | 0.99 |  | 0.74 |  | 0.91 |  | 1.16 | 260 |
| 13.93 | 2.34 | 1071327 | 0.97 | \* | 1.07 | \* | 0.84 | \* | 0.94 | \* | 4.65 | 92 |
| 14.35 | 13.15 | 1091523 | 1.00 |  | 1.08 |  | 0.84 |  | 0.92 |  | 4.09 | 268 |
| 13.05 | (1.28) | 1002812 | 1.10 |  | 1.17 |  | 0.84 |  | 0.91 |  | 2.75 | 172 |
| 13.32 | (16.17) | 1285827 | 1.09 |  | 1.15 |  | 0.84 |  | 0.90 |  | 5.20 | 77 |
| 22.14 | 52.78 | 2363782 | 0.85 |  | 0.97 |  | 0.83 |  | 0.95 |  | 4.47 | 120 |
| 19.17 | 52.47 | 1526009 | 0.92 |  | 1.09 |  | 0.84 |  | 1.01 |  | 1.03 | 260 |
| 13.93 | 2.25 | 47443 | 1.02 | \* | 1.17 | \* | 0.89 | \* | 1.04 | \* | 4.60 | 92 |
| 14.36 | 13.17 | 49180 | 1.05 |  | 1.18 |  | 0.89 |  | 1.02 |  | 3.97 | 268 |
| 13.05 | (1.30) | 44250 | 1.15 |  | 1.27 |  | 0.89 |  | 1.01 |  | 2.68 | 172 |
| 13.32 | (16.24) | 53447 | 1.14 |  | 1.25 |  | 0.89 |  | 1.00 |  | 5.09 | 77 |
| 22.14 | 52.53 | 90359 | 0.90 |  | 1.07 |  | 0.88 |  | 1.05 |  | 4.77 | 120 |
| 19.20 | 52.67 | 21505 | 0.97 |  | 1.19 |  | 0.89 |  | 1.11 |  | 1.08 | 260 |
| 13.37 | 2.23 | 133288 | 1.12 | \* | 1.22 | \* | 0.99 | \* | 1.09 | \* | 4.49 | 92 |
| 13.81 | 13.04 | 129900 | 1.15 |  | 1.23 |  | 0.99 |  | 1.07 |  | 3.93 | 268 |
| 12.57 | (1.39) | 105029 | 1.25 |  | 1.32 |  | 0.99 |  | 1.06 |  | 2.51 | 172 |
| 12.84 | (16.31) | 108233 | 1.24 |  | 1.30 |  | 0.99 |  | 1.05 |  | 4.56 | 77 |
| 21.57 | 52.42 | 119491 | 1.00 |  | 1.12 |  | 0.98 |  | 1.10 |  | 4.67 | 120 |
| 18.81 | 52.42 | 143402 | 1.07 |  | 1.24 |  | 0.99 |  | 1.16 |  | 0.82 | 260 |
| 13.18 | 2.09 | 209250 | 1.31 | \*<sup>(j)</sup> | 1.41 | \*<sup>(j)</sup> | 1.18 | \*<sup>(j)</sup> | 1.28 | \*<sup>(j)</sup> | 4.31 | 92 |
| 13.63 | 12.81 | 222318 | 1.35 |  | 1.43 |  | 1.19 |  | 1.27 |  | 3.77 | 268 |
| 12.41 | (1.57) | 254986 | 1.45 |  | 1.52 |  | 1.19 |  | 1.26 |  | 2.38 | 172 |
| 12.69 | (16.47) | 326255 | 1.44 |  | 1.50 |  | 1.19 |  | 1.25 |  | 4.63 | 77 |
| 21.39 | 51.98 | 500794 | 1.20 |  | 1.32 |  | 1.18 |  | 1.30 |  | 4.10 | 120 |
| 18.72 | 52.49 | 263343 | 1.27 |  | 1.44 |  | 1.19 |  | 1.36 |  | 0.64 | 260 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.94 | $0.20 | $(0.01) | $0.19 | $(0.68) | $0.00 | $0.00 | $(0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.92 | 0.34 | 0.94 | 1.28 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.25 | 0.19 | (0.46) | (0.27) | (0.06) | 0.00 | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.68 | 0.59 | (3.24) | (2.65) | (5.78) | 0.00 | 0.00 | (5.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 17.61 | 0.60 | 7.08 | 7.68 | (5.61) | 0.00 | 0.00 | (5.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 11.76 | (0.03) | 5.97 | 5.94 | (0.09) | 0.00 | 0.00 | (0.09) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 12.89 | 0.25 | (0.02) | 0.23 | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.76 | 0.42 | 1.02 | 1.44 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.05 | 0.26 | (0.47) | (0.21) | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 20.64 | 0.67 | (3.41) | (2.74) | (5.85) | 0.00 | 0.00 | (5.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.24 | 0.72 | 7.35 | 8.07 | (5.67) | 0.00 | 0.00 | (5.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.12 | 0.06 | 6.21 | 6.27 | (0.15) | 0.00 | 0.00 | (0.15) |
|  **PIMCO Inflation Response Multi-Asset Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.66 | $0.15 | $0.47 | $0.62 | $(0.13) | $0.00 | $0.00 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.20 | 0.22 | 0.55 | 0.77 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.65 | 0.17 | 0.40 | 0.57 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.17 | 0.34 | (0.94) | (0.60) | (0.88) | (0.04) | 0.00 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.98 | 0.32 | 1.03 | 1.35 | (1.16) | 0.00 | 0.00 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.27 | 0.10 | 1.68 | 1.78 | (0.07) | 0.00 | 0.00 | (0.07) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.65 | 0.14 | 0.48 | 0.62 | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.19 | 0.22 | 0.54 | 0.76 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.63 | 0.18 | 0.38 | 0.56 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.16 | 0.35 | (0.97) | (0.62) | (0.87) | (0.04) | 0.00 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.97 | 0.31 | 1.04 | 1.35 | (1.16) | 0.00 | 0.00 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.27 | 0.09 | 1.68 | 1.77 | (0.07) | 0.00 | 0.00 | (0.07) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.64 | 0.14 | 0.46 | 0.60 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.18 | 0.20 | 0.56 | 0.76 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.64 | 0.11 | 0.45 | 0.56 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/2022 - 03/31/2023 | 7.99 | 0.11 | (0.01) | 0.10 | (0.41) | (0.04) | 0.00 | (0.45) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.45 | 0.13 | 0.46 | 0.59 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.19 | 0.52 | 0.71 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.49 | 0.15 | 0.37 | 0.52 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.01 | 0.31 | (0.95) | (0.64) | (0.84) | (0.04) | 0.00 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.85 | 0.27 | 1.03 | 1.30 | (1.14) | 0.00 | 0.00 | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.18 | 0.07 | 1.65 | 1.72 | (0.05) | 0.00 | 0.00 | (0.05) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(f)</sup> A one for four reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(g)</sup> A one for two reverse share split, effective March 26, 2021, has been retroactively applied.

<sup>(h)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(i)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(j)</sup> Effective September 2, 2025, the Fund's supervisory and administrative fee was decreased by 0.05% to an annual rate of 0.40%. 

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |
| $11.45 | 1.74% | $25700 | 2.06 | %\*<sup>(j)</sup> | 2.16 | %\*<sup>(j)</sup> | 1.93 | %\*<sup>(j)</sup> | 2.03 | %\*<sup>(j)</sup> | 3.58 | 92% |
| 11.94 | 11.98 | 29572 | 2.10 |  | 2.18 |  | 1.94 |  | 2.02 |  | 3.07 | 268 |
| 10.92 | (2.35) | 35836 | 2.20 |  | 2.27 |  | 1.94 |  | 2.01 |  | 1.70 | 172 |
| 11.25 | (17.10) | 57276 | 2.19 |  | 2.25 |  | 1.94 |  | 2.00 |  | 3.85 | 77 |
| 19.68 | 51.10 | 82601 | 1.95 |  | 2.07 |  | 1.93 |  | 2.05 |  | 3.36 | 120 |
| 17.61 | 50.90 | 24089 | 2.02 |  | 2.19 |  | 1.94 |  | 2.11 |  | (0.13) | 260 |
| 12.42 | 1.96 | 30472 | 1.56 | \*<sup>(j)</sup> | 1.66 | \*<sup>(j)</sup> | 1.43 | \*<sup>(j)</sup> | 1.53 | \*<sup>(j)</sup> | 4.06 | 92 |
| 12.89 | 12.52 | 31133 | 1.60 |  | 1.68 |  | 1.44 |  | 1.52 |  | 3.53 | 268 |
| 11.76 | (1.77) | 32975 | 1.70 |  | 1.77 |  | 1.44 |  | 1.51 |  | 2.18 | 172 |
| 12.05 | (16.70) | 46419 | 1.69 |  | 1.75 |  | 1.44 |  | 1.50 |  | 4.19 | 77 |
| 20.64 | 51.58 | 54428 | 1.45 |  | 1.57 |  | 1.43 |  | 1.55 |  | 3.89 | 120 |
| 18.24 | 52.07 | 28868 | 1.52 |  | 1.69 |  | 1.44 |  | 1.61 |  | 0.39 | 260 |
| $9.15 | 7.22% | $1906502 | 2.18 | %\* | 2.47 | %\* | 0.61 | %\* | 0.90 | %\* | 3.40 | 109% |
| 8.66 | 9.65 | 1724056 | 1.84 |  | 2.10 |  | 0.63 |  | 0.89 |  | 2.64 | 322 |
| 8.20 | 7.39 | 1672893 | 1.89 |  | 2.11 |  | 0.64 |  | 0.86 |  | 2.24 | 219 |
| 7.65 | (6.62) | 1799484 | 0.78 |  | 0.94 |  | 0.66 |  | 0.82 |  | 4.11 | 130 |
| 9.17 | 15.64 | 2253027 | 0.65 |  | 0.82 |  | 0.64 |  | 0.81 |  | 3.48 | 211 |
| 8.98 | 24.55 | 1376552 | 0.66 |  | 0.86 |  | 0.62 |  | 0.82 |  | 1.17 | 394 |
| 9.14 | 7.18 | 65316 | 2.28 | \* | 2.57 | \* | 0.71 | \* | 1.00 | \* | 3.28 | 109 |
| 8.65 | 9.53 | 51849 | 1.94 |  | 2.20 |  | 0.73 |  | 0.99 |  | 2.70 | 322 |
| 8.19 | 7.38 | 79872 | 1.93 | <sup>(h)</sup> | 2.15 | <sup>(h)</sup> | 0.74 | <sup>(h)</sup> | 0.96 | <sup>(h)</sup> | 2.37 | 219 |
| 7.63 | (6.84) | 188597 | 0.88 |  | 1.04 |  | 0.76 |  | 0.92 |  | 4.27 | 130 |
| 9.16 | 15.63 | 300570 | 0.75 |  | 0.92 |  | 0.74 |  | 0.91 |  | 3.38 | 211 |
| 8.97 | 24.37 | 43100 | 0.76 |  | 0.96 |  | 0.72 |  | 0.92 |  | 1.06 | 394 |
| 9.12 | 7.05 | 20311 | 2.33 | \* | 2.67 | \* | 0.76 | \* | 1.10 | \* | 3.25 | 109 |
| 8.64 | 9.55 | 16701 | 1.99 |  | 2.30 |  | 0.78 |  | 1.09 |  | 2.36 | 322 |
| 8.18 | 7.31 | 7087 | 2.18 | <sup>(h)</sup> | 2.45 | <sup>(h)</sup> | 0.79 | <sup>(h)</sup> | 1.06 | <sup>(h)</sup> | 1.35 | 219 |
| 7.64 | 1.32 | 399 | 1.20 | <sup>(h)</sup>\* | 1.41 | <sup>(h)</sup>\* | 0.81 | <sup>(h)</sup>\* | 1.02 | <sup>(h)</sup>\* | 2.76 | 130 |
| 8.93 | 7.07 | 30871 | 2.62 | \*<sup>(j)</sup> | 2.91 | \*<sup>(j)</sup> | 1.05 | \*<sup>(j)</sup> | 1.34 | \*<sup>(j)</sup> | 2.95 | 109 |
| 8.45 | 9.14 | 27222 | 2.29 |  | 2.55 |  | 1.08 |  | 1.34 |  | 2.28 | 322 |
| 8.01 | 6.94 | 37440 | 2.34 |  | 2.56 |  | 1.09 |  | 1.31 |  | 1.92 | 219 |
| 7.49 | (7.13) | 66937 | 1.23 |  | 1.39 |  | 1.11 |  | 1.27 |  | 3.84 | 130 |
| 9.01 | 15.21 | 92252 | 1.10 |  | 1.27 |  | 1.09 |  | 1.26 |  | 3.02 | 211 |
| 8.85 | 23.96 | 10686 | 1.11 |  | 1.31 |  | 1.07 |  | 1.27 |  | 0.79 | 394 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Long-Term<br>Real Return<br>Fund** | **PIMCO Real<br>Return Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $516144 | $8642363 | $960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5525 | 21244 | 76 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 343 | 7307 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 648 | 15104 | 1068 |
|  Deposits with counterparty | 1293 | 6807 | 3778 |
|  Foreign currency, at value | 1090 | 5099 | 1270 |
|  Receivable for investments sold | 0 | 8995 | 103976 |
|  Receivable for investments sold on a delayed-delivery basis | 845 | 7755 | 821 |
|  Receivable for TBA investments sold | 37752 | 935767 | 63378 |
|  Receivable for Fund shares sold | 25 | 4880 | 547 |
|  Interest and/or dividends receivable | 1017 | 29540 | 3965 |
|  Dividends receivable from Affiliates | 9 | 161 | 6 |
|  Reimbursement receivable from PIMCO | 0 | 2 | 0 |
|  **Total Assets** | 564691 | 9685024 | 1139501 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $116759 | $59921 | $487207 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 307 | 6694 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 854 | 24214 | 2304 |
|  Payable for investments purchased | 1800 | 47479 | 2718 |
|  Payable for investments in Affiliates purchased | 10 | 166 | 7 |
|  Payable for TBA investments purchased | 79702 | 1753907 | 116704 |
|  Deposits from counterparty | 869 | 22141 | 4456 |
|  Payable for Fund shares redeemed | 66 | 8047 | 5767 |
|  Distributions payable | 0 | 1100 | 0 |
|  Overdraft due to custodian | 0 | 2 | 0 |
|  Accrued investment advisory fees | 73 | 1541 | 205 |
|  Accrued supervisory and administrative fees | 73 | 1428 | 116 |
|  Accrued distribution fees | 0 | 107 | 1 |
|  Accrued servicing fees | 0 | 234 | 18 |
|  **Total Liabilities** | 200513 | 1926981 | 620140 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |  |  |
|  **Net Assets** | $364178 | $7758043 | $519361 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $602093 | $8954884 | $557636 |
|  Distributable earnings (accumulated loss) | (237915) | (1196841) | (38275) |
|  **Net Assets** | $364178 | $7758043 | $519361 |
|  Cost of investments in securities | $560449 | $9129796 | $936226 |
|  Cost of investments in Affiliates | $5525 | $21239 | $76 |
|  Cost of foreign currency held | $1089 | $5148 | $1277 |
|  Cost or premiums of financial derivative instruments, net | $(175) | $(4680) | $(198) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>Long-Term<br>Real Return<br>Fund** | **PIMCO Real<br>Return Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Net Assets:** |  |  |  |
|  Institutional Class | $358171 | $5617096 | $415869 |
|  I-2 | 6007 | 620704 | 11198 |
|  I-3 | N/A | 41117 | 873 |
|  Administrative Class | N/A | 307201 | N/A |
|  Class A | N/A | 976897 | 88802 |
|  Class C | N/A | 31800 | 2619 |
|  Class R | N/A | 163228 | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |
|  Institutional Class | 30337 | 537593 | 15157 |
|  I-2 | 509 | 59406 | 427 |
|  I-3 | N/A | 3935 | 33 |
|  Administrative Class | N/A | 29401 | N/A |
|  Class A | N/A | 93495 | 4055 |
|  Class C | N/A | 3043 | 176 |
|  Class R | N/A | 15622 | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |
|  Institutional Class | $11.81 | $10.45 | $27.44 |
|  I-2 | 11.81 | 10.45 | 26.23 |
|  I-3 | N/A | 10.45 | 26.42 |
|  Administrative Class | N/A | 10.45 | N/A |
|  Class A | N/A | 10.45 | 21.90 |
|  Class C | N/A | 10.45 | 14.86 |
|  Class R | N/A | 10.45 | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Consolidated Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response<br>Multi-Asset Fund** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $5787531 | $4406930 | $3022409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 273508 | 43507 | 194338 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 15315 | 8710 | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 20318 | 30887 | 7417 |
|  Cash | 0 | 798 | 555 |
|  Deposits with counterparty | 50159 | 6407 | 4558 |
|  Foreign currency, at value | 2678 | 6508 | 7007 |
|  Receivable for investments sold | 1757 | 13249 | 98550 |
|  Receivable for investments sold on a delayed-delivery basis | 1248 | 4270 | 2576 |
|  Receivable for TBA investments sold | 558964 | 543293 | 352364 |
|  Receivable for Fund shares sold | 3110 | 8866 | 1390 |
|  Interest and/or dividends receivable | 19225 | 13019 | 5875 |
|  Dividends receivable from Affiliates | 873 | 269 | 821 |
|  Reimbursement receivable from PIMCO | 697 | 321 | 446 |
|  **Total Assets** | 6735383 | 5087034 | 3703077 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $420 | $495901 | $654839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 131040 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 25312 | 8201 | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 48440 | 29712 | 11506 |
|  Payable for investments purchased | 1018907 | 88886 | 336774 |
|  Payable for investments in Affiliates purchased | 40102 | 276 | 851 |
|  Payable for investments purchased on a delayed-delivery basis | 227 | 104 | 0 |
|  Payable for TBA investments purchased | 652587 | 993881 | 659659 |
|  Deposits from counterparty | 43798 | 39182 | 9630 |
|  Payable for Fund shares redeemed | 3622 | 4517 | 1075 |
|  Overdraft due to custodian | 3321 | 0 | 0 |
|  Accrued investment advisory fees | 2341 | 1555 | 926 |
|  Accrued supervisory and administrative fees | 1370 | 894 | 501 |
|  Accrued distribution fees | 6 | 48 | 0 |
|  Accrued servicing fees | 23 | 53 | 6 |
|  **Total Liabilities** | 1971516 | 1663210 | 1680077 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** | 0 | 0 | 0 |
|  **Net Assets** | $4763867 | $3423824 | $2023000 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $4587068 | $4455837 | $1901261 |
|  Distributable earnings (accumulated loss) | 176799 | (1032013) | 121739 |
|  **Net Assets** | $4763867 | $3423824 | $2023000 |
|  Cost of investments in securities | $5367737 | $4422739 | $2918405 |
|  Cost of investments in Affiliates | $273971 | $43493 | $206024 |
|  Cost of foreign currency held | $2631 | $6475 | $6993 |
|  Proceeds received on short sales | $131247 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $584 | $(4225) | $(3240) |
|  \* Includes repurchase agreements of: | $2777158 | $557756 | $515400 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response<br>Multi-Asset Fund** |
|  **Net Assets:** |  |  |  |
|  Institutional Class | $2014631 | $1906344 | $1906502 |
|  I-2 | 2585732 | 1071327 | 65316 |
|  I-3 | 47119 | 47443 | 20311 |
|  Administrative Class | N/A | 133288 | N/A |
|  Class A | 107023 | 209250 | 30871 |
|  Class C | 9362 | 25700 | N/A |
|  Class R | N/A | 30472 | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |
|  Institutional Class | 296091 | 135558 | 208449 |
|  I-2 | 387043 | 76904 | 7148 |
|  I-3 | 7081 | 3406 | 2226 |
|  Administrative Class | N/A | 9969 | N/A |
|  Class A | 16667 | 15870 | 3458 |
|  Class C | 1757 | 2244 | N/A |
|  Class R | N/A | 2453 | N/A |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** |  |  |  |
|  Institutional Class | $6.80 | $14.06 | $9.15 |
|  I-2 | 6.68 | 13.93 | 9.14 |
|  I-3 | 6.65 | 13.93 | 9.12 |
|  Administrative Class | N/A | 13.37 | N/A |
|  Class A | 6.42 | 13.18 | 8.93 |
|  Class C | 5.33 | 11.45 | N/A |
|  Class R | N/A | 12.42 | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Long-Term<br>Real Return<br>Fund** | **PIMCO<br>Real Return<br>Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Investment Income:** |  |  |  |
|  Interest, net of foreign taxes\* | $15441 | $185427 | $17696 |
|  Dividends | 21 | 76 | 4120 |
|  Dividends from Investments in Affiliates | 82 | 1605 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15544 | 187108 | 21877 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 457 | 9514 | 1254 |
|  Supervisory and administrative fees | 461 | 8821 | 715 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 385 | N/A |
|  Distribution and/or servicing fees - Class A | N/A | 1226 | 109 |
|  Distribution and/or servicing fees - Class C | N/A | 126 | 15 |
|  Distribution and/or servicing fees - Class R | N/A | 417 | N/A |
|  Trustee fees | 1 | 16 | 1 |
|  Interest expense | 2997 | 9536 | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3916 | 30041 | 11259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | (5) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3916 | 30036 | 11259 |
|  **Net Investment Income (Loss)** | 11628 | 157072 | 10618 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | (7843) | (35024) | (2430) |
|  Investments in Affiliates | (5) | (49) | (6) |
|  Exchange-traded or centrally cleared financial derivative instruments | (343) | 3556 | (1952) |
|  Over the counter financial derivative instruments | (3296) | (15266) | (3076) |
|  Short sales | 0 | (160) | 0 |
|  Foreign currency | (163) | (6656) | (307) |
|  **Net Realized Gain (Loss)** | (11650) | (53599) | (7771) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | (3587) | 94994 | 10373 |
|  Investments in Affiliates | 1 | 5 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2004 | 37122 | 4240 |
|  Over the counter financial derivative instruments | 1046 | (10173) | 1788 |
|  Short sales | 0 | 193 | 0 |
|  Foreign currency assets and liabilities | 4 | (2649) | (106) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (532) | 119492 | 16295 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(554) | $222965 | $19142 |
|  \* Foreign tax withholdings | $0 | $2 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response<br>Multi-Asset Fund** |
|  **Investment Income:** |  |  |  |
|  Interest, net of foreign taxes\* | $88589 | $96937 | $44366 |
|  Dividends, net of foreign taxes\* | 107 | 31 | 1801 |
|  Dividends from Investments in Affiliates | 5672 | 2118 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 94368 | 99086 | 52005 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 14027 | 9795 | 5478 |
|  Supervisory and administrative fees | 8213 | 5697 | 2966 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 162 | N/A |
|  Distribution and/or servicing fees - Class A | 140 | 261 | 37 |
|  Distribution and/or servicing fees - Class C | 49 | 134 | N/A |
|  Distribution and/or servicing fees - Class R | N/A | 76 | N/A |
|  Trustee fees | 9 | 7 | 4 |
|  Interest expense | 1218 | 2285 | 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 23656 | 18417 | 23096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (4098) | (1668) | (2665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 19558 | 16749 | 20431 |
|  **Net Investment Income (Loss)** | 74810 | 82337 | 31574 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | 82953 | (10532) | 107671 |
|  Investments in Affiliates | (2053) | (17) | (14) |
|  Exchange-traded or centrally cleared financial derivative instruments | (111440) | (24848) | (12676) |
|  Over the counter financial derivative instruments | 21041 | (11973) | (12423) |
|  Foreign currency | (2402) | (37) | 623 |
|  **Net Realized Gain (Loss)** | (11901) | (47407) | 83181 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | 102340 | 28637 | (19043) |
|  Investments in Affiliates | 2047 | 40 | 8546 |
|  Exchange-traded or centrally cleared financial derivative instruments | (23711) | 51331 | 28051 |
|  Over the counter financial derivative instruments | (108448) | (55098) | 54 |
|  Foreign currency assets and liabilities | (342) | 6976 | 22 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (28114) | 31886 | 17630 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $34795 | $66816 | $132385 |
|  \* Foreign tax withholdings | $0 | $1 | $1 |
|  \* Foreign tax withholdings - Dividends | $7 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Long-Term Real Return Fund** | **PIMCO<br>Long-Term Real Return Fund** | **PIMCO<br>Real Return Fund** | **PIMCO<br>Real Return Fund** | **PIMCO<br>RealEstateRealReturn Strategy Fund** | **PIMCO<br>RealEstateRealReturn Strategy Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $11628 | $21826 | $157072 | $266428 | $10618 | $13077 |
|  Net realized gain (loss) | (11650) | (10425) | (53599) | (119650) | (7771) | 29607 |
|  Net change in unrealized appreciation (depreciation) | (532) | 5495 | 119492 | 369143 | 16295 | (927) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (554) | 16896 | 222965 | 515921 | 19142 | 41757 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11115) | (20953) | (116896) | (193651) | (2426) | (8764) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (182) | (399) | (12638) | (21980) | (61) | (367) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (370) | (688) | (4) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (6167) | (11106) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | (18949) | (32862) | (494) | (2240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | (567) | (1198) | (15) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (3025) | (5017) | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | N/A | N/A | N/A | (3507) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | (411) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | (13) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | (216) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | (669) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | (28) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | (111) | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (11297) | (21352) | (158612) | (271457) | (3000) | (11500) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (34270) | 19102 | 9102 | (629354) | 2937 | (60161) |
|  **Total Increase (Decrease) in Net Assets** | (46121) | 14646 | 73455 | (384890) | 19079 | (29904) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 410299 | 395653 | 7684588 | 8069478 | 500282 | 530186 |
|  End of period | $364178 | $410299 | $7758043 | $7684588 | $519361 | $500282 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response Multi-Asset Fund** | **PIMCO<br>Inflation Response Multi-Asset Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $74810 | $162788 | $82337 | $173494 | $31574 | $46291 |
|  Net realized gain (loss) | (11901) | (161987) | (47407) | 52970 | 83181 | (69300) |
|  Net change in unrealized appreciation (depreciation) | (28114) | 179588 | 31886 | 204635 | 17630 | 185707 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 34795 | 180389 | 66816 | 431099 | 132385 | 162698 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (26895) | (171760) | (104559) | (72611) | (26278) | (61502) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (33169) | (178161) | (54773) | (28879) | (830) | (2165) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (498) | (1951) | (2472) | (1554) | (247) | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (7075) | (3091) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1326) | (9612) | (11192) | (6317) | (396) | (943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (115) | (1025) | (1541) | (754) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (1692) | (806) | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (62003) | (362509) | (183304) | (114012) | (27751) | (65056) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 106926 | 484559 | (205639) | (1653325) | 98538 | (75106) |
|  **Total Increase (Decrease) in Net Assets** | 79718 | 302439 | (322127) | (1336238) | 203172 | 22536 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | 4684149 | 4381710 | 3745951 | 5082189 | 1819828 | 1797292 |
|  End of period | $4763867 | $4684149 | $3423824 | $3745951 | $2023000 | $1819828 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Long-Term<br>Real Return<br>Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $(554) | $19142 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |  |
|  Purchases of long-term securities | (347597) | (564980) |
|  Proceeds from sales of long-term securities | 406533 | 566545 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (5316) | 1812 |
| (Increase) decrease in deposits with counterparty | 157 | 1696 |
| (Increase) decrease in receivable for investments sold | 34334 | (10587) |
| (Increase) decrease in interest and/or dividends receivable | 134 | (549) |
| (Increase) decrease in dividends receivable from Affiliates | (7) | 23 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 1598 | 2227 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (3483) | (3315) |
|  Increase (decrease) in payable for investments purchased | (34893) | (47354) |
|  Increase (decrease) in deposits from counterparty | 78 | 2823 |
|  Increase (decrease) in accrued investment advisory fees | (6) | 13 |
|  Increase (decrease) in accrued supervisory and administrative fees | (7) | 5 |
|  Increase (decrease) in accrued distribution fees | 0 | (1) |
|  Proceeds from short sales transactions | 49884 | 40840 |
|  Payments on short sales transactions | (49884) | (40840) |
|  Proceeds from (Payments on) foreign currency transactions | (159) | (413) |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7843 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 343 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 3296 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 163 | 307 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3587 | (10373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (2004) | (4240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (1046) | (1788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (4) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) on investments | (1313) | (1610) |
|  **Net Cash Provided by (Used for) Operating Activities** | 61681 | (43047) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 28405 | 126528 |
|  Payments on shares redeemed | (74857) | (122332) |
|  Cash distributions paid\* | (4) | (41) |
|  Proceeds from reverse repurchase agreements | 2826693 | 8891362 |
|  Payments on reverse repurchase agreements | (2842569) | (8853048) |
|  Proceeds from sale-buyback transactions | 4764 | 4246 |
|  Payments on sale-buyback transactions | (4764) | (4246) |
|  **Net Cash Received from (Used for) Financing Activities** | (62332) | 42469 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (651) | (578) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of period | 1741 | 1848 |
|  End of period | $1090 | $1270 |
|  \* Reinvestment of distributions | $11294 | $2959 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the period | $3146 | $9721 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response<br>Multi-Asset<br>Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $66816 | $132385 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |  |
|  Purchases of long-term securities | (3635080) | (2878549) |
|  Proceeds from sales of long-term securities | 4086488 | 2947261 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 72322 | (461850) |
| (Increase) decrease in deposits with counterparty | 2866 | 4569 |
| (Increase) decrease in receivable for investments sold | 207442 | 248495 |
| (Increase) decrease in interest and/or dividends receivable | (721) | (1165) |
| (Increase) decrease in dividends receivable from Affiliates | 411 | (105) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 26293 | 13653 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (14776) | (15200) |
| (Increase) decrease in reimbursement receivable from PIMCO | (65) | (46) |
|  Increase (decrease) in payable for investments purchased | (312608) | (18189) |
|  Increase (decrease) in deposits from counterparty | (12102) | (2551) |
|  Increase (decrease) in accrued investment advisory fees | (56) | 93 |
|  Increase (decrease) in accrued supervisory and administrative fees | (46) | 51 |
|  Increase (decrease) in accrued distribution fees | (1) | 0 |
|  Increase (decrease) in accrued servicing fees | (3) | 1 |
|  Proceeds from short sales transactions | 88834 | 66079 |
|  Payments on short sales transactions | (88834) | (91722) |
|  Proceeds from (Payments on) foreign currency transactions | 167 | 722 |
|  Increase (decrease) in other liabilities | (1) | 0 |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 10532 | (107671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 17 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 24848 | 12676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 11973 | 12423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 37 | (623) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (28637) | 19043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (40) | (8546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (51331) | (28051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 55098 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (6976) | (22) |
|  Net amortization (accretion) on investments | (14775) | (2762) |
|  **Net Cash Provided by (Used for) Operating Activities** | 488092 | (159641) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 388971 | 284636 |
|  Payments on shares redeemed | (758102) | (211240) |
|  Cash distributions paid\* | (27314) | (478) |
|  Proceeds from reverse repurchase agreements | 2198412 | 13349274 |
|  Payments on reverse repurchase agreements | (2292280) | (13025758) |
|  Proceeds from sale-buyback transactions | 14698 | 468263 |
|  Payments on sale-buyback transactions | (14698) | (707742) |
|  **Net Cash Received from (Used for) Financing Activities** | (490313) | 156955 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (2221) | (2686) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of period | 9527 | 10248 |
|  End of period | $7306 | $7562 |
|  \* Reinvestment of distributions | $155990 | $27273 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the period | $2172 | $13645 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 141.7% | INVESTMENTS IN SECURITIES 141.7% | INVESTMENTS IN SECURITIES 141.7% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 6 | 6 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.125% due 10/13/2026 •  | 200 | 235 |
|  |  | 241 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 1800 | 1800 |
|  Total Corporate Bonds & Notes (Cost $2,017) | Total Corporate Bonds & Notes (Cost $2,017) | 2041 |
| U.S. GOVERNMENT AGENCIES 18.4% | U.S. GOVERNMENT AGENCIES 18.4% | U.S. GOVERNMENT AGENCIES 18.4% |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.920% due 01/25/2026 | 823 | 818 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.347% due 05/15/2035 •  | 22 | 22 |
|  4.837% due 01/15/2047 •  | 775 | 754 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.751% due 09/25/2031 •  | 6 | 6 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 07/01/2049 | 287 | 275 |
|  6.000% due 03/01/2054 | 3459 | 3544 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 12/20/2052 - 10/20/2054 | 11110 | 10154 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.927% due 08/20/2068 •  | 1222 | 1227 |
|  5.289% due 01/20/2073 •  | 6759 | 6800 |
|  5.549% due 11/20/2072 •  | 974 | 991 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 - 11/01/2055 | 16100 | 15616 |
|  5.500% due 11/01/2055 | 7375 | 7431 |
|  6.000% due 11/01/2055 | 9500 | 9704 |
|  6.500% due 11/01/2055 | 9300 | 9617 |
|  Total U.S. Government Agencies (Cost $66,707) | Total U.S. Government Agencies (Cost $66,707) | 66959 |
| U.S. TREASURY OBLIGATIONS 106.2% | U.S. TREASURY OBLIGATIONS 106.2% | U.S. TREASURY OBLIGATIONS 106.2% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 02/15/2051 | 28302 | 15717 |
|  0.125% due 02/15/2052 | 26922 | 14608 |
|  0.250% due 02/15/2050 | 27818 | 16475 |
|  0.625% due 02/15/2043 | 31964 | 24302 |
|  0.750% due 02/15/2042 | 38499 | 30560 |
|  0.750% due 02/15/2045 (e) | 47793 | 35675 |
|  0.875% due 02/15/2047 | 31167 | 23039 |
|  1.000% due 02/15/2046 | 25699 | 19837 |
|  1.000% due 02/15/2048 | 21140 | 15858 |
|  1.000% due 02/15/2049 | 19371 | 14308 |
|  1.375% due 02/15/2044 (e) | 43231 | 37004 |
|  1.500% due 02/15/2053 | 36188 | 28993 |
|  2.125% due 02/15/2040 | 15827 | 15963 |
|  2.125% due 02/15/2041 | 23787 | 23786 |
|  2.125% due 02/15/2054 (e) | 33934 | 31358 |
|  2.375% due 02/15/2055 (e) | 22112 | 21610 |
|  0.250% due 07/15/2029 | 229 | 222 |
|  0.625% due 07/15/2032 | 3224 | 3053 |
|  1.375% due 07/15/2033 | 1170 | 1152 |
|  1.625% due 10/15/2029 (g) | 7700 | 7854 |
|  1.625% due 04/15/2030 (i) | 304 | 309 |
|  1.750% due 01/15/2034 | 2627 | 2641 |
|  1.875% due 07/15/2034 | 309 | 313 |
|  1.875% due 07/15/2035 (e) | 1408 | 1420 |
|  2.125% due 01/15/2035 (e) | 614 | 632 |
|  Total U.S. Treasury Obligations (Cost $426,816) | Total U.S. Treasury Obligations (Cost $426,816) | 386689 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.951% due 01/25/2036 ~ | 7 | 6 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  | 103 | 91 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 ~ | 28 | 27 |
|  4.522% due 01/20/2047 ~ | 1290 | 1114 |
|  4.852% due 07/25/2037 •  | 543 | 522 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.533% due 11/25/2035 ~ | 5 | 4 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.877% due 05/25/2047 •  | 122 | 112 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ | 123 | 67 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.215% due 09/25/2047 ~ | 1591 | 754 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ | 10 | 8 |
|  4.475% due 02/25/2036 ~ | 4 | 4 |
|  BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  | 2109 | 2106 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 03/25/2037 | 790 | 347 |
|  6.449% due 02/20/2036 •  | 26 | 25 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.471% due 02/25/2049 •  | 12 | 12 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.244% due 12/25/2035 ~ | 127 | 78 |
|  4.629% due 03/25/2037 ~ | 100 | 84 |
|  5.840% due 09/25/2035 •  | 1 | 1 |
|  6.490% due 05/25/2035 •  | 3 | 3 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.753% due 02/25/2037 ~ | 45 | 39 |
|  5.153% due 12/25/2035 •  | 76 | 65 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 480 | 279 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.988% due 08/19/2045 •  | 38 | 34 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 24 | 9 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.763% due 11/19/2035 ~ | 24 | 21 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.029% due 12/25/2036 ~ | 401 | 307 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 221 | 220 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.932% due 09/25/2029 •  | 5 | 5 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.772% due 09/25/2037 •  | 279 | 212 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 ~ | 126 | 123 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 06/25/2046 •  | 149 | 31 |
|  5.139% due 10/25/2037 ~ | 154 | 123 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  | 153 | 92 |
|  5.750% due 02/25/2036 | 783 | 535 |
|  5.750% due 03/25/2037 | 106 | 31 |
|  6.500% due 06/25/2037 | 3332 | 614 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.652% due 07/25/2035 ~ | 35 | 31 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 04/25/2036 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.012% due 09/25/2034 •  | 40 | 38 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.272% due 05/25/2058 •  | 35 | 36 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.280% due 10/20/2035 ~ | 10 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.341% due 08/25/2036 ~ | 25 | 22 |
|  4.470% due 11/25/2036 ~ | 372 | 328 |
|  4.812% due 12/25/2045 •  | 30 | 28 |
|  5.677% due 09/25/2033 ~ | 15 | 15 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.000% due 06/25/2037 | 2319 | 1805 |
|  6.500% due 08/25/2035 | 9 | 8 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ | 647 | 642 |
|  6.156% due 11/25/2037 ~ | 28 | 26 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $14,206) | Total Non-Agency Mortgage-Backed Securities (Cost $14,206) | 11096 |
| ASSET-BACKED SECURITIES 7.3% | ASSET-BACKED SECURITIES 7.3% | ASSET-BACKED SECURITIES 7.3% |
| CMBS OTHER 2.4% | CMBS OTHER 2.4% | CMBS OTHER 2.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.335% due 08/15/2034 •  | 380 | 381 |
|  5.615% due 11/15/2036 •  | 1791 | 1795 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 2489 | 2489 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 2447 | 2449 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 1523 | 1527 |
|  |  | 8641 |
| HOME EQUITY OTHER 3.1% | HOME EQUITY OTHER 3.1% | HOME EQUITY OTHER 3.1% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 21 | 8 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  2.826% due 06/25/2033 •  | 754 | 721 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 15 | 7 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 1906 | 1930 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.732% due 12/25/2036 •  | 65 | 45 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 69 | 68 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  | 11 | 10 |
|  4.462% due 11/25/2037 •  | 698 | 668 |
|  4.522% due 02/25/2036 •  | 1138 | 1104 |
|  4.552% due 05/25/2035 •  | 9 | 9 |
|  5.012% due 08/25/2047 •  | 98 | 96 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.492% due 07/25/2037 •  | 399 | 266 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  | 452 | 445 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 35 | 32 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 173 | 90 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.247% due 03/25/2035 •  | 183 | 175 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.947% due 02/25/2036 •  | 1029 | 1012 |
|  5.127% due 08/25/2034 •  | 7 | 7 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 67 | 53 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.782% due 02/25/2036 •  | 447 | 444 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 7 | 7 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.512% due 08/25/2036 •  | 82 | 33 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  3.223% due 07/25/2035 •  | 765 | 885 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 10/25/2036 •  | 71 | 64 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.695% due 11/25/2036 •  | 589 | 216 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  5.052% due 02/25/2035 •  | 195 | 187 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 379 | 153 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.707% due 09/25/2036 •  | 2175 | 2079 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 253 | 68 |
|  4.452% due 07/25/2037 •  | 124 | 112 |
|  4.472% due 06/25/2037 •  | 292 | 201 |
|  4.832% due 05/25/2036 •  | 55 | 54 |
|  |  | 11249 |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  | 300 | 295 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 89 | 28 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ | 35 | 35 |
|  6.572% due 12/25/2037 •  | 482 | 481 |
|  |  | 839 |
| OTHER ABS 1.6% | OTHER ABS 1.6% | OTHER ABS 1.6% |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 1608 | 1886 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.617% due 04/20/2031 •  | 258 | 258 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | EUR | 417 | 490 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | $| 984 | 985 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | EUR | 1850 | 2170 |
|  |  |  | 5789 |
|  Total Asset-Backed Securities (Cost $26,644) | Total Asset-Backed Securities (Cost $26,644) | Total Asset-Backed Securities (Cost $26,644) | 26518 |
| SOVEREIGN ISSUES 6.2% | SOVEREIGN ISSUES 6.2% | SOVEREIGN ISSUES 6.2% | SOVEREIGN ISSUES 6.2% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (b) | CAD | 939 | 703 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (b) | EUR | 248 | 284 |
|  0.650% due 05/15/2026 (b) |  | 4893 | 5723 |
|  1.300% due 05/15/2028 (b) |  | 5379 | 6399 |
|  1.800% due 05/15/2036 (b) |  | 104 | 121 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (b) | JPY | 195848 | 1347 |
|  0.100% due 03/10/2029 (b) |  | 1144487 | 7901 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (b) | MXN | 188 | 10 |
|  Total Sovereign Issues (Cost $23,708) | Total Sovereign Issues (Cost $23,708) | Total Sovereign Issues (Cost $23,708) | 22488 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(c) |  | 160000 | 162 |
|  Total Preferred Securities (Cost $160) | Total Preferred Securities (Cost $160) | Total Preferred Securities (Cost $160) | 162 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (d) | 190650 | $— | 191 |
| Total Short-Term Instruments<br>(Cost $191) | Total Short-Term Instruments<br>(Cost $191) |  | 191 |
| Total Investments in Securities<br>(Cost $560,449) | Total Investments in Securities<br>(Cost $560,449) |  | 516144 |
| INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% | INVESTMENTS IN AFFILIATES 1.5% |
| SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% | SHORT-TERM INSTRUMENTS 1.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 567324 |  | 5525 |
| Total Short-Term Instruments<br>(Cost $5,525) | Total Short-Term Instruments<br>(Cost $5,525) |  | 5525 |
| Total Investments in Affiliates<br>(Cost $5,525) | Total Investments in Affiliates<br>(Cost $5,525) |  | 5525 |
| Total Investments 143.2%<br>(Cost $565,974) | Total Investments 143.2%<br>(Cost $565,974) | $— | 521669 |
|  Financial Derivative<br>Instruments (f)(h) (0.0)%<br> (Cost or Premiums, net $(175)) | Financial Derivative<br>Instruments (f)(h) (0.0)%<br> (Cost or Premiums, net $(175)) |  | (170) |
| Other Assets and Liabilities, net (43.2)% | Other Assets and Liabilities, net (43.2)% |  | (157321) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 364178 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Principal amount of security is adjusted for inflation.

(c) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 4.240% | 09/25/2025 | 10/02/2025 | $(1428) | $(1429) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104409) | (104485) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (10828) | (10845) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116759) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 25

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(1429) | $0 | $(1429) | $1420 | $(9) |
|  BSN | 0 | (104485) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) |
|  NOM | 0 | (10845) | 0 | (10845) | 10637 | (208) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(116759) | $0 | $0 | $(116759) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(116759) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116759) |

---

(e) Securities with an aggregate market value of $116,475 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(129244) at a weighted average interest rate of 4.433%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Brent Crude June Futures  | 04/2026 | 1 | $65 | $(2) | $0 | $(1) |
|  Cocoa December Futures  | 12/2025 | 1 | 67 | (7) | 0 | (2) |
|  Cocoa March Futures  | 03/2026 | 1 | 68 | (5) | 0 | (2) |
|  Copper December Futures  | 12/2025 | 1 | 121 | 10 | 0 | (1) |
|  Euro-Bobl December Futures  | 12/2025 | 46 | 6362 | 2 | 9 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 26 | 3658 | 34 | 11 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 16 | 2150 | 49 | 20 | (4) |
|  Gas Oil March Futures  | 03/2026 | 1 | 65 | 2 | 0 | (1) |
|  Iron Ore January Futures  | 01/2026 | 5 | 50 | (1) | 0 | 0 |
|  Iron Ore November Futures  | 11/2025 | 5 | 52 | 0 | 0 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 1 | 918 | (9) | 1 | (1) |
|  Live Cattle December Futures  | 12/2025 | 3 | 282 | 1 | 1 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 2 | 134 | 2 | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 3 | 201 | 1 | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 3 | 148 | (1) | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 1 | 91 | (1) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 1 | 74 | 2 | 3 | 0 |
|  LME Zinc November Futures  | 11/2025 | 1 | 74 | 3 | 0 | 0 |
|  New York Harbor March Futures  | 02/2026 | 1 | 94 | 3 | 0 | (1) |
|  RBOB Gasoline March Futures  | 02/2026 | 2 | 157 | 0 | 0 | (2) |
|  Soybean January Futures  | 01/2026 | 2 | 102 | (3) | 0 | (1) |
|  Soybean Meal January Futures  | 01/2026 | 12 | 333 | (10) | 0 | (2) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 61 | 6661 | 6 | 1 | (2) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16449 | 320 | 0 | (77) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 26 | 2992 | (16) | 0 | (1) |
|  WTI Crude March Futures  | 02/2026 | 1 | 61 | (2) | 0 | (1) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |

---

26 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Corn December Futures  | 12/2025 | 19 | $(395) | $4 | $6 | $0 |
|  Corn March Futures  | 03/2026 | 8 | (173) | 0 | 3 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 1 | (33) | 1 | 0 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 4 | (135) | 2 | 0 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11019) | (65) | 3 | (29) |
|  Euro-Oat December Futures  | 12/2025 | 102 | (14532) | (130) | 0 | (35) |
|  Gold 100 oz. December Futures  | 12/2025 | 3 | (1162) | (37) | 0 | (7) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 3 | (75) | 5 | 2 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 2 | (52) | 4 | 1 | 0 |
|  Lean Hogs December Futures  | 12/2025 | 4 | (142) | (3) | 3 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 3 | (201) | (1) | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 3 | (201) | (7) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 3 | (150) | 1 | 1 | 0 |
|  LME Lead November Futures  | 11/2025 | 3 | (148) | 4 | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 1 | (92) | 1 | 1 | 0 |
|  LME Nickel November Futures  | 11/2025 | 1 | (91) | 0 | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 1 | (74) | (2) | 0 | 0 |
|  Long Guilt December Futures  | 12/2025 | 20 | (2443) | (12) | 1 | (11) |
|  Natural Gas January Futures  | 12/2025 | 2 | (84) | 0 | 0 | 0 |
|  Natural Gas March Futures  | 02/2026 | 1 | (36) | (1) | 0 | 0 |
|  Soybean March Futures  | 03/2026 | 2 | (104) | 4 | 1 | 0 |
|  Soybean Meal March Futures  | 03/2026 | 2 | (57) | 3 | 0 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 2 | (60) | 2 | 0 | 0 |
|  Sugar No. 11 March Futures  | 02/2026 | 9 | (167) | 2 | 0 | (2) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46056) | (54) | 0 | (19) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 69 | (7763) | (35) | 1 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 156 | (18189) | (382) | 39 | 0 |
|  Wheat December Futures  | 12/2025 | 6 | (152) | 13 | 3 | 0 |
|  Wheat December Futures  | 12/2025 | 4 | (44) | 3 | 1 | 0 |
|  Wheat March Futures  | 03/2026 | 6 | (158) | 5 | 3 | 0 |
|  White Sugar March Futures  | 02/2026 | 1 | (23) | 0 | 0 | 0 |
|  |  |  |  | $(675) | $69 | $(103) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 18100 | $(94) | $(11) | $(105) | $25 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 64000 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 60000 | (1) | 9 | 8 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | (7) | 66 | 59 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | 274770 | (15) | 60 | 45 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 420000 | 8 | 121 | 129 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $20490 | 136 | (117) | 19 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 1240 | (16) | (29) | (45) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | (203) | (318) | 5 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 2100 | 0 | 2 | 2 | 0 | (1) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 4200 | (32) | 33 | 1 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 11692 | (12) | (177) | (189) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 2700 | (25) | (92) | (117) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 2000 | 139 | (66) | 73 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 1000 | 63 | 265 | 328 | 3 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 5263 | (132) | (6) | (138) | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 1130 | 70 | 309 | 379 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 9500 | 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2300 | 61 | 122 | 183 | 7 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 | 3500 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 5500 | 0 | 4 | 4 | 0 | (1) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 26500 | 5 | 32 | 37 | 89 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 2100 | 130 | 1160 | 1290 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 2200 | 1 | 1348 | 1349 | 0 | (10) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 3860 | 241 | 2124 | 2365 | 0 | (17) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2180 | (33) | (7) | (40) | 0 | (17) |
|  Receive | CPTFEMU | 2.975 | Maturity | 08/15/2027 | 2100 | 8 | (31) | (23) | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPTFEMU | 1.380% | Maturity | 03/15/2031 |  | 540 | $(5) | $(110) | $(115) | $2 | $0 |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 |  | 340 | 0 | 0 | 0 | 0 | (1) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 2600 | (1) | (33) | (34) | 0 | (10) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 1800 | (6) | (14) | (20) | 0 | (7) |
|  Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 |  | 40 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 300 | 0 | 14 | 14 | 2 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 900 | (7) | 53 | 46 | 7 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 |  | 80 | 0 | 1 | 1 | 0 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 |  | 900 | 0 | 103 | 103 | 6 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 800 | 5 | 125 | 130 | 6 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 600 | 3 | 108 | 111 | 5 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 300 | 0 | 47 | 47 | 2 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 400 | 4 | 66 | 70 | 3 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | 1 | 419 | 420 | 0 | (1) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 |  | 2300 | 2 | (364) | (362) | 0 | 0 |
|  Pay | CPURNSA | 1.882 | Maturity | 11/20/2029 |  | 9400 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1619) | 0 | (1) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 3700 | 4 | 489 | 493 | 1 | 0 |
|  Receive | CPURNSA | 2.668 | Maturity | 05/14/2031 |  | 5000 | 0 | 458 | 458 | 1 | 0 |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 |  | 1700 | 0 | (2) | (2) | 0 | (2) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 1900 | 11 | 25 | 36 | 7 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 800 | 0 | 11 | 11 | 2 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | $6360 | $6942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |

---

(g) Securities with an aggregate market value of $2,467 and cash of $1,293 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $4 and liability of $(16) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 14083 | $16426 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) |
|  | 10/2025 | $3535 | 4917 | 0 | (1) |
|  | 11/2025 | 4910 | $3535 | 1 | 0 |
|  BOA | 10/2025 | 2174 | 15 | 0 | 0 |
|  | 10/2025 | $130 | 438 | 2 | 0 |
|  | 10/2025 | 323 | 28535 | 0 | (2) |
|  | 10/2025 | 126 | 18927 | 2 | 0 |
|  | 10/2025 | 171 | 236179 | 0 | (2) |
|  | 10/2025 | 55 | 95 | 0 | 0 |
|  | 10/2025 | 40 | 143 | 0 | 0 |
|  | 11/2025 | 18861 | $126 | 0 | (2) |
|  | 11/2025 | 95 | 55 | 0 | 0 |
|  | 11/2025 | $60 | 200 | 1 | 0 |
|  BPS | 10/2025 | 1970 | $370 | 0 | 0 |
|  | 10/2025 | 4301 | 604 | 0 | 0 |
|  | 10/2025 | 13024366 | 788 | 8 | (1) |
|  | 10/2025 | 19752 | 224 | 2 | 0 |
|  | 10/2025 | 44621 | 1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | (1) |
|  | 10/2025 | $360 | 1970 | 10 | 0 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $954 | 15757130 | $0 | $(10) |
|  | 10/2025 | 148 | 21928 | 1 | 0 |
|  | 10/2025 | 837 | 1156302 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  | 10/2025 | 103 | 374 | 0 | 0 |
|  | 11/2025 | 2339592 | $140 | 0 | 0 |
|  | 11/2025 | 14241 | 160 | 0 | 0 |
|  | 11/2025 | 21851 | 148 | 0 | (1) |
|  | 11/2025 | 126163 | 90 | 0 | 0 |
|  | 11/2025 | $160 | 538 | 2 | 0 |
|  | 12/2025 | 4266 | $142 | 1 | 0 |
|  | 12/2025 | $189 | 3184494 | 1 | 0 |
|  BRC | 10/2025 | 848 | $1063 | 0 | (3) |
|  | 10/2025 | 299 | 404 | 2 | 0 |
|  | 10/2025 | $1133 | 909 | 8 | 0 |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 704 | 2575 | 4 | 0 |
|  | 10/2025 | 490 | 8641 | 10 | 0 |
|  | 11/2025 | 5 | $0 | 0 | 0 |
|  | 11/2025 | $1063 | 845 | 3 | 0 |
|  | 11/2025 | 404 | 299 | 0 | (2) |
|  | 11/2025 | 1143 | $65 | 0 | (1) |
|  BSH | 10/2025 | $16 | 28 | 0 | 0 |
|  | 11/2025 | 28 | $16 | 0 | 0 |
|  CBK | 10/2025 | 201 | 131 | 0 | (2) |
|  | 10/2025 | 82 | 12 | 0 | 0 |
|  | 10/2025 | 109 | 128 | 0 | 0 |
|  | 10/2025 | 7928777 | 479 | 5 | (1) |
|  | 10/2025 | 26717 | 301 | 0 | 0 |
|  | 10/2025 | 1506 | 1173 | 6 | 0 |
|  | 10/2025 | 1143 | 35 | 0 | 0 |
|  | 10/2025 | 54574 | 1842 | 49 | 0 |
|  | 10/2025 | $284 | 4670574 | 0 | (4) |
|  | 10/2025 | 1271 | 111639 | 0 | (15) |
|  | 10/2025 | 47 | 473 | 0 | 0 |
|  | 10/2025 | 344 | 3260 | 3 | 0 |
|  | 10/2025 | 643 | 19559 | 1 | (1) |
|  | 10/2025 | 2955 | $171 | 0 | (1) |
|  | 11/2025 | 473 | 47 | 0 | 0 |
|  | 11/2025 | $86 | 289 | 1 | 0 |
|  | 11/2025 | 301 | 26769 | 0 | 0 |
|  | 12/2025 | 12600 | $417 | 1 | 0 |
|  | 12/2025 | $3823 | 21471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | 0 |
|  | 12/2025 | 196 | 3288775 | 1 | 0 |
|  | 01/2026 | 6815 | $226 | 0 | 0 |
|  DUB | 10/2025 | 9216 | 1296 | 3 | 0 |
|  | 10/2025 | 4763324 | 291 | 5 | 0 |
|  | 10/2025 | 43382 | 488 | 0 | 0 |
|  | 10/2025 | 307414 | 222 | 3 | 0 |
|  | 10/2025 | $400 | 1368 | 13 | 0 |
|  | 10/2025 | 662 | 58504 | 0 | (4) |
|  | 11/2025 | 1367 | $400 | 0 | (13) |
|  | 11/2025 | 3538 | 40 | 0 | 0 |
|  | 11/2025 | $488 | 43469 | 0 | 0 |
|  | 11/2025 | 1300 | $74 | 0 | (1) |
|  FAR | 10/2025 | 3935 | 2552 | 0 | (51) |
|  | 10/2025 | 152 | 191 | 0 | 0 |
|  | 10/2025 | 4018 | 566 | 2 | 0 |
|  | 10/2025 | 863744 | 5875 | 35 | 0 |
|  | 10/2025 | $2832 | 4337 | 38 | 0 |
|  | 10/2025 | 1206 | 106339 | 0 | (10) |
|  | 10/2025 | 843 | 3082 | 5 | 0 |
|  | 10/2025 | 4259 | 5486 | 0 | (7) |
|  | 11/2025 | 4337 | $2833 | 0 | (38) |
|  | 11/2025 | 5472 | 4259 | 6 | 0 |
|  | 11/2025 | $191 | 151 | 0 | 0 |
|  | 12/2025 | 1321 | $69 | 0 | (2) |
|  | 12/2025 | $536 | 10159 | 14 | 0 |
|  GLM | 10/2025 | 29 | $37 | 0 | 0 |
|  | 10/2025 | 317 | 45 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 3235314 | $194 | $0 | $0 |
|  | 10/2025 | 64 | 50 | 0 | 0 |
|  | 10/2025 | $285 | 4713114 | 0 | (3) |
|  | 10/2025 | 339 | 29702 | 0 | (4) |
|  | 11/2025 | 30 | 100 | 0 | 0 |
|  | 12/2025 | 374 | $20 | 0 | (1) |
|  | 12/2025 | $189 | 3157957 | 0 | 0 |
|  IND | 10/2025 | 201 | $131 | 0 | (2) |
|  JPM | 10/2025 | 98 | 18 | 0 | (1) |
|  | 10/2025 | 4912 | 3554 | 25 | 0 |
|  | 10/2025 | 9579588 | 574 | 0 | 0 |
|  | 10/2025 | 532072 | 384 | 5 | 0 |
|  | 10/2025 | 279 | 217 | 1 | 0 |
|  | 10/2025 | $19 | 98 | 0 | 0 |
|  | 10/2025 | 880 | 14623095 | 0 | (4) |
|  | 10/2025 | 139 | 468 | 2 | 0 |
|  | 10/2025 | 464 | 1705 | 5 | 0 |
|  | 10/2025 | 68 | 2069 | 0 | 0 |
|  | 10/2025 | 110 | 1948 | 3 | 0 |
|  | 11/2025 | 1226 | $69 | 0 | (1) |
|  MBC | 10/2025 | 32 | 40 | 0 | 0 |
|  | 10/2025 | 4690 | 660 | 2 | 0 |
|  | 10/2025 | 433 | 584 | 2 | 0 |
|  | 10/2025 | 473451 | 29 | 0 | 0 |
|  | 10/2025 | 1546 | 11 | 0 | 0 |
|  | 10/2025 | 1339573 | 961 | 6 | 0 |
|  | 10/2025 | 2999 | 313 | 0 | (6) |
|  | 10/2025 | 3638 | 2839 | 19 | 0 |
|  | 10/2025 | 2699 | 84 | 0 | 0 |
|  | 10/2025 | $194 | 153 | 0 | (2) |
|  | 10/2025 | 468 | 3331 | 0 | 0 |
|  | 10/2025 | 73 | 10868 | 1 | 0 |
|  | 10/2025 | 657 | 916699 | 0 | (3) |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 120 | 3885 | 0 | 0 |
|  | 11/2025 | 3323 | $468 | 0 | 0 |
|  | 11/2025 | 18580 | 126 | 0 | 0 |
|  | 11/2025 | 5 | 0 | 0 | 0 |
|  | 11/2025 | $584 | 433 | 0 | (2) |
|  MYI | 10/2025 | 4735 | $665 | 1 | 0 |
|  | 10/2025 | 1929412 | 117 | 2 | 0 |
|  | 10/2025 | 9614 | 65 | 0 | 0 |
|  | 10/2025 | $2777 | 414581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
|  | 10/2025 | 56 | 203 | 0 | 0 |
|  | 10/2025 | 363 | 10923 | 0 | (4) |
|  | 11/2025 | 413146 | $2777 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  | 12/2025 | 10852 | 363 | 4 | 0 |
|  NGF | 10/2025 | 704745 | 507 | 5 | 0 |
|  | 10/2025 | $256 | 4233120 | 0 | (2) |
|  SCX | 10/2025 | 3444 | $485 | 1 | 0 |
|  | 10/2025 | 150 | 201 | 0 | (1) |
|  | 10/2025 | 4047787 | 242 | 0 | 0 |
|  | 10/2025 | 31062 | 349 | 0 | 0 |
|  | 10/2025 | 49223 | 335 | 2 | 0 |
|  | 10/2025 | 32421 | 1094 | 29 | 0 |
|  | 10/2025 | $286 | 4696466 | 0 | (4) |
|  | 10/2025 | 644 | 56879 | 0 | (5) |
|  | 11/2025 | 89 | $1 | 0 | 0 |
|  | 11/2025 | $201 | 150 | 1 | 0 |
|  | 11/2025 | 310 | 27581 | 0 | 0 |
|  | 12/2025 | 242 | 4058017 | 0 | 0 |
|  SOG | 10/2025 | 1877 | $352 | 0 | (1) |
|  | 10/2025 | 450730 | 3065 | 17 | 0 |
|  | 10/2025 | 123 | 71 | 0 | 0 |
|  | 10/2025 | $353 | 1876 | 0 | 0 |
|  | 10/2025 | 16690 | 14192 | 0 | (28) |
|  | 10/2025 | 6068 | 902853 | 38 | 0 |
|  | 11/2025 | 14192 | $16724 | 28 | 0 |
|  | 11/2025 | 899731 | 6068 | 0 | (38) |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $352 | 1903 | $1 | $0 |
|  SSB | 10/2025 | 1190 | 883 | 0 | (3) |
|  UAG | 10/2025 | 2411 | 723 | 0 | (5) |
|  | 10/2025 | 499 | 49 | 0 | (1) |
|  | 10/2025 | $40 | 137 | 1 | 0 |
|  | 10/2025 | 15 | 1325 | 0 | 0 |
|  | 10/2025 | 56 | 203 | 0 | 0 |
|  | 10/2025 | 120 | 3883 | 0 | 0 |
|  | 10/2025 | 171 | 2955 | 0 | 0 |
|  | 10/2025 | 2956 | $171 | 0 | 0 |
|  | 11/2025 | 137 | 40 | 0 | (1) |
|  | 11/2025 | 1243 | 71 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 1400 | $(13) | $(9) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1400 | (12) | (6) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 12600 | (114) | (67) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12600 | (114) | (68) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 5100 | (47) | (37) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 5100 | (47) | (20) |
|  |  |  |  |  |  | $(347) | $(207) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $(110) | $0 | $0 | $(110) | $(109) | $283 | $174 |
|  BOA | 5 | 0 | 0 | 5 | (6) | 0 | 0 | (6) | (1) | 0 | (1) |
|  BPS | 44 | 0 | 0 | 44 | (26) | 0 | 0 | (26) | 18 | 0 | 18 |
|  BRC | 27 | 0 | 0 | 27 | (6) | (15) | 0 | (21) | 6 | 0 | 6 |
|  CBK | 220 | 0 | 0 | 220 | (24) | 0 | 0 | (24) | 196 | 0 | 196 |
|  DUB | 24 | 0 | 0 | 24 | (18) | 0 | 0 | (18) | 6 | 0 | 6 |
|  FAR | 100 | 0 | 0 | 100 | (108) | 0 | 0 | (108) | (8) | 0 | (8) |
|  GLM | 0 | 0 | 0 | 0 | (8) | (392) | 0 | (400) | (400) | (270) | (670) |
|  IND | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  JPM | 41 | 0 | 0 | 41 | (6) | 0 | 0 | (6) | 35 | 0 | 35 |
|  MBC | 30 | 0 | 0 | 30 | (13) | 0 | 0 | (13) | 17 | 0 | 17 |
|  MYI | 33 | 0 | 0 | 33 | (30) | 0 | 0 | (30) | 3 | (38) | (35) |
|  NGF | 5 | 0 | 0 | 5 | (2) | 0 | 0 | (2) | 3 | 0 | 3 |
|  SCX | 33 | 0 | 0 | 33 | (10) | 0 | 0 | (10) | 23 | 0 | 23 |
|  SOG | 84 | 0 | 0 | 84 | (67) | 0 | 0 | (67) | 17 | 0 | 17 |
|  SSB | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  UAG | 1 | 0 | 0 | 1 | (8) | 0 | 0 | (8) | (7) | 0 | (7) |
|  Total Over the Counter | $648 | $0 | $0 | $648 | $(447) | $(407) | $0 | $(854) |  |  |  |

---

(i) Securities with an aggregate market value of $283 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $34 | $0 | $0 | $0 | $85 | $119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 224 | 224 |
|  | $34 | $0 | $0 | $0 | $309 | $343 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $648 | $0 | $648 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $991 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $39 | $0 | $0 | $0 | $179 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 89 | 89 |
|  | $39 | $0 | $0 | $0 | $268 | $307 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $447 | $0 | $447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 407 | 407 |
|  | $0 | $0 | $0 | $447 | $407 | $854 |
|  | $39 | $0 | $0 | $447 | $675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $29 | $0 | $0 | $0 | $(7) | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (365) | (365) |
|  | $29 | $0 | $0 | $0 | $(372) | $(343) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(3362) | $0 | $(3362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 66 | 66 |
|  | $0 | $0 | $0 | $(3362) | $66 | $(3296) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) | $(306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3639) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $7 | $0 | $0 | $0 | $(104) | $(97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2101 | 2101 |
|  | $7 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | $2004 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $851 | $0 | $851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 195 | 195 |
|  | $0 | $0 | $0 | $851 | $195 | $1046 |
|  | $7 | $0 | $0 | $851 | $2192 | $3050 |

---

32 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $241 | $0 | $241 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1800 | 1800 |
|  U.S. Government Agencies | 0 | 66959 | 0 | 66959 |
|  U.S. Treasury Obligations | 0 | 386689 | 0 | 386689 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11096 | 0 | 11096 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 8641 | 0 | 8641 |
| &nbsp;&nbsp; Home Equity Other | 0 | 11249 | 0 | 11249 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 839 | 0 | 839 |
| &nbsp;&nbsp; Other ABS | 0 | 5789 | 0 | 5789 |
|  Sovereign Issues | 0 | 22488 | 0 | 22488 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 162 | 0 | 162 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 191 | 0 | 191 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516144 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $5525 | $0 | $0 | $5525 |
|  Total Investments | $5525 | $514344 | $1800 | $521669 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 74 | 265 | 0 | 339 |
|  Over the counter | 0 | 648 | 0 | 648 |
|  | $74 | $913 | $0 | $987 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (103) | (188) | 0 | (291) |
|  Over the counter | 0 | (854) | 0 | (854) |
|  | $(103) | $(1042) | $0 | $(1145) |
|  Total Financial Derivative Instruments | $(29) | $(129) | $0 | $(158) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521511 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO Real Return Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 111.4% | INVESTMENTS IN SECURITIES 111.4% | INVESTMENTS IN SECURITIES 111.4% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
| BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 1050 | 1120 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 63 | 61 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 4500 | 1374 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 326 | 43 |
|  1.000% due 10/01/2050 | 15536 | 1923 |
|  1.500% due 10/01/2053 | 97636 | 12129 |
|  2.500% due 10/01/2047 | 7 | 1 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 550 | 550 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 181 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 12 | 2 |
|  1.500% due 10/01/2053 | 19291 | 2210 |
|  2.000% due 10/01/2053 | 8885 | 1176 |
|  2.500% due 10/01/2047 | 3 | 0 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 33 | 4 |
|  1.500% due 10/01/2053 | 2489 | 266 |
|  2.500% due 10/01/2047 | 18 | 3 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 10/01/2053 | 3 | 0 |
|  1.500% due 10/01/2053 | 18038 | 2312 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 600 | 688 |
|  1.000% due 06/24/2027 •  | 500 | 581 |
|  2.125% due 11/15/2029 •  | 100 | 125 |
|  2.875% due 04/02/2032 •  | 100 | 115 |
|  7.000% due 09/30/2027 •  | 300 | 414 |
|  7.750% due 03/01/2029 •  | 1000 | 1310 |
|  |  | 26589 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 38800 | 38800 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 1900 | 1893 |
|  |  | 40693 |
|  Total Corporate Bonds & Notes (Cost $71,806) | Total Corporate Bonds & Notes (Cost $71,806) | 67282 |
| U.S. GOVERNMENT AGENCIES 16.6% | U.S. GOVERNMENT AGENCIES 16.6% | U.S. GOVERNMENT AGENCIES 16.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 03/01/2039 - 07/01/2049 | 22583 | 21717 |
|  4.500% due 07/01/2052 - 09/01/2052 | 1362 | 1329 |
|  6.195% due 09/01/2036 •  | 7 | 7 |
|  6.417% due 07/01/2036 •  | 22 | 22 |
|  6.460% due 10/01/2036 •  | 8 | 8 |
|  6.557% due 01/01/2034 •  | 93 | 95 |
|  6.727% due 06/01/2033 •  | 24 | 24 |
|  6.860% due 01/01/2034 •  | 25 | 26 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.920% due 01/25/2026 | 259 | 257 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.837% due 01/15/2047 •  | 2071 | 2015 |
|  4.887% due 06/15/2047 - 08/15/2057 •  | 7874 | 7567 |
|  5.296% due 11/25/2054 •  | 41300 | 41370 |
|  5.356% due 08/25/2055 •  | 2632 | 2648 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.400% due 10/25/2055 •  | $— | 4000 | $— | 4009 |
|  5.506% due 02/25/2055 - 08/25/2055 •  |  | 12283 |  | 12332 |
|  5.556% due 02/25/2055 - 08/25/2055 •  |  | 7433 |  | 7473 |
|  5.656% due 09/25/2054 - 05/25/2055 •  |  | 27129 |  | 27122 |
|  7.000% due 10/15/2030 |  | 5 |  | 5 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  |  | 37 |  | 37 |
|  4.751% due 09/25/2031 •  |  | 73 |  | 73 |
|  5.353% due 02/25/2045 •  |  | 216 |  | 210 |
|  5.553% due 07/25/2044 •  |  | 41 |  | 40 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 08/01/2038 - 04/01/2050 |  | 4626 |  | 4446 |
|  4.500% due 09/01/2052 - 10/01/2052 |  | 2069 |  | 2018 |
|  4.840% due 11/01/2033 •  |  | 11 |  | 11 |
|  4.882% due 02/01/2034 •  |  | 3 |  | 3 |
|  4.891% due 12/01/2036 •  |  | 2 |  | 2 |
|  4.893% due 10/01/2033 •  |  | 2 |  | 2 |
|  5.420% due 06/01/2043 •  |  | 6 |  | 6 |
|  5.421% due 09/01/2044 - 10/01/2044 •  |  | 202 |  | 204 |
|  5.525% due 02/01/2032 •  |  | 3 |  | 3 |
|  5.613% due 09/01/2034 •  |  | 2 |  | 2 |
|  5.890% due 04/01/2032 •  |  | 2 |  | 2 |
|  6.191% due 04/01/2033 •  |  | 33 |  | 34 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 12/25/2036 - 07/25/2037 •  |  | 104 |  | 103 |
|  4.593% due 03/25/2036 •  |  | 33 |  | 33 |
|  4.821% due 07/25/2037 •  |  | 13 |  | 13 |
|  4.911% due 05/25/2036 •  |  | 16 |  | 16 |
|  4.916% due 02/25/2037 •  |  | 76 |  | 75 |
|  5.386% due 06/25/2055 •  |  | 36448 |  | 36696 |
|  5.450% due 10/25/2055 •  |  | 11000 |  | 11024 |
|  5.506% due 03/25/2055 •  |  | 1719 |  | 1726 |
|  5.536% due 08/25/2055 •  |  | 5239 |  | 5265 |
|  5.556% due 10/25/2053 - 07/25/2055 •  |  | 9093 |  | 9142 |
|  6.373% due 05/25/2035 ~ |  | 3 |  | 3 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.500% due 06/25/2028 |  | 2 |  | 2 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 05/25/2042 •  |  | 40 |  | 40 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 03/20/2052 - 06/20/2055 |  | 218445 |  | 199798 |
|  4.625% due 07/20/2035 •  |  | 4 |  | 4 |
|  4.750% due 12/20/2035 •  |  | 113 |  | 116 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.839% due 01/20/2072 •  |  | 295 |  | 294 |
|  4.927% due 08/20/2068 •  |  | 8310 |  | 8344 |
|  5.166% due 08/20/2066 •  |  | 3 |  | 3 |
|  5.189% due 08/20/2072 •  |  | 277 |  | 278 |
|  5.249% due 01/20/2060 •  |  | 1272 |  | 1278 |
|  5.289% due 08/20/2072 - 07/20/2073 •  |  | 19705 |  | 19785 |
|  5.466% due 08/20/2069 •  |  | 1075 |  | 1086 |
|  5.489% due 05/20/2073 •  |  | 2011 |  | 2043 |
|  5.549% due 11/20/2072 •  |  | 4381 |  | 4459 |
|  5.739% due 07/20/2055 •  |  | 23491 |  | 23590 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 11/01/2055 |  | 7000 |  | 6382 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 11/01/2055 |  | 515300 |  | 499627 |
|  5.500% due 11/01/2055 |  | 64300 |  | 64792 |
|  6.000% due 11/01/2055 |  | 189600 |  | 193671 |
|  6.500% due 11/01/2055 |  | 63600 |  | 65770 |
|  Total U.S. Government Agencies (Cost $1,293,509) | Total U.S. Government Agencies (Cost $1,293,509) | Total U.S. Government Agencies (Cost $1,293,509) |  | 1290577 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 80.4% | U.S. TREASURY OBLIGATIONS 80.4% | U.S. TREASURY OBLIGATIONS 80.4% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 02/15/2051 | 62417 | 34662 |
|  0.125% due 02/15/2052 | 56745 | 30790 |
|  0.250% due 02/15/2050 | 103872 | 61518 |
|  0.625% due 02/15/2043 | 80393 | 61121 |
|  0.750% due 02/15/2042 | 195529 | 155210 |
|  0.750% due 02/15/2045 | 166947 | 124615 |
|  0.875% due 02/15/2047 | 189377 | 139992 |
|  1.000% due 02/15/2046 | 187546 | 144765 |
|  1.000% due 02/15/2048 | 66271 | 49712 |
|  1.000% due 02/15/2049 | 45521 | 33623 |
|  1.375% due 02/15/2044 | 202306 | 173168 |
|  1.500% due 02/15/2053 (j) | 13693 | 10970 |
|  1.750% due 01/15/2028 | 294600 | 299526 |
|  2.125% due 02/15/2040 | 86774 | 87517 |
|  2.125% due 02/15/2041 | 60697 | 60694 |
|  2.125% due 02/15/2054 | 63258 | 58455 |
|  2.375% due 01/15/2027 (h) | 2766 | 2815 |
|  2.375% due 02/15/2055 | 79849 | 78037 |
|  2.500% due 01/15/2029 (h) | 104832 | 109573 |
|  3.375% due 04/15/2032 (j) | 14195 | 15895 |
|  3.625% due 04/15/2028 | 297719 | 316836 |
|  3.875% due 04/15/2029 | 281185 | 307515 |
|  0.125% due 07/15/2026 (h) | 226154 | 225381 |
|  0.125% due 10/15/2026 | 168693 | 167776 |
|  0.125% due 04/15/2027 | 67502 | 66581 |
|  0.125% due 01/15/2030 | 60455 | 57736 |
|  0.125% due 07/15/2030 | 152551 | 145090 |
|  0.125% due 01/15/2031 | 330477 | 310424 |
|  0.125% due 07/15/2031 | 247052 | 230791 |
|  0.125% due 01/15/2032 | 140597 | 129504 |
|  0.250% due 07/15/2029 | 193005 | 187288 |
|  0.375% due 01/15/2027 (j) | 461 | 458 |
|  0.375% due 07/15/2027 (h) | 55516 | 55149 |
|  0.500% due 01/15/2028 (h) | 56669 | 56023 |
|  0.625% due 07/15/2032 | 383460 | 363067 |
|  0.750% due 07/15/2028 | 63602 | 63321 |
|  0.875% due 01/15/2029 | 81458 | 80858 |
|  1.125% due 01/15/2033 | 97926 | 94943 |
|  1.250% due 04/15/2028 | 91756 | 92124 |
|  1.375% due 07/15/2033 | 325045 | 320161 |
|  1.625% due 10/15/2027 (h) | 73607 | 74803 |
|  1.625% due 10/15/2029 | 49791 | 50791 |
|  1.625% due 04/15/2030 | 255824 | 259827 |
|  1.750% due 01/15/2034 | 66311 | 66648 |
|  1.875% due 07/15/2034 | 303920 | 308461 |
|  1.875% due 07/15/2035 | 150501 | 151766 |
|  2.125% due 04/15/2029 | 100782 | 104052 |
|  2.125% due 01/15/2035 | 186703 | 192266 |
|  2.375% due 10/15/2028 (h) | 28159 | 29337 |
|  Total U.S. Treasury Obligations (Cost $6,691,363) | Total U.S. Treasury Obligations (Cost $6,691,363) | 6241635 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.755% due 10/25/2035 ~ | 34 | 32 |
|  6.972% due 08/25/2035 ~ | 53 | 53 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  | 2733 | 2403 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 186 | 165 |
|  4.482% due 10/25/2046 •  | 3849 | 1928 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.522% due 01/20/2047 ~ | 2127 | 1837 |
|  4.971% due 01/20/2047 ~ | 60 | 52 |
|  6.253% due 10/25/2036 þ | 70 | 62 |
|  6.337% due 01/25/2037 þ | 69 | 65 |
|  6.388% due 04/25/2037 þ | 55 | 47 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.487% due 07/25/2035 ~ | 81 | 78 |
|  5.533% due 11/25/2035 ~ | 177 | 159 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.563% due 04/26/2036 ~ | 1003 | 908 |
|  4.612% due 01/25/2037 •  | 632 | 591 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.126% due 08/25/2036 ~ | 300 | 200 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.467% due 11/25/2036 ~ | $— | 489 | $— | 278 |
|  4.774% due 08/25/2036 ~ |  | 188 |  | 119 |
|  4.838% due 09/25/2035 ~ |  | 32 |  | 18 |
|  5.425% due 05/25/2035 ~ |  | 11 |  | 10 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.215% due 09/25/2047 ~ |  | 2565 |  | 1216 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.208% due 05/25/2047 ~ |  | 313 |  | 282 |
|  4.225% due 07/25/2036 ~ |  | 374 |  | 321 |
|  4.475% due 02/25/2036 ~ |  | 63 |  | 58 |
|  4.812% due 11/25/2030 ~ |  | 20 |  | 20 |
|  5.777% due 02/25/2034 ~ |  | 154 |  | 145 |
|  5.912% due 11/25/2034 ~ |  | 18 |  | 17 |
|  5.923% due 01/25/2034 ~ |  | 63 |  | 60 |
|  6.142% due 10/25/2035 ~ |  | 129 |  | 129 |
|  6.513% due 01/25/2034 ~ |  | 189 |  | 189 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.739% due 12/25/2035 ~ |  | 27 |  | 26 |
|  5.769% due 02/25/2037 ~ |  | 23 |  | 23 |
|  6.522% due 02/25/2037 ~ |  | 5 |  | 5 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.772% due 06/25/2035 •  |  | 167 |  | 71 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.452% due 07/25/2036 •  |  | 108 |  | 102 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.228% due 03/25/2037 ~ |  | 68 |  | 59 |
|  4.327% due 02/25/2047 ~ |  | 86 |  | 79 |
|  4.462% due 11/25/2037 ~ |  | 814 |  | 772 |
|  4.747% due 10/20/2035 ~ |  | 7291 |  | 6898 |
|  4.852% due 04/25/2035 •  |  | 151 |  | 145 |
|  4.912% due 03/25/2035 •  |  | 4 |  | 4 |
|  5.097% due 11/25/2034 ~ |  | 3 |  | 3 |
|  5.500% due 11/25/2035 |  | 68 |  | 35 |
|  5.500% due 04/25/2038 |  | 60 |  | 61 |
|  6.000% due 04/25/2036 |  | 1119 |  | 526 |
|  6.000% due 03/25/2037 |  | 3353 |  | 1473 |
|  6.866% due 01/20/2035 ~ |  | 5 |  | 5 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  5.471% due 02/25/2049 •  |  | 67 |  | 65 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  6.500% due 09/25/2033 |  | 92 |  | 44 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ |  | 100 |  | 92 |
|  5.094% due 07/25/2046 ~ |  | 303 |  | 289 |
|  5.840% due 09/25/2035 •  |  | 7 |  | 7 |
|  6.490% due 05/25/2035 •  |  | 27 |  | 27 |
|  6.751% due 03/25/2034 ~ |  | 30 |  | 28 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.430% due 02/20/2047 •  |  | 36 |  | 29 |
|  4.445% due 12/20/2046 •  |  | 2102 |  | 1853 |
|  4.670% due 03/20/2046 •  |  | 83 |  | 78 |
|  4.670% due 07/20/2046 •  |  | 1774 |  | 1506 |
|  4.753% due 02/25/2037 ~ |  | 901 |  | 798 |
|  4.890% due 11/20/2035 •  |  | 148 |  | 141 |
|  4.972% due 10/25/2035 •  |  | 59 |  | 38 |
|  5.000% due 07/25/2035 |  | 69 |  | 37 |
|  5.153% due 12/25/2035 •  |  | 320 |  | 276 |
|  5.500% due 11/25/2035 |  | 13 |  | 11 |
|  5.750% due 05/25/2036 |  | 947 |  | 336 |
|  6.000% due 01/25/2037 |  | 2823 |  | 1397 |
|  6.000% due 02/25/2037 |  | 58 |  | 22 |
|  6.000% due 04/25/2037 |  | 1010 |  | 848 |
|  6.500% due 08/25/2032 |  | 16 |  | 16 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 152 |  | 23 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.079% due 04/25/2037 þ |  | 337 |  | 94 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  1.841% due 10/25/2066 ~ |  | 6344 |  | 5804 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.099% due 09/25/2034 ~ |  | 18 |  | 18 |
|  5.856% due 06/25/2034 ~ |  | 113 |  | 113 |
|  6.000% due 02/25/2037 |  | 639 |  | 230 |
|  6.250% due 08/25/2037 |  | 139 |  | 47 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ |  | 170 |  | 114 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  | 165 | 150 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | 51 | 58 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ | 9 | 8 |
|  4.431% due 04/25/2035 ~ | 19 | 16 |
|  4.480% due 11/25/2035 ~ | 176 | 149 |
|  4.977% due 11/25/2035 ~ | 55 | 53 |
|  5.010% due 07/25/2035 ~ | 56 | 54 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 09/19/2037 •  | 110 | 96 |
|  4.688% due 05/19/2035 •  | 3 | 3 |
|  4.728% due 03/19/2036 •  | 309 | 286 |
|  4.748% due 01/19/2036 •  | 891 | 578 |
|  4.868% due 11/19/2035 •  | 207 | 134 |
|  4.868% due 08/19/2045 •  | 57 | 54 |
|  4.930% due 06/20/2035 •  | 108 | 104 |
|  5.149% due 01/19/2035 ~ | 88 | 83 |
|  5.932% due 04/19/2034 ~ | 40 | 37 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.682% due 04/25/2037 ~ | 341 | 308 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ | 113 | 85 |
|  3.644% due 08/25/2036 ~ | 240 | 187 |
|  5.062% due 11/25/2035 ~ | 1 | 1 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.872% due 11/25/2035 •  | 105 | 60 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.369% due 01/25/2036 ~ | 21 | 19 |
|  3.462% due 06/25/2036 ~ | 134 | 116 |
|  3.656% due 10/25/2035 ~ | 81 | 65 |
|  3.686% due 08/25/2035 ~ | 153 | 113 |
|  4.512% due 07/25/2036 •  | 444 | 438 |
|  4.572% due 06/25/2037 •  | 252 | 86 |
|  4.580% due 12/25/2034 ~ | 28 | 26 |
|  4.672% due 06/25/2046 •  | 779 | 698 |
|  4.752% due 07/25/2035 •  | 174 | 161 |
|  4.832% due 07/25/2035 •  | 191 | 140 |
|  4.954% due 10/25/2034 ~ | 175 | 167 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.732% due 03/25/2036 •  | 674 | 638 |
|  4.732% due 12/25/2036 •  | 8793 | 7827 |
|  6.000% due 12/27/2036 | 102 | 50 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 1681 | 1676 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.983% due 11/25/2035 ~ | 77 | 60 |
|  5.125% due 10/25/2035 ~ | 44 | 30 |
|  5.204% due 07/25/2035 ~ | 54 | 52 |
|  5.561% due 08/25/2035 ~ | 2 | 2 |
|  5.583% due 02/25/2035 ~ | 1 | 1 |
|  5.751% due 06/25/2036 ~ | 11 | 8 |
|  5.913% due 07/25/2035 ~ | 8 | 8 |
|  6.037% due 08/25/2035 ~ | 70 | 67 |
|  6.193% due 07/25/2035 ~ | 4 | 4 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 12/25/2036 •  | 624 | 616 |
|  4.772% due 08/25/2037 •  | 1344 | 1320 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.632% due 12/25/2036 •  | 131 | 127 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.247% due 12/25/2033 ~ | 1 | 1 |
|  4.482% due 04/25/2046 •  | 615 | 570 |
|  5.321% due 12/25/2033 ~ | 119 | 111 |
|  5.578% due 11/21/2034 ~ | 71 | 68 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  | 915 | 83 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  | 12 | 12 |
|  5.005% due 09/15/2030 •  | 3 | 2 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  | 21 | 20 |
|  4.745% due 06/15/2030 •  | 11 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.125% due 08/15/2032 •  | $— | 30 | $— | 30 |
|  5.137% due 10/20/2029 •  |  | 11 |  | 11 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.772% due 11/25/2035 •  |  | 83 |  | 80 |
|  4.774% due 03/25/2030 •  |  | 8 |  | 7 |
|  4.890% due 09/25/2035 ~ |  | 51 |  | 40 |
|  4.974% due 11/25/2029 •  |  | 2 |  | 2 |
|  5.275% due 06/25/2037 ~ |  | 95 |  | 91 |
|  5.341% due 12/25/2034 ~ |  | 88 |  | 83 |
|  5.457% due 02/25/2035 ~ |  | 95 |  | 86 |
|  6.054% due 02/25/2033 ~ |  | 174 |  | 162 |
|  6.071% due 05/25/2036 ~ |  | 3 |  | 3 |
|  6.187% due 02/25/2034 ~ |  | 260 |  | 248 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.201% due 02/25/2047 þ |  | 167 |  | 57 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 11208 |  | 10839 |
|  4.500% due 05/25/2058 ~ |  | 1747 |  | 1711 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.805% due 05/25/2036 ~ |  | 40 |  | 33 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ |  | 4 |  | 0 |
|  6.320% due 03/25/2047 þ |  | 147 |  | 139 |
|  6.638% due 03/25/2047 þ |  | 136 |  | 129 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 08/25/2035 •  |  | 35 |  | 24 |
|  4.632% due 06/25/2046 •  |  | 2476 |  | 520 |
|  4.832% due 12/25/2045 •  |  | 625 |  | 381 |
|  5.139% due 10/25/2037 ~ |  | 2599 |  | 2081 |
|  5.513% due 09/25/2045 •  |  | 61 |  | 52 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  |  | 3812 |  | 2291 |
|  4.672% due 01/25/2046 •  |  | 55 |  | 15 |
|  5.500% due 06/25/2033 |  | 32 |  | 32 |
|  6.500% due 06/25/2037 |  | 1791 |  | 330 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.650% due 07/20/2036 •  |  | 308 |  | 267 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  |  | 3 |  | 3 |
|  5.050% due 10/20/2027 •  |  | 4 |  | 4 |
|  Sequoia Mortgage Trust 11 | Sequoia Mortgage Trust 11 | Sequoia Mortgage Trust 11 | Sequoia Mortgage Trust 11 | Sequoia Mortgage Trust 11 |
|  5.150% due 12/20/2032 •  |  | 11 |  | 9 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.948% due 10/19/2026 •  |  | 5 |  | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.260% due 09/25/2036 ~ |  | 267 |  | 180 |
|  4.461% due 11/25/2035 ~ |  | 25 |  | 23 |
|  4.529% due 08/25/2035 ~ |  | 37 |  | 32 |
|  4.592% due 10/25/2035 •  |  | 217 |  | 209 |
|  4.944% due 09/25/2035 ~ |  | 105 |  | 94 |
|  5.553% due 01/25/2035 •  |  | 9 |  | 8 |
|  5.945% due 10/25/2037 •  |  | 129 |  | 118 |
|  6.336% due 02/25/2034 ~ |  | 46 |  | 45 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 57 |  | 22 |
|  4.692% due 04/25/2036 •  |  | 139 |  | 127 |
|  4.692% due 05/25/2036 •  |  | 1263 |  | 891 |
|  4.732% due 02/25/2036 •  |  | 116 |  | 95 |
|  4.748% due 07/19/2035 •  |  | 164 |  | 160 |
|  4.892% due 12/25/2035 •  |  | 89 |  | 76 |
|  4.908% due 10/19/2034 •  |  | 20 |  | 19 |
|  4.948% due 03/19/2034 •  |  | 41 |  | 39 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  |  | 16 |  | 15 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.494% due 01/25/2034 ~ |  | 1 |  | 1 |
|  6.555% due 06/25/2033 ~ |  | 9 |  | 9 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ |  | 1230 |  | 31 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.411% due 05/25/2037 ~ |  | 697 |  | 574 |
|  3.712% due 04/25/2037 ~ |  | 395 |  | 357 |
|  3.714% due 01/25/2037 ~ |  | 538 |  | 467 |
|  3.949% due 12/25/2046 •  |  | 865 |  | 749 |
|  4.108% due 02/25/2037 ~ |  | 150 |  | 129 |
|  4.198% due 02/27/2034 •  |  | 145 |  | 141 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.341% due 08/25/2036 ~ | 61 | 55 |
|  4.357% due 12/25/2036 ~ | 377 | 346 |
|  4.400% due 02/25/2037 ~ | 703 | 629 |
|  4.640% due 12/25/2035 ~ | 11 | 10 |
|  4.680% due 09/25/2035 ~ | 85 | 81 |
|  4.732% due 04/25/2045 •  | 3 | 3 |
|  4.852% due 07/25/2045 •  | 156 | 150 |
|  4.852% due 10/25/2045 •  | 70 | 70 |
|  4.853% due 03/25/2047 •  | 1789 | 1586 |
|  4.912% due 07/25/2045 •  | 6 | 6 |
|  4.923% due 05/25/2047 •  | 301 | 267 |
|  4.932% due 01/25/2045 •  | 33 | 33 |
|  4.952% due 01/25/2045 •  | 289 | 287 |
|  4.961% due 03/25/2035 ~ | 22 | 22 |
|  5.051% due 12/25/2035 ~ | 87 | 82 |
|  5.055% due 12/25/2035 ~ | 695 | 661 |
|  5.072% due 10/25/2044 •  | 94 | 90 |
|  5.133% due 06/25/2046 •  | 32 | 30 |
|  5.153% due 02/25/2046 •  | 250 | 230 |
|  5.353% due 11/25/2042 •  | 11 | 10 |
|  5.372% due 07/25/2044 •  | 355 | 347 |
|  5.553% due 06/25/2042 •  | 20 | 19 |
|  5.771% due 06/25/2033 ~ | 90 | 91 |
|  5.781% due 03/25/2033 ~ | 2 | 2 |
|  6.187% due 03/25/2034 ~ | 17 | 17 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  5.123% due 05/25/2046 •  | 647 | 573 |
|  6.000% due 06/25/2037 | 3734 | 2907 |
|  6.500% due 08/25/2035 | 145 | 124 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ | 234 | 232 |
|  6.481% due 12/28/2037 ~ | 1007 | 916 |
|  6.792% due 10/25/2036 ~ | 7 | 7 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $100,551) | Total Non-Agency Mortgage-Backed Securities (Cost $100,551) | 88266 |
| ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 3017 | 3023 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 3566 | 3573 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  | 7238 | 7258 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 112 | 110 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 11586 | 11589 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 771 | 771 |
|  5.350% due 07/16/2036 •  | 106 | 106 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 7577 | 7596 |
|  |  | 34026 |
| HOME EQUITY OTHER 1.4% | HOME EQUITY OTHER 1.4% | HOME EQUITY OTHER 1.4% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.972% due 06/25/2034 •  | 1629 | 1641 |
|  5.247% due 06/25/2033 •  | 105 | 105 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.052% due 04/25/2034 •  | 261 | 249 |
|  5.322% due 12/25/2033 •  | 419 | 421 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.917% due 12/25/2035 •  | 1588 | 1500 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 1021 | 930 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 2308 | 2090 |
|  4.592% due 05/25/2036 •  | 1076 | 258 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.247% due 06/25/2034 •  | 38 | 43 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.752% due 06/25/2036 •  | 2828 | 2723 |
|  4.872% due 01/25/2036 •  | 1087 | 1065 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 8190 | 8294 |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.217% due 10/25/2034 •  | 69 | 68 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.732% due 12/25/2036 •  | 2634 | 1802 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 3550 | 3514 |
|  5.472% due 10/25/2035 •  | 76 | 75 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 08/25/2037 •  | 140 | 128 |
|  4.462% due 11/25/2037 •  | 5446 | 5213 |
|  4.522% due 02/25/2036 •  | 387 | 376 |
|  5.012% due 08/25/2047 •  | 537 | 527 |
|  5.052% due 11/25/2034 •  | 255 | 247 |
|  5.805% due 04/25/2036 ~ | 264 | 247 |
|  5.997% due 11/25/2034 •  | 2533 | 2296 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.475% due 06/25/2035 •  | 330 | 322 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 1648 | 1506 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 03/25/2046 þ | 1053 | 551 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.412% due 12/25/2036 •  | 1583 | 847 |
|  4.642% due 03/25/2047 •  | 2779 | 2105 |
|  5.247% due 03/25/2035 •  | 2046 | 1963 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.887% due 04/25/2036 •  | 336 | 334 |
|  4.947% due 02/25/2036 •  | 5596 | 5506 |
|  5.127% due 08/25/2034 •  | 361 | 359 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.812% due 02/25/2036 •  | 540 | 534 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 54 | 54 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.107% due 11/25/2037 •  | 8865 | 2800 |
|  4.432% due 09/25/2037 •  | 68 | 13 |
|  4.512% due 02/25/2037 •  | 99 | 28 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.492% due 10/25/2036 •  | 1432 | 630 |
|  4.502% due 10/25/2036 •  | 105 | 55 |
|  4.612% due 03/25/2037 •  | 397 | 169 |
|  4.932% due 01/25/2035 •  | 109 | 106 |
|  5.052% due 01/25/2035 •  | 152 | 154 |
|  5.187% due 07/25/2034 •  | 202 | 205 |
|  5.322% due 06/25/2035 •  | 6500 | 6067 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.622% due 02/25/2033 •  | 154 | 165 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.750% due 04/25/2037 ~ | 94 | 46 |
|  6.000% due 02/25/2037 ~ | 73 | 40 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.037% due 02/25/2035 •  | 740 | 723 |
|  5.622% due 03/25/2033 •  | 346 | 335 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.707% due 03/25/2036 •  | 430 | 430 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.612% due 11/25/2036 •  | 1189 | 368 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.512% due 04/25/2037 •  | 6236 | 3061 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.007% due 09/25/2035 •  | 868 | 854 |
|  5.202% due 05/25/2035 •  | 8391 | 7972 |
|  5.322% due 10/25/2034 •  | 1301 | 1288 |
|  5.997% due 02/25/2035 •  | 1636 | 1512 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 29734 | 11977 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.752% due 08/25/2036 •  | 3241 | 2881 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  0.000% due 05/25/2035 •  | 224 | 219 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.582% due 09/25/2037 •  | $— | 51 | 49 |
|  4.707% due 09/25/2036 •  |  | 725 | 693 |
|  4.992% due 11/25/2037 •  |  | 1915 | 1659 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.592% due 07/25/2036 •  |  | 2909 | 961 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.452% due 07/25/2037 •  |  | 2349 | 2132 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.977% due 03/25/2034 •  |  | 98 | 103 |
|  4.992% due 04/25/2033 •  |  | 46 | 49 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.977% due 02/25/2035 •  |  | 248 | 248 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.572% due 04/25/2036 •  |  | 17258 | 14535 |
|  4.842% due 10/25/2036 •  |  | 1034 | 1030 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.672% due 12/25/2034 •  |  | 237 | 237 |
|  |  |  | 111687 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ |  | 3571 | 3399 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  |  | 17188 | 16936 |
|  4.947% due 03/25/2037 •  |  | 1124 | 1128 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.377% due 10/25/2036 •  |  | 1128 | 1042 |
|  4.977% due 11/25/2036 •  |  | 9455 | 9282 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  |  | 3637 | 1146 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ |  | 2462 | 2422 |
|  4.592% due 05/25/2036 •  |  | 2029 | 1779 |
|  6.572% due 12/25/2037 •  |  | 7150 | 7142 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  6.072% due 04/25/2035 •  |  | 1000 | 991 |
|  |  |  | 41868 |
| OTHER ABS 5.2% | OTHER ABS 5.2% | OTHER ABS 5.2% | OTHER ABS 5.2% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  |  | 1700 | 1702 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  |  | 2300 | 2302 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  |  | 2100 | 2103 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  |  | 1750 | 1753 |
|  5.627% due 10/20/2031 •  |  | 2208 | 2210 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  3.269% due 07/15/2035 •  |  | 1000 | 1175 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | $— | 500 | 501 |
|  Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. |
|  5.537% due 10/20/2030 •  |  | 522 | 523 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  |  | 800 | 941 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.194% due 12/15/2038 •  |  | 4200 | 4938 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.806% due 10/15/2031 •  |  | 2647 | 3107 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | $— | 2600 | 2609 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  |  | 4700 | 4706 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  |  | 4800 | 4808 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.585% due 01/20/2035 •  |  | 4750 | 4756 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 31 | 31 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 1891 | 1894 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.469% due 10/23/2034 •  | 500 | 501 |
|  5.482% due 07/17/2035 •  | 1600 | 1606 |
|  5.525% due 10/20/2034 •  | 4400 | 4407 |
|  5.548% due 07/16/2034 •  | 2900 | 2904 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.577% due 01/20/2031 •  | 485 | 486 |
|  BBAM European CLO I DAC | BBAM European CLO I DAC | BBAM European CLO I DAC |
|  2.865% due 07/22/2034 •  | 1000 | 1176 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 8 | 10 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.904% due 07/19/2035 •  | 1000 | 1172 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 4924 | 5785 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 1932 | 1935 |
|  BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. |
|  5.659% due 07/15/2031 •  | 1981 | 1984 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.936% due 01/15/2033 •  | 875 | 1028 |
|  Bosphorus CLO V DAC | Bosphorus CLO V DAC | Bosphorus CLO V DAC |
|  3.039% due 12/12/2032 •  | 1233 | 1450 |
|  Bosphorus CLO VI DAC | Bosphorus CLO VI DAC | Bosphorus CLO VI DAC |
|  2.876% due 05/25/2034 •  | 21600 | 25349 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 2505 | 2943 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 1000 | 1001 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 5800 | 5826 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.724% due 10/16/2028 •  | 4500 | 4515 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.545% due 07/20/2032 •  | 1382 | 1384 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 2110 | 2478 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 3125 | 3129 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 725 | 726 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.684% due 07/17/2031 •  | 1294 | 1296 |
|  CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC |
|  3.076% due 01/15/2034 •  | 2300 | 2704 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 3298 | 3303 |
|  Contego CLO IV DAC | Contego CLO IV DAC | Contego CLO IV DAC |
|  2.611% due 01/23/2030 •  | 3776 | 4436 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.236% due 11/15/2033 •  | 2860 | 3360 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 397 | 465 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 7214 | 8469 |
|  CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC |
|  2.989% due 09/22/2034 •  | 2500 | 2939 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  | 9523 | 11184 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 10601 | 12422 |
|  Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC |
|  3.243% due 01/17/2033 •  | 755 | 886 |
|  Dryden 44 Euro CLO DAC | Dryden 44 Euro CLO DAC | Dryden 44 Euro CLO DAC |
|  2.906% due 04/15/2034 •  | 900 | 1057 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.896% due 05/15/2034 •  | 6095 | 7145 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 1432 | 1433 |
|  Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. |
|  5.629% due 07/15/2031 •  | 575 | 576 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  5.561% due 04/18/2031 •  | 844 | 845 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 3100 | 3103 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 2300 | 2304 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 1593 | 1870 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(a) | 2100 | 2100 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 4445 | 4450 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 1000 | 1002 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.930% due 06/25/2060 | 698 | 701 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 3218 | 3227 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 751 | 883 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.786% due 07/15/2031 •  | 1352 | 1588 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  | 4000 | 4702 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.205% due 01/22/2039 •  | 5700 | 6710 |
|  Henley CLO VI DAC | Henley CLO VI DAC | Henley CLO VI DAC |
|  2.939% due 06/10/2034 •  | 3100 | 3645 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 2600 | 3056 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 2390 | 2390 |
|  5.647% due 04/21/2031 •  | 43 | 43 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.676% due 07/15/2031 •  | 704 | 827 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 4700 | 5523 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 3800 | 3804 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 7857 | 9231 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.759% due 01/15/2031 •  | 636 | 637 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 4700 | 4700 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 346 | 347 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  | 2300 | 2303 |
|  Madison Park Euro Funding IX DAC | Madison Park Euro Funding IX DAC | Madison Park Euro Funding IX DAC |
|  2.906% due 07/15/2035 •  | 1331 | 1563 |
|  Madison Park Euro Funding VIII DAC | Madison Park Euro Funding VIII DAC | Madison Park Euro Funding VIII DAC |
|  2.846% due 04/15/2032 •  | 11843 | 13920 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 4600 | 4605 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 1900 | 1904 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | 2561 | 3010 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 1127 | 1129 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 2200 | 2203 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 3400 | 3406 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 2700 | 2703 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 3200 | 3204 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 3000 | 3000 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 1232 | 1233 |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  | 3740 | 4391 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 2400 | 2404 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.264% due 07/20/2036 •  | 4900 | 5771 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 2800 | 2805 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  | 2479 | 2484 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  2.956% due 04/15/2035 •  | 2800 | 3292 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(a) | 3900 | 4579 |
|  3.006% due 08/15/2033 •  | 3653 | 4284 |
|  3.026% due 05/15/2034 •  | 4705 | 5516 |
|  3.036% due 05/15/2034 •  | 2104 | 2466 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 1600 | 1601 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 2200 | 2201 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 4200 | 4205 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 557 | 558 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 3200 | 3212 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 1100 | 1296 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | 1172 | 1173 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 3100 | 3107 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 323 | 324 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 2773 | 3258 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.797% due 07/20/2032 •  | 5496 | 5498 |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.741% due 04/18/2031 •  | 1000 | 1001 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  2.919% due 10/25/2035 •  | 900 | 1056 |
|  St. Paul's CLO IV DAC | St. Paul's CLO IV DAC | St. Paul's CLO IV DAC |
|  2.769% due 04/25/2030 •  | 3580 | 4205 |
|  St. Paul's CLO X DAC | St. Paul's CLO X DAC | St. Paul's CLO X DAC |
|  2.795% due 04/22/2035 •  | 3683 | 4308 |
|  St. Pauls CLO | St. Pauls CLO | St. Pauls CLO |
|  3.113% due 01/17/2032 •  | 3691 | 4338 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 6700 | 6710 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 246 | 246 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 2000 | 2002 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(a) | 2000 | 2000 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 3200 | 3200 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 2885 | 2899 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 435 | 435 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 2500 | 2504 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | $| 730 | 731 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  |  | 2000 | 2000 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.525% due 07/20/2032 •  |  | 425 | 425 |
|  5.559% due 06/07/2030 •  |  | 80 | 80 |
|  5.789% due 10/15/2030 •  |  | 228 | 228 |
|  Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC |
|  2.996% due 10/15/2034 •  | EUR | 2500 | 2939 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | $| 2700 | 2706 |
|  5.900% due 04/25/2034 •  |  | 5100 | 5108 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  |  | 4200 | 4201 |
|  |  |  | 403147 |
|  Total Asset-Backed Securities (Cost $594,546) | Total Asset-Backed Securities (Cost $594,546) | Total Asset-Backed Securities (Cost $594,546) | 594127 |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (d) | CAD | 39425 | 29531 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (d) | EUR | 83842 | 98071 |
|  0.100% due 07/25/2031 (d) |  | 16648 | 18530 |
|  0.100% due 07/25/2038 (d) |  | 120 | 114 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) |  | 20615 | 23560 |
|  1.800% due 05/15/2036 (d) |  | 8611 | 10058 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (d) | JPY | 10091159 | 69396 |
|  0.100% due 03/10/2029 (d) |  | 13845139 | 95587 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 1800 | 1861 |
|  6.625% due 01/29/2038 | 1700 | 1791 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (d) | 2728 | 143 |
|  Total Sovereign Issues (Cost $366,262) | Total Sovereign Issues (Cost $366,262) | 348642 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 6580000 | 6655 |
|  Total Preferred Securities (Cost $6,580) | Total Preferred Securities (Cost $6,580) | 6655 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 1082277 | 1082 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.014% due 10/30/2025 - 01/27/2026 (b)(c)(j) | 4132 | 4097 |
| Total Short-Term Instruments<br>(Cost $5,179) | Total Short-Term Instruments<br>(Cost $5,179) | 5179 |
| Total Investments in Securities (Cost $9,129,796) | Total Investments in Securities (Cost $9,129,796) | 8642363 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2181306 | $— | 21244 |
| Total Short-Term Instruments (Cost $21,239) | Total Short-Term Instruments (Cost $21,239) |  | 21244 |
| Total Investments in Affiliates (Cost $21,239) | Total Investments in Affiliates (Cost $21,239) |  | 21244 |
| Total Investments 111.7% (Cost $9,151,035) | Total Investments 111.7% (Cost $9,151,035) | $— | 8663607 |
|  Financial Derivative<br>Instruments (g)(i) (0.1)%<br> (Cost or Premiums, net $(4680)) | Financial Derivative<br>Instruments (g)(i) (0.1)%<br> (Cost or Premiums, net $(4680)) |  | (8497) |
| Other Assets and Liabilities, net (11.6)% | Other Assets and Liabilities, net (11.6)% |  | (897067) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 7758043 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 0.510% | 08/01/2025 | 11/04/2025 | JPY (8853836) | $(59921) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59921) |

---

38 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $0 | $(59921) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59921) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59921) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |  |  |  |
|  U.S. Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(59921) | $0 | $(59921) |
|  Total Borrowings | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59921) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59921) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(59921) |

---

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(571210) at a weighted average interest rate of 2.650%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee March Futures  | 03/2026 | 7 | $942 | $205 | $9 | $0 |
|  Brent Crude June Futures  | 04/2026 | 19 | 1235 | (21) | 0 | (15) |
|  Carbon Emissions December Futures  | 12/2025 | 14 | 1245 | (4) | 12 | (17) |
|  Cocoa December Futures  | 12/2025 | 12 | 810 | (95) | 0 | (30) |
|  Cocoa March Futures  | 03/2026 | 15 | 1019 | (71) | 0 | (33) |
|  Copper December Futures  | 12/2025 | 14 | 1700 | (221) | 1 | (11) |
|  Euro-Bobl December Futures  | 12/2025 | 114 | 15768 | 4 | 21 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 927 | 130427 | 1166 | 414 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 320 | 43010 | 961 | 398 | (83) |
|  Gas Oil March Futures  | 03/2026 | 30 | 1959 | 51 | 0 | (15) |
|  Iron Ore January Futures  | 01/2026 | 187 | 1888 | (34) | 9 | 0 |
|  Iron Ore November Futures  | 11/2025 | 45 | (249) | (11) | 0 | (14) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 14 | 12855 | (125) | 10 | (10) |
|  Live Cattle December Futures  | 12/2025 | 48 | 4508 | 36 | 19 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 2 | 134 | 2 | 0 | (22) |
|  LME Aluminum November Futures  | 11/2025 | 41 | 2748 | 21 | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 53 | 2612 | (17) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 1 | 92 | 0 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 9 | 818 | (8) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 33 | 2443 | 43 | 46 | (3) |
|  LME Zinc November Futures  | 11/2025 | 33 | 2455 | 154 | 34 | 0 |
|  New York Harbor March Futures  | 02/2026 | 29 | 2733 | 18 | 0 | (27) |
|  Palladium December Futures  | 12/2025 | 4 | 515 | 7 | 0 | (1) |
|  Platinum January Futures  | 01/2026 | 12 | 963 | 152 | 0 | (16) |
|  RBOB Gasoline March Futures  | 02/2026 | 36 | 2832 | (18) | 0 | (31) |
|  Silver December Futures  | 12/2025 | 11 | 2565 | 366 | 0 | (21) |
|  Soybean January Futures  | 01/2026 | 33 | 1683 | (44) | 0 | (15) |
|  Soybean Meal January Futures  | 01/2026 | 236 | 6558 | (178) | 0 | (42) |
|  Soybean Oil March Futures  | 03/2026 | 1 | 30 | (1) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 1899 | 227999 | 4330 | 0 | (1068) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 5343 | 614862 | 4020 | 0 | (520) |
|  WTI Crude March Futures  | 02/2026 | 11 | 675 | (19) | 0 | (11) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2005) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 39

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee December Futures  | 12/2025 | 11 | $(1546) | $(337) | $0 | $(11) |
|  Cocoa December Futures  | 12/2025 | 4 | (254) | 20 | 5 | (1) |
|  Corn December Futures  | 12/2025 | 380 | (7895) | 162 | 114 | 0 |
|  Corn March Futures  | 03/2026 | 158 | (3413) | (8) | 51 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 27 | (888) | 23 | 0 | (4) |
|  Cotton No. 2 March Futures  | 03/2026 | 70 | (2365) | 50 | 0 | (4) |
|  Euro-Bund December Futures  | 12/2025 | 1139 | (171929) | (567) | 40 | (455) |
|  Euro-Oat December Futures  | 12/2025 | 2447 | (348627) | (2093) | 0 | (833) |
|  Gold 100 oz. December Futures  | 12/2025 | 43 | (16655) | (913) | 0 | (79) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 62 | (1543) | 206 | 33 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 49 | (1271) | 110 | 25 | 0 |
|  Lean Hogs December Futures  | 12/2025 | 70 | (2484) | (129) | 46 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 19 | (1275) | (22) | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 41 | (2748) | (78) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 47 | (2345) | 14 | 15 | (1) |
|  LME Lead November Futures  | 11/2025 | 53 | (2612) | 72 | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 1 | (92) | 1 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 9 | (818) | 10 | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 28 | (2083) | (52) | 0 | 0 |
|  Natural Gas December Futures  | 11/2025 | 50 | (1392) | 56 | 58 | 0 |
|  Natural Gas December Futures  | 11/2025 | 23 | (801) | 35 | 38 | 0 |
|  Natural Gas January Futures  | 12/2025 | 30 | (1253) | (4) | 4 | 0 |
|  Natural Gas March Futures  | 02/2026 | 17 | (616) | (6) | 2 | 0 |
|  Natural Gas November Futures  | 10/2025 | 4 | (130) | 3 | 12 | 0 |
|  Robusta Coffee January Futures  | 01/2026 | 4 | (167) | 8 | 0 | 0 |
|  Soybean March Futures  | 03/2026 | 55 | (2848) | 23 | 23 | 0 |
|  Soybean Meal March Futures  | 03/2026 | 44 | (1255) | 56 | 7 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 37 | (1106) | 38 | 4 | (1) |
|  Sugar No. 11 March Futures  | 02/2026 | 189 | (3514) | 30 | 0 | (32) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 6946 | (1447536) | (1039) | 0 | (760) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 78 | (8517) | 8 | 0 | (3) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 562 | (63221) | 57 | 53 | (1) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 4352 | (507416) | (10811) | 1088 | 0 |
|  Wheat December Futures  | 12/2025 | 119 | (3023) | 306 | 68 | 0 |
|  Wheat December Futures  | 12/2025 | 89 | (973) | 93 | 17 | 0 |
|  Wheat March Futures  | 03/2026 | 96 | (2530) | 198 | 52 | 0 |
|  White Sugar December Futures  | 11/2025 | 1 | (23) | 0 | 0 | 0 |
|  White Sugar March Futures  | 02/2026 | 20 | (463) | (5) | 0 | (5) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14485) | $1755 | $(2190) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(3816) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4195) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 344000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118) | $130 | $(1988) | $473 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 1141690 | (252) | 397 | 145 | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280000 | (119) | 1148 | 1029 | 33 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | 2225400 | (790) | 1153 | 363 | 9 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 8842000 | 164 | 2540 | 2704 | 68 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.868 | Annual | 12/22/2025 | $183200 | (721) | (247) | (968) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.870 | Annual | 12/22/2025 | 73000 | (287) | (100) | (387) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 01/18/2026 | 33300 | (155) | 2 | (153) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.758 | Annual | 01/18/2026 | 1500 | (7) | 0 | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.760 | Annual | 01/18/2026 | 49370 | (230) | (2) | (232) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 328400 | (4335) | (7628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11963) | 172 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 36820 | (464) | (821) | (1285) | 19 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 313300 | (1680) | 1736 | 56 | 0 | (159) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 368632 | (367) | (5601) | (5968) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 34100 | 1516 | (540) | 976 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 42700 | 2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11308 | 13990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 66660 | (1675) | (75) | (1750) | 192 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 32700 | 2030 | 8948 | 10978 | 87 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 144900 | 2987 | 25214 | 28201 | 392 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 46700 | 1244 | 2477 | 3721 | 139 | 0 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 6-Month EUR-EURIBOR | 2.879% | Annual | 08/15/2032 |  | 10500 | $0 | $300 | $300 | $24 | $0 |
|  Pay | 6-Month EUR-EURIBOR | 2.915 | Annual | 08/15/2032 |  | 112100 | 0 | 3513 | 3513 | 255 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 |  | 28800 | (724) | 537 | (187) | 0 | (93) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451900 | 230 | 402 | 632 | 1514 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 |  | 31090 | 1925 | 17170 | 19095 | 0 | (140) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 |  | 34090 | 21 | 20877 | 20898 | 0 | (154) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 |  | 54400 | 3377 | 29951 | 33328 | 0 | (245) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 79830 | (922) | (546) | (1468) | 0 | (624) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 |  | 15900 | 0 | 180 | 180 | 0 | (31) |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 |  | 102400 | 0 | 478 | 478 | 0 | (141) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 |  | 51180 | (295) | (10566) | (10861) | 200 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 61900 | (25) | (788) | (813) | 0 | (235) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 30600 | (81) | (260) | (341) | 0 | (112) |
|  Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 |  | 50 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 5700 | 4 | 270 | 274 | 41 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 7900 | (206) | 614 | 408 | 57 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 |  | 1150 | 2 | 53 | 55 | 8 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 |  | 4430 | 0 | 45 | 45 | 25 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 |  | 15100 | 0 | 1734 | 1734 | 104 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 10600 | 71 | 1645 | 1716 | 76 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 4840 | 0 | 898 | 898 | 37 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 5400 | 0 | 850 | 850 | 36 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 8300 | 75 | 1386 | 1461 | 57 | 0 |
|  Pay | CPURNSA | 2.208 | Maturity | 10/07/2025 |  | $78479 | 0 | (423) | (423) | 0 | (1) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 |  | 22000 | 0 | (93) | (93) | 0 | 0 |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 |  | 29900 | 0 | (176) | (176) | 2 | 0 |
|  Pay | CPURNSA | 2.350 | Maturity | 11/07/2025 |  | 100000 | 0 | (579) | (579) | 6 | 0 |
|  Pay | CPURNSA | 2.702 | Maturity | 01/14/2026 |  | 62400 | 0 | (255) | (255) | 0 | (10) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 |  | 36600 | 0 | (120) | (120) | 2 | 0 |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 |  | 38000 | 0 | (120) | (120) | 2 | 0 |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 |  | 2400 | 0 | (3) | (3) | 0 | 0 |
|  Receive | CPURNSA | 2.313 | Maturity | 02/26/2026 |  | 67600 | 0 | 8585 | 8585 | 0 | (5) |
|  Receive | CPURNSA | 2.418 | Maturity | 03/05/2026 |  | 79200 | 0 | 9599 | 9599 | 0 | (20) |
|  Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 |  | 22100 | 0 | 59 | 59 | 4 | 0 |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 |  | 45200 | 0 | 4529 | 4529 | 0 | (10) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 18800 | 0 | 1835 | 1835 | 0 | (4) |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 20310 | 5 | 2072 | 2077 | 0 | (5) |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 20400 | 0 | 2084 | 2084 | 0 | (5) |
|  Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 |  | 38200 | 0 | 16 | 16 | 9 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/01/2026 |  | 76400 | 0 | 96 | 96 | 33 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/27/2026 |  | 77300 | 0 | 137 | 137 | 30 | 0 |
|  Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 |  | 22300 | 1402 | (3994) | (2592) | 6 | 0 |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 |  | 14700 | 956 | (2632) | (1676) | 3 | 0 |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 9200 | 0 | 799 | 799 | 0 | (1) |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 |  | 12700 | 0 | 997 | 997 | 0 | (2) |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 32400 | 1066 | (5736) | (4670) | 0 | (4) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 |  | 9100 | 155 | (1589) | (1434) | 0 | (1) |
|  Pay | CPURNSA | 1.760 | Maturity | 11/04/2029 |  | 78400 | (999) | (13475) | (14474) | 0 | (12) |
|  Pay | CPURNSA | 1.882 | Maturity | 11/20/2029 |  | 23300 | 14 | (4027) | (4013) | 0 | (2) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 34500 | 30 | 4569 | 4599 | 12 | 0 |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 |  | 200 | 52 | (60) | (8) | 1 | 0 |
|  Pay | FRCPXTOB | 1.410 | Maturity | 11/15/2039 |  | 4700 | 392 | (1205) | (813) | 20 | 0 |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 |  | 30800 | 0 | (32) | (32) | 0 | (41) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 35000 | 198 | 466 | 664 | 128 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 13800 | 0 | 192 | 192 | 40 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2201) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4493) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2201) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6694) |

---

(h) Securities with an aggregate market value of $66,224 and cash of $6,807 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $147 and liability of $(298) for closed futures is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 301539 | $351699 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2323) |
|  | 10/2025 | 1059 | 620 | 6 | 0 |
|  | 10/2025 | $90888 | 126444 | 0 | (28) |
|  | 11/2025 | 126244 | $90888 | 28 | 0 |
|  | 11/2025 | $621 | 1059 | 0 | (6) |
|  BOA | 10/2025 | 38298 | $261 | 2 | 0 |
|  | 10/2025 | 744 | 429 | 0 | (3) |
|  | 10/2025 | 10 | 8 | 0 | 0 |
|  | 10/2025 | $3966 | 3388 | 11 | 0 |
|  | 10/2025 | 2844 | 9564 | 43 | 0 |
|  | 10/2025 | 10926 | 965761 | 0 | (65) |
|  | 10/2025 | 2281 | 341697 | 29 | 0 |
|  | 10/2025 | 3612 | 5001448 | 0 | (48) |
|  | 10/2025 | 930 | 3343 | 0 | (10) |
|  | 11/2025 | 340514 | $2281 | 0 | (29) |
|  | 11/2025 | $1164 | 3893 | 11 | 0 |
|  | 11/2025 | 429 | 744 | 3 | 0 |
|  | 11/2025 | 2782 | $159 | 0 | (1) |
|  BPS | 10/2025 | 41091 | 7726 | 5 | 0 |
|  | 10/2025 | 91179 | 12802 | 5 | 0 |
|  | 10/2025 | 269226222 | 16283 | 164 | (21) |
|  | 10/2025 | 405778 | 4606 | 42 | 0 |
|  | 10/2025 | 733 | 430 | 5 | 0 |
|  | 10/2025 | 936479 | 31135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | (30) |
|  | 10/2025 | $7510 | 41091 | 211 | 0 |
|  | 10/2025 | 19679 | 324921890 | 0 | (204) |
|  | 10/2025 | 2664 | 395872 | 13 | 0 |
|  | 10/2025 | 17577 | 24292502 | 0 | (267) |
|  | 10/2025 | 3589 | 13064 | 5 | (1) |
|  | 11/2025 | 48797194 | $2920 | 0 | (3) |
|  | 11/2025 | 296401 | 3330 | 0 | 0 |
|  | 11/2025 | 394497 | 2664 | 0 | (12) |
|  | 11/2025 | 2565323 | 1830 | 1 | 0 |
|  | 11/2025 | $3503 | 11772 | 52 | 0 |
|  | 11/2025 | 430 | 733 | 0 | (5) |
|  | 12/2025 | 87156 | $2904 | 27 | 0 |
|  | 12/2025 | $3759 | 63241464 | 23 | 0 |
|  | 12/2025 | 415 | 7682 | 2 | 0 |
|  BRC | 10/2025 | 16870 | $21135 | 0 | (57) |
|  | 10/2025 | 8041 | 10860 | 46 | 0 |
|  | 10/2025 | 1927103 | 117 | 2 | 0 |
|  | 10/2025 | $22574 | 18102 | 166 | 0 |
|  | 10/2025 | 1039 | 769 | 0 | (4) |
|  | 10/2025 | 3 | 31 | 0 | 0 |
|  | 10/2025 | 13786 | 50406 | 80 | 0 |
|  | 10/2025 | 1 | 55 | 0 | 0 |
|  | 10/2025 | 8086 | 142637 | 163 | 0 |
|  | 11/2025 | 31 | $3 | 0 | 0 |
|  | 11/2025 | $21135 | 16803 | 57 | 0 |
|  | 11/2025 | 10862 | 8041 | 0 | (45) |
|  | 11/2025 | 26942 | $1530 | 0 | (25) |
|  | 12/2025 | $277 | 5124 | 0 | 0 |
|  BSH | 10/2025 | 218 | $126 | 0 | 0 |
|  | 11/2025 | $127 | 218 | 0 | 0 |
|  | 02/2026 | 4525 | $1294 | 0 | (4) |
|  CBK | 10/2025 | 4309 | 2812 | 0 | (39) |
|  | 10/2025 | 504021 | 93894 | 0 | (807) |
|  | 10/2025 | 145 | 104 | 0 | 0 |
|  | 10/2025 | 1726 | 243 | 1 | 0 |
|  | 10/2025 | 69704 | 10886 | 0 | (77) |
|  | 10/2025 | 164206259 | 9933 | 108 | (17) |
|  | 10/2025 | 574017 | 6463 | 7 | 0 |
|  | 10/2025 | 603600 | 4118 | 37 | 0 |
|  | 10/2025 | 240 | 24 | 0 | 0 |
|  | 10/2025 | 31735 | 24721 | 120 | 0 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 32122 | $996 | $3 | $0 |
|  | 10/2025 | 1166148 | 39350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | 0 |
|  | 10/2025 | $94766 | 504021 | 0 | (65) |
|  | 10/2025 | 5702 | 4845 | 6 | (20) |
|  | 10/2025 | 1596 | 1181 | 0 | (7) |
|  | 10/2025 | 5855 | 96310294 | 0 | (83) |
|  | 10/2025 | 26594 | 2336214 | 0 | (318) |
|  | 10/2025 | 305 | 3045 | 0 | 0 |
|  | 10/2025 | 4858 | 46045 | 33 | 0 |
|  | 10/2025 | 21 | 28 | 0 | 0 |
|  | 10/2025 | 13658 | 415657 | 10 | (15) |
|  | 10/2025 | 6683 | $386 | 0 | (1) |
|  | 11/2025 | 3045 | 305 | 0 | 0 |
|  | 11/2025 | 28 | 21 | 0 | 0 |
|  | 11/2025 | $104 | 145 | 0 | 0 |
|  | 11/2025 | 2517 | 8436 | 30 | 0 |
|  | 11/2025 | 6463 | 575142 | 0 | (8) |
|  | 12/2025 | 268877 | $8893 | 21 | (3) |
|  | 12/2025 | $3887 | 65312605 | 20 | 0 |
|  | 01/2026 | 143267 | $4749 | 2 | 0 |
|  | 01/2026 | $93894 | 514894 | 710 | 0 |
|  | 05/2026 | 12415 | $3501 | 0 | (52) |
|  DUB | 10/2025 | 195379 | 27478 | 56 | 0 |
|  | 10/2025 | 101343824 | 6184 | 109 | 0 |
|  | 10/2025 | 931931 | 10490 | 9 | 0 |
|  | 10/2025 | 6541728 | 4718 | 56 | 0 |
|  | 10/2025 | $8321 | 28432 | 263 | 0 |
|  | 10/2025 | 12855 | 1136665 | 0 | (71) |
|  | 11/2025 | 28417 | $8321 | 0 | (259) |
|  | 11/2025 | 72533 | 815 | 1 | 0 |
|  | 11/2025 | $10490 | 933783 | 0 | (9) |
|  | 11/2025 | 65059 | $3717 | 0 | (38) |
|  FAR | 10/2025 | 86576 | 56158 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130) |
|  | 10/2025 | 3023 | 3794 | 0 | (3) |
|  | 10/2025 | 85186 | 11998 | 42 | 0 |
|  | 10/2025 | 15215107 | 103496 | 611 | 0 |
|  | 10/2025 | 517 | 303 | 3 | 0 |
|  | 10/2025 | 29 | 23 | 0 | 0 |
|  | 10/2025 | $62147 | 95185 | 838 | 0 |
|  | 10/2025 | 25252 | 2227254 | 0 | (202) |
|  | 10/2025 | 17421 | 63658 | 91 | 0 |
|  | 10/2025 | 91981 | 118462 | 0 | (146) |
|  | 11/2025 | 95185 | $62177 | 0 | (837) |
|  | 11/2025 | 118162 | 91981 | 139 | 0 |
|  | 11/2025 | $3794 | 3011 | 3 | 0 |
|  | 11/2025 | 303 | 517 | 0 | (3) |
|  | 12/2025 | 28464 | $1494 | 0 | (48) |
|  | 12/2025 | $15079 | 285756 | 398 | 0 |
|  GLM | 10/2025 | 643 | $804 | 0 | (4) |
|  | 10/2025 | 6715 | 945 | 2 | 0 |
|  | 10/2025 | 64356446 | 3860 | 2 | 0 |
|  | 10/2025 | 54172 | 38 | 0 | 0 |
|  | 10/2025 | 1243 | 970 | 7 | 0 |
|  | 10/2025 | $5965 | 98600062 | 0 | (55) |
|  | 10/2025 | 7233 | 634695 | 0 | (95) |
|  | 10/2025 | 38 | 54172 | 0 | 0 |
|  | 11/2025 | 642 | 2139 | 4 | 0 |
|  | 12/2025 | 1412429 | $84 | 0 | (1) |
|  | 12/2025 | 7664 | 404 | 0 | (11) |
|  | 12/2025 | $3751 | 62714379 | 0 | 0 |
|  IND | 10/2025 | 4300 | $2810 | 0 | (36) |
|  | 10/2025 | $11863 | 75861 | 69 | 0 |
|  | 11/2025 | 75686 | $11863 | 0 | (69) |
|  JPM | 10/2025 | 462143 | 86888 | 59 | (4) |
|  | 10/2025 | 126116 | 91261 | 636 | 0 |
|  | 10/2025 | 202650548 | 12138 | 0 | (8) |
|  | 10/2025 | 11322354 | 8167 | 97 | 0 |
|  | 10/2025 | 5893 | 4584 | 16 | 0 |
|  | 10/2025 | $84493 | 462143 | 2339 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $8263 | 52607 | $11 | $0 |
|  | 10/2025 | 2612 | 1943 | 1 | 0 |
|  | 10/2025 | 18453 | 306648035 | 7 | (76) |
|  | 10/2025 | 3051 | 10242 | 42 | 0 |
|  | 10/2025 | 59109 | 8853836 | 760 | 0 |
|  | 10/2025 | 9085 | 33384 | 99 | 0 |
|  | 10/2025 | 1479 | 44924 | 0 | (3) |
|  | 10/2025 | 1818 | 32158 | 42 | 0 |
|  | 11/2025 | 52486 | $8263 | 0 | (11) |
|  | 11/2025 | 57612 | 3287 | 0 | (38) |
|  | 12/2025 | $98 | 1840 | 1 | 0 |
|  MBC | 10/2025 | 68 | $49 | 1 | 0 |
|  | 10/2025 | 685 | 859 | 0 | (2) |
|  | 10/2025 | 99425 | 13988 | 34 | 0 |
|  | 10/2025 | 2505 | 2967 | 26 | 0 |
|  | 10/2025 | 11647 | 15702 | 44 | (6) |
|  | 10/2025 | 10062357 | 611 | 8 | 0 |
|  | 10/2025 | 27229 | 186 | 2 | 0 |
|  | 10/2025 | 28232713 | 20251 | 133 | 0 |
|  | 10/2025 | 95192 | 9929 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) |
|  | 10/2025 | 78359 | 61146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 0 |
|  | 10/2025 | 75828 | 2355 | 11 | 0 |
|  | 10/2025 | $3962 | 3116 | 0 | (48) |
|  | 10/2025 | 9913 | 70615 | 0 | (2) |
|  | 10/2025 | 3428 | 2915 | 0 | (6) |
|  | 10/2025 | 1319 | 196199 | 8 | 0 |
|  | 10/2025 | 13777 | 19234002 | 0 | (69) |
|  | 10/2025 | 3 | 32 | 0 | 0 |
|  | 10/2025 | 1268 | 2163 | 0 | (14) |
|  | 10/2025 | 3681 | 35245 | 63 | 0 |
|  | 10/2025 | 2570 | 83204 | 1 | 0 |
|  | 11/2025 | 70447 | $9913 | 2 | 0 |
|  | 11/2025 | 335428 | 2268 | 0 | (8) |
|  | 11/2025 | 32 | 3 | 0 | 0 |
|  | 11/2025 | $15705 | 11647 | 6 | (44) |
|  | 11/2025 | 704 | 2341 | 3 | 0 |
|  | 12/2025 | 1100 | 20838 | 28 | 0 |
|  MYI | 10/2025 | 100377 | $14106 | 18 | 0 |
|  | 10/2025 | 40692418 | 2472 | 32 | 0 |
|  | 10/2025 | 169355 | 1148 | 3 | 0 |
|  | 10/2025 | $50135 | 7484693 | 476 | 0 |
|  | 10/2025 | 0 | 1 | 0 | 0 |
|  | 10/2025 | 1957 | 7084 | 0 | (8) |
|  | 10/2025 | 7706 | 232178 | 0 | (78) |
|  | 11/2025 | 7458792 | $50135 | 0 | (477) |
|  | 11/2025 | 1 | 0 | 0 | 0 |
|  | 12/2025 | 230667 | 7706 | 92 | 0 |
|  NGF | 10/2025 | 14996836 | 10783 | 94 | 0 |
|  | 10/2025 | $5274 | 87289824 | 0 | (42) |
|  SCX | 10/2025 | 73001 | $10273 | 27 | 0 |
|  | 10/2025 | 58761 | 9147 | 0 | (95) |
|  | 10/2025 | 4044 | 5409 | 0 | (29) |
|  | 10/2025 | 82343076 | 4932 | 0 | (4) |
|  | 10/2025 | 663892 | 7468 | 1 | 0 |
|  | 10/2025 | 9720913 | 65070 | 33 | (696) |
|  | 10/2025 | 1221 | 957 | 11 | 0 |
|  | 10/2025 | 691265 | 23327 | 615 | 0 |
|  | 10/2025 | $5890 | 96844140 | 0 | (85) |
|  | 10/2025 | 12518 | 1105212 | 0 | (87) |
|  | 10/2025 | 1270 | 2164 | 0 | (16) |
|  | 10/2025 | 1152 | 10845 | 0 | 0 |
|  | 11/2025 | 1616 | $11 | 0 | 0 |
|  | 11/2025 | $5410 | 4044 | 30 | 0 |
|  | 11/2025 | 6652 | 592588 | 0 | 0 |
|  | 11/2025 | 59386 | 8853836 | 692 | 0 |
|  | 12/2025 | 4932 | 82551189 | 6 | 0 |
|  SOG | 10/2025 | 7939740 | $53989 | 300 | 0 |
|  | 10/2025 | 1055 | 615 | 3 | 0 |
|  | 10/2025 | $344445 | 292896 | 0 | (571) |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $109542 | 16299776 | $678 | $0 |
|  | 10/2025 | 10 | 103 | 0 | 0 |
|  | 11/2025 | 292896 | $345136 | 574 | 0 |
|  | 11/2025 | 16243406 | 109542 | 0 | (679) |
|  | 11/2025 | 103 | 10 | 0 | 0 |
|  SSB | 10/2025 | $26741 | 19839 | 0 | (60) |
|  UAG | 10/2025 | 114 | 83 | 1 | 0 |
|  | 10/2025 | 51095 | 15316 | 0 | (110) |
|  | 10/2025 | 2971 | 292 | 0 | (6) |
|  | 10/2025 | $834 | 2855 | 28 | 0 |
|  | 10/2025 | 291 | 25651 | 0 | (2) |
|  | 10/2025 | 2549 | 9232 | 0 | (10) |
|  | 10/2025 | 2570 | 83170 | 0 | 0 |
|  | 10/2025 | 387 | 6683 | 0 | 0 |
|  | 10/2025 | 6686 | $387 | 0 | 0 |
|  | 11/2025 | 2853 | 834 | 0 | (27) |
|  | 11/2025 | 29306 | 1663 | 0 | (29) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11352) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 46100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1022) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 26400 | $(235) | $(164) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 26400 | (235) | (117) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 65600 | (791) | (434) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 65600 | (792) | (5) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 61700 | (560) | (331) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 61700 | (560) | (331) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 192500 | (1765) | (1397) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 192500 | (1765) | (775) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6703) | $(3554) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4576) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SAL | CMBX.NA.AAA.12 Index | 0.500% | Monthly | 08/17/2061 | $12300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | Underlying Reference | **# of Shares** | **Financing Rate** | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements, at<br>Value | Swap Agreements, at<br>Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | Underlying Reference | **# of Shares** | **Financing Rate** | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.35 | Maturity | 10/10/2025 | $375000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) |
| MYC | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.33 | Maturity | 10/09/2025 | 679000 | 0 | (3814) | 0 | (3814) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.27 | Maturity | 10/21/2025 | 700000 | 0 | (2353) | 0 | (2353) |
| SOG | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.35 | Maturity | 10/16/2025 | 425000 | 0 | (841) | 0 | (841) |
|  |  |  |  |  |  |  |  | $0 | $(8286) | $0 | $(8286) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8198) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8286) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 45

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $34 | $0 | $0 | $34 | $(2357) | $0 | $0 | $(2357) | $(2323) | $2113 | $(210) |
|  BOA | 99 | 0 | 0 | 99 | (156) | 0 | 0 | (156) | (57) | 0 | (57) |
|  BPS | 956 | 0 | 0 | 956 | (543) | 0 | (1278) | (1821) | (865) | 758 | (107) |
|  BRC | 514 | 0 | 0 | 514 | (131) | (281) | 0 | (412) | 102 | 0 | 102 |
|  BSH | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 18 | 14 |
|  CBK | 2142 | 0 | 0 | 2142 | (1512) | 0 | 0 | (1512) | 630 | (830) | (200) |
|  DUB | 494 | 0 | 0 | 494 | (377) | 0 | 0 | (377) | 117 | 0 | 117 |
|  FAR | 2125 | 0 | 0 | 2125 | (2369) | 0 | 0 | (2369) | (244) | (590) | (834) |
|  GLM | 15 | 0 | 0 | 15 | (166) | (4295) | 0 | (4461) | (4446) | (2930) | (7376) |
|  IND | 69 | 0 | 0 | 69 | (105) | 0 | 0 | (105) | (36) | 0 | (36) |
|  JPM | 4110 | 0 | 0 | 4110 | (140) | 0 | 0 | (140) | 3970 | (3702) | 268 |
|  MBC | 770 | 0 | 0 | 770 | (381) | 0 | 0 | (381) | 389 | (550) | (161) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (6167) | (6167) | (6167) | 6249 | 82 |
|  MYI | 621 | 0 | 0 | 621 | (563) | 0 | 0 | (563) | 58 | (45) | 13 |
|  NGF | 94 | 0 | 0 | 94 | (42) | 0 | 0 | (42) | 52 | 0 | 52 |
|  SAL | 0 | 0 | 62 | 62 | 0 | 0 | 0 | 0 | 62 | 0 | 62 |
|  SCX | 1415 | 0 | 0 | 1415 | (1012) | 0 | 0 | (1012) | 403 | (290) | 113 |
|  SOG | 1555 | 0 | 0 | 1555 | (1250) | 0 | (841) | (2091) | (536) | 360 | (176) |
|  SSB | 0 | 0 | 0 | 0 | (60) | 0 | 0 | (60) | (60) | 282 | 222 |
|  UAG | 29 | 0 | 0 | 29 | (184) | 0 | 0 | (184) | (155) | 0 | (155) |
|  Total Over the Counter | $15042 | $0 | $62 | $15104 | $(11352) | $(4576) | $(8286) | $(24214) |  |  |  |

---

(j) Securities with an aggregate market value of $9,780 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $812 | $0 | $25 | $0 | $2038 | $2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4432 | 4432 |
|  | $812 | $0 | $25 | $0 | $6470 | $7307 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $15042 | $0 | $15042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 62 | 0 | 0 | 0 | 62 |
|  | $0 | $62 | $0 | $15042 | $0 | $15104 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $724 | $0 | $22 | $0 | $3747 | $4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2201 | 2201 |
|  | $724 | $0 | $22 | $0 | $5948 | $6694 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $11352 | $0 | $11352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 4576 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 8286 | 8286 |
|  | $0 | $0 | $0 | $11352 | $12862 | $24214 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30908 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $158 | $0 | $0 | $0 | $4130 | $4288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (732) | (732) |
|  | $158 | $0 | $0 | $0 | $3398 | $3556 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(56130) | $0 | $(56130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1385 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 31 | 0 | 0 | 39448 | 39479 |
|  | $0 | $31 | $0 | $(56130) | $40833 | $(15266) |
|  | $158 | $31 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56130) | $44231 | $(11710) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $419 | $0 | $0 | $0 | $3479 | $3898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 33224 | 33224 |
|  | $419 | $0 | $0 | $0 | $36703 | $37122 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $17364 | $0 | $17364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1713 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 76 | 0 | 0 | (29326) | (29250) |
|  | $0 | $76 | $0 | $17364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10173) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $17364 | $9090 | $26949 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 47

------

Schedule of Investments PIMCO Real Return Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $26589 | $0 | $26589 |
| &nbsp;&nbsp; Industrials | 0 | 1893 | 38800 | 40693 |
|  U.S. Government Agencies | 0 | 1290577 | 0 | 1290577 |
|  U.S. Treasury Obligations | 0 | 6241635 | 0 | 6241635 |
|  Non-Agency Mortgage-Backed Securities | 0 | 88266 | 0 | 88266 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 34026 | 0 | 34026 |
| &nbsp;&nbsp; Home Equity Other | 0 | 111687 | 0 | 111687 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 3399 | 0 | 3399 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 41868 | 0 | 41868 |
| &nbsp;&nbsp; Other ABS | 2000 | 396568 | 4579 | 403147 |
|  Sovereign Issues | 0 | 348642 | 0 | 348642 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 6655 | 0 | 6655 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1082 | 0 | 1082 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4097 | 0 | 4097 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8642363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21244 | $0 | $0 | $21244 |
|  Total Investments | $23244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663607 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1587 | 5573 | 0 | 7160 |
|  Over the counter | 0 | 15104 | 0 | 15104 |
|  | $1587 | $20677 | $0 | $22264 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1843) | (4553) | 0 | (6396) |
|  Over the counter | 0 | (24214) | 0 | (24214) |
|  | $(1843) | $(28767) | $0 | $(30610) |
|  Total Financial Derivative Instruments | $(256) | $(8090) | $0 | $(8346) |
|  Totals | $22988 | $8588894 | $43379 | $8655261 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 184.9% | INVESTMENTS IN SECURITIES 184.9% | INVESTMENTS IN SECURITIES 184.9% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
| BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 30 | 29 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.000% due 03/29/2040 | 1126 | 1462 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 42 | 6 |
|  1.000% due 10/01/2053 | 386 | 45 |
|  1.500% due 10/01/2053 | 12406 | 1576 |
|  2.000% due 10/01/2053 | 5023 | 665 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  0.500% due 10/01/2043 | 1922 | 252 |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.500% due 10/01/2053 | 1347 | 147 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.000% due 10/01/2053 | 74 | 9 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 10/01/2050 | 3327 | 411 |
|  1.000% due 10/01/2053 | 3368 | 414 |
|  1.500% due 10/01/2053 | 9490 | 1201 |
|  2.500% due 04/01/2047 | 6 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 09/10/2029 | 200 | 216 |
|  7.750% due 03/01/2029 •  | 100 | 131 |
|  |  | 6565 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 2600 | 2600 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 161 | 161 |
|  |  | 2761 |
|  Total Corporate Bonds & Notes (Cost $10,527) | Total Corporate Bonds & Notes (Cost $10,527) | 9326 |
| U.S. GOVERNMENT AGENCIES 14.3% | U.S. GOVERNMENT AGENCIES 14.3% | U.S. GOVERNMENT AGENCIES 14.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 05/01/2054 - 08/01/2054 | 2321 | 2345 |
|  6.195% due 09/01/2036 •  | 5 | 6 |
|  6.417% due 07/01/2036 •  | 17 | 17 |
|  6.460% due 10/01/2036 •  | 6 | 6 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.087% due 12/15/2037 •  | 26 | 26 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 09/01/2048 - 03/01/2049 | 58 | 55 |
|  5.421% due 09/01/2044 - 10/01/2044 •  | 5 | 5 |
|  6.000% due 03/01/2054 | 2820 | 2889 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2052 - 10/20/2054 | 14948 | 13678 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.927% due 08/20/2068 •  | 1049 | 1053 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 11/01/2055 | 40200 | 38977 |
|  6.000% due 11/01/2055 | 10400 | 10623 |
|  6.500% due 11/01/2055 | 4300 | 4447 |
|  Total U.S. Government Agencies (Cost $74,185) | Total U.S. Government Agencies (Cost $74,185) | 74127 |
| U.S. TREASURY OBLIGATIONS 110.2% | U.S. TREASURY OBLIGATIONS 110.2% | U.S. TREASURY OBLIGATIONS 110.2% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.250% due 02/15/2050 | 754 | 447 |
|  0.625% due 02/15/2043 (j) | 483 | 367 |
|  0.750% due 02/15/2045 | 412 | 307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.000% due 02/15/2046 | 1772 | 1368 |
|  1.375% due 02/15/2044 | 103 | 88 |
|  1.750% due 01/15/2028 (h) | 13130 | 13349 |
|  2.125% due 02/15/2054 (j) | 105 | 97 |
|  2.375% due 01/15/2027 | 13632 | 13877 |
|  3.875% due 04/15/2029 | 15916 | 17407 |
|  0.125% due 10/15/2026 (f) | 27071 | 26924 |
|  0.125% due 04/15/2027 (f) | 31577 | 31146 |
|  0.125% due 01/15/2030 (f) | 29003 | 27699 |
|  0.125% due 01/15/2031 | 9431 | 8859 |
|  0.250% due 07/15/2029 | 27025 | 26225 |
|  0.375% due 01/15/2027 (f) | 27214 | 27008 |
|  0.375% due 07/15/2027 (f) | 28396 | 28208 |
|  0.500% due 01/15/2028 (f) | 29728 | 29389 |
|  0.750% due 07/15/2028 | 26124 | 26008 |
|  0.875% due 01/15/2029 | 21365 | 21207 |
|  1.250% due 04/15/2028 (f) | 32416 | 32546 |
|  1.625% due 10/15/2027 (f) | 28625 | 29090 |
|  1.625% due 10/15/2029 (f) | 56567 | 57703 |
|  1.625% due 04/15/2030 (f) | 52464 | 53285 |
|  1.750% due 01/15/2034 | 3153 | 3169 |
|  1.875% due 07/15/2034 (f) | 7206 | 7314 |
|  1.875% due 07/15/2035 (f) | 1006 | 1015 |
|  2.125% due 04/15/2029 (f) | 46579 | 48090 |
|  2.125% due 01/15/2035 | 102 | 105 |
|  2.375% due 10/15/2028 (f) | 38389 | 39994 |
|  Total U.S. Treasury Obligations (Cost $563,872) | Total U.S. Treasury Obligations (Cost $563,872) | 572291 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  | 1193 | 1050 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.563% due 04/26/2036 ~ | 181 | 164 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.425% due 05/25/2035 ~ | 238 | 228 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ | 36 | 31 |
|  4.475% due 02/25/2036 ~ | 87 | 80 |
|  5.824% due 01/25/2035 ~ | 17 | 17 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.739% due 12/25/2035 ~ | 1 | 1 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.500% due 01/25/2035 | 56 | 57 |
|  6.000% due 04/25/2036 | 159 | 75 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  | 11 | 11 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.490% due 05/25/2035 •  | 1 | 1 |
|  6.751% due 03/25/2034 ~ | 17 | 16 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.500% due 11/25/2035 | 29 | 24 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.972% due 10/25/2035 •  | 150 | 65 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  4.886% due 10/26/2036 ~ | 7 | 7 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 236 | 85 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.668% due 01/25/2036 ~ | 22 | 20 |
|  6.363% due 09/25/2035 ~ | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.688% due 05/19/2035 •  | 148 | 143 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.832% due 07/25/2035 •  | 1280 | 938 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  | 542 | 326 |
|  5.750% due 03/25/2037 | 208 | 61 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.216% due 03/25/2036 ~ | 68 | 54 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 04/25/2036 •  | 2 | 2 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.341% due 08/25/2036 ~ | 4 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.500% due 08/25/2035 | 35 | 30 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.792% due 10/25/2036 ~ | 1 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $4,282) | Total Non-Agency Mortgage-Backed Securities (Cost $4,282) | 3491 |
| ASSET-BACKED SECURITIES 13.1% | ASSET-BACKED SECURITIES 13.1% | ASSET-BACKED SECURITIES 13.1% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 409 | 410 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 687 | 687 |
|  |  | 1097 |
| HOME EQUITY OTHER 4.6% | HOME EQUITY OTHER 4.6% | HOME EQUITY OTHER 4.6% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.397% due 04/25/2035 •  | 1144 | 1036 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 242 | 221 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 272 | 276 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.677% due 05/25/2037 •  | 3400 | 3249 |
|  4.732% due 12/25/2036 •  | 33 | 22 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 333 | 329 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  | 237 | 223 |
|  4.462% due 11/25/2037 •  | 3122 | 2989 |
|  4.552% due 05/25/2035 •  | 37 | 36 |
|  4.672% due 09/25/2037 •  | 63 | 58 |
|  4.752% due 05/25/2036 •  | 2730 | 2355 |
|  5.805% due 04/25/2036 ~ | 211 | 197 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 360 | 329 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.007% due 09/25/2035 •  | 16 | 15 |
|  5.247% due 03/25/2035 •  | 367 | 352 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.385% due 10/25/2035 •  | 1059 | 1054 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 325 | 254 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.812% due 02/25/2036 •  | 94 | 93 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.512% due 08/25/2036 •  | 280 | 112 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.612% due 06/25/2036 •  | 742 | 691 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2037 •  | 5231 | 1475 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 3015 | 1215 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.552% due 09/25/2036 •  | 1427 | 1416 |
|  4.752% due 08/25/2036 •  | 1054 | 936 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.947% due 10/25/2035 •  | 2355 | 2289 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.472% due 06/25/2037 •  | 2623 | 1805 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.842% due 10/25/2036 •  | 515 | 513 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.672% due 12/25/2034 •  | 333 | 334 |
|  |  | 23874 |
| MANUFACTURING HOUSE ABS OTHER 0.6% | MANUFACTURING HOUSE ABS OTHER 0.6% | MANUFACTURING HOUSE ABS OTHER 0.6% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 3087 | 2939 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 49

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| WHOLE LOAN COLLATERAL 2.0% | WHOLE LOAN COLLATERAL 2.0% | WHOLE LOAN COLLATERAL 2.0% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  | 1046 | 1031 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.492% due 12/25/2037 •  | 945 | 915 |
|  4.977% due 11/25/2036 •  | 1475 | 1448 |
|  5.142% due 09/25/2035 •  | 402 | 401 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 3396 | 1071 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ | 565 | 556 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 05/25/2036 •  | 3272 | 1771 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.592% due 09/25/2037 •  | 6085 | 2971 |
|  |  | 10164 |
| OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% |
|  Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. |
|  5.537% due 10/20/2030 •  | 631 | 632 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 515 | 605 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.936% due 01/15/2033 •  | 3111 | 3656 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 158 | 186 |
|  CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC | CIFC European Funding CLO III DAC |
|  3.076% due 01/15/2034 •  | 4300 | 5055 |
|  CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC |
|  2.989% due 09/22/2034 •  | 1100 | 1293 |
|  Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC |
|  3.243% due 01/17/2033 •  | 1167 | 1370 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 2600 | 3062 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 2000 | 2004 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.786% due 07/15/2031 •  | 541 | 635 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  | 1100 | 1293 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.759% due 01/15/2031 •  | 122 | 123 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 40 | 40 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 400 | 401 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 214 | 214 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 600 | 601 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 1698 | 1700 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  5.567% due 04/19/2034 •  | 2500 | 2504 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 1300 | 1305 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 2246 | 2249 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.789% due 10/15/2030 •  | 50 | 50 |
|  Voya Euro CLO II DAC | Voya Euro CLO II DAC | Voya Euro CLO II DAC |
|  2.986% due 07/15/2035 •  | 700 | 822 |
|  |  | 29800 |
|  Total Asset-Backed Securities (Cost $70,403) | Total Asset-Backed Securities (Cost $70,403) | 67874 |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (c) | 5133 | 3845 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 07/25/2038 (c) | 120 | 114 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (c) | EUR | 1241 | 1418 |
|  1.800% due 05/15/2036 (c) |  | 415 | 485 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (c) | JPY | 725996 | 4993 |
|  0.100% due 03/10/2029 (c) |  | 1542471 | 10649 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (c) | MXN | 188 | 10 |
|  Total Sovereign Issues (Cost $23,702) | Total Sovereign Issues (Cost $23,702) | Total Sovereign Issues (Cost $23,702) | 21514 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  CBRE Group, Inc. Class A (b) | CBRE Group, Inc. Class A (b) | 1981 | 312 |
|  Cushman & Wakefield PLC (b) | Cushman & Wakefield PLC (b) | 19816 | 315 |
|  Jones Lang LaSalle, Inc. (b) |  | 1031 | 308 |
|  Newmark Group, Inc. Class A | Newmark Group, Inc. Class A | 16435 | 307 |
|  Total Common Stocks (Cost $1,182) | Total Common Stocks (Cost $1,182) | Total Common Stocks (Cost $1,182) | 1242 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(d) |  | 917000 | 927 |
|  Total Preferred Securities (Cost $917) | Total Preferred Securities (Cost $917) | Total Preferred Securities (Cost $917) | 927 |
| REAL ESTATE INVESTMENT TRUSTS 40.2% | REAL ESTATE INVESTMENT TRUSTS 40.2% | REAL ESTATE INVESTMENT TRUSTS 40.2% | REAL ESTATE INVESTMENT TRUSTS 40.2% |
| REAL ESTATE 40.2% | REAL ESTATE 40.2% | REAL ESTATE 40.2% | REAL ESTATE 40.2% |
|  Acadia Realty Trust |  | 25291 | 510 |
|  Agree Realty Corp. |  | 21511 | 1528 |
|  Alexander & Baldwin, Inc. |  | 13908 | 253 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | 29964 | 2497 |
|  American Assets Trust, Inc. |  | 9159 | 186 |
|  American Healthcare REIT, Inc. | American Healthcare REIT, Inc. | 47547 | 1997 |
|  American Homes 4 Rent |  | 62316 | 2072 |
|  Apple Hospitality REIT, Inc. |  | 42723 | 513 |
|  AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | 29502 | 5699 |
|  Brandywine Realty Trust |  | 33101 | 138 |
|  Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 59271 | 1641 |
|  Broadstone Net Lease, Inc. |  | 88689 | 1585 |
|  BXP, Inc. |  | 28328 | 2106 |
|  Camden Property Trust |  | 20747 | 2215 |
|  CareTrust REIT, Inc. |  | 51892 | 1800 |
|  Centerspace |  | 3268 | 192 |
|  COPT Defense Properties |  | 21781 | 633 |
|  Cousins Properties, Inc. |  | 32574 | 943 |
|  Curbline Properties Corp. |  | 394 | 9 |
|  DiamondRock Hospitality Co. | DiamondRock Hospitality Co. | 40002 | 318 |
|  Digital Realty Trust, Inc. |  | 61373 | 10610 |
|  Diversified Healthcare Trust |  | 42079 | 186 |
|  Douglas Emmett, Inc. |  | 32623 | 508 |
|  Easterly Government Properties, Inc. |  | 8356 | 192 |
|  EastGroup Properties, Inc. |  | 10432 | 1766 |
|  Elme Communities |  | 16909 | 285 |
|  EPR Properties |  | 14771 | 857 |
|  Equinix, Inc. |  | 18956 | 14847 |
|  Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | 37202 | 2258 |
|  Equity Residential |  | 71931 | 4656 |
|  Essential Properties Realty Trust, Inc. |  | 38595 | 1149 |
|  Essex Property Trust, Inc. |  | 12574 | 3366 |
|  Extra Space Storage, Inc. |  | 20300 | 2861 |
|  Federal Realty Investment Trust |  | 15215 | 1541 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  First Industrial Realty Trust, Inc. | 25668 | $— | 1321 |
|  Global Medical REIT, Inc. | 2435 |  | 82 |
|  Global Net Lease, Inc. | 38645 |  | 314 |
|  Healthcare Realty Trust, Inc. | 68405 |  | 1233 |
|  Healthpeak Properties, Inc. | 135550 |  | 2596 |
|  Highwoods Properties, Inc. | 21024 |  | 669 |
|  Host Hotels & Resorts, Inc. | 178847 |  | 3044 |
|  Hudson Pacific Properties, Inc. | 74443 |  | 205 |
|  Independence Realty Trust, Inc. | 20086 |  | 329 |
|  Innovative Industrial Properties, Inc. | 5436 |  | 291 |
|  Invitation Homes, Inc. | 108678 |  | 3188 |
|  JBG SMITH Properties | 11831 |  | 263 |
|  Kilroy Realty Corp. | 20825 |  | 880 |
|  Kimco Realty Corp. | 131245 |  | 2868 |
|  Kite Realty Group Trust | 42581 |  | 950 |
|  LXP Industrial Trust | 56976 |  | 510 |
|  Macerich Co. | 51821 |  | 943 |
|  Medical Properties Trust, Inc. | 94416 |  | 479 |
|  Mid-America Apartment Communities, Inc. | 17820 |  | 2490 |
|  Millrose Properties, Inc. | 42190 |  | 1418 |
|  National Health Investors, Inc. | 13039 |  | 1037 |
|  NET Lease Office Properties | 49 |  | 1 |
|  NETSTREIT Corp. | 16086 |  | 291 |
|  NexPoint Residential Trust, Inc. | 4158 |  | 134 |
|  NNN REIT, Inc. | 36747 |  | 1564 |
|  Omega Healthcare Investors, Inc. | 86988 |  | 3673 |
|  Paramount Group, Inc. | 35716 |  | 234 |
|  Park Hotels & Resorts, Inc. | 39476 |  | 437 |
|  Pebblebrook Hotel Trust | 23119 |  | 263 |
|  Phillips Edison & Co., Inc. | 24350 |  | 836 |
|  Piedmont Realty Trust, Inc. | 24121 |  | 217 |
|  Plymouth Industrial REIT, Inc. | 8665 |  | 193 |
|  Prologis, Inc. | 179053 |  | 20505 |
|  Public Storage | 30641 |  | 8851 |
|  Realty Income Corp. | 177574 |  | 10795 |
|  Regency Centers Corp. | 31487 |  | 2295 |
|  Rexford Industrial Realty, Inc. | 45675 |  | 1878 |
|  Ryman Hospitality Properties, Inc. | 12261 |  | 1098 |
|  Sabra Health Care REIT, Inc. | 66347 |  | 1237 |
|  Service Properties Trust | 387 |  | 1 |
|  Simon Property Group, Inc. | 63162 |  | 11854 |
|  SITE Centers Corp. | 10274 |  | 93 |
|  SL Green Realty Corp. | 10192 |  | 610 |
|  STAG Industrial, Inc. | 36504 |  | 1288 |
|  Summit Hotel Properties, Inc. | 20653 |  | 113 |
|  Sun Communities, Inc. | 22809 |  | 2942 |
|  Sunstone Hotel Investors, Inc. | 37464 |  | 351 |
|  Tanger, Inc. | 22160 |  | 750 |
|  Terreno Realty Corp. | 12078 |  | 685 |
|  UDR, Inc. | 58773 |  | 2190 |
|  UMH Properties, Inc. | 142 |  | 2 |
|  Universal Health Realty Income Trust | 2414 |  | 95 |
|  Urban Edge Properties | 24152 |  | 494 |
|  Ventas, Inc. | 88602 |  | 6201 |
|  Veris Residential, Inc. | 15435 |  | 235 |
|  Vornado Realty Trust | 25784 |  | 1045 |
|  Welltower, Inc. | 140596 |  | 25046 |
|  WP Carey, Inc. | 42890 |  | 2898 |
|  Xenia Hotels & Resorts, Inc. | 18603 |  | 255 |
|  Total Real Estate Investment Trusts (Cost $186,625) | Total Real Estate Investment Trusts (Cost $186,625) |  | 208677 |

---

50 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (e) | 530636 | $— | 531 |
| Total Short-Term Instruments<br>(Cost $531) | Total Short-Term Instruments<br>(Cost $531) |  | 531 |
| Total Investments in Securities (Cost $936,226) | Total Investments in Securities (Cost $936,226) |  | 960000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 7777 | $— | 76 |
| Total Short-Term Instruments<br>(Cost $76) | Total Short-Term Instruments<br>(Cost $76) |  | 76 |
| Total Investments in Affiliates<br>(Cost $76) | Total Investments in Affiliates<br>(Cost $76) |  | 76 |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| Total Investments 184.9%<br>(Cost $936,302) | $— | 960076 |
|  Financial Derivative<br>Instruments (g)(i) (0.2)%<br> (Cost or Premiums, net $(198)) |  | (1257) |
| Other Assets and Liabilities, net (84.7)% |  | (439458) |
| Net Assets 100.0% | $— | 519361 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security did not produce income within the last twelve months.

(c) Principal amount of security is adjusted for inflation.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 4.380% | 09/25/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234337) | $(234508) |
|  JPS | 4.150 | 09/23/2025 | 10/07/2025 | (1020) | (1021) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (57758) | (57847) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (97042) | (97042) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (96777) | (96789) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487207) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BSN | $0 | $(234508) | $0 | $(234508) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233197 | $(1311) |
|  JPS | 0 | (1021) | 0 | (1021) | 1015 | (6) |
|  NOM | 0 | (57847) | 0 | (57847) | 57524 | (323) |
|  STR | 0 | (193831) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193831) | 98122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95709) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487207) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(96789) | $(293376) | $0 | $0 | $(390165) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96789) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390165) |
|  Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | $(390165) |

---

(f) Securities with an aggregate market value of $389,858 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(397859) at a weighted average interest rate of 4.437%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(97042) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 71 | $9820 | $3 | $13 | $0 |
|  Euro-BTP Future December Futures  | 12/2025 | 60 | 8442 | 77 | 27 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 21 | 2823 | 64 | 26 | (5) |
|  Euro-Schatz December Futures  | 12/2025 | 190 | 23864 | (22) | 4 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 1 | 918 | (9) | 1 | (1) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 68 | 7650 | 40 | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44663 | 1022 | 0 | (209) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 125 | 14385 | 37 | 0 | (8) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 160 | $(24152) | $(112) | $6 | $(64) |
|  Euro-Oat December Futures  | 12/2025 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20231) | (159) | 0 | (48) |
|  Gold 100 oz. December Futures  | 12/2025 | 4 | (1549) | (99) | 0 | (7) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 443 | (92321) | (74) | 0 | (49) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 111 | (12121) | 13 | 2 | (2) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 579 | (67508) | (1397) | 144 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1828) | $152 | $(170) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 16800 | $(87) | $(10) | $(97) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 190000 | (4) | 28 | 24 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | 613200 | (33) | 133 | 100 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 319000 | 6 | 92 | 98 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.606 | Annual | 10/31/2025 | $29300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | 204 | 47 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.611 | Annual | 10/31/2025 | 4800 | (26) | 34 | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 57600 | 101 | (47) | 54 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840% | Semi-Annual | 11/15/2028 |  | $10600 | $(1) | $549 | $548 | $0 | $(6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 |  | 42500 | (561) | (987) | (1548) | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Semi-Annual | 11/21/2028 |  | 5700 | (1) | 294 | 293 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 |  | 20800 | (262) | (464) | (726) | 11 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 31000 | (6) | 42 | 36 | 0 | (16) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 1500 | (7) | 7 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 15800 | (16) | (240) | (256) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 |  | 1400 | (13) | (48) | (61) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.975 | Semi-Annual | 11/15/2053 |  | 2200 | 1 | (840) | (839) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 |  | 8700 | 546 | 2304 | 2850 | 23 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 |  | 7969 | (200) | (9) | (209) | 23 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Semi-Annual | 11/21/2053 |  | 1200 | 0 | (475) | (475) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 |  | 4200 | 261 | 1149 | 1410 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 |  | 10500 | 201 | 1843 | 2044 | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 3100 | 83 | 164 | 247 | 9 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | 0 | 8 | 8 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 |  | 1900 | (48) | 36 | (12) | 0 | (6) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 40900 | 1 | 56 | 57 | 137 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 |  | 3700 | 229 | 2043 | 2272 | 0 | (17) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 |  | 3900 | 2 | 2389 | 2391 | 0 | (18) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 |  | 8700 | 542 | 4788 | 5330 | 0 | (39) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 2100 | (32) | (7) | (39) | 0 | (16) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 |  | 900 | 0 | 10 | 10 | 0 | (2) |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 |  | 6700 | 0 | 31 | 31 | 0 | (9) |
|  Receive | CPTFEMU | 2.975 | Maturity | 08/15/2027 |  | 3700 | 15 | (55) | (40) | 0 | (6) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 |  | 4900 | (34) | (1006) | (1040) | 19 | 0 |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 |  | 7000 | 54 | (55) | (1) | 0 | (23) |
|  Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 |  | 2500 | (23) | (67) | (90) | 0 | (9) |
|  Receive | CPTFEMU | 2.470 | Maturity | 07/15/2032 |  | 200 | 0 | (1) | (1) | 0 | (1) |
|  Pay | CPTFEMU | 2.362 | Maturity | 11/15/2033 |  | 1100 | 0 | 56 | 56 | 4 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 3600 | (2) | (45) | (47) | 0 | (14) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 1400 | (1) | (15) | (16) | 0 | (5) |
|  Receive | CPTFEMU | 2.487 | Maturity | 05/15/2037 |  | 540 | 14 | (18) | (4) | 0 | (2) |
|  Pay | CPTFEMU | 1.242 | Maturity | 08/15/2039 |  | 930 | 0 | (254) | (254) | 3 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 100 | 0 | 5 | 5 | 1 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 500 | (13) | 39 | 26 | 4 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 |  | 700 | 1 | 32 | 33 | 5 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 |  | 350 | 0 | 4 | 4 | 2 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 |  | 1000 | 0 | 115 | 115 | 7 | 0 |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 |  | 900 | 1 | 138 | 139 | 6 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 600 | 4 | 93 | 97 | 4 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 1000 | 3 | 183 | 186 | 8 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 300 | 0 | 47 | 47 | 2 | 0 |
|  Receive | CPTFEMU | 2.620 | Maturity | 11/15/2053 |  | 300 | 0 | (42) | (42) | 0 | (2) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 |  | $2200 | 0 | (9) | (9) | 0 | 0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 |  | 4200 | 0 | (17) | (17) | 0 | (1) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 |  | 1800 | 0 | (6) | (6) | 0 | 0 |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 |  | 1900 | 0 | (6) | (6) | 0 | 0 |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 |  | 1900 | 0 | (2) | (2) | 0 | 0 |
|  Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 |  | 500 | 0 | 1 | 1 | 0 | 0 |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 |  | 3000 | 0 | 301 | 301 | 0 | (1) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 2100 | 0 | 205 | 205 | 0 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 4320 | 1 | 441 | 442 | 0 | (1) |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 100 | 0 | 10 | 10 | 0 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/01/2026 |  | 4700 | 0 | 6 | 6 | 2 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/27/2026 |  | 5300 | 0 | 9 | 9 | 2 | 0 |
|  Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 |  | 8900 | 0 | 1611 | 1611 | 0 | (2) |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 |  | 4400 | 0 | 765 | 765 | 0 | (1) |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 |  | 3400 | (1) | (387) | (388) | 1 | 0 |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 6700 | 0 | (1102) | (1102) | 0 | (2) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 |  | 6900 | 5 | (1092) | (1087) | 0 | (1) |
|  Pay | CPURNSA | 1.280 | Maturity | 05/19/2030 |  | 5300 | 0 | (1236) | (1236) | 0 | (1) |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 |  | 1280 | 5 | (55) | (50) | 7 | 0 |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 |  | 2100 | 0 | (2) | (2) | 0 | (3) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 2300 | 13 | 31 | 44 | 8 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 1000 | 0 | 14 | 14 | 3 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 53

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637) |

---

(h) Securities with an aggregate market value of $1,389 and cash of $3,778 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $6 and liability of $(17) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 16246 | $18948 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
|  | 10/2025 | $8160 | 11352 | 0 | (3) |
|  | 11/2025 | 11334 | $8160 | 3 | 0 |
|  BOA | 10/2025 | 3719 | 25 | 0 | 0 |
|  | 10/2025 | $200 | 673 | 3 | 0 |
|  | 10/2025 | 436 | 38600 | 0 | (2) |
|  | 10/2025 | 216 | 32374 | 3 | 0 |
|  | 10/2025 | 241 | 333430 | 0 | (3) |
|  | 10/2025 | 167 | 290 | 1 | 0 |
|  | 10/2025 | 60 | 215 | 0 | (1) |
|  | 11/2025 | 32262 | $216 | 0 | (3) |
|  | 11/2025 | 290 | 167 | 0 | (1) |
|  | 11/2025 | $80 | 266 | 1 | 0 |
|  BPS | 10/2025 | 2790 | $525 | 0 | 0 |
|  | 10/2025 | 6353 | 892 | 0 | 0 |
|  | 10/2025 | 19168562 | 1159 | 11 | (2) |
|  | 10/2025 | 27967 | 317 | 3 | 0 |
|  | 10/2025 | 55529 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | (2) |
|  | 10/2025 | $510 | 2790 | 14 | 0 |
|  | 10/2025 | 1436 | 23702973 | 0 | (15) |
|  | 10/2025 | 252 | 37507 | 1 | 0 |
|  | 10/2025 | 1202 | 1661764 | 0 | (18) |
|  | 10/2025 | 248 | 901 | 0 | 0 |
|  | 11/2025 | 3342274 | $200 | 0 | 0 |
|  | 11/2025 | 19582 | 220 | 0 | 0 |
|  | 11/2025 | 37377 | 252 | 0 | (1) |
|  | 11/2025 | 168218 | 120 | 0 | 0 |
|  | 11/2025 | $240 | 807 | 4 | 0 |
|  | 12/2025 | 6095 | $203 | 2 | 0 |
|  | 12/2025 | $296 | 4977825 | 2 | 0 |
|  | 12/2025 | 34 | 1072 | 0 | (1) |
|  BRC | 10/2025 | 1205 | $1510 | 0 | (4) |
|  | 10/2025 | 208 | 281 | 1 | 0 |
|  | 10/2025 | $1569 | 1258 | 12 | 0 |
|  | 10/2025 | 2 | 19 | 0 | 0 |
|  | 10/2025 | 856 | 3130 | 5 | 0 |
|  | 10/2025 | 762 | 13436 | 15 | 0 |
|  | 11/2025 | 19 | $2 | 0 | 0 |
|  | 11/2025 | $1510 | 1201 | 4 | 0 |
|  | 11/2025 | 281 | 208 | 0 | (1) |
|  | 11/2025 | 2342 | $133 | 0 | (2) |
|  BSH | 10/2025 | $49 | 85 | 0 | 0 |
|  | 11/2025 | 85 | $49 | 0 | 0 |
|  CBK | 10/2025 | 294 | 192 | 0 | (3) |
|  | 10/2025 | 120 | 17 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 16633 | $2598 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  | 10/2025 | 198 | 232 | 0 | (1) |
|  | 10/2025 | 11859778 | 717 | 7 | (1) |
|  | 10/2025 | 39268 | 442 | 1 | 0 |
|  | 10/2025 | 144 | 14 | 0 | 0 |
|  | 10/2025 | 2175 | 1694 | 8 | 0 |
|  | 10/2025 | 3604 | 112 | 0 | 0 |
|  | 10/2025 | 81600 | 2753 | 72 | 0 |
|  | 10/2025 | $549 | 406 | 0 | (3) |
|  | 10/2025 | 427 | 7025796 | 0 | (6) |
|  | 10/2025 | 1858 | 163238 | 0 | (22) |
|  | 10/2025 | 183 | 1829 | 0 | 0 |
|  | 10/2025 | 505 | 4790 | 4 | 0 |
|  | 10/2025 | 943 | 28689 | 1 | (1) |
|  | 10/2025 | 6053 | $350 | 0 | (1) |
|  | 11/2025 | 1829 | 183 | 0 | 0 |
|  | 11/2025 | $122 | 409 | 2 | 0 |
|  | 11/2025 | 442 | 39345 | 0 | (1) |
|  | 12/2025 | 18787 | $621 | 2 | 0 |
|  | 12/2025 | $5667 | 31827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | 0 |
|  | 12/2025 | 306 | 5140849 | 2 | 0 |
|  | 01/2026 | 9693 | $321 | 0 | 0 |
|  DUB | 10/2025 | 13612 | 1914 | 4 | 0 |
|  | 10/2025 | 6898607 | 421 | 8 | 0 |
|  | 10/2025 | 63768 | 718 | 1 | 0 |
|  | 10/2025 | 424456 | 306 | 4 | 0 |
|  | 10/2025 | $603 | 2059 | 19 | 0 |
|  | 10/2025 | 901 | 79661 | 0 | (5) |
|  | 11/2025 | 2058 | $603 | 0 | (19) |
|  | 11/2025 | 5307 | 60 | 0 | 0 |
|  | 11/2025 | $718 | 63895 | 0 | (1) |
|  | 11/2025 | 2663 | $151 | 0 | (2) |
|  FAR | 10/2025 | 5922 | 3842 | 0 | (77) |
|  | 10/2025 | 216 | 271 | 0 | 0 |
|  | 10/2025 | 5935 | 836 | 3 | 0 |
|  | 10/2025 | 1477429 | 10050 | 59 | 0 |
|  | 10/2025 | $4249 | 6508 | 57 | 0 |
|  | 10/2025 | 1764 | 155625 | 0 | (14) |
|  | 10/2025 | 1096 | 4005 | 6 | 0 |
|  | 10/2025 | 6294 | 8107 | 0 | (10) |
|  | 11/2025 | 6508 | $4251 | 0 | (57) |
|  | 11/2025 | 8086 | 6294 | 10 | 0 |
|  | 11/2025 | $271 | 215 | 0 | 0 |
|  | 12/2025 | 2075 | $109 | 0 | (3) |
|  | 12/2025 | $910 | 17254 | 24 | 0 |
|  GLM | 10/2025 | 45 | $56 | 0 | 0 |
|  | 10/2025 | 468 | 66 | 0 | 0 |
|  | 10/2025 | 5048099 | 303 | 0 | 0 |
|  | 10/2025 | 90 | 70 | 1 | 0 |
|  | 10/2025 | $429 | 7089802 | 0 | (4) |
|  | 10/2025 | 505 | 44348 | 0 | (7) |
|  | 11/2025 | 173 | 576 | 1 | 0 |
|  | 12/2025 | 560 | $30 | 0 | (1) |
|  | 12/2025 | $295 | 4936329 | 0 | 0 |
|  IND | 10/2025 | 292 | $191 | 0 | (2) |
|  | 10/2025 | $2831 | 18102 | 16 | 0 |
|  | 11/2025 | 18061 | $2831 | 0 | (16) |
|  JPM | 10/2025 | 1114 | 209 | 0 | (1) |
|  | 10/2025 | 11329 | 8198 | 57 | 0 |
|  | 10/2025 | 13918900 | 834 | 0 | (1) |
|  | 10/2025 | 734647 | 530 | 6 | 0 |
|  | 10/2025 | 406 | 316 | 1 | 0 |
|  | 10/2025 | $205 | 1114 | 4 | 0 |
|  | 10/2025 | 1972 | 12553 | 3 | 0 |
|  | 10/2025 | 267 | 228 | 1 | 0 |
|  | 10/2025 | 1294 | 21505939 | 1 | (6) |
|  | 10/2025 | 220 | 737 | 3 | 0 |
|  | 10/2025 | 194 | 17112 | 0 | (2) |
|  | 10/2025 | 564 | 2073 | 6 | 0 |
|  | 10/2025 | 107 | 3251 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $171 | 3029 | $4 | $0 |
|  | 11/2025 | 1603 | $299 | 0 | 0 |
|  | 11/2025 | 12524 | 1972 | 0 | (3) |
|  | 11/2025 | 2512 | 142 | 0 | (3) |
|  MBC | 10/2025 | 48 | 60 | 0 | 0 |
|  | 10/2025 | 6927 | 975 | 2 | 0 |
|  | 10/2025 | 301 | 406 | 1 | 0 |
|  | 10/2025 | 686727 | 42 | 1 | 0 |
|  | 10/2025 | 2644 | 18 | 0 | 0 |
|  | 10/2025 | 1907366 | 1368 | 9 | 0 |
|  | 10/2025 | 5304 | 553 | 0 | (10) |
|  | 10/2025 | 5438 | 4243 | 28 | 0 |
|  | 10/2025 | 8505 | 264 | 1 | 0 |
|  | 10/2025 | $325 | 256 | 0 | (3) |
|  | 10/2025 | 691 | 4920 | 0 | 0 |
|  | 10/2025 | 125 | 18589 | 1 | 0 |
|  | 10/2025 | 948 | 1323465 | 0 | (5) |
|  | 10/2025 | 2 | 19 | 0 | 0 |
|  | 10/2025 | 170 | 5504 | 0 | 0 |
|  | 11/2025 | 4908 | $691 | 0 | 0 |
|  | 11/2025 | 31780 | 215 | 0 | (1) |
|  | 11/2025 | 19 | 2 | 0 | 0 |
|  | 11/2025 | $406 | 301 | 0 | (1) |
|  | 12/2025 | 141 | 2679 | 4 | 0 |
|  MYI | 10/2025 | 6993 | $983 | 1 | 0 |
|  | 10/2025 | 2806376 | 170 | 2 | 0 |
|  | 10/2025 | 16445 | 111 | 0 | 0 |
|  | 10/2025 | $4750 | 709138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 0 |
|  | 10/2025 | 135 | 489 | 0 | (1) |
|  | 10/2025 | 503 | 15153 | 0 | (5) |
|  | 11/2025 | 706684 | $4750 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
|  | 12/2025 | 15055 | 503 | 6 | 0 |
|  NGF | 10/2025 | 973064 | 700 | 6 | 0 |
|  | 10/2025 | $385 | 6367763 | 0 | (3) |
|  SCX | 10/2025 | 5086 | $716 | 2 | 0 |
|  | 10/2025 | 14022 | 2183 | 0 | (23) |
|  | 10/2025 | 6160776 | 369 | 0 | 0 |
|  | 10/2025 | 45761 | 515 | 0 | 0 |
|  | 10/2025 | 84196 | 573 | 3 | 0 |
|  | 10/2025 | 48296 | 1630 | 43 | 0 |
|  | 10/2025 | $430 | 7064751 | 0 | (6) |
|  | 10/2025 | 877 | 77463 | 0 | (6) |
|  | 11/2025 | 153 | $1 | 0 | 0 |
|  | 11/2025 | $455 | 40538 | 0 | 0 |
|  | 12/2025 | 369 | 6176346 | 1 | 0 |
|  SOG | 10/2025 | 3768 | $706 | 0 | (2) |
|  | 10/2025 | 770971 | 5243 | 29 | 0 |
|  | 10/2025 | 279509 | 202 | 3 | 0 |
|  | 10/2025 | 376 | 219 | 1 | 0 |
|  | 10/2025 | 5236 | 174 | 2 | 0 |
|  | 10/2025 | $709 | 3768 | 0 | (1) |
|  | 10/2025 | 19069 | 16216 | 0 | (32) |
|  | 10/2025 | 10379 | 1544325 | 64 | 0 |
|  | 11/2025 | 16216 | $19108 | 32 | 0 |
|  | 11/2025 | 1538984 | 10379 | 0 | (64) |
|  | 12/2025 | $706 | 3822 | 2 | 0 |
|  SSB | 10/2025 | 280 | 208 | 0 | (1) |
|  UAG | 10/2025 | 10 | 7 | 0 | 0 |
|  | 10/2025 | 3676 | 1102 | 0 | (8) |
|  | 10/2025 | 1785 | 175 | 0 | (3) |
|  | 10/2025 | $60 | 207 | 2 | 0 |
|  | 10/2025 | 20 | 1792 | 0 | 0 |
|  | 10/2025 | 328 | 1194 | 1 | 0 |
|  | 10/2025 | 170 | 5502 | 0 | 0 |
|  | 10/2025 | 350 | 6053 | 0 | 0 |
|  | 10/2025 | 6055 | $350 | 0 | 0 |
|  | 11/2025 | 207 | 60 | 0 | (2) |
|  | 11/2025 | 2547 | 144 | 0 | (3) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700) |

---

56 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 1700 | $(15) | $(11) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1700 | (15) | (7) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 13400 | (122) | (72) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 13400 | (122) | (72) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 10100 | (92) | (73) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 10100 | (93) | (41) |
|  |  |  |  |  |  | $(459) | $(276) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of<br>Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of<br>Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index<sup>(4)</sup> | 501637 | 4.740% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | $48769 | $0 | $(38) | $0 | $(38) |
|  | Pay | MLPIREIS Index<sup>(5)</sup> | 436874 | 4.590% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 43224 | 0 | 38 | 38 | 0 |
|  CBK | Receive | DWRTFT Index  | 2270 | 4.690% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 32209 | 0 | (123) | 0 | (123) |
|  | Receive | DWRTFT Index  | 1743 | 4.750% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 24731 | 0 | (95) | 0 | (95) |
|  JPM | Receive | DWRTFT Index  | 12317 | 4.755% (SOFR plus a specified spread) | Monthly | 11/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174763 | 0 | (615) | 0 | (615) |
|  MYI | Receive | DWRTFT Index  | 5801 | 4.740% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 82309 | 0 | (317) | 0 | (317) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(3)</sup> |
|  AZD | $3 | $0 | $0 | $3 | $(128) | $0 | $0 | $(128) | $(125) | $331 | $206 |
|  BOA | 8 | 0 | 38 | 46 | (10) | 0 | (38) | (48) | (2) | (560) | (562) |
|  BPS | 65 | 0 | 0 | 65 | (39) | 0 | 0 | (39) | 26 | 0 | 26 |
|  BRC | 37 | 0 | 0 | 37 | (7) | (18) | 0 | (25) | 12 | 0 | 12 |
|  CBK | 326 | 0 | 0 | 326 | (57) | 0 | (218) | (275) | 51 | (281) | (230) |
|  DUB | 36 | 0 | 0 | 36 | (27) | 0 | 0 | (27) | 9 | 0 | 9 |
|  FAR | 159 | 0 | 0 | 159 | (161) | 0 | 0 | (161) | (2) | 0 | (2) |
|  GLM | 2 | 0 | 0 | 2 | (12) | (398) | 0 | (410) | (408) | (280) | (688) |
|  IND | 16 | 0 | 0 | 16 | (18) | 0 | 0 | (18) | (2) | 0 | (2) |
|  JPM | 86 | 0 | 0 | 86 | (16) | 0 | (615) | (631) | (545) | (2509) | (3054) |
|  MBC | 47 | 0 | 0 | 47 | (20) | 0 | 0 | (20) | 27 | 0 | 27 |
|  MYI | 54 | 0 | 0 | 54 | (51) | 0 | (317) | (368) | (314) | 18 | (296) |
|  NGF | 6 | 0 | 0 | 6 | (3) | 0 | 0 | (3) | 3 | 0 | 3 |
|  SCX | 49 | 0 | 0 | 49 | (35) | 0 | 0 | (35) | 14 | 0 | 14 |
|  SOG | 133 | 0 | 0 | 133 | (99) | 0 | 0 | (99) | 34 | 0 | 34 |
|  SSB | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  UAG | 3 | 0 | 0 | 3 | (16) | 0 | 0 | (16) | (13) | 0 | (13) |
|  Total Over the Counter | $1030 | $0 | $38 | $1068 | $(700) | $(416) | $(1188) | $(2304) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

(j) Securities with an aggregate market value of $349 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | %<br>of Index | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 0.8% | $390 |
|  American Tower Corp. | 5.7 | 2779 |
|  Apple Hospitality REIT, Inc. | 4.8 | 2341 |
|  AvalonBay Communities, Inc. | 1.5 | 732 |
|  Crown Castle International Corp. | 5.8 | 2829 |
|  Cubesmart | 0.8 | 390 |
|  DiamondRock Hospitality Company | 1.6 | 780 |
|  Digital Realty Trust, Inc. | 2.9 | 1414 |
|  Equinix, Inc. | 2 | 975 |
|  Equity Lifestyle Properties, Inc. | 4.8 | 2341 |
|  Equity Residential | 2.1 | 1024 |
|  Extra Space Storage, Inc. | 0.1 | 49 |
|  Federal Realty Investment Trust | 0.6 | 293 |
|  First Industrial Realty Trust, Inc. | 3.3 | 1609 |
|  Gaming and Leisure Properties, Inc. | 5.4 | 2634 |
|  Healthcare Realty Trust Incorporated | 2.5 | 1219 |
|  Healthpeak Properties, Inc. | 6.5 | 3170 |
|  Host Hotels & Resorts, Inc. | 2.5 | 1219 |
|  Invitation Homes, Inc. | 4.1 | 2000 |
|  Kimco Realty Corporation | 4 | 1951 |
|  Kite Realty Group Trust | 5.7 | 2780 |
|  Macerich Co. | 5.5 | 2681 |
|  NNN REIT, Inc. | 2.1 | 1024 |
|  Park Hotels & Resorts, Inc. | 1 | 488 |
|  Public Storage | 0.5 | 244 |
|  Realty Income Corp. | 0.1 | 49 |
|  Ryman Hospitality Properties, Inc. | 2.6 | 1268 |
|  Sabra Health Care REIT, Inc. | 0.5 | 244 |
|  SBA Communications Corporation | 5.6 | 2731 |
|  Simon Property Group, Inc. | 5.9 | 2877 |
|  Sun Communities, Inc. | 2.8 | 1366 |
|  UDR, Inc. | 1.9 | 927 |
|  VICI Properties, Inc. | 4 | 1951 |
|  Total Real Estate |  | $48769 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48769 |

---

<sup>(5)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.2% | $519 |
|  Agree Realty Corporation | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 |
|  American Assets Trust, Inc. | 1.4 | 605 |
|  Boston Properties Inc | 4.6 | 1988 |
|  Brandywine Realty Trust | 1.8 | 778 |
|  Brixmor Property Group, Inc. | 2.5 | 1081 |
|  Camden Property Trust | 0.4 | 173 |
|  Copt Defense Properties | 5.5 | 2377 |
|  Cousins Properties Incorporated | 5.4 | 2334 |
|  Curbline Properties Corp. | 2.4 | 1037 |
|  Douglas Emmett, Inc. | 4.7 | 2032 |
|  Eastgroup Properties, Inc. | 2.0 | 864 |
|  Elme Communities | 2.6 | 1124 |
|  EPR Properties | 0.2 | 86 |
|  Essential Properties Realty Trust, Inc. | 1.5 | 649 |
|  Essex Property Trust, Inc. | 0.1 | 43 |
|  Highwoods Properties, Inc. | 6.6 | 2853 |
|  Independence Realty Trust, Inc. | 2.9 | 1253 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
|  JBG Smith Properties | 4.7% | $2032 |
|  Kilroy Realty Corporation | 6.8 | 2939 |
|  LXP Industrial Trust | 0.4 | 173 |
|  Mid-America Apartment Communities, Inc. | 2.1 | 908 |
|  National Storage Affiliates Trust | 0.5 | 216 |
|  Omega Healthcare Investors, Inc. | 2.8 | 1210 |
|  Pebblebrook Hotel Trust | 1.4 | 605 |
|  Phillips Edison & Company, Inc. | 0.1 | 43 |
|  Prologis, Inc. | 0.5 | 216 |
|  Regency Centers Corp. | 1.6 | 693 |
|  Rexford Industrial Realty, Inc. | 1 | 432 |
|  Stag Industrial, Inc. | 0.4 | 173 |
|  Sunstone Hotel Investors, Inc. | 1.2 | 519 |
|  Tanger, Inc. | 0.7 | 303 |
|  Terreno Realty Corporation | 3.1 | 1340 |
|  Urban Edge Properties | 0.7 | 303 |
|  Ventas, Inc. | 6.9 | 2982 |
|  Veries Residential, Inc. | 1.5 | 648 |
|  Vornado Realty Trust | 3.3 | 1426 |
|  Welltower, Inc. | 8.2 | 3544 |
|  WP Carey, Inc. | 1.4 | 605 |
|  Total Real Estate |  | $43224 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43224 |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $6 | $0 | $0 | $0 | $223 | $229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 387 | 387 |
|  | $6 | $0 | $0 | $0 | $610 | $616 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1030 | $0 | $1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 38 | 0 | 0 | 38 |
|  | $0 | $0 | $38 | $1030 | $0 | $1068 |
|  | $6 | $0 | $38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | $610 | $1684 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $24 | $0 | $0 | $0 | $387 | $411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 226 | 226 |
|  | $24 | $0 | $0 | $0 | $613 | $637 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $700 | $0 | $700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 416 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1188 | 0 | 0 | 1188 |
|  | $0 | $0 | $1188 | $700 | $416 | $2304 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | $700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 59

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.) September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(122) | $0 | $0 | $0 | $(400) | $(522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1430) | (1430) |
|  | $(122) | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1830) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1952) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(5609) | $0 | $(5609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 97 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 2436 | 0 | 0 | 2436 |
|  | $0 | $0 | $2436 | $(5609) | $97 | $(3076) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5609) | $(1733) | $(5028) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(70) | $0 | $0 | $0 | $5 | $(65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4305 | 4305 |
|  | $(70) | $0 | $0 | $0 | $4310 | $4240 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1654 | $0 | $1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 213 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (79) | 0 | 0 | (79) |
|  | $0 | $0 | $(79) | $1654 | $213 | $1788 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6565 | $0 | $6565 |
| &nbsp;&nbsp; Industrials | 0 | 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | 2761 |
|  U.S. Government Agencies | 0 | 74127 | 0 | 74127 |
|  U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572291 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572291 |
|  Non-Agency Mortgage-Backed Securities | 0 | 3491 | 0 | 3491 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 1097 | 0 | 1097 |
| &nbsp;&nbsp; Home Equity Other | 0 | 23874 | 0 | 23874 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 2939 | 0 | 2939 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 10164 | 0 | 10164 |
| &nbsp;&nbsp; Other ABS | 0 | 29800 | 0 | 29800 |
|  Sovereign Issues | 0 | 21514 | 0 | 21514 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Real Estate | 1242 | 0 | 0 | 1242 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 927 | 0 | 927 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 208677 | 0 | 0 | 208677 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 531 | 0 | 531 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $76 | $0 | $0 | $76 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960076 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 77 | 533 | 0 | 610 |
|  Over the counter | 0 | 1068 | 0 | 1068 |
|  | $77 | $1601 | $0 | $1678 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (125) | (495) | 0 | (620) |
|  Over the counter | 0 | (2304) | 0 | (2304) |
|  | $(125) | $(2799) | $0 | $(2924) |
|  Total Financial Derivative Instruments | $(48) | $(1198) | $0 | $(1246) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958830 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 121.5% | INVESTMENTS IN SECURITIES 121.5% | INVESTMENTS IN SECURITIES 121.5% |
| CORPORATE BONDS & NOTES 8.8% | CORPORATE BONDS & NOTES 8.8% | CORPORATE BONDS & NOTES 8.8% |
| BANKING & FINANCE 6.7% | BANKING & FINANCE 6.7% | BANKING & FINANCE 6.7% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.645% due 04/23/2027 •  | 24900 | 25097 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 500 | 505 |
|  5.068% due 07/16/2026 •  | 8000 | 8020 |
|  5.620% due 05/08/2026 | 12900 | 13012 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 89 | 86 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  | 500 | 644 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.979% due 01/24/2029 •  | 13900 | 14159 |
|  5.202% due 04/25/2029 •  | 200 | 205 |
|  5.933% due 09/15/2027 •  | 5400 | 5490 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~ | 4000 | 4016 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.400% due 06/04/2027 | 15700 | 16068 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 2600 | 2627 |
|  5.674% due 03/12/2028 •  | 400 | 408 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.929% due 08/06/2026 | 11700 | 11789 |
|  5.438% due 04/30/2026 | 12600 | 12687 |
|  5.488% due 12/04/2026 | 6100 | 6199 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 1000 | 1017 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.600% due 04/01/2027 | 15800 | 15906 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.125% due 11/05/2026 | 2000 | 2007 |
|  5.800% due 03/05/2027 | 2800 | 2829 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.283% due 03/18/2027 •  | 24000 | 24112 |
|  5.414% due 05/21/2027 •  | 1400 | 1411 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.049% due 07/23/2030 •  | 400 | 410 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | 11900 | 12011 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 1400 | 1412 |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 1300 | 1305 |
|  5.600% due 04/10/2026 | 850 | 856 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.979% due 07/22/2028 •  | 800 | 812 |
|  6.070% due 10/22/2027 •  | 1100 | 1122 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 9400 | 9521 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  | 148 | 145 |
|  2.674% (EUR003M + 0.650%) due 03/19/2027 ~ | 4000 | 4706 |
|  5.123% due 02/01/2029 •  | 100 | 102 |
|  5.652% due 04/13/2028 •  | 800 | 818 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.447% due 10/15/2027 •  | 2650 | 2657 |
|  4.952% due 01/14/2028 •  | 2100 | 2121 |
|  4.968% due 07/14/2028 •  | 300 | 305 |
|  5.504% due 05/26/2028 •  | 6500 | 6645 |
|  5.882% due 10/30/2026 | 3700 | 3773 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.466% due 07/06/2028 •  | 1000 | 1006 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 1100 | 1120 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.429% due 07/21/2028 •  | 16600 | 16687 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 11900 | 11909 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | 2100 | 2173 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.965% due 01/24/2029 •  | 6600 | 6715 |
|  5.069% due 07/23/2027 •  | 16000 | 16122 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 | 2000 | 2015 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.861% due 01/31/2028 | 10800 | 10992 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 850 | 842 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 350 | 354 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.900% due 01/24/2028 •  | 3700 | 3734 |
|  5.707% due 04/22/2028 •  | 400 | 409 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 | 28200 | 28615 |
|  |  | 319708 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 1600 | 1624 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 400 | 397 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.050% due 07/12/2027 | 14700 | 14957 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.750% due 04/01/2028 | 1400 | 1421 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 400 | 407 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 | 2100 | 2117 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 | 23400 | 23740 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.600% due 03/01/2028 | 3900 | 3948 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.620% due 07/16/2028 | 600 | 606 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.000% due 08/01/2027 | 13400 | 13557 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.800% due 08/03/2028 | 2100 | 2136 |
|  Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
|  4.500% due 03/14/2028 | 1400 | 1416 |
|  |  | 66326 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  4.950% due 07/01/2027 | 500 | 507 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.685% due 09/01/2027 | 800 | 809 |
|  4.850% due 02/04/2028 | 11600 | 11808 |
|  NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC |
|  4.713% due 05/01/2029 | 13400 | 13514 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/20/2027 | 900 | 907 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 400 | 401 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 500 | 492 |
|  4.400% due 09/06/2026 | 200 | 200 |
|  4.700% due 06/01/2027 | 1400 | 1406 |
|  4.875% due 02/01/2027 | 500 | 503 |
|  5.350% due 03/01/2026 | 1120 | 1125 |
|  5.650% due 10/01/2028 | 200 | 206 |
|  5.850% due 11/01/2027 | 1327 | 1362 |
|  5.950% due 11/01/2032 | 400 | 422 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.600% due 06/15/2026 | 700 | 692 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 379 | 332 |
|  |  | 34686 |
|  Total Corporate Bonds & Notes (Cost $415,484) | Total Corporate Bonds & Notes (Cost $415,484) | 420720 |
| U.S. GOVERNMENT AGENCIES 11.5% | U.S. GOVERNMENT AGENCIES 11.5% | U.S. GOVERNMENT AGENCIES 11.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 10/01/2026 - 11/01/2032 | 7683 | 7506 |
|  5.500% due 08/01/2054 - 01/01/2055 | 108253 | 109276 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 9301 | 8850 |
|  4.905% due 08/25/2027 •  | 3602 | 3602 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.867% due 07/15/2036 •  | 100 | 99 |
|  4.937% due 05/15/2032 •  | 617 | 614 |
|  5.087% due 12/15/2037 •  | 83 | 82 |
|  5.107% due 10/15/2037 •  | 255 | 254 |
|  5.245% due 04/15/2049 - 12/15/2050 •  | 4249 | 4255 |
|  5.256% due 11/25/2054 •  | 2153 | 2156 |
|  5.296% due 11/25/2054 •  | 38249 | 38314 |
|  5.306% due 10/25/2054 - 03/25/2055 •  | 18799 | 18790 |
|  5.345% due 08/15/2048 •  | 2018 | 2032 |
|  5.456% due 11/25/2054 - 07/25/2055 •  | 20485 | 20492 |
|  5.506% due 01/25/2055 - 08/25/2055 •  | 7481 | 7511 |
|  5.556% due 02/25/2055 - 08/25/2055 •  | 11765 | 11828 |
|  5.606% due 05/25/2054 •  | 3732 | 3758 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.937% due 09/15/2042 •  | 7 | 7 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.630% due 05/01/2027 | 21800 | 21026 |
|  3.000% due 12/01/2026 | 78 | 77 |
|  3.500% due 02/01/2045 - 03/01/2048 | 1077 | 1004 |
|  6.618% due 05/01/2038 •  | 1195 | 1240 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.901% due 10/25/2036 •  | 8 | 8 |
|  4.921% due 08/25/2037 •  | 259 | 258 |
|  5.145% due 01/25/2051 •  | 2163 | 2168 |
|  5.245% due 12/25/2050 •  | 1857 | 1853 |
|  5.256% due 09/25/2054 •  | 7130 | 7140 |
|  5.306% due 11/25/2053 - 03/25/2055 •  | 7577 | 7608 |
|  5.406% due 01/25/2055 •  | 3428 | 3433 |
|  5.456% due 07/25/2055 •  | 3515 | 3524 |
|  5.536% due 08/25/2055 •  | 4886 | 4910 |
|  5.556% due 10/25/2053 - 07/25/2055 •  | 9276 | 9327 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2053 ~(a) | 574 | 0 |
|  7.000% due 06/20/2055 | 4488 | 4550 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.695% due 10/20/2043 •  | 1554 | 1506 |
|  4.927% due 08/20/2068 •  | 2247 | 2257 |
|  5.039% due 05/20/2074 •  | 964 | 964 |
|  5.216% due 10/20/2063 •  | 76 | 77 |
|  5.336% due 12/20/2069 •  | 4149 | 4189 |
|  5.366% due 09/20/2069 •  | 1478 | 1484 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.160% due 02/01/2028 | 6 | 6 |
|  5.310% due 05/01/2027 | 10 | 10 |
|  5.510% due 11/01/2027 | 6 | 6 |
|  5.820% due 06/01/2026 | 4 | 4 |
|  5.870% due 07/01/2028 | 4 | 4 |
|  6.020% due 08/01/2028 | 2 | 3 |
|  6.770% due 11/01/2028 | 12 | 12 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 242700 | 228711 |
|  Total U.S. Government Agencies (Cost $545,884) | Total U.S. Government Agencies (Cost $545,884) | 546785 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 61

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 3.1% | U.S. TREASURY OBLIGATIONS 3.1% | U.S. TREASURY OBLIGATIONS 3.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 05/15/2045 (h)(j) | 2010 | 1565 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.750% due 02/15/2042 | 2457 | 1951 |
|  0.875% due 02/15/2047 | 2227 | 1646 |
|  1.000% due 02/15/2049 | 1074 | 794 |
|  1.375% due 02/15/2044 (j) | 4241 | 3630 |
|  1.375% due 02/15/2044 | 10447 | 8942 |
|  2.125% due 02/15/2040 | 1556 | 1569 |
|  2.125% due 02/15/2041 | 139 | 139 |
|  2.500% due 01/15/2029 (j) | 39645 | 41438 |
|  3.375% due 04/15/2032 | 1323 | 1481 |
|  3.875% due 04/15/2029 | 2769 | 3028 |
|  0.125% due 07/15/2026 | 5555 | 5536 |
|  0.250% due 07/15/2029 (j)(l) | 1262 | 1224 |
|  0.375% due 01/15/2027 | 201 | 199 |
|  0.500% due 01/15/2028 | 7982 | 7891 |
|  1.875% due 07/15/2035 | 40543 | 40884 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.625% due 05/15/2026 | 25577 | 25238 |
|  Total U.S. Treasury Obligations (Cost $152,009) | Total U.S. Treasury Obligations (Cost $152,009) | 147155 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  9.125% due 07/25/2035 ~ | 1 | 1 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 146 | 146 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.378% due 12/15/2036 •  | 1785 | 1759 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | 11345 | 15292 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.602% due 05/20/2036 ~ | 158 | 139 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  5.448% due 07/15/2037 •  | 4300 | 4202 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.888% due 07/25/2035 ~ | 395 | 265 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.841% due 01/25/2035 ~ | 49 | 50 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 32 | 22 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.606% due 05/25/2055 •  | 1004 | 1003 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.769% due 02/25/2037 ~ | 51 | 51 |
|  6.522% due 02/25/2037 ~ | 25 | 25 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.300% due 06/25/2036 ~ | 38 | 33 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.552% due 01/25/2035 •  | 1 | 1 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.615% due 08/20/2035 ~ | 610 | 576 |
|  4.819% due 11/20/2034 ~ | 79 | 76 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.706% due 07/25/2054 •  | 137 | 138 |
|  6.310% due 11/25/2035 •  | 18 | 18 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  | 4397 | 4347 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 03/25/2037 | 5280 | 1750 |
|  6.500% due 09/25/2037 | 1325 | 465 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% due 06/13/2045 •  | 307 | 413 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.032% due 04/25/2035 ~ | 91 | 89 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.977% due 11/25/2035 ~ | 30 | 29 |
|  5.191% due 09/25/2035 ~ | 3 | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.508% due 03/19/2037 •  | 444 | 413 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.658% due 12/19/2036 •  | $— | 6096 | 4832 |
|  4.868% due 11/19/2035 •  |  | 179 | 116 |
|  4.930% due 06/20/2035 •  |  | 228 | 219 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ |  | 100 | 76 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.692% due 07/25/2036 •  |  | 556 | 538 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  6.810% due 08/25/2036 þ |  | 632 | 623 |
|  Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC |
|  2.993% due 01/24/2063 ~ |  | 1731 | 2038 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | $— | 52 | 50 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.005% due 09/15/2030 •  |  | 8 | 6 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.745% due 06/15/2030 •  |  | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.681% due 06/25/2035 ~ |  | 72 | 69 |
|  5.341% due 12/25/2034 ~ |  | 24 | 23 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  |  | 2423 | 2851 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  4.112% due 12/25/2066 ~ | $— | 2583 | 2554 |
|  MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
|  2.718% due 12/15/2036 |  | 7500 | 6681 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  |  | 1674 | 1664 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.156% due 11/25/2054 •  |  | 369 | 370 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 06/25/2046 •  |  | 99 | 21 |
|  6.000% due 09/25/2036 |  | 380 | 306 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 759 | 762 |
|  5.582% due 12/25/2044 þ |  | 947 | 957 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.500% due 09/25/2036 |  | 7165 | 2132 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.345% due 11/25/2034 •  |  | 356 | 334 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 05/25/2036 •  |  | 45 | 32 |
|  4.928% due 05/19/2035 •  |  | 20 | 19 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.633% due 03/25/2037 •  |  | 1145 | 808 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  |  | 2740 | 3694 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 1150 | 1550 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.012% due 11/25/2034 •  | $— | 90 | 88 |
|  5.012% due 01/25/2045 •  |  | 118 | 118 |
|  5.072% due 01/25/2045 •  |  | 124 | 123 |
|  5.232% due 01/25/2035 ~ |  | 19 | 18 |
|  5.375% due 06/25/2034 ~ |  | 16 | 15 |
|  5.999% due 10/25/2034 ~ |  | 13 | 13 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ |  | 87 | 87 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $71,319) | Total Non-Agency Mortgage-Backed Securities (Cost $71,319) | Total Non-Agency Mortgage-Backed Securities (Cost $71,319) | 65095 |
| ASSET-BACKED SECURITIES 12.4% | ASSET-BACKED SECURITIES 12.4% | ASSET-BACKED SECURITIES 12.4% | ASSET-BACKED SECURITIES 12.4% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V |
|  2.429% due 01/18/2036 •  |  | 1629 | 1916 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.500% due 11/15/2030 | $— | 1000 | 1005 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.782% due 06/15/2027 •  |  | 990 | 991 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.722% due 03/15/2027 •  | 1512 | 1513 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.942% due 09/15/2027 •  | 1452 | 1453 |
|  |  | 6878 |
| AUTOMOBILE SEQUENTIAL 4.6% | AUTOMOBILE SEQUENTIAL 4.6% | AUTOMOBILE SEQUENTIAL 4.6% |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.810% due 03/13/2028 | 255 | 255 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  3.930% due 05/15/2028 | 131 | 131 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 3072 | 3097 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 | 455 | 457 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 333 | 241 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 1000 | 1002 |
|  4.840% due 09/15/2027 | 331 | 331 |
|  5.340% due 04/17/2028 | 404 | 405 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.350% due 07/15/2030 | 10700 | 10796 |
|  4.750% due 10/15/2027 | 601 | 602 |
|  4.890% due 07/16/2029 | 500 | 506 |
|  5.340% due 08/16/2027 | 389 | 390 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.530% due 01/10/2029 | 1500 | 1503 |
|  4.610% due 11/10/2027 | 193 | 193 |
|  4.640% due 01/10/2030 | 1950 | 1964 |
|  4.840% due 12/10/2027 | 514 | 515 |
|  5.330% due 07/10/2029 | 1000 | 1009 |
|  5.500% due 08/10/2027 | 2 | 2 |
|  5.630% due 11/10/2027 | 80 | 80 |
|  5.900% due 08/10/2027 | 64 | 64 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.940% due 07/25/2029 | 10000 | 10111 |
|  5.250% due 09/27/2027 | 415 | 416 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.540% due 11/16/2026 | 41 | 41 |
|  5.840% due 01/18/2028 | 3865 | 3892 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 372 | 373 |
|  5.780% due 01/18/2028 | 2196 | 2199 |
|  5.880% due 02/15/2028 | 113 | 113 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.500% due 09/15/2028 | 1000 | 1002 |
|  4.940% due 12/15/2027 | 545 | 545 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.650% due 10/20/2027 | 1000 | 1005 |
|  4.820% due 02/20/2029 | 1000 | 1017 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.540% due 06/15/2029 | 500 | 503 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  4.870% due 01/16/2029 | 1060 | 1064 |
|  5.760% due 11/15/2027 | 116 | 117 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 | 931 | 930 |
|  5.890% due 06/15/2030 | 299 | 302 |
|  FHF Trust | FHF Trust | FHF Trust |
|  4.430% due 01/18/2028 | 36 | 36 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 536 | 538 |
|  5.640% due 03/15/2028 | 474 | 476 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 524 | 525 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 07/17/2028 | 1000 | 1004 |
|  4.760% due 10/15/2027 | 399 | 399 |
|  5.020% due 04/17/2028 | 1000 | 1003 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 | 733 | 736 |
|  4.460% due 10/15/2030 | 1000 | 1007 |
|  5.590% due 10/15/2029 | 328 | 333 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.960% due 10/16/2028 | 5373 | 5422 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 | 1100 | 1108 |
|  4.470% due 02/16/2028 | 1083 | 1085 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | 11 | 11 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 8290 | 8341 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.830% due 01/18/2028 | 12100 | 12241 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 1800 | 1815 |
|  4.990% due 02/15/2029 | 1700 | 1717 |
|  5.290% due 04/15/2027 | 278 | 278 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.690% due 07/16/2029 | 15200 | 15344 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 909 | 910 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.730% due 06/17/2030 | 19300 | 19577 |
|  Prestige Auto Receivables Trust | Prestige Auto Receivables Trust | Prestige Auto Receivables Trust |
|  4.720% due 02/15/2028 | 3556 | 3559 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 195 | 195 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 | 242 | 244 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.380% due 01/15/2030 | 16900 | 17011 |
|  4.620% due 11/15/2028 | 1000 | 1002 |
|  4.630% due 10/16/2028 | 1700 | 1706 |
|  4.670% due 08/15/2029 | 10500 | 10587 |
|  4.850% due 01/16/2029 | 2300 | 2308 |
|  5.410% due 07/15/2027 | 47 | 47 |
|  5.630% due 01/16/2029 | 652 | 655 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.670% due 11/20/2026 | 15 | 15 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 | 3400 | 3427 |
|  4.670% due 11/15/2028 | 1500 | 1506 |
|  4.680% due 09/15/2031 | 1500 | 1516 |
|  5.110% due 06/15/2029 | 500 | 504 |
|  5.450% due 12/15/2027 | 236 | 237 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.440% due 12/20/2030 | 24200 | 24416 |
|  4.520% due 11/20/2028 | 5100 | 5114 |
|  4.750% due 07/22/2030 | 19050 | 19281 |
|  5.710% due 10/20/2027 | 79 | 79 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.540% due 12/21/2026 | 738 | 739 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.630% due 09/15/2027 | 669 | 671 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  5.310% due 09/15/2028 | 362 | 363 |
|  6.280% due 11/15/2027 | 109 | 110 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.400% due 12/21/2026 | 922 | 924 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.820% due 09/15/2027 | 1044 | 1045 |
|  5.440% due 05/17/2027 | 403 | 404 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.610% due 02/15/2028 | 1513 | 1519 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 500 | 503 |
|  |  | 220766 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 198 | 198 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  | 2777 | 2782 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 1403 | 1406 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.446% due 07/15/2039 •  | 568 | 570 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  | 2481 | 2480 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.750% due 07/16/2035 •  | 330 | 329 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.074% due 04/20/2037 •  | 1697 | 1701 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.584% due 02/17/2039 •  | 558 | 559 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 36 | 36 |
|  5.565% due 11/15/2038 •  | 259 | 259 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 59 | 58 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 2145 | 2146 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 719 | 720 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.472% due 11/25/2036 •  | 191 | 191 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 2607 | 2614 |
|  |  | 16049 |
| CREDIT CARD BULLET 0.5% | CREDIT CARD BULLET 0.5% | CREDIT CARD BULLET 0.5% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 22900 | 23289 |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 4500 | 4394 |
|  1.970% due 01/15/2029 | 7000 | 6820 |
|  |  | 11214 |
| HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.172% due 12/25/2034 •  | 311 | 283 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.732% due 11/25/2036 •  | 2620 | 2568 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.059% due 02/25/2036 •  | 4121 | 4104 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.052% due 11/25/2034 •  | 150 | 146 |
|  5.307% due 12/25/2035 •  | 2314 | 2303 |
|  5.997% due 11/25/2034 •  | 2519 | 2283 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  | 1362 | 704 |
|  4.752% due 10/25/2036 •  | 5047 | 2021 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.672% due 11/25/2036 •  | 649 | 303 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.654% due 11/25/2034 •  | 105 | 104 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.307% due 07/25/2035 •  | 2832 | 2786 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.552% due 01/25/2037 •  | 1449 | 939 |
|  4.552% due 03/25/2037 •  | 1144 | 765 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.582% due 09/25/2037 •  | 337 | 326 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.222% due 10/25/2037 •  | 656 | 509 |
|  |  | 20144 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 09/25/2046 •  | 195 | 174 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.032% due 12/25/2035 •  | 2379 | 2349 |
|  |  | 2523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 6.1% | OTHER ABS 6.1% | OTHER ABS 6.1% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 3500 | 3504 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.010% due 12/26/2031 | 473 | 477 |
|  5.070% due 10/27/2031 | 175 | 176 |
|  5.900% due 04/25/2031 | 85 | 86 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 240 | 241 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.670% due 07/15/2033 | 1200 | 1208 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  3.269% due 07/15/2035 •  | 1000 | 1175 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 3000 | 3004 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 2000 | 2353 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 970 | 1141 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 358 | 367 |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 11 | 11 |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.674% due 04/22/2031 •  | 161 | 162 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 3000 | 3003 |
|  Atlas Static Senior Loan Fund I Ltd. | Atlas Static Senior Loan Fund I Ltd. | Atlas Static Senior Loan Fund I Ltd. |
|  6.068% due 07/15/2030 •  | 107 | 107 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 893 | 1048 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.415% due 10/21/2034 •  | 4000 | 4005 |
|  5.482% due 07/17/2035 •  | 1650 | 1656 |
|  5.529% due 10/23/2034 •  | 4000 | 4009 |
|  5.548% due 07/16/2034 •  | 4000 | 4005 |
|  5.565% due 07/19/2034 •  | 2600 | 2604 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.283% due 07/17/2034 •  | 3900 | 4581 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.577% due 01/20/2031 •  | 148 | 148 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 | 757 | 765 |
|  4.840% due 09/17/2036 | 985 | 993 |
|  5.260% due 04/17/2036 | 987 | 999 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 72 | 84 |
|  BlackRock European CLO XI DAC | BlackRock European CLO XI DAC | BlackRock European CLO XI DAC |
|  3.022% due 07/17/2034 •  | 11304 | 13278 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 522 | 523 |
|  BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. |
|  5.659% due 07/15/2031 •  | 224 | 225 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.815% due 07/22/2032 •  | 6390 | 7509 |
|  Cairn CLO VIII DAC | Cairn CLO VIII DAC | Cairn CLO VIII DAC |
|  2.876% due 10/30/2030 •  | 1652 | 1940 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.724% due 10/16/2028 •  | 1500 | 1505 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.684% due 07/17/2031 •  | 448 | 449 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.256% due 05/25/2055 •  | 993 | 1006 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 1000 | 1178 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 30 | 30 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 6063 | 6087 |
|  Dryden 48 Euro CLO DAC | Dryden 48 Euro CLO DAC | Dryden 48 Euro CLO DAC |
|  1.470% due 10/15/2032 | 2785 | 3205 |
|  Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. |
|  5.629% due 07/15/2031 •  | 623 | 624 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.618% due 01/25/2035 •  | 8600 | 8630 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 1719 | 1720 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(b) | 1500 | 1500 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 1200 | 1204 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 1498 | 1508 |
|  5.020% due 06/25/2060 | 1500 | 1522 |
|  5.150% due 10/27/2059 | 1000 | 1014 |
|  5.250% due 10/27/2059 | 278 | 278 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 | 93 | 93 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.266% due 01/15/2039 •  | 2000 | 2354 |
|  Harvest CLO XXII DAC | Harvest CLO XXII DAC | Harvest CLO XXII DAC |
|  2.876% due 01/15/2032 •  | 4519 | 5304 |
|  Hayfin Emerald CLO II DAC | Hayfin Emerald CLO II DAC | Hayfin Emerald CLO II DAC |
|  2.867% due 05/27/2034 •  | 28300 | 33176 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.076% due 10/15/2034 •  | 8000 | 9401 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 4000 | 4005 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 3500 | 3504 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 312 | 312 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 2000 | 2003 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 3000 | 3010 |
|  LCM XIV LP | LCM XIV LP | LCM XIV LP |
|  5.627% due 07/20/2031 •  | 19 | 19 |
|  LCM XVII LP | LCM XVII LP | LCM XVII LP |
|  5.709% due 10/15/2031 •  | 144 | 144 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 187 | 186 |
|  4.000% due 05/15/2028 | 757 | 750 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 706 | 708 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 4350 | 4355 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 149 | 149 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 1000 | 1002 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.715% due 07/16/2040 •  | 965 | 970 |
|  5.965% due 11/15/2030 •  | 253 | 253 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.940% due 07/15/2069 | 5441 | 4977 |
|  1.170% due 09/16/2069 | 220 | 206 |
|  5.865% due 11/15/2068 •  | 844 | 851 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.245% due 12/15/2059 •  | 3185 | 3181 |
|  North Westerly VI ESG CLO DAC | North Westerly VI ESG CLO DAC | North Westerly VI ESG CLO DAC |
|  2.998% due 07/05/2032 •  | 6225 | 7308 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 1607 | 1608 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  5.618% due 10/15/2034 •  | 3000 | 3006 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 4000 | 4004 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  5.132% due 06/16/2036 •  | 1200 | 1203 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 484 | 485 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 1000 | 1002 |
|  5.860% due 02/09/2032 | 175 | 175 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.684% due 08/17/2026 | 1200 | 1202 |
|  5.065% due 03/15/2032 | 163 | 163 |
|  5.092% due 07/15/2032 | 217 | 218 |
|  5.156% due 07/15/2032 | 673 | 679 |
|  5.183% due 06/15/2032 | 195 | 196 |
|  5.331% due 01/15/2032 | 151 | 151 |
|  6.278% due 10/15/2031 | 152 | 153 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 174 | 175 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 172 | 173 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 145 | 146 |
|  6.660% due 07/15/2031 | 124 | 125 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) | 1500 | 1761 |
|  2.746% due 10/15/2031 •  | 788 | 925 |
|  3.026% due 05/15/2034 •  | 1298 | 1522 |
|  3.170% due 10/15/2034 •  | 3000 | 3521 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | 1000 | 1008 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | 752 | 753 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 1000 | 1008 |
|  Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC |
|  3.186% due 10/15/2038 •  | 1000 | 1177 |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  2.836% due 02/15/2035 •  | 5300 | 6229 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 448 | 450 |
|  4.960% due 08/16/2032 | 565 | 567 |
|  5.880% due 07/15/2031 | 155 | 156 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 700 | 703 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | 1500 | 1500 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 2300 | 2309 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 4000 | 4009 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  | 850 | 851 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 1135 | 1192 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.995% due 01/15/2053 •  | 1362 | 1350 |
|  5.065% due 02/15/2036 •  | 1094 | 1094 |
|  5.065% due 01/15/2053 •  | 9981 | 9903 |
|  5.090% due 10/16/2056 | 857 | 869 |
|  5.122% due 09/15/2054 •  | 158 | 157 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.820% due 06/25/2034 | 2233 | 2245 |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.741% due 04/18/2031 •  | 612 | 613 |
|  St. Paul's CLO XII DAC | St. Paul's CLO XII DAC | St. Paul's CLO XII DAC |
|  2.946% due 04/15/2033 •  | 7972 | 9374 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 3773 | 3778 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 2650 | 2654 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 1107 | 1108 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.244% due 01/20/2037 •  | 1000 | 1177 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 2000 | 2346 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 2900 | 2903 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 127 | 128 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.220% due 06/20/2035 | 1400 | 1408 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 116 | 116 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 1584 | 1586 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.559% due 06/07/2030 •  | 80 | 80 |
|  5.789% due 10/15/2030 •  | 36 | 36 |
|  Voya Euro CLO III DAC | Voya Euro CLO III DAC | Voya Euro CLO III DAC |
|  3.199% due 04/15/2033 •  | 10908 | 12823 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.378% due 10/15/2034 •  | 3979 | 3984 |
|  |  | 289330 |
|  Total Asset-Backed Securities (Cost $565,315) | Total Asset-Backed Securities (Cost $565,315) | 590193 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 584200 | 102539 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 21900 | 22382 |
|  Total Sovereign Issues (Cost $121,340) | Total Sovereign Issues (Cost $121,340) | 124921 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Banca Monte dei Paschi di Siena SpA | 46500 | 412 |
|  Total Common Stocks (Cost $91) | Total Common Stocks (Cost $91) | 412 |
|  | **OUNCES** |  |
| COMMODITIES 15.1% | COMMODITIES 15.1% | COMMODITIES 15.1% |
|  Gold Warehouse Receipts | 168 | 645265 |
|  Silver Warehouse Receipts | 1644 | 75781 |
|  Total Commodities (Cost $323,949) | Total Commodities (Cost $323,949) | 721046 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 66.6% | SHORT-TERM INSTRUMENTS 66.6% | SHORT-TERM INSTRUMENTS 66.6% |
| COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 22600 | 22580 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.550% due 10/02/2025 | 4900 | 4899 |
|  4.570% due 10/10/2025 | 11700 | 11685 |
|  4.570% due 10/14/2025 | 5060 | 5051 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/01/2025 | 3360 | 3360 |
|  4.560% due 10/02/2025 | 3020 | 3019 |
|  4.560% due 10/03/2025 | 2000 | 1999 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | 11450 | 11381 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | 8300 | 8291 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.780% due 10/16/2025 | 3130 | 3124 |
|  4.800% due 10/09/2025 | 1200 | 1199 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 | 2200 | 2198 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 16500 | 16455 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (b) | 2500 | 2493 |
|  4.610% due 10/23/2025 | 16460 | 16411 |
|  4.620% due 10/21/2025 | 14800 | 14760 |
|  4.620% due 10/23/2025 | 7740 | 7717 |
|  4.800% due 10/07/2025 | 9500 | 9491 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.480% due 10/03/2025 | 2600 | 2599 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.500% due 10/07/2025 | 2100 | 2098 |
|  4.600% due 10/06/2025 | 1200 | 1199 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 | 5500 | 5489 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.620% due 10/01/2025 | 1200 | 1200 |
|  4.950% due 10/07/2025 | 4900 | 4895 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.730% due 12/02/2025 | 1200 | 1191 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 5400 | 5390 |
|  4.600% due 10/23/2025 | 8800 | 8774 |
|  4.600% due 10/24/2025 | 24520 | 24444 |
|  4.650% due 10/17/2025 | 8200 | 8182 |
|  4.650% due 10/20/2025 | 5500 | 5486 |
|  4.650% due 10/21/2025 | 9000 | 8976 |
|  4.750% due 10/09/2025 | 9700 | 9689 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.440% due 10/06/2025 | 280 | 280 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 | 4720 | 4712 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.540% due 10/20/2025 | 2600 | 2594 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 9410 | 9294 |
|  4.330% due 11/19/2025 | 15290 | 15200 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 10200 | 10177 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.610% due 10/06/2025 | 3000 | 2998 |
|  4.610% due 10/14/2025 | 3950 | 3943 |
|  |  | 284923 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 1127846 | 1128 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (g) 58.3% | REPURCHASE AGREEMENTS (g) 58.3% | REPURCHASE AGREEMENTS (g) 58.3% |
|  |  | 2777158 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.248% due 09/15/2026 | 2900 | 2900 |
| U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% |
|  3.997% due 10/07/2025 - 01/27/2026 (c)(d)(j)(l) | 106080 | 105095 |
| Total Short-Term Instruments (Cost $3,172,346) | Total Short-Term Instruments (Cost $3,172,346) | 3171204 |
| Total Investments in Securities (Cost $5,367,737) | Total Investments in Securities (Cost $5,367,737) | 5787531 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% |
|  PIMCO Short Asset Portfolio | 9370252 | $— | 91932 |
|  PIMCO Short-Term Floating NAV Portfolio III | 18644230 |  | 181576 |
| Total Short-Term Instruments (Cost $273,971) | Total Short-Term Instruments (Cost $273,971) |  | 273508 |
| Total Investments in Affiliates (Cost $273,971) | Total Investments in Affiliates (Cost $273,971) |  | 273508 |
| Total Investments 127.2% (Cost $5,641,708) | Total Investments 127.2% (Cost $5,641,708) | $— | 6061039 |
|  Financial Derivative<br>Instruments (i)(k) (0.8)%<br> (Cost or Premiums, net $584) | Financial Derivative<br>Instruments (i)(k) (0.8)%<br> (Cost or Premiums, net $584) |  | (38119) |
| Other Assets and Liabilities, net (26.4)% | Other Assets and Liabilities, net (26.4)% |  | (1259053) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 4763867 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 10/01/2025 | 10/02/2025 | $974400 | U.S. Treasury Notes 1.625% - 4.125% due 10/31/2026 - 02/15/2027 | $(994598) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202846 |
|  |  |  |  |  | U.S. Treasury Notes 4.125% due 03/31/2029 | (41540) |  |  |
|  |  |  |  |  | U.S. Treasury Notes 1.250% - 4.125% due 11/30/2026 - 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1212575) |  |  |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 6600 | U.S. Treasury Notes 3.500% due 09/30/2027 | (6730) | 6600 | 6601 |
| BUS | 2.510 | 09/24/2025 | 10/08/2025 | CAD 20,000 | Province of Ontario Strip 0.000% due 06/02/2048 | (15241) | 14371 | 14378 |
|  | 2.520 | 09/26/2025 | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | Hydro-Quebec 4.000% due 02/15/2063 | (93066) | 136524 | 136571 |
|  |  |  |  |  | Province of Quebec 3.100% due 12/01/2051 | (48408) |  |  |
|  | 2.520 | 09/29/2025 | 10/14/2025 | 120000 | Province of Ontario 2.900% due 06/02/2049 | (89983) | 86225 | 86237 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| JPS | 4.220% | 07/30/2024 | TBD<sup>(2)</sup> | $165473 | U.S. Treasury Bonds 2.250% - 3.875% due 08/15/2040 - 05/15/2041 | $(169237) | $165473 | $174496 |
| TOR | 2.520 | 10/01/2025 | 10/15/2025 | CAD 40,000 | Province of Manitoba 2.750% due 06/02/2029 | (29511) | 28742 | 28742 |
|  | 2.560 | 09/18/2025 | 10/03/2025 | 190000 | Province of Manitoba 2.550% due 06/02/2026 | (77516) | 136523 | 136649 |
|  |  |  |  |  | Province of New Brunswick 3.950% due 08/14/2032 | (62586) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2840991) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786520 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  DEU | 4.250% | 09/22/2025 | 10/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $(420) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 11/01/2055 | $14500 | $(13297) | $(13245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116900 | (117950) | (117795) |
|  Total Short Sales (2.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131247) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131040) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $2209447 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2255442) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45995) |
|  BUS | 237186 | 0 | 0 | 237186 | (246332) | (9146) |
|  DEU | 0 | (420) | 0 | (420) | 417 | (3) |
|  JPS | 174496 | 0 | 0 | 174496 | (177608) | (3112) |
|  TOR | 165391 | 0 | 0 | 165391 | (169614) | (4223) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(420) | $0 | $0 | $(420) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(420) |

---

(h) Securities with an aggregate market value of $417 and cash of $366 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1231) at a weighted average interest rate of 4.403%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - NYMEX Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.000 | 11/17/2025 | 187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $179 | $125 |
|  Put - NYMEX Crude Oil June 2026 Futures | 58.000 | 05/14/2026 | 244 | 244 | 1096 | 1071 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME California Carbon Allowances December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.000 | 12/15/2025 | 266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | $131 | $28 |
|  Call - CME California Carbon Allowances December 2025 Futures | 60.000 | 12/31/2025 | 661 | 661 | 96 | 4 |
|  |  |  |  |  | $227 | $32 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Gold December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900.000 | 11/24/2025 | 60 | $6 | $(159) | $(568) |
|  Call - CME Gold December 2025 Futures | 4200.000 | 11/24/2025 | 60 | 6 | (82) | (127) |
|  Call - CME Gold November 2025 Futures | 3500.000 | 10/28/2025 | 60 | 6 | (208) | (2253) |
|  Call - CME Gold November 2025 Futures | 3600.000 | 10/28/2025 | 60 | 6 | (124) | (1677) |
|  Call - CME Gold November 2025 Futures | 3650.000 | 10/28/2025 | 80 | 8 | (143) | (1870) |
|  Call - CME Gold November 2025 Futures | 3700.000 | 10/28/2025 | 60 | 6 | (94) | (1145) |
|  Call - CME Gold November 2025 Futures | 3800.000 | 10/28/2025 | 70 | 7 | (241) | (820) |
|  Call - NYMEX Crude Oil December 2025 Futures | 68.000 | 11/17/2025 | 70 | 70 | (90) | (65) |
|  Call - NYMEX Crude Oil December 2025 Futures | 69.000 | 11/17/2025 | 70 | 70 | (72) | (55) |
|  Call - NYMEX Crude Oil December 2025 Futures | 70.000 | 11/17/2025 | 70 | 70 | (76) | (47) |
|  Call - NYMEX Crude Oil December 2025 Futures | 71.000 | 11/17/2025 | 60 | 60 | (45) | (35) |
|  Call - NYMEX Crude Oil December 2025 Futures | 72.000 | 11/17/2025 | 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | (212) | (129) |
|  Call - NYMEX Crude Oil June 2026 Futures | 66.000 | 05/14/2026 | 244 | 244 | (970) | (905) |
|  Call - NYMEX Crude Oil November 2025 Futures | 68.000 | 10/16/2025 | 40 | 40 | (41) | (12) |
|  Call - NYMEX Crude Oil November 2025 Futures | 69.000 | 10/16/2025 | 52 | 52 | (47) | (14) |
|  Call - NYMEX Crude Oil November 2025 Futures | 70.000 | 10/16/2025 | 132 | 132 | (138) | (28) |
|  Call - NYMEX Crude Oil November 2025 Futures | 71.000 | 10/16/2025 | 50 | 50 | (39) | (9) |
|  Call - NYMEX Crude Oil November 2025 Futures | 72.000 | 10/16/2025 | 40 | 40 | (30) | (6) |
|  Call - NYMEX Crude Oil November 2025 Futures | 77.000 | 10/16/2025 | 50 | 50 | (37) | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9769) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Gold December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250.000 | 11/24/2025 | 80 | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
|  Call - EUREX Natural Gas February 2026 Futures | 45.000 | 01/27/2026 | 36 | 24 | (41) | (22) |
|  Call - EUREX Natural Gas January 2026 Futures | 40.000 | 12/24/2025 | 27 | 20 | (39) | (17) |
|  Call - EUREX Natural Gas March 2026 Futures | 45.000 | 02/24/2026 | 35 | 26 | (45) | (29) |
|  Call - ICE Crude Oil December 2025 Futures | $72.000 | 10/28/2025 | 90 | 90 | (98) | (42) |
|  Call - ICE Crude Oil December 2025 Futures | 73.000 | 10/28/2025 | 50 | 50 | (52) | (19) |
|  Call - ICE Crude Oil December 2025 Futures | 74.000 | 10/28/2025 | 90 | 90 | (86) | (29) |
|  Call - ICE Crude Oil December 2025 Futures | 75.000 | 10/28/2025 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | (78) | (27) |
|  Call - ICE Crude Oil December 2025 Futures | 76.000 | 10/28/2025 | 40 | 40 | (25) | (10) |
|  Call - ICE Crude Oil January 2026 Futures | 72.000 | 11/25/2025 | 115 | 115 | (113) | (113) |
|  Call - ICE Crude Oil January 2026 Futures | 73.000 | 11/25/2025 | 80 | 80 | (68) | (67) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Call - ICE Crude Oil January 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.000 | 11/25/2025 | 40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $(25) | $(25) |
|  |  |  |  |  | $(793) | $(530) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3641) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10299) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee March Futures  | 03/2026 | 40 | $5384 | $260 | $51 | $0 |
|  Brent Crude April Futures  | 02/2026 | 1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2724) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1976) |
|  Brent Crude December Futures  | 10/2026 | 1086 | 70416 | 893 | 0 | (825) |
|  Brent Crude January Futures  | 11/2025 | 51 | 3347 | (87) | 0 | (54) |
|  Brent Crude June Futures  | 04/2026 | 1444 | 93846 | (1339) | 0 | (1352) |
|  Brent Crude March Futures  | 01/2026 | 381 | 24818 | (529) | 0 | (355) |
|  California Carbon Allowance December Futures  | 12/2025 | 1000 | 31090 | 2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 3787 | 124251 | 4016 | 417 | 0 |
|  Carbon Emissions December Futures  | 12/2025 | 145 | 12890 | 180 | 137 | (181) |
|  Cocoa December Futures  | 12/2025 | 188 | 11959 | (2204) | 78 | (303) |
|  Cocoa March Futures  | 03/2026 | 24 | 1631 | (121) | 0 | (56) |
|  Copper December Futures  | 12/2025 | 61 | 7406 | (1181) | 0 | (54) |
|  Gas Oil February Futures  | 02/2026 | 570 | 37563 | (1112) | 0 | (299) |
|  Gas Oil March Futures  | 03/2026 | 89 | 5812 | 121 | 1 | (43) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 2276 | 56644 | (4108) | 0 | (1194) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 71 | 531 | (68) | 0 | (4) |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 74 | 610 | (14) | 0 | (5) |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 74 | 731 | 106 | 0 | (5) |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 66 | 673 | 116 | 3 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 74 | 807 | 183 | 3 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 74 | 603 | (21) | 0 | (4) |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 71 | 555 | (45) | 0 | (4) |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 74 | 636 | 12 | 3 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 74 | 555 | (70) | 0 | (4) |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 71 | 624 | 25 | 0 | (4) |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 74 | 612 | (12) | 0 | (4) |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 71 | 578 | (21) | 0 | (4) |
|  Iron Ore January Futures  | 01/2026 | 1879 | 18967 | (313) | 85 | 0 |
|  Iron Ore November Futures  | 11/2025 | 1290 | 13362 | (23) | 72 | 0 |
|  Iron Ore October Futures  | 10/2025 | 290 | 3007 | (3) | 16 | 0 |
|  Live Cattle December Futures  | 12/2025 | 174 | 16340 | 140 | 67 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 5 | 335 | (5) | 0 | (38) |
|  LME Aluminum November Futures  | 11/2025 | 84 | 5630 | 40 | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 102 | 5027 | (34) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 57 | 5227 | (22) | 6 | (28) |
|  LME Nickel November Futures  | 11/2025 | 58 | 5274 | (54) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 104 | 7698 | 138 | 147 | (9) |
|  LME Zinc November Futures  | 11/2025 | 117 | 8706 | 499 | 79 | 0 |
|  Long Guilt December Futures  | 12/2025 | 1 | 122 | 1 | 1 | 0 |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 76 | 882 | (59) | 0 | (4) |
|  Mont Belvieu Ethane (OPIS) January Futures  | 01/2026 | 76 | 870 | (71) | 0 | (1) |
|  Mont Belvieu Ethane (OPIS) March Futures  | 03/2026 | 65 | 710 | (102) | 0 | 0 |
|  Natural Gas April Futures  | 03/2026 | 9 | 233 | (39) | 0 | (10) |
|  Natural Gas April Futures  | 03/2027 | 366 | 12719 | 386 | 15 | 0 |
|  Natural Gas August Futures  | 07/2026 | 9 | 240 | (44) | 0 | (9) |
|  Natural Gas December Futures  | 11/2025 | 322 | 12494 | (127) | 0 | (23) |
|  Natural Gas December Futures  | 11/2026 | 9 | 252 | (31) | 0 | (8) |
|  Natural Gas February Futures  | 01/2026 | 7 | 178 | (21) | 0 | (9) |
|  Natural Gas January Futures  | 12/2025 | 7 | 196 | (24) | 0 | (10) |
|  Natural Gas July Futures  | 06/2026 | 9 | 239 | (45) | 0 | (9) |
|  Natural Gas June Futures  | 05/2026 | 9 | 231 | (40) | 0 | (9) |
|  Natural Gas March Futures  | 02/2026 | 7 | 194 | (27) | 0 | (10) |
|  Natural Gas March Futures  | 02/2027 | 59 | 2289 | (26) | 1 | 0 |
|  Natural Gas May Futures  | 04/2026 | 9 | 238 | (41) | 0 | (9) |
|  Natural Gas November Futures  | 10/2025 | 754 | 24905 | (4293) | 256 | (5) |
|  Natural Gas November Futures  | 10/2026 | 9 | 241 | (33) | 0 | (8) |
|  Natural Gas October Futures  | 09/2026 | 9 | 243 | (40) | 0 | (8) |
|  Natural Gas September Futures  | 08/2026 | 9 | 234 | (40) | 0 | (9) |
|  New York Harbor March Futures  | 02/2026 | 74 | 6974 | 22 | 0 | (70) |
|  Palladium December Futures  | 12/2025 | 25 | 3219 | 44 | 7 | (8) |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Platinum January Futures  | 01/2026 | 59 | $4737 | $757 | $0 | $(79) |
|  RBOB Gasoline December Futures  | 11/2025 | 121 | 9527 | (34) | 25 | (18) |
|  RBOB Gasoline March Futures  | 02/2026 | 36 | 2832 | (37) | 0 | (27) |
|  RBOB Gasoline September Futures  | 08/2026 | 69 | 5724 | (78) | 0 | (55) |
|  Soybean January Futures  | 01/2026 | 392 | 19997 | (586) | 0 | (186) |
|  Soybean Meal January Futures  | 01/2026 | 1322 | 36738 | (1012) | 0 | (236) |
|  Soybean Oil March Futures  | 03/2026 | 8 | 241 | (11) | 0 | (1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 345 | 37672 | 40 | 13 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 96 | 11048 | 106 | 0 | (6) |
|  Wheat July Futures  | 07/2026 | 285 | 7862 | (151) | 0 | (128) |
|  WTI Crude April Futures  | 03/2026 | 852 | 52219 | (3532) | 0 | (844) |
|  WTI Crude December Futures  | 11/2025 | 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38415 | (1107) | 0 | (651) |
|  WTI Crude December Futures  | 11/2026 | 970 | 59189 | (3203) | 0 | (718) |
|  WTI Crude June Futures  | 05/2026 | 247 | 15121 | (76) | 0 | (76) |
|  WTI Crude March Futures  | 02/2026 | 796 | 48843 | (924) | 14 | (573) |
|  WTI Crude May Futures  | 04/2026 | 536 | 32835 | (297) | 0 | (509) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19389) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11131) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee December Futures  | 12/2025 | 40 | $(5623) | $(1193) | $0 | $(40) |
|  Brent Crude August Futures  | 06/2026 | 586 | (38026) | 584 | 516 | 0 |
|  Brent Crude December Futures  | 10/2025 | 708 | (46749) | 873 | 732 | 0 |
|  Brent Crude December Futures  | 10/2027 | 1036 | (67837) | (320) | 487 | 0 |
|  Brent Crude February Futures  | 12/2025 | 209 | (13652) | 426 | 215 | 0 |
|  Brent Crude July Futures  | 05/2026 | 591 | (38380) | 563 | 536 | 0 |
|  Brent Crude October Futures  | 08/2026 | 209 | (13547) | 322 | 171 | 0 |
|  Cocoa December Futures  | 12/2025 | 124 | (8369) | 2144 | 306 | 0 |
|  Corn December Futures  | 12/2025 | 810 | (16828) | (94) | 226 | 0 |
|  Corn December Futures  | 12/2026 | 1224 | (28091) | 58 | 138 | 0 |
|  Corn March Futures  | 03/2026 | 536 | (11578) | 7 | 174 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 122 | (4122) | 61 | 0 | (8) |
|  Gas Oil December Futures  | 12/2025 | 627 | (42228) | (1610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | 0 |
|  Gas Oil May Futures  | 05/2026 | 285 | (18283) | 469 | 128 | 0 |
|  Gas Oil November Futures  | 11/2025 | 460 | (31602) | 781 | 199 | (19) |
|  Gas Oil October Futures  | 10/2025 | 55 | (3820) | (96) | 32 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42631) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2602) |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 509 | (13202) | 818 | 261 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 105 | (2802) | 119 | 49 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 85 | (846) | 108 | 2 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2025 | 95 | (992) | 86 | 3 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2026 | 81 | (734) | 167 | 2 | 0 |
|  Lean Hogs December Futures  | 12/2025 | 372 | (13202) | (676) | 242 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 48 | (3220) | (45) | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 84 | (5630) | (160) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 112 | (5588) | 22 | 25 | (2) |
|  LME Lead November Futures  | 11/2025 | 102 | (5027) | 128 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 58 | (5274) | 23 | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 101 | (7515) | (218) | 0 | 0 |
|  Natural Gas December Futures  | 11/2025 | 288 | (8019) | 319 | 340 | 0 |
|  Natural Gas December Futures  | 11/2025 | 134 | (4665) | 209 | 230 | 0 |
|  Natural Gas January Futures  | 12/2025 | 1146 | (47868) | 7703 | 152 | 0 |
|  Natural Gas January Futures  | 12/2026 | 425 | (20341) | 513 | 42 | 0 |
|  Natural Gas March Futures  | 02/2026 | 101 | (3659) | (62) | 10 | 0 |
|  Natural Gas November Futures  | 10/2025 | 2 | (53) | 3 | 31 | 0 |
|  Natural Gas November Futures  | 10/2025 | 15 | (487) | 15 | 42 | 0 |
|  New York Harbor December Futures  | 11/2025 | 121 | (11690) | 62 | 21 | (23) |
|  RBOB Gasoline October Futures  | 09/2026 | 69 | (5311) | 102 | 55 | 0 |
|  Rotterdam Coal Febuary Futures  | 02/2026 | 7 | (685) | 45 | 3 | 0 |
|  Rotterdam Coal January Futures  | 01/2026 | 7 | (680) | 50 | 2 | 0 |
|  Rotterdam Coal March Futures  | 03/2026 | 7 | (690) | 40 | 3 | 0 |
|  Silver December Futures  | 12/2025 | 388 | (90482) | (11813) | 728 | (2) |
|  SNG KEROS vs. SNG GA April Futures  | 04/2026 | 31 | 26 | 11 | 2 | 0 |
|  SNG KEROS vs. SNG GA December Futures  | 12/2026 | 27 | 9 | 3 | 2 | 0 |
|  SNG KEROS vs. SNG GA February Futures  | 02/2026 | 80 | 48 | 17 | 4 | 0 |
|  SNG KEROS vs. SNG GA January Futures  | 01/2026 | 80 | 38 | 7 | 0 | (3) |
|  SNG KEROS vs. SNG GA June Futures  | 06/2026 | 31 | 27 | 11 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  SNG KEROS vs. SNG GA March Futures  | 03/2026 | 80 | $50 | $19 | $0 | $(1) |
|  SNG KEROS vs. SNG GA May Futures  | 05/2026 | 31 | 28 | 12 | 2 | 0 |
|  SNG KEROS vs. SNG GA November Futures  | 11/2025 | 52 | 42 | (15) | 0 | (3) |
|  SNG KEROS vs. SNG GA November Futures  | 11/2026 | 27 | 12 | 5 | 2 | 0 |
|  SNG KEROS vs. SNG GA October Futures  | 10/2026 | 27 | 15 | 8 | 2 | 0 |
|  Soybean March Futures  | 03/2026 | 134 | (6940) | 79 | 44 | 0 |
|  Soybean Meal March Futures  | 03/2026 | 272 | (7757) | 351 | 40 | 0 |
|  Soybean November Futures  | 11/2026 | 77 | (4058) | 40 | 37 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 112 | (3349) | 107 | 11 | (2) |
|  Sugar No. 11 March Futures  | 02/2026 | 500 | (9296) | 147 | 0 | (84) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 596 | (67050) | (299) | 9 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 262 | (31456) | (940) | 147 | 0 |
|  Wheat December Futures  | 12/2025 | 2349 | (59665) | 5192 | 1351 | 0 |
|  Wheat March Futures  | 03/2026 | 301 | (7931) | 481 | 162 | 0 |
|  WTI Crude August Futures  | 07/2026 | 426 | (26029) | 1589 | 366 | 0 |
|  WTI Crude December Futures  | 11/2026 | 66 | (4027) | (106) | 49 | 0 |
|  WTI Crude December Futures  | 11/2027 | 1130 | (69619) | (815) | 520 | 0 |
|  WTI Crude February Futures  | 01/2026 | 365 | (22440) | 161 | 376 | 0 |
|  WTI Crude January Futures  | 12/2025 | 268 | (16530) | 83 | 279 | 0 |
|  WTI Crude July Futures  | 06/2026 | 408 | (24953) | 520 | 363 | 0 |
|  WTI Crude June Futures  | 05/2026 | 524 | (32079) | 23 | 482 | 0 |
|  WTI Crude November Futures  | 10/2025 | 366 | (22827) | 84 | 379 | 0 |
|  WTI Crude October Futures  | 09/2026 | 364 | (22208) | 390 | 291 | 0 |
|  WTI Crude September Futures  | 08/2026 | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16361) | 181 | 222 | 0 |
|  |  |  |  | $(34752) | $11592 | $(2789) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13920) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $1100 | $8 | $(6) | $2 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 4200 | 55 | (20) | 35 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | EUR 3,200 | 19 | (11) | 8 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 500 | 3 | (2) | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400% | Annual | 12/15/2045 | 990 | $0 | $2 | $2 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | 1198 | (865) | 333 | 0 | (3) |
|  Pay | CPURNSA | 2.242 | Maturity | 11/21/2026 | 39000 | 2166 | (7334) | (5168) | 16 | 0 |
|  |  |  |  |  |  | $3364 | $(8197) | $(4833) | $16 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8236) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4787) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15010) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25312) |

---

(j) Securities with an aggregate market value of $70,190 and cash of $45,873 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(1)</sup> Future styled option variation margin asset of $101 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Unsettled variation margin asset of $872 and liability of $(1090) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 93943 | $109571 | $0 | $(724) |
|  | 10/2025 | $37027 | 51512 | 0 | (11) |
|  | 11/2025 | 51429 | $37027 | 11 | 0 |
|  BOA | 10/2025 | $83 | 145 | 1 | 0 |
|  | 11/2025 | 145 | $83 | 0 | (1) |
|  BPS | 10/2025 | 152200 | 26068 | 4 | (2533) |
|  | 10/2025 | 188 | 253 | 1 | 0 |
|  | 10/2025 | $25427 | 152200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | 0 |
|  | 11/2025 | 205 | 1099 | 0 | 0 |
|  | 04/2026 | 27700 | $4849 | 0 | (133) |
|  BRC | 10/2025 | 4440 | 3215 | 25 | 0 |
|  | 10/2025 | 5845 | 7893 | 33 | 0 |
|  | 10/2025 | $703 | 599 | 0 | 0 |
|  | 11/2025 | 7895 | 5845 | 0 | (33) |
|  BSH | 10/2025 | 49100 | $9232 | 6 | 0 |
|  | 10/2025 | $9029 | 49100 | 197 | 0 |
|  | 10/2025 | 25 | 42 | 0 | 0 |
|  | 11/2025 | 42 | $25 | 0 | 0 |
|  | 04/2026 | 52600 | 9261 | 0 | (201) |
|  CBK | 10/2025 | 2208 | 1597 | 11 | 0 |
|  | 10/2025 | 745 | 870 | 0 | (5) |
|  | 10/2025 | 247 | 336 | 4 | 0 |
|  | 10/2025 | $62 | 396 | 0 | 0 |
|  | 11/2025 | 41 | 58 | 0 | 0 |
|  FAR | 10/2025 | 440441 | $318036 | 1665 | (202) |
|  | 12/2025 | $151 | 2854 | 4 | 0 |
|  GLM | 10/2025 | 178300 | $29269 | 0 | (4232) |
|  | 10/2025 | $33129 | 178300 | 385 | (13) |
|  | 04/2026 | 108500 | $19129 | 2 | (390) |
|  IND | 10/2025 | 431 | 67 | 0 | 0 |
|  | 11/2025 | $67 | 430 | 0 | 0 |
|  JPM | 10/2025 | 8700 | $1595 | 0 | (40) |
|  | 10/2025 | 50084 | 36242 | 253 | 0 |
|  | 10/2025 | 299 | 47 | 0 | 0 |
|  | 10/2025 | 18704 | 21875 | 0 | (85) |
|  | 10/2025 | $1636 | 8700 | 0 | (1) |
|  | 10/2025 | 4087 | 5655 | 0 | (24) |
|  | 11/2025 | 47 | 298 | 0 | 0 |
|  | 04/2026 | 395400 | $67079 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4045) |
|  MBC | 10/2025 | 120151 | 86258 | 0 | (130) |
|  | 10/2025 | 8748 | 11794 | 33 | (4) |
|  | 10/2025 | $1267 | 2154 | 0 | (18) |
|  | 11/2025 | 12956 | 9612 | 5 | (32) |
|  MYI | 10/2025 | 5100 | $832 | 0 | (126) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $959 | 5100 | $0 | $(1) |
|  SCX | 10/2025 | 2751 | $3680 | 0 | (20) |
|  | 10/2025 | $1572 | 2169 | 0 | (13) |
|  | 10/2025 | 52 | 334 | 1 | 0 |
|  | 10/2025 | 40770 | 30480 | 223 | 0 |
|  | 11/2025 | 30480 | $40777 | 0 | (223) |
|  | 11/2025 | $3681 | 2751 | 20 | 0 |
|  SOG | 10/2025 | 13437 | $2526 | 2 | 0 |
|  | 10/2025 | 2341 | 1364 | 7 | 0 |
|  | 10/2025 | $2518 | 13437 | 7 | 0 |
|  | 10/2025 | 132644 | 112793 | 0 | (220) |
|  | 11/2025 | 112793 | $132911 | 220 | 0 |
|  | 12/2025 | 13628 | 2518 | 0 | (6) |
|  SSB | 10/2025 | 1790 | 1300 | 14 | 0 |
|  | 10/2025 | 30480 | 41084 | 92 | 0 |
|  | 10/2025 | $23965 | 17779 | 0 | (54) |
|  UAG | 10/2025 | 785 | $573 | 8 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13520) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 10900 | $(496) | $(242) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |

---

#### SWAP AGREEMENTS:

#### COMMODITY FORWARD SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | EUROBOBCO | $5.050 | Maturity | 12/31/2025 | 45000 | $0 | $348 | $348 | $0 |
|  | Receive | EUROBOBCO | 7.800 | Maturity | 12/31/2025 | 60000 | 0 | 395 | 395 | 0 |
|  | Pay | EUROBOBCO | 6.550 | Maturity | 12/31/2025 | 30000 | 0 | (188) | 0 | (188) |
|  | Pay | NAPGASFO Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.871 | Maturity | 10/31/2025 | 45000 | 0 | 155 | 155 | 0 |
|  | Receive | NAPGASFO Index | 5.880 | Maturity | 12/31/2025 | 165000 | (19) | 607 | 588 | 0 |
|  | Receive | NAPGASFO Index | 7.860 | Maturity | 12/31/2025 | 135000 | (1) | 285 | 284 | 0 |
|  JPM | Receive | EUROBOBCO | 7.600 | Maturity | 12/31/2025 | 15000 | 0 | 102 | 102 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | CMBX.NA.AAA.8 Index | 0.500% | Monthly | 10/17/2057 | $49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive<sup>(5)</sup> | BACVWSAV Index<sup>(8)</sup>« | 352732 | 0.000% | Monthly | 03/31/2026 | $61307 | $0 | $0 | $0 | $0 |
| BPS | Receive | BCOMF1NTC Index | 271752 | 0.120% | Monthly | 03/16/2026 | 34603 | 0 | (12) | 0 | (12) |
|  | Receive | CSIXTR Index | 81666 | 4.050% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4713) |
| CIB | Receive | CSIXTR Index | 21394 | 4.050% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 06/15/2026 | 156598 | 0 | (1235) | 0 | (1235) |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | PIMCODB Index<sup>(9)</sup> | 404359 | 0.000% | Monthly | 06/15/2026 | $86344 | $0 | $573 | $573 | $0 |
| GST | Pay | SPGCINP Index | 60852 | (0.070)% | Monthly | 01/15/2026 | 13263 | 0 | 2 | 2 | 0 |
|  | Receive | BCOMF1NTC Index<sup>(10)</sup> | 198480 | 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 71447 | 0 | (117) | 0 | (117) |
|  | Receive | BCOMF1TC Index | 44060 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 18368 | 0 | (17) | 0 | (17) |
|  | Receive | CMDSKEWLS Index<sup>(11)</sup> | 111625 | 0.250% | Monthly | 04/15/2026 | 48260 | 0 | 2862 | 2862 | 0 |
|  | Receive | CSIXTR Index | 66217 | 4.030% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 484695 | 0 | (3817) | 0 | (3817) |
| JPM | Pay | BCOMTR Index | 2100289 | 3.780% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 547565 | 0 | 285 | 285 | 0 |
|  | Receive | JMABFNJ2 Index | 90192 | 0.000% | Monthly | 01/30/2026 | 9438 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMF1TC Index<sup>(12)</sup> | 2442024 | 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 532457 | 0 | (492) | 0 | (492) |
|  | Receive | CSIXTR Index | 45214 | 4.040% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 330957 | 0 | (2608) | 0 | (2608) |
|  | Receive | JMABNIC5 Index<sup>(13)</sup> | 710270 | 0.000% | Monthly | 07/15/2026 | 133739 | 0 | (2) | 0 | (2) |
| MAC | Receive | PIMCODBU Index | 4500 | 0.190% | Monthly | 12/15/2025 | 803 | 0 | 5 | 5 | 0 |
|  | Receive | CSIXTR Index | 11113 | 4.040% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/17/2026 | 81346 | 0 | (641) | 0 | (641) |
|  | Receive | PIMCODB Index<sup>(14)</sup> | 1238131 | 0.000% | Monthly | 08/17/2026 | 253218 | 0 | 1730 | 1730 | 0 |
| MEI | Receive | CSIXTR Index | 149229 | 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 1092319 | 0 | (8552) | 0 | (8552) |
| RBC | Receive | CSIXTR Index | 58058 | 4.020% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 11/16/2026 | 424973 | 0 | (3345) | 0 | (3345) |
| SOG | Receive | CSIXTR Index | 70571 | 4.040% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 516564 | (208) | (3862) | 0 | (4070) |
| UAG | Receive | CSIXTR Index | 83502 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 611212 | 0 | (4806) | 0 | (4806) |
|  |  |  |  |  |  |  |  | $(208) | $(28762) | $5457 | $(34427) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  JPM | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 4.080% | Maturity | 10/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70058 | $0 | $807 | $807 | $0 |
|  | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 4.203 | Maturity | 10/22/2025 | 13557 | 0 | 169 | 169 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.325 | Maturity | 04/10/2026 | 162405 | 0 | 5609 | 5609 | 0 |
|  | Pay<br> London Gold Market Fixing Ltd. PM<sup>(6)</sup> | 3.285 | Maturity | 09/16/2026 | 29000 | 0 | (45) | 0 | (45) |
|  | Pay<br> London Gold Market Fixing Ltd. PM<sup>(6)</sup> | 3.349 | Maturity | 09/25/2026 | 14580 | 0 | (18) | 0 | (18) |
|  |  |  |  |  |  | $0 | $6522 | $6585 | $(63) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34678) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 73

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $11 | $0 | $0 | $11 | $(735) | $0 | $0 | $(735) | $(724) | $650 | $(74) |
|  BOA | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  BPS | 3175 | 0 | 1770 | 4945 | (2666) | 0 | (4913) | (7579) | (2634) | (3897) | (6531) |
|  BRC | 58 | 0 | 0 | 58 | (33) | 0 | 0 | (33) | 25 | 0 | 25 |
|  BSH | 203 | 0 | 0 | 203 | (201) | 0 | 0 | (201) | 2 | 0 | 2 |
|  CBK | 15 | 0 | 0 | 15 | (5) | 0 | 0 | (5) | 10 | 0 | 10 |
|  CIB | 0 | 0 | 573 | 573 | 0 | 0 | (1235) | (1235) | (662) | (2880) | (3542) |
|  FAR | 1669 | 0 | 0 | 1669 | (202) | 0 | 0 | (202) | 1467 | (1410) | 57 |
|  GLM | 387 | 0 | 0 | 387 | (4635) | (242) | 0 | (4877) | (4490) | 3668 | (822) |
|  GST | 0 | 0 | 2864 | 2864 | 0 | 0 | (3951) | (3951) | (1087) | (3577) | (4664) |
|  JPM | 253 | 0 | 6972 | 7225 | (4195) | 0 | (3165) | (7360) | (135) | (4367) | (4502) |
|  MAC | 0 | 0 | 1735 | 1735 | 0 | 0 | (641) | (641) | 1094 | (2360) | (1266) |
|  MBC | 38 | 0 | 0 | 38 | (184) | 0 | 0 | (184) | (146) | 0 | (146) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (8552) | (8552) | (8552) | (1530) | (10082) |
|  MYI | 0 | 0 | 0 | 0 | (127) | 0 | 0 | (127) | (127) | 31 | (96) |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (3345) | (3345) | (3345) | (4520) | (7865) |
|  SCX | 244 | 0 | 0 | 244 | (256) | 0 | 0 | (256) | (12) | 0 | (12) |
|  SOG | 236 | 0 | 0 | 236 | (226) | 0 | (4070) | (4296) | (4060) | (670) | (4730) |
|  SSB | 106 | 0 | 0 | 106 | (54) | 0 | 0 | (54) | 52 | (140) | (88) |
|  UAG | 8 | 0 | 0 | 8 | 0 | 0 | (4806) | (4806) | (4798) | (870) | (5668) |
|  Total Over the Counter | $6404 | $0 | $13914 | $20318 | $(13520) | $(242) | $(34678) | $(48440) |  |  |  |

---

(l) Securities with an aggregate market value of $8,168 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Variance Swap.

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  WTI Crude December 2025 Futures | 13.9% | $8501 | WTI Crude February 2026 Futures | (8.1)% | $(4961) |
|  WTI Crude December 2025 Futures Call @ 62 | 2.4 | 1488 | WTI Crude January 2026 Futures | (25.2) | (15444) |
|  WTI Crude December 2025 Futures Call @ 63 | 3.5 | 2130 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 64 | 4.7 | 2916 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 65 | 1 | 619 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 67 | 1.1 | 675 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 62 | 1.8 | 1130 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 63 | 3.5 | 2135 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 64 | 6.3 | 3856 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 65 | 1.8 | 1080 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 67 | 3.3 | 2011 |  |  |  |
|  WTI Crude February 2026 Futures Call @ 63 | 1.6 | 969 |  |  |  |
|  WTI Crude February 2026 Futures Call @ 64 | 2.6 | 1616 |  |  |  |
|  WTI Crude February 2026 Futures Put @ 63 | 1.8 | 1111 |  |  |  |
|  WTI Crude February 2026 Futures Put @ 64 | 2.4 | 1467 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 61 | 4.1 | 2530 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 62 | 8.2 | 5002 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 63 | 5.6 | 3414 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 64 | 1.4 | 850 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 61 | 2.7 | 1683 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 62 | 6.9 | 4235 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 63 | 6 | 3670 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 64 | 1.9 | 1159 |  |  |  |
|  WTI Crude November 2025 Futures | 21.8 | 13369 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 62 | 4.8 | 2974 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 63 | 0.6 | 356 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 64 | 2.4 | 1456 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 65 | 0.8 | 480 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 66 | 0.3 | 192 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 67 | 0.5 | 313 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 69 | 0.1 | 81 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 62 | 2.9 | 1756 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 63 | 0.5 | 301 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 64 | 2.9 | 1771 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 65 | 1.4 | 835 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 66 | 0.8 | 472 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 67 | 1.7 | 1078 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 69 | 3.3 | 2031 |  |  |  |
|  Total Long Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81712 | Total Short Futures Contracts |  | $(20405) |
|  Total Notional Amount |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61307 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.1% | $3583 |
|  Aluminum November 2025 Futures | 1 | 881 |
|  Arabica Coffee March 2026 Futures | 3.5 | 3065 |
|  Brent Crude March 2026 Futures | 2.6 | 2229 |
|  Cocoa March 2026 Futures | 1.8 | 1597 |
|  Copper December 2025 Futures | 1.4 | 1243 |
|  Corn March 2026 Futures | 0.2 | 155 |
|  Gas Oil March 2026 Futures | 5 | 4265 |
|  Gold 100 oz. December 2025 Futures | 14.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12244 |
|  Gold 100 oz. February 2026 Futures | 6.3 | 5414 |
|  Lead November 2025 Futures | 0.2 | 181 |
|  Live Cattle December 2025 Futures | 5.6 | 4861 |
|  Live Cattle February 2026 Futures | 5.2 | 4464 |
|  New York Harbor ULSD March 2026 Futures | 7.2 | 6234 |
|  Nickel March 2026 Futures | 4.2 | 3618 |
|  Nickel November 2025 Futures | 0.6 | 475 |
|  RBOB Gasoline March 2026 Futures | 8.6 | 7391 |
|  Silver December 2025 Futures | 6.9 | 5975 |
|  Silver March 2026 Futures | 3.5 | 2987 |
|  Soybean Oil March 2026 Futures | 0.4 | 311 |
|  WTI Crude March 2026 Futures | 2.4 | 2055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Zinc March 2026 Futures | 3.8% | $3298 |
|  Zinc November 2025 Futures | 3.8 | 3316 |
|  Total Long Futures Contracts |  | $79842 |
|  Cash | 7.5% | $6502 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86344 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum January 2026 Futures | 20.0% | $14297 | Aluminum November 2024 Futures | (20.4)% | $(14590) |
|  Gas Oil January 2026 Futures | 12.3 | 8774 | Arabica Coffee December 2024 Futures | (0.3) | (243) |
|  Lead January 2026 Futures | 4.3 | 3044 | Brent Crude January 2025 Futures | (0.7) | (472) |
|  New York Harbor ULSD January 2026 Futures | 9.7 | 6916 | Copper December 2024 Futures | (0.6) | (429) |
|  Nickel January 2026 Futures | 10.8 | 7709 | Corn December 2024 Futures | (0.5) | (350) |
|  NYMEX — Natural Gas January 2026 Futures | 48.4 | 34552 | Cotton No. 02 December 2024 Futures | (0.1) | (107) |
|  RBOB Gasoline January 2026 Futures | 8.8 | 6309 | Gas Oil November 2024 Futures | (13.0) | (9267) |
|  Soybean Meal January 2026 Futures | 14.6 | 10424 | Gold 100 oz. December 2024 Futures | (2.0) | (1422) |
|  Soybean Oil January 2026 Futures | 18.4 | 13118 | Hard Red Winter Wheat December 2024 Futures | (0.2) | (114) |
|  Soybeans January 2026 Futures | 27.6 | 19691 | Lead November 2024 Futures | (4.3) | (3072) |
|  WTI Crude January 2026 Futures | 26.4 | 18848 | Lean Hogs December 2024 Futures | (0.2) | (136) |
|  Zinc January 2026 Futures | 10.5 | 7538 | Live Cattle December 2024 Futures | (0.4) | (293) |
|  |  |  | New York Harbor ULSD November 2024 Futures | (10.1) | (7188) |
|  |  |  | Nickel November 2024 Futures | (10.9) | (7809) |
|  |  |  | NYMEX — Natural Gas November 2024 Futures | (39.1) | (27907) |
|  |  |  | RBOB Gasoline November 2024 Futures | (9.4) | (6695) |
|  |  |  | Silver December 2024 Futures | (0.7) | (472) |
|  |  |  | Soybean Meal December 2024 Futures | (14.7) | (10474) |
|  |  |  | Soybean Oil December 2024 Futures | (18.6) | (13303) |
|  |  |  | Soybeans November 2024 Futures | (27.6) | (19748) |
|  |  |  | Sugar No. 11 March 2025 Futures | (0.3) | (179) |
|  |  |  | Wheat December 2024 Futures | (0.3) | (179) |
|  |  |  | WTI Crude November 2024 Futures | (27.2) | (19462) |
|  |  |  | Zinc November 2024 Futures | (10.8) | (7738) |
|  Total Long Futures Contracts |  | $151220 | Total Short Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151649) |
|  U.S. Treasury Bills | 100.0% | 71447 |  |  |  |
|  Cash | 0.6 | 429 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223096 |  |  |  |
|  Total Notional Amount |  |  |  |  | $71447 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Gold 100 oz. December 2025 Futures | 45.3% | $21876 | Aluminum November 2025 Futures | (15.0)% | $(7253) |
|  Live Cattle December 2025 Futures | 14.5 | 7012 | Arabica Coffee December 2025 Futures | (4.6) | (2205) |
|  New York Harbor ULSD November 2025 Futures | 7.4 | 3571 | Corn December 2025 Futures | (6.6) | (3200) |
|  RBOB Gasoline November 2025 Futures | 14.7 | 7070 | Cotton No. 02 December 2025 Futures | (9.3) | (4488) |
|  Silver December 2025 Futures | 17.7 | 8537 | Hard Red Winter Wheat December 2025 Futures | (2.1) | (1033) |
|  |  |  | Soybean Meal December 2025 Futures | (4.1) | (1993) |
|  |  |  | Soybean Oil December 2025 Futures | (5.2) | (2534) |
|  |  |  | Soybeans November 2025 Futures | (22.4) | (10820) |
|  |  |  | Sugar No. 11 March 2026 Futures | (10.9) | (5270) |
|  |  |  | Wheat December 2025 Futures | (17.9) | (8619) |
|  Total Long Futures Contracts |  | $48066 | Total Short Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47415) |
|  Cash | 98.5% | $47609 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95675 |  |  |  |
|  Total Notional Amount |  |  |  |  | $48260 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum January 2026 Futures | 4.0% | $21292 |
|  Arabica Coffee December 2025 Futures | 3.2 | 16902 |
|  Brent Crude January 2026 Futures | 6.2 | 32883 |
|  Copper December 2025 Futures | 5.6 | 29900 |
|  Corn December 2025 Futures | 4.6 | 24521 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 7415 |
|  Gas Oil January 2026 Futures | 2.4 | 13073 |
|  Gold 100 oz. December 2025 Futures | 18.7 | 99802 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 7930 |
|  Lead January 2026 Futures | 0.8 | 4535 |
|  Lean Hogs December 2025 Futures | 1.7 | 9337 |
|  Live Cattle December 2025 Futures | 3.9 | 20722 |
|  New York Harbor ULSD January 2026 Futures | 1.9 | 10296 |
|  Nickel January 2026 Futures | 2.2 | 11480 |
|  NYMEX — Natural Gas January 2026 Futures | 9.7 | 51466 |
|  RBOB Gasoline January 2026 Futures | 1.8 | 9398 |
|  Silver December 2025 Futures | 6.2 | 32808 |
|  Soybean Meal January 2026 Futures | 2.9 | 15530 |
|  Soybean Oil January 2026 Futures | 3.7 | 19536 |
|  Soybeans January 2026 Futures | 5.5 | 29334 |
|  Sugar No. 11 March 2026 Futures | 2.3 | 12287 |
|  Wheat December 2025 Futures | 2.4 | 12714 |
|  WTI Crude January 2026 Futures | 5.3 | 28068 |
|  Zinc January 2026 Futures | 2.1 | 11228 |
|  Total Long Futures Contracts |  | $532457 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532457 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude March 2026 Futures | 15.0% | $20072 |
|  Cotton No. 02 December 2025 Futures | 1.6 | 2145 |
|  Gas Oil February 2026 Futures | 2.9 | 3909 |
|  Gold 100 oz. December 2025 Futures | 21.6 | 28872 |
|  Live Cattle December 2025 Futures | 6.5 | 8756 |
|  LME — Copper November 2025 Futures | 7.5 | 10074 |
|  New York Harbor ULSD February 2026 Futures | 4.0 | 5376 |
|  Nickel November 2025 Futures | 3.6 | 4798 |
|  RBOB Gasoline February 2026 Futures | 3.9 | 5160 |
|  Silver December 2025 Futures | 7.1 | 9491 |
|  Soybean Meal December 2025 Futures | 10.3 | 13813 |
|  Soybeans November 2025 Futures | 13.2 | 17717 |
|  Sugar No. 11 March 2026 Futures | 2.7 | 3555 |
|  Total Long Futures Contracts |  | $133738 |
|  Cash | 0.1% | $1 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133739 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum December 2025 Futures | 1.0% | $2578 |
|  Aluminum March 2026 Futures | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524 |
|  Arabica Coffee March 2026 Futures | 3.6 | 9091 |
|  Brent Crude May 2026 Futures | 2.5 | 6439 |
|  Cocoa March 2026 Futures | 1.8 | 4536 |
|  Copper December 2025 Futures | 1.4 | 3624 |
|  Corn March 2026 Futures | 0.2 | 438 |
|  Gas Oil May 2026 Futures | 4.9 | 12436 |
|  Gold 100 oz. April 2026 Futures | 6.3 | 15979 |
|  Gold 100 oz. December 2025 Futures | 14.3 | 36140 |
|  Lead December 2025 Futures | 0.2 | 543 |
|  Live Cattle April 2026 Futures | 5.2 | 13174 |
|  Live Cattle December 2025 Futures | 5.7 | 14330 |
|  New York Harbor ULSD May 2026 Futures | 7.2 | 18132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Nickel December 2025 Futures | 0.5% | $1380 |
|  Nickel March 2026 Futures | 4.2 | 10560 |
|  RBOB Gasoline May 2026 Futures | 8.5 | 21503 |
|  Silver December 2025 Futures | 6.9 | 17407 |
|  Silver March 2026 Futures | 3.4 | 8701 |
|  Soybean Oil March 2026 Futures | 0.4 | 908 |
|  WTI Crude May 2026 Futures | 2.3 | 5953 |
|  Zinc December 2025 Futures | 3.9 | 9808 |
|  Zinc March 2026 Futures | 3.8 | 9743 |
|  Total Long Futures Contracts |  | $233927 |
|  Cash | 7.6% | $19291 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253218 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $1228 | $0 | $0 | $0 | $0 | $1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 13901 | 0 | 0 | 0 | 170 | 14071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 16 | 16 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6404 | $0 | $6404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 13914 | 0 | 0 | 0 | 0 | 13914 |
|  | $13914 | $0 | $0 | $6404 | $0 | $20318 |
|  | $29043 | $0 | $0 | $6404 | $186 | $35633 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $10299 | $0 | $0 | $0 | $0 | $10299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 15004 | 0 | 0 | 0 | 6 | 15010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3 | 3 |
|  | $25303 | $0 | $0 | $0 | $9 | $25312 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $13520 | $0 | $13520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 242 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 34678 | 0 | 0 | 0 | 0 | 34678 |
|  | $34678 | $0 | $0 | $13520 | $242 | $48440 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73752 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $443 | $0 | $0 | $0 | $0 | $443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 5035 | 0 | 0 | 0 | 0 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (119580) | 0 | 0 | 0 | 2380 | (117200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 50 | 0 | 0 | 232 | 282 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111440) |

---

78 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(23588) | $0 | $(23588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 44629 | 0 | 0 | 0 | 0 | 44629 |
|  | $44629 | $0 | $0 | $(23588) | $0 | $21041 |
|  | $(69473) | $50 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23588) | $2612 | $(90399) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(125) | $0 | $0 | $0 | $0 | $(125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (3977) | 0 | 0 | 0 | 0 | (3977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (17753) | 0 | 0 | 0 | (1634) | (19387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (24) | 0 | 0 | (198) | (222) |
|  | $(21855) | $(24) | $0 | $0 | $(1832) | $(23711) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7255) | $0 | $(7255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (101110) | 0 | 0 | 0 | (166) | (101276) |
|  | $(101110) | $0 | $0 | $(7255) | $(83) | $(108448) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122965) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1915) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132159) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $319708 | $0 | $319708 |
| &nbsp;&nbsp; Industrials | 0 | 66326 | 0 | 66326 |
| &nbsp;&nbsp; Utilities | 0 | 34686 | 0 | 34686 |
|  U.S. Government Agencies | 0 | 546785 | 0 | 546785 |
|  U.S. Treasury Obligations | 0 | 147155 | 0 | 147155 |
|  Non-Agency Mortgage-Backed Securities | 0 | 65095 | 0 | 65095 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 6878 | 0 | 6878 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 220766 | 0 | 220766 |
| &nbsp;&nbsp; CMBS Other | 0 | 16049 | 0 | 16049 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 23289 | 0 | 23289 |
| &nbsp;&nbsp; Credit Card Other | 0 | 11214 | 0 | 11214 |
| &nbsp;&nbsp; Home Equity Other | 0 | 20144 | 0 | 20144 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2523 | 0 | 2523 |
| &nbsp;&nbsp; Other ABS | 0 | 287569 | 1761 | 289330 |
|  Sovereign Issues | 0 | 124921 | 0 | 124921 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 412 | 0 | 0 | 412 |
|  Commodities | 0 | 721046 | 0 | 721046 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 284923 | 0 | 284923 |
| &nbsp;&nbsp; Mutual Funds | 0 | 1128 | 0 | 1128 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2777158 | 0 | 2777158 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2900 | 0 | 2900 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 105095 | 0 | 105095 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787531 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $273508 | $0 | $0 | $273508 |
|  Total Investments | $273920 | $5785358 | $1761 | $6061039 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(131040) | $0 | $(131040) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 14258 | 185 | 0 | 14443 |
|  Over the counter | 0 | 20318 | 0 | 20318 |
|  | $14258 | $20503 | $0 | $34761 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (24213) | (9) | 0 | (24222) |
|  Over the counter | 0 | (48440) | 0 | (48440) |
|  | $(24213) | $(48449) | $0 | $(72662) |
|  Total Financial Derivative Instruments | $(9955) | $(27946) | $0 | $(37901) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892098 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 128.7% | INVESTMENTS IN SECURITIES 128.7% | INVESTMENTS IN SECURITIES 128.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 234 | 225 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 2200 | 672 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 5 | 1 |
|  1.500% due 10/01/2053 | 4280 | 532 |
|  2.000% due 10/01/2053 | 10244 | 1355 |
|  2.500% due 10/01/2047 | 10 | 1 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 78 | 10 |
|  1.500% due 10/01/2053 | 17190 | 2121 |
|  2.000% due 10/01/2053 | 5091 | 674 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 19 | 2 |
|  1.500% due 10/01/2053 | 1494 | 160 |
|  2.000% due 10/01/2053 | 19 | 3 |
|  2.500% due 10/01/2047 | 8 | 1 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  2.000% due 10/01/2053 | 4284 | 515 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 400 | 459 |
|  7.750% due 03/01/2029 •  | 400 | 524 |
|  |  | 7256 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 16900 | 16900 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 900 | 897 |
|  |  | 17797 |
|  Total Corporate Bonds & Notes (Cost $25,927) | Total Corporate Bonds & Notes (Cost $25,927) | 25053 |
| U.S. GOVERNMENT AGENCIES 16.5% | U.S. GOVERNMENT AGENCIES 16.5% | U.S. GOVERNMENT AGENCIES 16.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.727% due 06/01/2033 •  | 24 | 24 |
|  6.860% due 01/01/2034 •  | 25 | 26 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.296% due 11/25/2054 •  | 4553 | 4561 |
|  5.456% due 07/25/2055 •  | 10254 | 10280 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 09/01/2052 - 11/01/2052 | 854 | 832 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.593% due 03/25/2036 •  | 28 | 27 |
|  4.916% due 02/25/2037 •  | 192 | 190 |
|  5.356% due 10/25/2054 - 02/25/2055 •  | 14525 | 14609 |
|  5.386% due 06/25/2055 •  | 2522 | 2539 |
|  5.400% due 10/25/2055 •  | 10000 | 10023 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2052 - 10/20/2052 | 59941 | 54912 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.927% due 08/20/2068 •  | 4359 | 4377 |
|  5.539% due 06/20/2055 •  | 4948 | 4968 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 11/01/2055 | 14000 | 12764 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 - 11/01/2055 | 260000 | 252109 |
|  5.500% due 11/01/2055 | 21700 | 21866 |
|  6.000% due 11/01/2055 | 128300 | 131055 |
|  6.500% due 11/01/2055 | 38300 | 39607 |
|  Total U.S. Government Agencies (Cost $565,440) | Total U.S. Government Agencies (Cost $565,440) | 564769 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 72.7% | U.S. TREASURY OBLIGATIONS 72.7% | U.S. TREASURY OBLIGATIONS 72.7% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.250% due 02/15/2050 (l) | 628 | 372 |
|  0.625% due 02/15/2043 (l) | 590 | 449 |
|  0.750% due 02/15/2042 | 7577 | 6014 |
|  0.750% due 02/15/2045 (l) | 1372 | 1024 |
|  0.875% due 02/15/2047 (l) | 669 | 495 |
|  1.000% due 02/15/2046 (l) | 4772 | 3683 |
|  1.375% due 02/15/2044 (l) | 4851 | 4152 |
|  1.375% due 02/15/2044 | 3022 | 2586 |
|  1.750% due 01/15/2028 (j) | 61568 | 62598 |
|  2.125% due 02/15/2040 | 5530 | 5577 |
|  2.500% due 01/15/2029 (j) | 55684 | 58202 |
|  3.875% due 04/15/2029 (j)(l) | 16017 | 17517 |
|  0.125% due 10/15/2026 | 106329 | 105751 |
|  0.125% due 04/15/2027 (j) | 6178 | 6094 |
|  0.125% due 01/15/2030 (j) | 24107 | 23022 |
|  0.125% due 07/15/2030 | 84604 | 80466 |
|  0.125% due 01/15/2031 | 79791 | 74949 |
|  0.125% due 07/15/2031 | 56623 | 52896 |
|  0.250% due 07/15/2029 | 71373 | 69259 |
|  0.375% due 01/15/2027 (h) | 272270 | 270210 |
|  0.375% due 07/15/2027 | 66028 | 65592 |
|  0.500% due 01/15/2028 | 53693 | 53082 |
|  0.750% due 07/15/2028 (h) | 172031 | 171271 |
|  0.875% due 01/15/2029 (h)(j) | 218636 | 217024 |
|  1.125% due 01/15/2033 | 19303 | 18715 |
|  1.250% due 04/15/2028 | 185128 | 185871 |
|  1.375% due 07/15/2033 | 34674 | 34153 |
|  1.625% due 10/15/2027 | 118099 | 120017 |
|  1.625% due 10/15/2029 | 209122 | 213321 |
|  1.625% due 04/15/2030 | 150795 | 153154 |
|  1.875% due 07/15/2034 | 46223 | 46914 |
|  1.875% due 07/15/2035 | 8149 | 8217 |
|  2.125% due 04/15/2029 (h) | 253260 | 261478 |
|  2.125% due 01/15/2035 | 18118 | 18657 |
|  2.375% due 10/15/2028 | 74458 | 77572 |
|  Total U.S. Treasury Obligations (Cost $2,464,324) | Total U.S. Treasury Obligations (Cost $2,464,324) | 2490354 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.755% due 10/25/2035 ~ | 39 | 37 |
|  5.450% due 09/25/2035 ~ | 186 | 164 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  | 1283 | 1129 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 68 | 61 |
|  5.073% due 11/25/2046 •  | 4592 | 1122 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.522% due 01/20/2047 ~ | 2611 | 2255 |
|  4.753% due 05/20/2036 ~ | 75 | 66 |
|  4.830% due 05/20/2035 •  | 49 | 46 |
|  4.971% due 01/20/2047 ~ | 53 | 46 |
|  5.334% due 05/25/2035 ~ | 7 | 7 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.487% due 07/25/2035 ~ | 87 | 83 |
|  5.533% due 11/25/2035 ~ | 95 | 85 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.563% due 04/26/2036 ~ | 461 | 418 |
|  4.612% due 01/25/2037 •  | 464 | 434 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.592% due 02/25/2034 •  | 158 | 150 |
|  4.838% due 09/25/2035 ~ | 134 | 73 |
|  6.300% due 09/25/2034 ~ | 60 | 60 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.215% due 09/25/2047 ~ | 2485 | 1178 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ | 224 | 192 |
|  4.475% due 02/25/2036 ~ | 80 | 74 |
|  6.142% due 10/25/2035 ~ | 129 | 129 |
|  6.643% due 05/25/2033 ~ | 7 | 7 |
|  7.250% due 07/25/2034 ~ | 18 | 18 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ | 257 | 219 |
|  4.619% due 03/25/2037 ~ | 360 | 335 |
|  4.739% due 12/25/2035 ~ | 36 | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ | 189 | 170 |
|  4.912% due 03/25/2035 •  | 21 | 21 |
|  5.500% due 11/25/2035 | 51 | 26 |
|  5.500% due 04/25/2038 | 60 | 61 |
|  6.000% due 04/25/2036 | 264 | 124 |
|  CIM Trust | CIM Trust | CIM Trust |
|  1.951% due 06/25/2057 ~ | 1915 | 1783 |
|  5.471% due 02/25/2049 •  | 57 | 55 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.244% due 12/25/2035 ~ | 171 | 105 |
|  5.840% due 09/25/2035 •  | 4 | 4 |
|  6.300% due 03/25/2036 •  | 12 | 12 |
|  6.490% due 05/25/2035 •  | 21 | 21 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 119 | 104 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.430% due 02/20/2047 •  | 2057 | 1664 |
|  4.445% due 12/20/2046 •  | 161 | 142 |
|  4.632% due 05/25/2047 •  | 663 | 616 |
|  4.692% due 07/25/2046 •  | 59 | 54 |
|  4.856% due 11/25/2035 ~ | 116 | 108 |
|  5.000% due 07/25/2035 | 595 | 322 |
|  5.153% due 12/25/2035 •  | 151 | 130 |
|  5.500% due 07/25/2035 | 84 | 61 |
|  5.750% due 03/25/2037 •  | 174 | 89 |
|  6.000% due 03/25/2037 | 179 | 59 |
|  6.500% due 08/25/2032 | 16 | 16 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 1241 | 720 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  4.422% due 09/29/2036 •  | 147 | 146 |
|  4.886% due 10/26/2036 ~ | 241 | 219 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 171 | 145 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.372% due 10/25/2036 •  | 42 | 35 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 1563 | 563 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.480% due 11/25/2035 ~ | 327 | 277 |
|  4.977% due 11/25/2035 ~ | 63 | 61 |
|  5.232% due 11/25/2035 ~ | 152 | 70 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 09/19/2037 •  | 40 | 35 |
|  4.688% due 05/19/2035 •  | 233 | 225 |
|  4.748% due 01/19/2036 •  | 891 | 578 |
|  5.509% due 08/19/2036 ~ | 17 | 17 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.632% due 07/25/2047 •  | 1020 | 669 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.049% due 09/25/2035 ~ | 126 | 104 |
|  4.567% due 06/25/2035 ~ | 47 | 45 |
|  4.652% due 09/25/2046 •  | 1855 | 1701 |
|  4.672% due 11/25/2046 •  | 199 | 190 |
|  4.832% due 07/25/2035 •  | 152 | 111 |
|  4.954% due 10/25/2034 ~ | 175 | 167 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.732% due 12/25/2036 •  | 1986 | 1768 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 276 | 275 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.063% due 07/27/2037 ~ | 123 | 116 |
|  4.863% due 08/25/2036 ~ | 57 | 44 |
|  4.983% due 11/25/2035 ~ | 77 | 60 |
|  5.751% due 06/25/2036 ~ | 302 | 206 |
|  5.792% due 07/25/2035 ~ | 29 | 29 |
|  6.049% due 06/25/2035 ~ | 8 | 8 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.672% due 10/25/2046 •  | 300 | 275 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.752% due 05/25/2037 •  | 227 | 89 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.582% due 06/25/2037 ~ | 200 | 90 |
|  4.872% due 03/25/2037 •  | 597 | 140 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.278% due 05/25/2034 ~ | 72 | 64 |
|  4.681% due 06/25/2035 ~ | 82 | 79 |
|  4.890% due 09/25/2035 ~ | 58 | 45 |
|  6.071% due 05/25/2036 ~ | 5 | 5 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.360% due 04/25/2037 ~ | 560 | 491 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 377 | 365 |
|  4.500% due 05/25/2058 ~ | 50 | 49 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.104% due 08/25/2035 ~ | 389 | 135 |
|  4.572% due 08/25/2035 •  | 386 | 269 |
|  4.652% due 12/25/2036 •  | 555 | 504 |
|  5.818% due 02/25/2036 ~ | 200 | 171 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  | 687 | 413 |
|  6.500% due 09/25/2036 | 641 | 191 |
|  6.500% due 06/25/2037 | 11799 | 2176 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.534% due 09/25/2035 ~ | 790 | 496 |
|  6.000% due 06/25/2037 | 409 | 327 |
|  6.500% due 03/25/2032 | 108 | 109 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.699% due 01/20/2047 ~ | 207 | 147 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.948% due 10/19/2026 •  | 5 | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.592% due 10/25/2035 •  | 305 | 295 |
|  4.792% due 02/25/2036 ~ | 186 | 97 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.652% due 06/25/2036 •  | 52 | 52 |
|  4.692% due 04/25/2036 •  | 5 | 4 |
|  4.712% due 05/25/2046 •  | 2431 | 832 |
|  4.748% due 07/19/2035 •  | 248 | 244 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.272% due 05/25/2058 •  | 2347 | 2401 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  3.920% due 08/20/2035 ~ | 61 | 56 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  | 388 | 342 |
|  4.108% due 02/25/2037 ~ | 70 | 60 |
|  4.341% due 08/25/2036 ~ | 50 | 45 |
|  4.498% due 09/25/2036 ~ | 503 | 441 |
|  4.893% due 01/25/2047 •  | 820 | 756 |
|  5.133% due 06/25/2046 •  | 64 | 60 |
|  5.153% due 08/25/2046 •  | 155 | 143 |
|  5.353% due 11/25/2042 •  | 37 | 36 |
|  5.653% due 11/25/2046 •  | 435 | 389 |
|  5.706% due 09/25/2033 ~ | 15 | 15 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.500% due 08/25/2035 | 97 | 83 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ | 138 | 137 |
|  6.792% due 10/25/2036 ~ | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $46,735) | Total Non-Agency Mortgage-Backed Securities (Cost $46,735) | 35879 |
| ASSET-BACKED SECURITIES 9.3% | ASSET-BACKED SECURITIES 9.3% | ASSET-BACKED SECURITIES 9.3% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 10017 | 10037 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  | 4680 | 4692 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.957% due 12/15/2035 •  | 568 | 569 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 5132 | 5146 |
|  |  | 20444 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.552% due 10/25/2036 •  | 2739 | 2546 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 17 | 7 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 3719 | 3367 |
|  4.592% due 05/25/2036 •  | 2300 | 552 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.222% due 10/25/2037 •  | 1236 | 1219 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 2996 | 3034 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.432% due 01/25/2037 •  | 36 | 26 |
|  4.452% due 03/25/2037 •  | 8238 | 7231 |
|  4.622% due 03/25/2037 •  | 5141 | 4512 |
|  4.732% due 12/25/2036 •  | 883 | 604 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 1964 | 1944 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  | 2296 | 2158 |
|  4.672% due 09/25/2037 •  | 1200 | 1108 |
|  5.997% due 11/25/2034 •  | 7502 | 6799 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 400 | 366 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.872% due 03/25/2037 •  | 477 | 188 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.642% due 03/25/2047 •  | 2315 | 1754 |
|  4.792% due 02/25/2046 •  | 1367 | 1284 |
|  5.247% due 03/25/2035 •  | 975 | 935 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.947% due 02/25/2036 •  | 1522 | 1498 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 1431 | 1117 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.572% due 07/25/2036 •  | 6708 | 2917 |
|  4.812% due 02/25/2036 •  | 559 | 553 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 27 | 27 |
|  4.552% due 06/25/2037 •  | 4500 | 3998 |
|  4.572% due 07/25/2036 •  | 11681 | 5423 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.572% due 10/25/2036 •  | 1424 | 466 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.012% due 01/25/2037 •  | 17170 | 6710 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  | 310 | 283 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.410% due 11/25/2036 þ | 1451 | 315 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.037% due 02/25/2035 •  | 1069 | 1045 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.612% due 11/25/2036 •  | 7612 | 2357 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.297% due 12/25/2034 •  | 3100 | 3022 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.582% due 06/25/2047 •  | 1702 | 1594 |
|  5.142% due 02/25/2036 •  | 3690 | 3523 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 13085 | 5270 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.572% due 09/25/2036 •  | 8703 | 8074 |
|  4.752% due 08/25/2036 •  | 552 | 490 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.532% due 12/25/2036 •  | 1401 | 1312 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 412 | 111 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.992% due 04/25/2033 •  | 414 | 450 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.672% due 12/25/2034 •  | 865 | 866 |
|  |  | 91055 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 559 | 147 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 2025 | 1928 |
| WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  | 7400 | 7291 |
|  4.972% due 11/25/2046 •  | 11000 | 9240 |
|  4.977% due 03/25/2037 •  | 3200 | 3106 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 3735 | 1177 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ | 2110 | 2076 |
|  4.592% due 05/25/2036 •  | 952 | 835 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.712% due 10/25/2036 •  | 17622 | 5889 |
|  4.772% due 05/25/2036 •  | 3572 | 1933 |
|  |  | 31547 |
| OTHER ABS 5.0% | OTHER ABS 5.0% | OTHER ABS 5.0% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 1064 | 1065 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  | 2800 | 2803 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 3500 | 3505 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.806% due 10/15/2031 •  | 942 | 1106 |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.874% due 04/20/2032 •  | 4553 | 5351 |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 11 | 11 |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.674% due 04/22/2031 •  | 597 | 598 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 2876 | 3378 |
|  3.267% due 01/22/2038 •  | 5000 | 5889 |
|  BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC |
|  2.746% due 01/15/2031 •  | 4420 | 5188 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 1806 | 2122 |
|  Carbone CLO Ltd. | Carbone CLO Ltd. | Carbone CLO Ltd. |
|  5.727% due 01/20/2031 •  | 779 | 781 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 4508 | 5286 |
|  3.221% due 08/15/2038 •  | 7000 | 8242 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 1932 | 2270 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.684% due 07/17/2031 •  | 1195 | 1197 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 1756 | 2059 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 4184 | 4912 |
|  Dryden 59 Euro CLO DAC | Dryden 59 Euro CLO DAC | Dryden 59 Euro CLO DAC |
|  2.786% due 05/15/2032 •  | 1392 | 1632 |
|  Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund | Dryden XXVI Senior Loan Fund |
|  5.479% due 04/15/2029 •  | 945 | 946 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 5923 | 6956 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 2488 | 2491 |
|  Harvest CLO XII DAC | Harvest CLO XII DAC | Harvest CLO XII DAC |
|  2.904% due 11/18/2030 •  | 1488 | 1748 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 4058 | 4768 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 757 | 890 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 129 | 129 |
|  LCM 26 Ltd. | LCM 26 Ltd. | LCM 26 Ltd. |
|  5.657% due 01/20/2031 •  | 12 | 12 |
|  LCM 29 Ltd. | LCM 29 Ltd. | LCM 29 Ltd. |
|  5.649% due 04/15/2031 •  | 848 | 850 |
|  LCM XVII LP | LCM XVII LP | LCM XVII LP |
|  5.709% due 10/15/2031 •  | 722 | 722 |
|  Madison Park Euro Funding XIII DAC | Madison Park Euro Funding XIII DAC | Madison Park Euro Funding XIII DAC |
|  2.776% due 01/15/2032 •  | 4440 | 5216 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 1600 | 1603 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 1100 | 1101 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 1166 | 1167 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 1631 | 1634 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | 1578 | 1855 |
|  Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. |
|  5.699% due 07/15/2031 •  | 455 | 455 |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  | 1389 | 1631 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  | 4700 | 4704 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 8300 | 9775 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 700 | 701 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  | 1994 | 1998 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.265% due 05/21/2034 •  | 8400 | 8409 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  2.956% due 04/15/2035 •  | 1400 | 1646 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.746% due 10/15/2031 •  | 2458 | 2888 |
|  3.006% due 08/15/2033 •  | 1096 | 1285 |
|  Rad CLO 10 Ltd. | Rad CLO 10 Ltd. | Rad CLO 10 Ltd. |
|  5.751% due 04/23/2034 •  | 4000 | 4007 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 2200 | 2591 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 603 | 604 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.707% due 01/21/2031 •  | 451 | 452 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  2.919% due 10/25/2035 •  | 700 | 822 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  5.567% due 04/19/2034 •  | 9500 | 9514 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 3290 | 3295 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 1300 | 1525 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  | 4254 | 5000 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  | 2600 | 2609 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 1236 | 1238 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 5400 | 5412 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 379 | 379 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 491 | 491 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 199 | 199 |
|  5.559% due 06/07/2030 •  | 98 | 98 |
|  5.579% due 10/15/2030 •  | 938 | 939 |
|  5.682% due 07/14/2031 •  | 644 | 645 |
|  5.789% due 10/15/2030 •  | 619 | 619 |
|  Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC |
|  2.996% due 10/15/2034 •  | 2800 | 3291 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.505% due 04/20/2034 •  | 1200 | 1202 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.378% due 10/15/2034 •  | 3876 | 3882 |
|  |  | 171789 |
|  Total Asset-Backed Securities (Cost $331,583) | Total Asset-Backed Securities (Cost $331,583) | 316910 |
| SOVEREIGN ISSUES 9.4% | SOVEREIGN ISSUES 9.4% | SOVEREIGN ISSUES 9.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 539800 | 94747 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (d) | 21027 | 15750 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (d) | 26399 | 30880 |
|  0.100% due 07/25/2031 (d) | 52881 | 58861 |
|  0.100% due 07/25/2038 (d) | 361 | 343 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) | 11046 | 12624 |
|  1.800% due 05/15/2036 (d) | 4150 | 4847 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (d) | 3830585 | 26343 |
|  0.100% due 03/10/2029 (d) | 11094099 | 76594 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 900 | 930 |
|  6.625% due 01/29/2038 | 900 | 948 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (d) | 1325 | 69 |
|  Total Sovereign Issues (Cost $336,239) | Total Sovereign Issues (Cost $336,239) | 322936 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 3840000 | 3884 |
|  Total Preferred Securities (Cost $3,840) | Total Preferred Securities (Cost $3,840) | 3884 |
| SHORT-TERM INSTRUMENTS 18.9% | SHORT-TERM INSTRUMENTS 18.9% | SHORT-TERM INSTRUMENTS 18.9% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 1093046 | 1093 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| REPURCHASE AGREEMENTS (g) 16.3% | REPURCHASE AGREEMENTS (g) 16.3% | REPURCHASE AGREEMENTS (g) 16.3% |
|  |  | 557756 |
| U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% |
|  4.126% due 10/02/2025 - 01/27/2026 (b)(c)(j)(l) | 88803 | 88296 |
| Total Short-Term Instruments (Cost $648,651) | Total Short-Term Instruments (Cost $648,651) | 647145 |
| Total Investments in Securities (Cost $4,422,739) | Total Investments in Securities (Cost $4,422,739) | 4406930 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 1.3% | INVESTMENTS IN AFFILIATES 1.3% | INVESTMENTS IN AFFILIATES 1.3% |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 4467288 | 43507 |
| Total Short-Term Instruments (Cost $43,493) | Total Short-Term Instruments (Cost $43,493) | 43507 |
| Total Investments in Affiliates (Cost $43,493) | Total Investments in Affiliates (Cost $43,493) | 43507 |
| Total Investments 130.0% (Cost $4,466,232) | Total Investments 130.0% (Cost $4,466,232) | 4450437 |
|  Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(4225)) | Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(4225)) | 1684 |
| Other Assets and Liabilities, net (30.0)% | Other Assets and Liabilities, net (30.0)% | (1028297) |
| Net Assets 100.0% | Net Assets 100.0% | 3423824 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOM | 2.530% | 09/19/2025 | 10/10/2025 | CAD 60,000 | Province of Ontario 3.750% due 12/02/2053 | $(44486) | $43113 | $43149 |
|  | 2.540 | 09/25/2025 | 10/16/2025 | 80000 | Province of Ontario 4.150% due 12/02/2054 | (59952) | 57484 | 57508 |
| BOS | 4.290 | 09/30/2025 | 10/01/2025 | $91000 | U.S. Treasury Notes 4.125% due 10/31/2029 | (92873) | 91000 | 91011 |
| BOS | 4.450 | 09/30/2025 | 10/01/2025 | 50000 | U.S. Treasury Notes 4.000% due 07/31/2032 | (50954) | 50000 | 50006 |
| BUS | 2.520 | 09/26/2025 | 10/10/2025 | CAD 50,000 | Province of British Columbia 4.600% due 06/18/2057 | (37197) | 35927 | 35939 |
|  | 2.520 | 09/29/2025 | 10/14/2025 | 90000 | Province of Ontario 2.800% due 06/02/2048 | (67664) | 64669 | 64678 |
|  | 2.530 | 09/19/2025 | 10/03/2025 | 200000 | Province of Alberta 3.050% due 12/01/2048 | (44316) | 143709 | 143829 |
|  |  |  |  |  | Province of Manitoba 3.200% due 03/05/2050 | (103270) |  |  |
| MEI | 2.510 | 10/01/2025 | 10/15/2025 | 100000 | Canada Government Bond 3.250% due 12/01/2034 | (73813) | 71854 | 71855 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574525) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557975 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 0.510% | 08/01/2025 | 11/04/2025 | JPY (53968357) | $(365359) |
|  | 0.510 | 08/06/2025 | 11/04/2025 | (19288820) | (130542) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495901) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $100657 | $0 | $0 | $100657 | $(103916) | $(3259) |
|  BOS | 141017 | 0 | 0 | 141017 | (143827) | (2810) |
|  BPS | 0 | (495901) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501659 | 5758 |
|  BUS | 244446 | 0 | 0 | 244446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9403) |
|  MEI | 71855 | 0 | 0 | 71855 | (73814) | (1959) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495901) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $0 | $(495901) | $0 | $(495901) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495901) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(495901) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495901) |

---

(h) Securities with an aggregate market value of $503,136 and cash of $522 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(534842) at a weighted average interest rate of 0.513%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - NYMEX Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.000 | 11/17/2025 | 76 | $76 | $71 | $51 |
|  Put - NYMEX Crude Oil June 2026 Futures | 58.000 | 05/14/2026 | 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | 800 | 781 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME California Carbon Allowances December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.000 | 12/15/2025 | 207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | $103 | $22 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Gold December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200.000 | 11/24/2025 | 20 | $2 | $(27) | $(42) |
|  Call - CME Gold November 2025 Futures | 3600.000 | 10/28/2025 | 20 | 2 | (41) | (559) |
|  Call - CME Gold November 2025 Futures | 3700.000 | 10/28/2025 | 20 | 2 | (32) | (381) |
|  Call - NYMEX Crude Oil December 2025 Futures | 68.000 | 11/17/2025 | 10 | 10 | (13) | (9) |
|  Call - NYMEX Crude Oil December 2025 Futures | 69.000 | 11/17/2025 | 10 | 10 | (10) | (8) |
|  Call - NYMEX Crude Oil December 2025 Futures | 70.000 | 11/17/2025 | 10 | 10 | (11) | (7) |
|  Call - NYMEX Crude Oil December 2025 Futures | 72.000 | 11/17/2025 | 86 | 86 | (63) | (43) |
|  Call - NYMEX Crude Oil June 2026 Futures | 66.000 | 05/14/2026 | 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | (708) | (660) |
|  Call - NYMEX Crude Oil November 2025 Futures | 69.000 | 10/16/2025 | 7 | 7 | (6) | (2) |
|  Call - NYMEX Crude Oil November 2025 Futures | 70.000 | 10/16/2025 | 13 | 13 | (14) | (3) |
|  Call - NYMEX Crude Oil November 2025 Futures | 71.000 | 10/16/2025 | 10 | 10 | (8) | (2) |
|  Call - NYMEX Crude Oil November 2025 Futures | 77.000 | 10/16/2025 | 10 | 10 | (8) | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(941) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - EUREX Natural Gas February 2026 Futures | EUR 45.000 | 01/27/2026 | 4 | $3 | $(4) | $(2) |
|  Call - EUREX Natural Gas January 2026 Futures | 40.000 | 12/24/2025 | 3 | 2 | (4) | (2) |
|  Call - EUREX Natural Gas March 2026 Futures | 45.000 | 02/24/2026 | 4 | 3 | (5) | (3) |
|  Call - ICE Crude Oil December 2025 Futures | $72.000 | 10/28/2025 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | (11) | (5) |
|  Call - ICE Crude Oil December 2025 Futures | 73.000 | 10/28/2025 | 10 | 10 | (10) | (4) |
|  Call - ICE Crude Oil December 2025 Futures | 74.000 | 10/28/2025 | 10 | 10 | (10) | (3) |
|  Call - ICE Crude Oil December 2025 Futures | 75.000 | 10/28/2025 | 10 | 10 | (8) | (3) |
|  Call - ICE Crude Oil January 2026 Futures | 72.000 | 11/25/2025 | 8 | 8 | (8) | (8) |
|  Call - ICE Crude Oil January 2026 Futures | 73.000 | 11/25/2025 | 20 | 20 | (17) | (17) |
|  |  |  |  |  | $(77) | $(47) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee March Futures  | 03/2026 | 36 | $4846 | $483 | $46 | $0 |
|  Brent Crude April Futures  | 02/2026 | 306 | 19908 | (419) | 0 | (303) |
|  Brent Crude December Futures  | 10/2026 | 149 | 9661 | 144 | 0 | (113) |
|  Brent Crude January Futures  | 11/2025 | 7 | 459 | (8) | 0 | (7) |
|  Brent Crude June Futures  | 04/2026 | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |
|  Brent Crude March Futures  | 01/2026 | 100 | 6514 | (126) | 0 | (96) |
|  California Carbon Allowance December Futures  | 12/2025 | 390 | 12125 | (492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 0 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 3373 | $110668 | $3835 | $371 | $0 |
|  Carbon Emissions December Futures  | 12/2025 | 83 | 7379 | 136 | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) |
|  Cocoa December Futures  | 12/2025 | 6 | 405 | (39) | 0 | (15) |
|  Cocoa December Futures  | 12/2025 | 24 | 1527 | (280) | 10 | (39) |
|  Cocoa March Futures  | 03/2026 | 40 | 2718 | (189) | 0 | (92) |
|  Copper December Futures  | 12/2025 | 35 | 4249 | (515) | 2 | (25) |
|  Euro-Bobl December Futures  | 12/2025 | 159 | 21992 | 6 | 30 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 423 | 59515 | 545 | 189 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 234 | 31451 | 703 | 291 | (60) |
|  Euro-Schatz December Futures  | 12/2025 | 1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199453 | (188) | 37 | 0 |
|  Gas Oil February Futures  | 02/2026 | 79 | 5206 | (154) | 0 | (41) |
|  Gas Oil March Futures  | 03/2026 | 107 | 6987 | 173 | 0 | (52) |
|  Gold 100 oz. April Futures  | 04/2026 | 11 | 4325 | 143 | 21 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 81 | 31373 | 1676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 396 | 9855 | (752) | 0 | (207) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 11 | 82 | (11) | 0 | (1) |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 11 | 91 | (2) | 0 | (1) |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 11 | 109 | 16 | 0 | (1) |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 10 | 102 | 18 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 11 | 120 | 27 | 1 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 11 | 90 | (3) | 0 | (1) |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 11 | 86 | (7) | 0 | (1) |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 11 | 95 | 2 | 1 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 11 | 83 | (10) | 0 | (1) |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 11 | 97 | 4 | 0 | (1) |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 11 | 91 | (2) | 0 | (1) |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 11 | 90 | (3) | 0 | (1) |
|  Iron Ore January Futures  | 01/2026 | 963 | 9721 | (156) | 43 | 0 |
|  Iron Ore November Futures  | 11/2025 | 873 | 9043 | (3) | 49 | 0 |
|  Iron Ore October Futures  | 10/2025 | 223 | 2313 | (2) | 12 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 17 | 15610 | (152) | 13 | (13) |
|  Live Cattle April Futures  | 04/2026 | 55 | 5239 | (7) | 26 | 0 |
|  Live Cattle December Futures  | 12/2025 | 122 | 11457 | 112 | 47 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 43 | 2885 | 9 | 21 | (11) |
|  LME Aluminum March Futures  | 03/2026 | 42 | 2825 | 71 | 75 | (4) |
|  LME Nickel January Futures  | 01/2026 | 27 | 2476 | (8) | 2 | (10) |
|  LME Nickel March Futures  | 03/2026 | 30 | 2770 | (9) | 8 | (17) |
|  LME Zinc January Futures  | 01/2026 | 122 | 9031 | 150 | 160 | (9) |
|  LME Zinc March Futures  | 03/2026 | 35 | 2580 | 116 | 116 | 0 |
|  LME Zinc November Futures  | 11/2025 | 18 | 1339 | 82 | 82 | 0 |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 10 | 116 | (9) | 0 | (1) |
|  Mont Belvieu Ethane (OPIS) January Futures  | 01/2026 | 10 | 114 | (10) | 0 | 0 |
|  Mont Belvieu Ethane (OPIS) March Futures  | 03/2026 | 10 | 109 | (16) | 0 | 0 |
|  Natural Gas April Futures  | 03/2026 | 1 | 26 | (6) | 0 | (1) |
|  Natural Gas April Futures  | 03/2027 | 51 | 1772 | 54 | 2 | 0 |
|  Natural Gas August Futures  | 07/2026 | 1 | 27 | (7) | 0 | (1) |
|  Natural Gas December Futures  | 11/2025 | 542 | 21030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4266) | 0 | (23) |
|  Natural Gas December Futures  | 11/2026 | 1 | 28 | (5) | 0 | (1) |
|  Natural Gas February Futures  | 01/2026 | 1 | 25 | (4) | 0 | (1) |
|  Natural Gas January Futures  | 12/2025 | 1 | 28 | (4) | 0 | (1) |
|  Natural Gas July Futures  | 06/2026 | 1 | 27 | (7) | 0 | (1) |
|  Natural Gas June Futures  | 05/2026 | 1 | 26 | (6) | 0 | (1) |
|  Natural Gas March Futures  | 02/2026 | 1 | 28 | (4) | 0 | (1) |
|  Natural Gas March Futures  | 02/2027 | 6 | 233 | 0 | 0 | 0 |
|  Natural Gas May Futures  | 04/2026 | 1 | 26 | (7) | 0 | (1) |
|  Natural Gas November Futures  | 10/2025 | 104 | 3435 | 44 | 30 | (2) |
|  Natural Gas November Futures  | 10/2026 | 1 | 27 | (5) | 0 | (1) |
|  Natural Gas October Futures  | 09/2026 | 1 | 27 | (6) | 0 | (1) |
|  Natural Gas September Futures  | 08/2026 | 1 | 26 | (6) | 0 | (1) |
|  New York Harbor December Futures  | 11/2025 | 10 | 966 | 29 | 1 | (8) |
|  New York Harbor March Futures  | 02/2026 | 102 | 9613 | 41 | 0 | (96) |
|  Palladium December Futures  | 12/2025 | 11 | 1416 | 21 | 2 | (4) |
|  Platinum January Futures  | 01/2026 | 27 | 2168 | 346 | 0 | (36) |
|  RBOB Gasoline December Futures  | 11/2025 | 47 | 3701 | (11) | 3 | (29) |
|  RBOB Gasoline March Futures  | 02/2026 | 103 | 8103 | (62) | 0 | (83) |
|  RBOB Gasoline September Futures  | 08/2026 | 10 | 830 | (11) | 0 | (8) |
|  Silver March Futures  | 03/2026 | 10 | 2360 | 396 | 0 | (19) |
|  Soybean January Futures  | 01/2026 | 182 | 9284 | (308) | 0 | (86) |
|  Soybean Meal January Futures  | 01/2026 | 615 | 17091 | (471) | 0 | (110) |
|  Soybean Oil March Futures  | 03/2026 | 11 | 332 | (17) | 0 | (2) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 3702 | 404241 | 488 | 145 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 1724 | 206988 | 4429 | 0 | (970) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 1114 | $128197 | $758 | $0 | $(70) |
|  Wheat July Futures  | 07/2026 | 36 | 993 | (19) | 0 | (16) |
|  WTI Crude April Futures  | 03/2026 | 108 | 6619 | (448) | 0 | (107) |
|  WTI Crude December Futures  | 11/2026 | 133 | 8116 | (551) | 0 | (98) |
|  WTI Crude June Futures  | 05/2026 | 31 | 1898 | (10) | 0 | (9) |
|  WTI Crude March Futures  | 02/2026 | 141 | 8652 | (164) | 2 | (112) |
|  WTI Crude May Futures  | 04/2026 | 68 | 4166 | (37) | 0 | (65) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3400) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Arabica Coffee December Futures  | 12/2025 | 7 | $(984) | $(209) | $0 | $(7) |
|  Brent Crude August Futures  | 06/2026 | 89 | (5775) | 89 | 78 | 0 |
|  Brent Crude December Futures  | 10/2025 | 122 | (8056) | 160 | 121 | 0 |
|  Brent Crude December Futures  | 10/2027 | 144 | (9429) | (96) | 68 | 0 |
|  Brent Crude February Futures  | 12/2025 | 25 | (1633) | 51 | 26 | 0 |
|  Brent Crude July Futures  | 05/2026 | 92 | (5974) | 91 | 84 | 0 |
|  Brent Crude October Futures  | 08/2026 | 25 | (1621) | 39 | 21 | 0 |
|  Corn December Futures  | 12/2025 | 732 | (15207) | 68 | 218 | 0 |
|  Corn December Futures  | 12/2026 | 155 | (3557) | 7 | 17 | 0 |
|  Corn March Futures  | 03/2026 | 251 | (5422) | 6 | 82 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 67 | (2264) | 33 | 0 | (4) |
|  Euro-Bund December Futures  | 12/2025 | 938 | (141589) | (467) | 33 | (375) |
|  Euro-Oat December Futures  | 12/2025 | 1270 | (180938) | (1355) | 0 | (432) |
|  Gas Oil December Futures  | 12/2025 | 39 | (2627) | (47) | 21 | 0 |
|  Gas Oil May Futures  | 05/2026 | 39 | (2502) | 65 | 18 | 0 |
|  Gas Oil November Futures  | 11/2025 | 64 | (4397) | 108 | 28 | (3) |
|  Gas Oil October Futures  | 10/2025 | 8 | (556) | (14) | 5 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 164 | (4254) | 325 | 84 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 17 | (454) | 19 | 8 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 11 | (109) | 14 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2025 | 12 | (125) | 10 | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2026 | 12 | (109) | 26 | 0 | 0 |
|  Lean Hogs December Futures  | 12/2025 | 173 | (6140) | (307) | 112 | 0 |
|  LME Lead January Futures  | 01/2026 | 56 | (2794) | 12 | 13 | (1) |
|  Natural Gas December Futures  | 11/2025 | 134 | (3731) | 148 | 153 | 0 |
|  Natural Gas December Futures  | 11/2025 | 63 | (2193) | 98 | 106 | 0 |
|  Natural Gas January Futures  | 12/2025 | 700 | (29239) | 5136 | 93 | 0 |
|  Natural Gas January Futures  | 12/2026 | 57 | (2728) | 67 | 6 | 0 |
|  Natural Gas March Futures  | 02/2026 | 45 | (1630) | (22) | 5 | 0 |
|  Natural Gas November Futures  | 10/2025 | 1 | (27) | 2 | 15 | 0 |
|  Natural Gas November Futures  | 10/2025 | 6 | (195) | 6 | 17 | 0 |
|  RBOB Gasoline October Futures  | 09/2026 | 10 | (770) | 14 | 8 | 0 |
|  Rotterdam Coal Febuary Futures  | 02/2026 | 5 | (489) | 0 | 0 | 0 |
|  Rotterdam Coal January Futures  | 01/2026 | 5 | (486) | 3 | 3 | 0 |
|  Rotterdam Coal March Futures  | 03/2026 | 5 | (493) | (4) | 0 | (4) |
|  Silver December Futures  | 12/2025 | 24 | (5597) | (172) | 45 | 0 |
|  SNG KEROS vs. SNG GA April Futures  | 04/2026 | 4 | 3 | 1 | 0 | 0 |
|  SNG KEROS vs. SNG GA December Futures  | 12/2026 | 4 | 1 | 0 | 0 | 0 |
|  SNG KEROS vs. SNG GA February Futures  | 02/2026 | 10 | 6 | 2 | 1 | 0 |
|  SNG KEROS vs. SNG GA January Futures  | 01/2026 | 10 | 5 | 1 | 0 | 0 |
|  SNG KEROS vs. SNG GA June Futures  | 06/2026 | 4 | 3 | 2 | 0 | 0 |
|  SNG KEROS vs. SNG GA March Futures  | 03/2026 | 10 | 6 | 3 | 0 | 0 |
|  SNG KEROS vs. SNG GA May Futures  | 05/2026 | 4 | 4 | 2 | 0 | 0 |
|  SNG KEROS vs. SNG GA November Futures  | 11/2025 | 7 | 6 | (2) | 0 | 0 |
|  SNG KEROS vs. SNG GA November Futures  | 11/2026 | 4 | 2 | 1 | 0 | 0 |
|  SNG KEROS vs. SNG GA October Futures  | 10/2026 | 4 | 2 | 1 | 0 | 0 |
|  Soybean March Futures  | 03/2026 | 67 | (3470) | 38 | 24 | 0 |
|  Soybean Meal March Futures  | 03/2026 | 121 | (3451) | 152 | 18 | 0 |
|  Soybean November Futures  | 11/2026 | 10 | (527) | 5 | 5 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 52 | (1555) | 41 | 5 | (1) |
|  Sugar No. 11 March Futures  | 02/2026 | 231 | (4295) | 50 | 0 | (39) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 3958 | (824841) | (628) | 0 | (433) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1650 | (185625) | (608) | 26 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 2537 | (295798) | (6302) | 634 | 0 |
|  Wheat December Futures  | 12/2025 | 394 | (10008) | 818 | 227 | 0 |
|  Wheat March Futures  | 03/2026 | 145 | (3821) | 238 | 78 | 0 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  WTI Crude August Futures  | 07/2026 | 54 | $(3299) | $202 | $46 | $0 |
|  WTI Crude December Futures  | 11/2025 | 11 | (682) | (20) | 6 | (1) |
|  WTI Crude December Futures  | 11/2026 | 9 | (549) | (14) | 7 | 0 |
|  WTI Crude December Futures  | 11/2027 | 155 | (9550) | (118) | 71 | 0 |
|  WTI Crude February Futures  | 01/2026 | 45 | (2767) | 17 | 46 | 0 |
|  WTI Crude January Futures  | 12/2025 | 34 | (2097) | 11 | 35 | 0 |
|  WTI Crude July Futures  | 06/2026 | 54 | (3303) | 69 | 48 | 0 |
|  WTI Crude June Futures  | 05/2026 | 62 | (3796) | 4 | 57 | 0 |
|  WTI Crude November Futures  | 10/2025 | 50 | (3119) | 107 | 52 | 0 |
|  WTI Crude October Futures  | 09/2026 | 48 | (2928) | 51 | 38 | 0 |
|  WTI Crude September Futures  | 08/2026 | 34 | (2076) | 23 | 28 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1949) | $2940 | $(1300) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $2848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4700) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP 158,000 | $(718) | $(195) | $(913) | $217 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | JPY 2,495,000 | (45) | 280 | 235 | 5 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 568470 | (11) | 83 | 72 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 9360000 | (108) | 1045 | 937 | 30 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 4681000 | 92 | 1340 | 1432 | 36 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $56320 | 372 | (319) | 53 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 201300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 22580 | (285) | (503) | (788) | 12 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 129900 | (840) | 863 | 23 | 0 | (66) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 205057 | (204) | (3116) | (3320) | 0 | (70) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 23280 | (220) | (791) | (1011) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 26200 | 1645 | 6939 | 8584 | 69 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 23468 | (590) | (26) | (616) | 68 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 20100 | 1248 | 5500 | 6748 | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 88500 | 1835 | 15389 | 17224 | 240 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 29500 | 786 | 1564 | 2350 | 88 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 1.830 | Annual | 09/17/2027 | EUR 62,900 | 0 | 468 | 468 | 0 | (15) |
|  Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 | 13800 | (347) | 258 | (89) | 0 | (44) |
|  Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 285800 | 145 | 254 | 399 | 958 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 8600 | 532 | 4750 | 5282 | 0 | (39) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 8950 | 6 | 5481 | 5487 | 0 | (40) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 17500 | 1090 | 9631 | 10721 | 0 | (79) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 71800 | (1024) | (296) | (1320) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 21840 | (164) | (4471) | (4635) | 85 | 0 |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 2800 | 2 | (2) | 0 | 0 | (9) |
|  Receive | CPTFEMU | 2.570 | Maturity | 06/15/2032 | 45400 | 0 | (774) | (774) | 0 | (165) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 67600 | (28) | (860) | (888) | 0 | (257) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 8000 | (8) | (81) | (89) | 0 | (29) |
|  Pay | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 120 | 0 | 1 | 1 | 0 | 0 |
|  Pay | CPTFEMU | 1.950 | Maturity | 11/15/2048 | 2020 | 7 | (299) | (292) | 15 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 4100 | 2 | 195 | 197 | 29 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 4730 | (123) | 367 | 244 | 34 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 3000 | 4 | 140 | 144 | 20 | 0 |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 3330 | 0 | 34 | 34 | 19 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 9000 | 0 | 1033 | 1033 | 62 | 0 |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 11200 | 9 | 1727 | 1736 | 80 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 5100 | 34 | 792 | 826 | 37 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 10700 | 29 | 1956 | 1985 | 81 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 3400 | 0 | 535 | 535 | 23 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 5500 | 50 | 918 | 968 | 37 | 0 |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 | $85600 | 0 | (503) | (503) | 5 | 0 |
|  Pay | CPURNSA | 2.702 | Maturity | 01/14/2026 | 29000 | 0 | (119) | (119) | 0 | (5) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 17700 | 0 | (58) | (58) | 1 | 0 |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 18600 | 0 | (58) | (58) | 1 | 0 |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 19000 | 0 | (22) | (22) | 4 | 0 |
|  Receive | CPURNSA | 2.418 | Maturity | 03/05/2026 | 8100 | 0 | 982 | 982 | 0 | (2) |
|  Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 3400 | 0 | 9 | 9 | 1 | 0 |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 | 10000 | 0 | 1002 | 1002 | 0 | (2) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 9800 | 0 | 956 | 956 | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | CPURNSA | 2.703% | Maturity | 05/25/2026 | $9590 | $2 | $979 | $981 | $0 | $(2) |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 10400 | 0 | 1062 | 1062 | 0 | (3) |
|  Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 | 17400 | 0 | 7 | 7 | 4 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/01/2026 | 35900 | 0 | 45 | 45 | 16 | 0 |
|  Pay | CPURNSA | 0.000 | Maturity | 08/27/2026 | 34000 | 0 | 60 | 60 | 13 | 0 |
|  Receive | CPURNSA | 1.793 | Maturity | 08/24/2027 | 90200 | 0 | 16363 | 16363 | 0 | (25) |
|  Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 | 21700 | 0 | 3927 | 3927 | 0 | (6) |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 | 40100 | 0 | 6974 | 6974 | 0 | (10) |
|  Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 | 32120 | 70 | (3957) | (3887) | 24 | 0 |
|  Pay | CPURNSA | 2.352 | Maturity | 05/09/2028 | 10270 | 0 | (1196) | (1196) | 3 | 0 |
|  Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 | 15460 | 0 | (1787) | (1787) | 4 | 0 |
|  Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 | 15760 | 0 | (1816) | (1816) | 4 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 14300 | 0 | (2061) | (2061) | 0 | (2) |
|  Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 | 22400 | 18 | (3548) | (3530) | 0 | (3) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 12100 | 0 | 1613 | 1613 | 4 | 0 |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | EUR 5,600 | 16 | (235) | (219) | 32 | 0 |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 | GBP 14,200 | 0 | (15) | (15) | 0 | (19) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 15800 | 90 | 210 | 300 | 58 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 6600 | 0 | 92 | 92 | 19 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1457) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(3)</sup> | Variation Margin<br>Asset<sup>(3)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(3)</sup> | Variation Margin<br>Liability<sup>(3)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4980) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1457) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8201) |

---

(j) Securities with an aggregate market value of $62,238 and cash of $6,407 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> Future styled option variation margin asset of $12 is outstanding at period end. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> Unsettled variation margin asset of $211 and liability of $(280) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 4704 | $3381 | $1 | $0 |
|  | 10/2025 | 161803 | 188718 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246) |
|  | 10/2025 | $46141 | 64191 | 0 | (14) |
|  | 11/2025 | 64090 | $46141 | 14 | 0 |
|  | 11/2025 | $3381 | 4696 | 0 | (1) |
|  BOA | 10/2025 | 200194 | $145167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | 0 |
|  | 10/2025 | 24815 | 169 | 1 | 0 |
|  | 10/2025 | $2585 | 2208 | 7 | 0 |
|  | 10/2025 | 1332 | 4480 | 20 | 0 |
|  | 10/2025 | 2795 | 247257 | 0 | (14) |
|  | 10/2025 | 1442 | 216023 | 18 | 0 |
|  | 10/2025 | 1585 | 2195080 | 0 | (21) |
|  | 10/2025 | 6 | 10 | 0 | 0 |
|  | 10/2025 | 400 | 1437 | 0 | (4) |
|  | 11/2025 | 215275 | $1442 | 0 | (19) |
|  | 11/2025 | 10 | 6 | 0 | 0 |
|  | 11/2025 | $517 | 1730 | 5 | 0 |
|  | 12/2025 | 125 | 2346 | 2 | 0 |
|  BPS | 10/2025 | 133800 | $22334 | 0 | (2806) |
|  | 10/2025 | 40161 | 5639 | 2 | 0 |
|  | 10/2025 | 120730563 | 7300 | 72 | (10) |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 180355 | $2047 | $18 | $0 |
|  | 10/2025 | 23108 | 712 | 0 | (2) |
|  | 10/2025 | 363129 | 12099 | 183 | (13) |
|  | 10/2025 | $24783 | 133800 | 365 | (8) |
|  | 10/2025 | 8929 | 147422182 | 0 | (93) |
|  | 10/2025 | 1684 | 250273 | 8 | 0 |
|  | 10/2025 | 7764 | 10730285 | 0 | (118) |
|  | 10/2025 | 1115 | 4057 | 2 | 0 |
|  | 11/2025 | 71 | $51 | 0 | 0 |
|  | 11/2025 | 21557664 | 1290 | 0 | (1) |
|  | 11/2025 | 130843 | 1470 | 0 | 0 |
|  | 11/2025 | 249404 | 1684 | 0 | (8) |
|  | 11/2025 | 1135471 | 810 | 0 | 0 |
|  | 11/2025 | $448 | 2399 | 0 | (1) |
|  | 11/2025 | 1551 | 5214 | 23 | 0 |
|  | 12/2025 | 38397 | $1279 | 12 | 0 |
|  | 12/2025 | $1758 | 29572203 | 11 | 0 |
|  | 12/2025 | 187 | 3474 | 1 | 0 |
|  | 04/2026 | 57600 | $10084 | 0 | (278) |
|  BRC | 10/2025 | 4410 | 3194 | 25 | 0 |
|  | 10/2025 | 7620 | 9547 | 0 | (26) |
|  | 10/2025 | 3493 | 4716 | 19 | 0 |
|  | 10/2025 | 848186 | 52 | 1 | 0 |
|  | 10/2025 | $7068 | 9731 | 0 | (75) |
|  | 10/2025 | 10246 | 8217 | 76 | 0 |
|  | 10/2025 | 1074 | 795 | 0 | (4) |
|  | 10/2025 | 2 | 25 | 0 | 0 |
|  | 10/2025 | 6308 | 23065 | 37 | 0 |
|  | 10/2025 | 3690 | 65088 | 74 | 0 |
|  | 11/2025 | 25 | $2 | 0 | 0 |
|  | 11/2025 | $9547 | 7590 | 26 | 0 |
|  | 11/2025 | 4718 | 3493 | 0 | (19) |
|  | 11/2025 | 11938 | $678 | 0 | (11) |
|  | 12/2025 | $123 | 2269 | 0 | 0 |
|  BSH | 10/2025 | 102100 | $19197 | 13 | 0 |
|  | 10/2025 | 4175 | 4851 | 0 | (51) |
|  | 10/2025 | $18775 | 102100 | 409 | 0 |
|  | 02/2026 | 2212 | $633 | 0 | (2) |
|  | 04/2026 | 109300 | 19244 | 0 | (416) |
|  CBK | 10/2025 | 1900 | 1240 | 0 | (17) |
|  | 10/2025 | 1484 | 1073 | 7 | 0 |
|  | 10/2025 | 765 | 108 | 0 | 0 |
|  | 10/2025 | 17948 | 2803 | 0 | (20) |
|  | 10/2025 | 1670 | 1949 | 0 | (12) |
|  | 10/2025 | 74061608 | 4478 | 47 | (8) |
|  | 10/2025 | 243963 | 2747 | 3 | 0 |
|  | 10/2025 | 192 | 19 | 0 | 0 |
|  | 10/2025 | 14040 | 10937 | 53 | 0 |
|  | 10/2025 | 14706 | 456 | 1 | 0 |
|  | 10/2025 | 543072 | 18325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | 0 |
|  | 10/2025 | $2657 | 43697484 | 0 | (38) |
|  | 10/2025 | 11903 | 1045629 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |
|  | 10/2025 | 244 | 2436 | 0 | 0 |
|  | 10/2025 | 2656 | 25155 | 16 | 0 |
|  | 10/2025 | 6114 | 186061 | 5 | (7) |
|  | 10/2025 | 2961 | $171 | 0 | 0 |
|  | 11/2025 | 2436 | 244 | 0 | 0 |
|  | 11/2025 | $53 | 74 | 0 | 0 |
|  | 11/2025 | 1112 | 3726 | 13 | 0 |
|  | 11/2025 | 2747 | 244441 | 0 | (3) |
|  | 12/2025 | 121243 | $4010 | 9 | (1) |
|  | 12/2025 | $1817 | 30540683 | 9 | 0 |
|  | 01/2026 | 63456 | $2103 | 1 | 0 |
|  DUB | 10/2025 | 86057 | 12103 | 25 | 0 |
|  | 10/2025 | 44676694 | 2726 | 48 | 0 |
|  | 10/2025 | 396164 | 4459 | 4 | 0 |
|  | 10/2025 | 2952447 | 2129 | 25 | 0 |
|  | 10/2025 | $3764 | 12862 | 119 | 0 |
|  | 10/2025 | 5757 | 509006 | 0 | (32) |
|  | 10/2025 | 1060 | 31724 | 0 | (18) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 12855 | $3764 | $0 | $(117) |
|  | 11/2025 | 32728 | 368 | 0 | 0 |
|  | 11/2025 | $4459 | 396952 | 0 | (4) |
|  | 11/2025 | 28826 | $1647 | 0 | (17) |
|  FAR | 10/2025 | 37531 | 24344 | 0 | (490) |
|  | 10/2025 | 233870 | 168246 | 147 | (53) |
|  | 10/2025 | 1366 | 1714 | 0 | (2) |
|  | 10/2025 | 37521 | 5285 | 18 | 0 |
|  | 10/2025 | 9858447 | 67059 | 396 | 0 |
|  | 10/2025 | 8 | 6 | 0 | 0 |
|  | 10/2025 | $26982 | 41327 | 364 | 0 |
|  | 10/2025 | 11302 | 996861 | 0 | (91) |
|  | 10/2025 | 7667 | 28018 | 40 | 0 |
|  | 10/2025 | 40336 | 51949 | 0 | (64) |
|  | 11/2025 | 41327 | $26995 | 0 | (363) |
|  | 11/2025 | 51818 | 40336 | 61 | 0 |
|  | 11/2025 | $1714 | 1360 | 2 | 0 |
|  | 12/2025 | 13394 | $703 | 0 | (23) |
|  | 12/2025 | $34212 | 191878 | 1326 | 0 |
|  | 12/2025 | 6101 | 115606 | 161 | 0 |
|  GLM | 10/2025 | 212400 | $34867 | 0 | (5041) |
|  | 10/2025 | 60087 | 43617 | 423 | 0 |
|  | 10/2025 | 292 | 365 | 0 | (2) |
|  | 10/2025 | 2958 | 416 | 1 | 0 |
|  | 10/2025 | 30049285 | 1802 | 1 | 0 |
|  | 10/2025 | 23869 | 17 | 0 | 0 |
|  | 10/2025 | 551 | 430 | 3 | 0 |
|  | 10/2025 | $39116 | 212400 | 798 | (7) |
|  | 10/2025 | 2705 | 44721106 | 0 | (25) |
|  | 10/2025 | 3237 | 284073 | 0 | (42) |
|  | 10/2025 | 17 | 23869 | 0 | 0 |
|  | 11/2025 | 281 | 936 | 2 | 0 |
|  | 12/2025 | 625554 | $37 | 0 | 0 |
|  | 12/2025 | 3551 | 187 | 0 | (5) |
|  | 12/2025 | $1754 | 29325743 | 0 | 0 |
|  | 04/2026 | 281900 | $49321 | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1392) |
|  IND | 10/2025 | 1896 | 1239 | 0 | (16) |
|  | 10/2025 | $3055 | 19533 | 18 | 0 |
|  | 11/2025 | 19488 | $3055 | 0 | (18) |
|  JPM | 10/2025 | 10259 | 1927 | 1 | (2) |
|  | 10/2025 | 64025 | 46330 | 323 | 0 |
|  | 10/2025 | 6524 | 7630 | 0 | (29) |
|  | 10/2025 | 89821936 | 5380 | 0 | (4) |
|  | 10/2025 | 5110065 | 3686 | 44 | 0 |
|  | 10/2025 | 2613 | 2033 | 7 | 0 |
|  | 10/2025 | $1867 | 10259 | 61 | 0 |
|  | 10/2025 | 3031 | 4189 | 0 | (21) |
|  | 10/2025 | 2128 | 13546 | 3 | 0 |
|  | 10/2025 | 1133 | 843 | 1 | 0 |
|  | 10/2025 | 8245 | 137008265 | 3 | (34) |
|  | 10/2025 | 1436 | 4820 | 20 | 0 |
|  | 10/2025 | 491354 | 73598670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321 | 0 |
|  | 10/2025 | 4157 | 15276 | 45 | 0 |
|  | 10/2025 | 691 | 20984 | 0 | (2) |
|  | 10/2025 | 830 | 14674 | 19 | 0 |
|  | 11/2025 | 385 | $277 | 0 | 0 |
|  | 11/2025 | 13514 | 2128 | 0 | (3) |
|  | 11/2025 | 25527 | 1456 | 0 | (17) |
|  | 04/2026 | 91000 | 15355 | 0 | (1014) |
|  MBC | 10/2025 | 90127 | 64704 | 0 | (98) |
|  | 10/2025 | 306 | 384 | 0 | (1) |
|  | 10/2025 | 43793 | 6161 | 15 | 0 |
|  | 10/2025 | 5059 | 6819 | 19 | (3) |
|  | 10/2025 | 4465459 | 271 | 3 | 0 |
|  | 10/2025 | 17643 | 120 | 1 | 0 |
|  | 10/2025 | 12565221 | 9013 | 59 | 0 |
|  | 10/2025 | 38722 | 4039 | 0 | (74) |
|  | 10/2025 | 34213 | 26698 | 175 | 0 |
|  | 10/2025 | 34715 | 1078 | 5 | 0 |
|  | 10/2025 | 57263 | 1871 | 0 | (10) |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $3148 | 4343 | $0 | $(27) |
|  | 10/2025 | 1734 | 1366 | 0 | (19) |
|  | 10/2025 | 4366 | 31104 | 0 | (1) |
|  | 10/2025 | 834 | 124038 | 5 | 0 |
|  | 10/2025 | 6091 | 8503927 | 0 | (30) |
|  | 10/2025 | 3 | 25 | 0 | 0 |
|  | 10/2025 | 1387 | 2366 | 0 | (16) |
|  | 10/2025 | 1620 | 15515 | 28 | 0 |
|  | 10/2025 | 1130 | 36584 | 1 | 0 |
|  | 11/2025 | 31030 | $4366 | 1 | 0 |
|  | 11/2025 | 212060 | 1434 | 0 | (5) |
|  | 11/2025 | 25 | 3 | 0 | 0 |
|  | 11/2025 | $6821 | 5059 | 3 | (19) |
|  | 11/2025 | 312 | 1039 | 1 | 0 |
|  | 12/2025 | 414 | 7851 | 12 | 0 |
|  MYI | 10/2025 | 22300 | $3662 | 0 | (528) |
|  | 10/2025 | 44212 | 6213 | 8 | 0 |
|  | 10/2025 | 18022170 | 1095 | 14 | 0 |
|  | 10/2025 | 109731 | 744 | 2 | 0 |
|  | 10/2025 | $4193 | 22300 | 0 | (3) |
|  | 10/2025 | 31696 | 4731871 | 301 | 0 |
|  | 10/2025 | 608 | 2200 | 0 | (3) |
|  | 10/2025 | 3464 | 104378 | 0 | (35) |
|  | 11/2025 | 4715497 | $31696 | 0 | (301) |
|  | 12/2025 | 103699 | 3464 | 41 | 0 |
|  NGF | 10/2025 | 6768452 | 4867 | 43 | 0 |
|  | 10/2025 | $2393 | 39604753 | 0 | (19) |
|  RBC | 10/2025 | 553 | $400 | 2 | 0 |
|  SCX | 10/2025 | 7457 | 1402 | 1 | 0 |
|  | 10/2025 | 32154 | 4525 | 12 | 0 |
|  | 10/2025 | 15130 | 2355 | 0 | (24) |
|  | 10/2025 | 1014 | 1356 | 0 | (7) |
|  | 10/2025 | 37725102 | 2259 | 0 | (2) |
|  | 10/2025 | 284060 | 3195 | 1 | 0 |
|  | 10/2025 | 74160482 | 495711 | 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5785) |
|  | 10/2025 | 536 | 420 | 5 | 0 |
|  | 10/2025 | 321881 | 10862 | 286 | 0 |
|  | 10/2025 | $1402 | 7457 | 0 | (1) |
|  | 10/2025 | 2672 | 43939708 | 0 | (39) |
|  | 10/2025 | 5606 | 494928 | 0 | (39) |
|  | 11/2025 | 139 | $100 | 0 | 0 |
|  | 11/2025 | 1021 | 7 | 0 | 0 |
|  | 11/2025 | $1356 | 1014 | 7 | 0 |
|  | 11/2025 | 2827 | 251856 | 0 | 0 |
|  | 11/2025 | 493653 | 73598670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753 | 0 |
|  | 12/2025 | 1402 | 7564 | 0 | (1) |
|  | 12/2025 | 2259 | 37820448 | 3 | 0 |
|  SOG | 10/2025 | 18033 | $3379 | 0 | (9) |
|  | 10/2025 | 5144460 | 34982 | 195 | 0 |
|  | 10/2025 | 2379 | 1386 | 7 | 0 |
|  | 10/2025 | $3391 | 18033 | 0 | (2) |
|  | 10/2025 | 202229 | 171964 | 0 | (335) |
|  | 10/2025 | 69253 | 10304823 | 428 | 0 |
|  | 11/2025 | 171964 | $202635 | 337 | 0 |
|  | 11/2025 | 10269186 | 69253 | 0 | (429) |
|  | 12/2025 | $3379 | 18290 | 9 | 0 |
|  SSB | 10/2025 | 1514 | $1100 | 12 | 0 |
|  | 10/2025 | $11685 | 8669 | 0 | (26) |
|  | 11/2025 | 587 | $422 | 0 | 0 |
|  UAG | 10/2025 | 2126 | 1542 | 14 | 0 |
|  | 10/2025 | 23454 | 7030 | 0 | (51) |
|  | 10/2025 | 2377 | 234 | 0 | (5) |
|  | 10/2025 | $377 | 1291 | 13 | 0 |
|  | 10/2025 | 130 | 11481 | 0 | (1) |
|  | 10/2025 | 869 | 3146 | 0 | (4) |
|  | 10/2025 | 1130 | 36569 | 0 | 0 |
|  | 10/2025 | 171 | 2961 | 0 | 0 |
|  | 10/2025 | 2962 | $171 | 0 | 0 |
|  | 11/2025 | 1291 | 377 | 0 | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $404 | 1374 | $10 | $0 |
|  | 11/2025 | 12985 | $737 | 0 | (13) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22435) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 31400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 12900 | $(115) | $(80) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 12900 | (115) | (57) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 42400 | (511) | (280) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 42400 | (512) | (3) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 34200 | (310) | (183) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 34200 | (310) | (184) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 86900 | (797) | (631) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 86900 | (797) | (350) |
|  |  |  |  |  |  | $(3467) | $(1768) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4895) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2464) |

---

#### SWAP AGREEMENTS:

#### COMMODITY FORWARD SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | EUROBOBCO | $5.050 | Maturity | 12/31/2025 | 6000 | $0 | $46 | $46 | $0 |
|  | Receive | EUROBOBCO | 7.800 | Maturity | 12/31/2025 | 6000 | 0 | 40 | 40 | 0 |
|  | Pay | EUROBOBCO | 6.550 | Maturity | 12/31/2025 | 3000 | 0 | (19) | 0 | (19) |
|  | Pay | NAPGASFO Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.871 | Maturity | 10/31/2025 | 6000 | 0 | 21 | 21 | 0 |
|  | Receive | NAPGASFO Index | 5.880 | Maturity | 12/31/2025 | 21000 | (3) | 78 | 75 | 0 |
|  | Receive | NAPGASFO Index | 7.860 | Maturity | 12/31/2025 | 18000 | 0 | 38 | 38 | 0 |
|  JPM | Receive | EUROBOBCO | 7.600 | Maturity | 12/31/2025 | 3000 | 0 | 20 | 20 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | BACVWSAV Index<sup>(5)</sup>« | 282661 | 0.000% | Monthly | 03/31/2026 | $49128 | $0 | $0 | $0 | $0 |
|  | Receive | BCOMTR2 Index<sup>(6)</sup> | 1351922 | 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 266144 | 0 | (53) | 0 | (53) |
| BPS | Receive | BCOMF1NTC Index | 159133 | 0.120% | Monthly | 03/16/2026 | 20263 | 0 | (7) | 0 | (7) |
|  | Receive | BCOMF1TC Index<sup>(7)</sup> | 3714201 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) |
|  | Receive | BCOMTR Index | 532325 | 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 138782 | 0 | (84) | 0 | (84) |
|  | Receive | BCOMTR1 Index<sup>(8)</sup> | 581388 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 57611 | 0 | (35) | 0 | (35) |
| CBK | Receive | CIXBSTR3 Index<sup>(9)</sup> | 529485 | 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 151717 | 0 | (57) | 0 | (57) |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| CIB | Receive | PIMCODB Index<sup>(10)</sup> | 648093 | 0.000% | Monthly | 06/15/2026 | $138389 | $0 | $919 | $919 | $0 |
| GST | Pay | BCOMTR Index | 1451904 | 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 378525 | 0 | 230 | 230 | 0 |
|  | Pay | SPGCINP Index | 47036 | -0.070% | Monthly | 01/15/2026 | 10252 | 0 | 2 | 2 | 0 |
|  | Receive | BCOMF1NTC Index<sup></sup> | 12344 | 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 4443 | 0 | (7) | 0 | (7) |
|  | Receive | BCOMF1TC Index<sup>(11)</sup> | 307379 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 128143 | 0 | (118) | 0 | (118) |
|  | Receive | BCOMTR1 Index<sup>(12)</sup> | 374091 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 108817 | 0 | (67) | 0 | (67) |
|  | Receive | BCOMTR2 Index<sup>(13)</sup> | 302690 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 80543 | 0 | (63) | 0 | (63) |
|  | Receive | BCOMF1TC Index<sup>(14)</sup> | 705858 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 294265 | 0 | (270) | 0 | (270) |
|  | Receive | BCOMTR Index | 1709269 | 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 445622 | 0 | (271) | 0 | (271) |
|  | Receive | BCOMTR1 Index<sup>(15)</sup> | 708060 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 205963 | 0 | (126) | 0 | (126) |
|  | Receive | BCOMTR2 Index<sup>(16)</sup> | 572918 | 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 152448 | 0 | (62) | 0 | (62) |
|  | Receive | CMDSKEWLS Index<sup>(17)</sup> | 124170 | 0.250% | Monthly | 08/16/2032 | 53684 | 0 | 3183 | 3183 | 0 |
| JPM | Pay | BCOMTR Index | 196500 | 3.780% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 51229 | 0 | 26 | 26 | 0 |
|  | Receive | JMABNIC5 Index | 5678 | 0.000% | Monthly | 07/15/2026 | 1067 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMTR Index | 467972 | 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/17/2026 | 122004 | 0 | (74) | 0 | (74) |
|  | Receive | JMABNIC5 Index<sup>(18)</sup> | 582573 | 0.000% | Monthly | 08/17/2026 | 109696 | 0 | (2) | 0 | (2) |
| MAC | Receive | PIMCODB Index<sup>(19)</sup> | 422144 | 0.000% | Monthly | 08/17/2026 | 86335 | 0 | 590 | 590 | 0 |
| MEI | Receive | BCOMTR Index | 285866 | 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 74528 | 0 | (45) | 0 | (45) |
|  | Receive | BCOMTR1 Index<sup>(20)</sup> | 655068 | 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 140174 | 0 | (76) | 0 | (76) |
| MYC | Pay | BCOMTR Index | 78213 | 3.750% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 20391 | 0 | 8 | 8 | 0 |
|  | Receive | BCOMTR1 Index<sup>(21)</sup> | 305679 | 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 231495 | 0 | (143) | 0 | (143) |
| RBC | Receive | RBCAEC0T Index<sup>(22)</sup> | 838405 | 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 74358 | 0 | (47) | 0 | (47) |
|  | Receive | RBCAECR1 Index<sup>(23)</sup> | 303641 | 3.970% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 38340 | 0 | (18) | 0 | (18) |
|  | Receive | RBCAECT0 Index | 3202387 | 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 278335 | 0 | (176) | 0 | (176) |
| SOG | Receive | BCOMTR Index | 22491 | 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 12/15/2026 | 5864 | 5 | (9) | 0 | (4) |
| UAG | Receive | BCOMTR Index | 36914 | 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 9624 | 0 | (6) | 0 | (6) |
|  |  |  |  |  |  |  |  | $5 | $2758 | $4958 | $(2195) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 93

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | # of<br>Shares | Financing<br>Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | # of<br>Shares | Financing<br>Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.350 | Maturity | 10/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | $0 | $(1852) | $0 | $(1852) |
|  SOG | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.350 | Maturity | 10/16/2025 | 450000 | 0 | (702) | 0 | (702) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2554) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2554) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Volatility | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Volatility | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.080% | Maturity | 10/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93889 | $0 | $1081 | $1081 | $0 |
|  | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.203 | Maturity | 10/22/2025 | 16933 | 0 | 211 | 211 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 6.325 | Maturity | 04/10/2026 | 66938 | 0 | 2312 | 2312 | 0 |
|  | Pay<br> London Gold Market Fixing Ltd. PM<sup>(3)</sup> | 3.285 | Maturity | 09/16/2026 | 20800 | 0 | (33) | 0 | (33) |
|  | Pay<br> London Gold Market Fixing Ltd. PM<sup>(3)</sup> | 3.349 | Maturity | 09/25/2026 | 10340 | 0 | (12) | 0 | (12) |
|  |  |  |  |  |  | $0 | $3559 | $3604 | $(45) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4813) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $15 | $0 | $0 | $15 | $(1261) | $0 | $0 | $(1261) | $(1246) | $1655 | $409 |
|  BOA | 1358 | 0 | 0 | 1358 | (58) | 0 | (53) | (111) | 1247 | (2110) | (863) |
|  BPS | 697 | 0 | 220 | 917 | (3338) | 0 | (2381) | (5719) | (4802) | 1624 | (3178) |
|  BRC | 258 | 0 | 0 | 258 | (135) | (137) | 0 | (272) | (14) | 0 | (14) |
|  BSH | 422 | 0 | 0 | 422 | (469) | 0 | 0 | (469) | (47) | 0 | (47) |
|  CBK | 646 | 0 | 0 | 646 | (249) | 0 | (57) | (306) | 340 | (743) | (403) |
|  CIB | 0 | 0 | 919 | 919 | 0 | 0 | 0 | 0 | 919 | (1480) | (561) |
|  DUB | 221 | 0 | 0 | 221 | (188) | 0 | 0 | (188) | 33 | 0 | 33 |
|  FAR | 2515 | 0 | 0 | 2515 | (1086) | 0 | 0 | (1086) | 1429 | (2070) | (641) |
|  GLM | 1233 | 0 | 0 | 1233 | (6514) | (2327) | 0 | (8841) | (7608) | 3373 | (4235) |
|  GST | 0 | 0 | 3415 | 3415 | 0 | 0 | (984) | (984) | 2431 | (6510) | (4079) |
|  IND | 18 | 0 | 0 | 18 | (34) | 0 | 0 | (34) | (16) | 0 | (16) |
|  JPM | 6848 | 0 | 3650 | 10498 | (1126) | 0 | (121) | (1247) | 9251 | (7591) | 1660 |
|  MAC | 0 | 0 | 590 | 590 | 0 | 0 | 0 | 0 | 590 | (870) | (280) |
|  MBC | 328 | 0 | 0 | 328 | (303) | 0 | 0 | (303) | 25 | 0 | 25 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (121) | (121) | (121) | (850) | (971) |
|  MYC | 0 | 0 | 8 | 8 | 0 | 0 | (143) | (143) | (135) | (764) | (899) |
|  MYI | 366 | 0 | 0 | 366 | (870) | 0 | 0 | (870) | (504) | 591 | 87 |
|  NGF | 43 | 0 | 0 | 43 | (19) | 0 | 0 | (19) | 24 | 0 | 24 |
|  RBC | 2 | 0 | 0 | 2 | 0 | 0 | (241) | (241) | (239) | (1510) | (1749) |
|  SCX | 6090 | 0 | 0 | 6090 | (5898) | 0 | 0 | (5898) | 192 | (280) | (88) |
|  SOG | 976 | 0 | 0 | 976 | (775) | 0 | (706) | (1481) | (505) | 391 | (114) |
|  SSB | 12 | 0 | 0 | 12 | (26) | 0 | 0 | (26) | (14) | 0 | (14) |
|  UAG | 37 | 0 | 0 | 37 | (86) | 0 | (6) | (92) | (55) | 0 | (55) |
|  Total Over the Counter | $22085 | $0 | $8802 | $30887 | $(22435) | $(2464) | $(4813) | $(29712) |  |  |  |

---

(l) Securities with an aggregate market value of $10,635 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Variance Swap.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(5)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  WTI Crude December 2025 Futures | 13.9% | $6812 | WTI Crude February 2026 Futures | (8.1)% | $(3975) |
|  WTI Crude December 2025 Futures Call @ 62 | 2.4 | 1193 | WTI Crude January 2026 Futures | (25.2) | (12376) |
|  WTI Crude December 2025 Futures Call @ 63 | 3.5 | 1707 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 64 | 4.7 | 2336 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 65 | 1 | 496 |  |  |  |
|  WTI Crude December 2025 Futures Call @ 67 | 1.1 | 541 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 62 | 1.8 | 905 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 63 | 3.5 | 1711 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 64 | 6.3 | 3090 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 65 | 1.8 | 866 |  |  |  |
|  WTI Crude December 2025 Futures Put @ 67 | 3.3 | 1611 |  |  |  |
|  WTI Crude February 2026 Futures Call @ 63 | 1.6 | 776 |  |  |  |
|  WTI Crude February 2026 Futures Call @ 64 | 2.6 | 1295 |  |  |  |
|  WTI Crude February 2026 Futures Put @ 63 | 1.8 | 891 |  |  |  |
|  WTI Crude February 2026 Futures Put @ 64 | 2.4 | 1175 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 61 | 4.1 | 2027 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 62 | 8.2 | 4008 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 63 | 5.6 | 2736 |  |  |  |
|  WTI Crude January 2026 Futures Call @ 64 | 1.4 | 681 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 61 | 2.7 | 1349 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 62 | 6.9 | 3394 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 63 | 6 | 2941 |  |  |  |
|  WTI Crude January 2026 Futures Put @ 64 | 1.9 | 929 |  |  |  |
|  WTI Crude November 2025 Futures | 21.8 | 10714 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 62 | 4.8 | 2383 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 63 | 0.6 | 285 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 64 | 2.4 | 1167 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 65 | 0.8 | 384 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 66 | 0.3 | 154 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 67 | 0.5 | 251 |  |  |  |
|  WTI Crude November 2025 Futures Call @ 69 | 0.1 | 65 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 62 | 2.9 | 1407 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 63 | 0.5 | 241 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 64 | 2.9 | 1419 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 65 | 1.4 | 669 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 66 | 0.8 | 378 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 67 | 1.7 | 864 |  |  |  |
|  WTI Crude November 2025 Futures Put @ 69 | 3.3 | 1628 |  |  |  |
|  Total Long Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65479 | Total Short Futures Contracts |  | $(16351) |
|  Total Notional Amount |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49128 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(6)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848 |
|  Arabica Coffee December 2025 Futures | 3.2 | 8618 |
|  Brent Crude January 2026 Futures | 6.3 | 16767 |
|  Copper December 2025 Futures | 5.7 | 15247 |
|  Corn December 2025 Futures | 4.7 | 12503 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 3781 |
|  Gas Oil November 2025 Futures | 2.6 | 6889 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 50890 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 4043 |
|  Lead November 2025 Futures | 0.9 | 2284 |
|  Lean Hogs December 2025 Futures | 1.8 | 4761 |
|  Live Cattle December 2025 Futures | 4.0 | 10566 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 5344 |
|  Nickel November 2025 Futures | 2.2 | 5805 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 20752 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 4977 |
|  Silver December 2025 Futures | 6.3 | 16729 |
|  Soybean Meal December 2025 Futures | 2.9 | 7788 |
|  Soybean Oil December 2025 Futures | 3.7 | 9891 |
|  Soybeans November 2025 Futures | 5.5 | 14686 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 6265 |
|  Wheat December 2025 Futures | 2.4 | 6483 |
|  WTI Crude November 2025 Futures | 5.4 | 14472 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Zinc November 2025 Futures | 2.2% | $5755 |
|  Total Long Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266144 |
|  Total Notional Amount |  | $266144 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | Notional<br>Amount\* |
|  Aluminum January 2026 Futures | 4.0% | $16712 |
|  Arabica Coffee December 2025 Futures | 3.2 | 13266 |
|  Brent Crude January 2026 Futures | 6.2 | 25809 |
|  Copper December 2025 Futures | 5.6 | 23468 |
|  Corn December 2025 Futures | 4.6 | 19246 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 5820 |
|  Gas Oil January 2026 Futures | 2.4 | 10261 |
|  Gold 100 oz. December 2025 Futures | 18.7 | 78333 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 6224 |
|  Lead January 2026 Futures | 0.8 | 3559 |
|  Lean Hogs December 2025 Futures | 1.7 | 7328 |
|  Live Cattle December 2025 Futures | 3.9 | 16264 |
|  New York Harbor ULSD January 2026 Futures | 1.9 | 8081 |
|  Nickel January 2026 Futures | 2.2 | 9011 |
|  NYMEX — Natural Gas January 2026 Futures | 9.7 | 40394 |
|  RBOB Gasoline January 2026 Futures | 1.8 | 7377 |
|  Silver December 2025 Futures | 6.2 | 25750 |
|  Soybean Meal January 2026 Futures | 2.9 | 12189 |
|  Soybean Oil January 2026 Futures | 3.7 | 15333 |
|  Soybeans January 2026 Futures | 5.5 | 23023 |
|  Sugar No. 11 March 2026 Futures | 2.3 | 9644 |
|  Wheat December 2025 Futures | 2.4 | 9979 |
|  WTI Crude January 2026 Futures | 5.3 | 22030 |
|  Zinc January 2026 Futures | 2.1 | 8813 |
|  Total Long Futures Contracts |  | $417914 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417914 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $2348 |
|  Arabica Coffee December 2025 Futures | 3.2 | 1866 |
|  Brent Crude January 2026 Futures | 6.3 | 3630 |
|  Copper December 2025 Futures | 5.7 | 3300 |
|  Corn December 2025 Futures | 4.7 | 2707 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 818 |
|  Gas Oil November 2025 Futures | 2.6 | 1491 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 11016 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 875 |
|  Lead November 2025 Futures | 0.9 | 494 |
|  Lean Hogs December 2025 Futures | 1.8 | 1031 |
|  Live Cattle December 2025 Futures | 4.0 | 2287 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 1157 |
|  Nickel November 2025 Futures | 2.2 | 1257 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 4492 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 1077 |
|  Silver December 2025 Futures | 6.3 | 3621 |
|  Soybean Meal December 2025 Futures | 2.9 | 1686 |
|  Soybean Oil December 2025 Futures | 3.7 | 2141 |
|  Soybeans November 2025 Futures | 5.5 | 3179 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 1356 |
|  Wheat December 2025 Futures | 2.4 | 1403 |
|  WTI Crude November 2025 Futures | 5.4 | 3133 |
|  Zinc November 2025 Futures | 2.2 | 1246 |
|  Total Long Futures Contracts |  | $57611 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57611 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **96** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $6184 |
|  Arabica Coffee December 2025 Futures | 3.2 | 4913 |
|  Brent Crude January 2026 Futures | 6.3 | 9558 |
|  Copper December 2025 Futures | 5.7 | 8691 |
|  Corn December 2025 Futures | 4.7 | 7128 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 2155 |
|  Gas Oil November 2025 Futures | 2.6 | 3927 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 29010 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 2305 |
|  Lead November 2025 Futures | 0.9 | 1302 |
|  Lean Hogs December 2025 Futures | 1.8 | 2714 |
|  Live Cattle December 2025 Futures | 4.0 | 6023 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 3047 |
|  Nickel November 2025 Futures | 2.2 | 3309 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 11830 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 2837 |
|  Silver December 2025 Futures | 6.3 | 9536 |
|  Soybean Meal December 2025 Futures | 2.9 | 4439 |
|  Soybean Oil December 2025 Futures | 3.7 | 5639 |
|  Soybeans November 2025 Futures | 5.5 | 8372 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 3572 |
|  Wheat December 2025 Futures | 2.4 | 3696 |
|  WTI Crude November 2025 Futures | 5.4 | 8250 |
|  Zinc November 2025 Futures | 2.2 | 3281 |
|  Total Long Futures Contracts |  | $151718 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151718 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum March 2026 Futures | 4.1% | $5743 |
|  Aluminum November 2025 Futures | 1 | 1412 |
|  Arabica Coffee March 2026 Futures | 3.6 | 4913 |
|  Brent Crude March 2026 Futures | 2.6 | 3571 |
|  Cocoa March 2026 Futures | 1.8 | 2560 |
|  Copper December 2025 Futures | 1.4 | 1993 |
|  Corn March 2026 Futures | 0.2 | 249 |
|  Gas Oil March 2026 Futures | 5 | 6836 |
|  Gold 100 oz. December 2025 Futures | 14.2 | 19623 |
|  Gold 100 oz. February 2026 Futures | 6.3 | 8677 |
|  Lead November 2025 Futures | 0.2 | 291 |
|  Live Cattle December 2025 Futures | 5.6 | 7791 |
|  Live Cattle February 2026 Futures | 5.2 | 7155 |
|  New York Harbor ULSD March 2026 Futures | 7.2 | 9992 |
|  Nickel March 2026 Futures | 4.2 | 5798 |
|  Nickel November 2025 Futures | 0.5 | 761 |
|  RBOB Gasoline March 2026 Futures | 8.6 | 11846 |
|  Silver December 2025 Futures | 6.9 | 9577 |
|  Silver March 2026 Futures | 3.5 | 4788 |
|  Soybean Oil March 2026 Futures | 0.4 | 498 |
|  WTI Crude March 2026 Futures | 2.4 | 3294 |
|  Zinc March 2026 Futures | 3.8 | 5286 |
|  Zinc November 2025 Futures | 3.8 | 5314 |
|  Total Long Futures Contracts |  | $127968 |
|  Cash | 7.5% | $10421 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138389 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum January 2026 Futures | 4.0% | $5124 |
|  Arabica Coffee December 2025 Futures | 3.2 | 4068 |
|  Brent Crude January 2026 Futures | 6.2 | 7914 |
|  Copper December 2025 Futures | 5.6 | 7196 |
|  Corn December 2025 Futures | 4.6 | 5901 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 1784 |
|  Gas Oil January 2026 Futures | 2.4 | 3146 |
|  Gold 100 oz. December 2025 Futures | 18.7 | 24019 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 1908 |
|  Lead January 2026 Futures | 0.9 | 1091 |
|  Lean Hogs December 2025 Futures | 1.7 | 2247 |
|  Live Cattle December 2025 Futures | 3.9 | 4987 |
|  New York Harbor ULSD January 2026 Futures | 1.9 | 2478 |
|  Nickel January 2026 Futures | 2.1 | 2763 |
|  NYMEX — Natural Gas January 2026 Futures | 9.7 | 12386 |
|  RBOB Gasoline January 2026 Futures | 1.8 | 2262 |
|  Silver December 2025 Futures | 6.2 | 7896 |
|  Soybean Meal January 2026 Futures | 2.9 | 3737 |
|  Soybean Oil January 2026 Futures | 3.7 | 4702 |
|  Soybeans January 2026 Futures | 5.5 | 7060 |
|  Sugar No. 11 March 2026 Futures | 2.3 | 2957 |
|  Wheat December 2025 Futures | 2.4 | 3060 |
|  WTI Crude January 2026 Futures | 5.3 | 6755 |
|  Zinc January 2026 Futures | 2.1 | 2702 |
|  Total Long Futures Contracts |  | $128143 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128143 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $4435 |
|  Arabica Coffee December 2025 Futures | 3.2 | 3524 |
|  Brent Crude January 2026 Futures | 6.3 | 6855 |
|  Copper December 2025 Futures | 5.7 | 6234 |
|  Corn December 2025 Futures | 4.7 | 5112 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 1546 |
|  Gas Oil November 2025 Futures | 2.6 | 2817 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 20807 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 1653 |
|  Lead November 2025 Futures | 0.9 | 934 |
|  Lean Hogs December 2025 Futures | 1.8 | 1947 |
|  Live Cattle December 2025 Futures | 4.0 | 4320 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 2185 |
|  Nickel November 2025 Futures | 2.2 | 2373 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 8484 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 2035 |
|  Silver December 2025 Futures | 6.3 | 6840 |
|  Soybean Meal December 2025 Futures | 2.9 | 3184 |
|  Soybean Oil December 2025 Futures | 3.7 | 4044 |
|  Soybeans November 2025 Futures | 5.5 | 6005 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 2562 |
|  Wheat December 2025 Futures | 2.4 | 2651 |
|  WTI Crude November 2025 Futures | 5.4 | 5917 |
|  Zinc November 2025 Futures | 2.2 | 2353 |
|  Total Long Futures Contracts |  | $108817 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108817 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $3283 |
|  Arabica Coffee December 2025 Futures | 3.2 | 2608 |
|  Brent Crude January 2026 Futures | 6.3 | 5074 |
|  Copper December 2025 Futures | 5.7 | 4614 |
|  Corn December 2025 Futures | 4.7 | 3784 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 1144 |
|  Gas Oil November 2025 Futures | 2.6 | 2085 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 15401 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 1224 |
|  Lead November 2025 Futures | 0.9 | 691 |
|  Lean Hogs December 2025 Futures | 1.8 | 1441 |
|  Live Cattle December 2025 Futures | 4.0 | 3198 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 1617 |
|  Nickel November 2025 Futures | 2.2 | 1757 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 6280 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 1506 |
|  Silver December 2025 Futures | 6.3 | 5063 |
|  Soybean Meal December 2025 Futures | 2.9 | 2357 |
|  Soybean Oil December 2025 Futures | 3.7 | 2993 |
|  Soybeans November 2025 Futures | 5.5 | 4444 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 1896 |
|  Wheat December 2025 Futures | 2.4 | 1962 |
|  WTI Crude November 2025 Futures | 5.4 | 4379 |
|  Zinc November 2025 Futures | 2.2 | 1742 |
|  Total Long Futures Contracts |  | $80543 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80543 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum January 2026 Futures | 4.0% | $11767 |
|  Arabica Coffee December 2025 Futures | 3.2 | 9341 |
|  Brent Crude January 2026 Futures | 6.2 | 18173 |
|  Copper December 2025 Futures | 5.6 | 16525 |
|  Corn December 2025 Futures | 4.6 | 13552 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 4098 |
|  Gas Oil January 2026 Futures | 2.4 | 7225 |
|  Gold 100 oz. December 2025 Futures | 18.7 | 55156 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 4382 |
|  Lead January 2026 Futures | 0.9 | 2506 |
|  Lean Hogs December 2025 Futures | 1.7 | 5160 |
|  Live Cattle December 2025 Futures | 3.9 | 11452 |
|  New York Harbor ULSD January 2026 Futures | 1.9 | 5690 |
|  Nickel January 2026 Futures | 2.1 | 6345 |
|  NYMEX — Natural Gas January 2026 Futures | 9.7 | 28443 |
|  RBOB Gasoline January 2026 Futures | 1.8 | 5194 |
|  Silver December 2025 Futures | 6.2 | 18131 |
|  Soybean Meal January 2026 Futures | 2.9 | 8583 |
|  Soybean Oil January 2026 Futures | 3.7 | 10796 |
|  Soybeans January 2026 Futures | 5.5 | 16211 |
|  Sugar No. 11 March 2026 Futures | 2.3 | 6791 |
|  Wheat December 2025 Futures | 2.4 | 7026 |
|  WTI Crude January 2026 Futures | 5.3 | 15512 |
|  Zinc January 2026 Futures | 2.1 | 6206 |
|  Total Long Futures Contracts |  | $294265 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294265 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

<sup>(15)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $8395 |
|  Arabica Coffee December 2025 Futures | 3.2 | 6669 |
|  Brent Crude January 2026 Futures | 6.3 | 12976 |
|  Copper December 2025 Futures | 5.7 | 11799 |
|  Corn December 2025 Futures | 4.7 | 9676 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 2926 |
|  Gas Oil November 2025 Futures | 2.6 | 5331 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 39383 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 3129 |
|  Lead November 2025 Futures | 0.9 | 1767 |
|  Lean Hogs December 2025 Futures | 1.8 | 3684 |
|  Live Cattle December 2025 Futures | 4.0 | 8177 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 4136 |
|  Nickel November 2025 Futures | 2.2 | 4492 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 16059 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 3851 |
|  Silver December 2025 Futures | 6.3 | 12946 |
|  Soybean Meal December 2025 Futures | 2.9 | 6027 |
|  Soybean Oil December 2025 Futures | 3.7 | 7655 |
|  Soybeans November 2025 Futures | 5.5 | 11365 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 4849 |
|  Wheat December 2025 Futures | 2.4 | 5017 |
|  WTI Crude November 2025 Futures | 5.4 | 11200 |
|  Zinc November 2025 Futures | 2.2 | 4454 |
|  Total Long Futures Contracts |  | $205963 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205963 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(16)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $6213 |
|  Arabica Coffee December 2025 Futures | 3.2 | 4937 |
|  Brent Crude January 2026 Futures | 6.3 | 9604 |
|  Copper December 2025 Futures | 5.7 | 8733 |
|  Corn December 2025 Futures | 4.7 | 7162 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 2166 |
|  Gas Oil November 2025 Futures | 2.6 | 3946 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 29150 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 2316 |
|  Lead November 2025 Futures | 0.9 | 1308 |
|  Lean Hogs December 2025 Futures | 1.8 | 2727 |
|  Live Cattle December 2025 Futures | 4.0 | 6052 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 3061 |
|  Nickel November 2025 Futures | 2.2 | 3325 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 11887 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 2851 |
|  Silver December 2025 Futures | 6.3 | 9582 |
|  Soybean Meal December 2025 Futures | 2.9 | 4461 |
|  Soybean Oil December 2025 Futures | 3.7 | 5666 |
|  Soybeans November 2025 Futures | 5.5 | 8412 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 3589 |
|  Wheat December 2025 Futures | 2.4 | 3713 |
|  WTI Crude November 2025 Futures | 5.4 | 8290 |
|  Zinc November 2025 Futures | 2.2 | 3297 |
|  Total Long Futures Contracts |  | $152448 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152448 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(17)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Gold 100 oz. December 2025 Futures | 45.3% | $24335 | Aluminum November 2025 Futures | (15.0)% | $(8069) |
|  Live Cattle December 2025 Futures | 14.5 | 7800 | Arabica Coffee December 2025 Futures | (4.6) | (2453) |
|  New York Harbor ULSD November 2025 Futures | 7.4 | 3972 | Corn December 2025 Futures | (6.6) | (3559) |
|  RBOB Gasoline November 2025 Futures | 14.7 | 7865 | Cotton No. 02 December 2025 Futures | (9.3) | (4993) |
|  Silver December 2025 Futures | 17.7 | 9497 | Hard Red Winter Wheat December 2025 Futures | (2.1) | (1149) |
|  |  |  | Soybean Meal December 2025 Futures | (4.1) | (2217) |
|  |  |  | Soybean Oil December 2025 Futures | (5.2) | (2818) |
|  |  |  | Soybeans November 2025 Futures | (22.4) | (12036) |
|  |  |  | Sugar No. 11 March 2026 Futures | (10.9) | (5862) |
|  |  |  | Wheat December 2025 Futures | (17.9) | (9588) |
|  Total Long Futures Contracts |  | $53469 | Total Short Futures Contracts |  | $(52744) |
|  Cash | 98.5% | $52959 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106428 |  |  |  |
|  Total Notional Amount |  |  |  |  | $53684 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(18)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude March 2026 Futures | 15.0% | $16464 |
|  Cotton No. 02 December 2025 Futures | 1.6 | 1759 |
|  Gas Oil February 2026 Futures | 2.9 | 3206 |
|  Gold 100 oz. December 2025 Futures | 21.6 | 23681 |
|  Live Cattle December 2025 Futures | 6.5 | 7182 |
|  LME — Copper November 2025 Futures | 7.5 | 8263 |
|  New York Harbor ULSD February 2026 Futures | 4.0 | 4409 |
|  Nickel November 2025 Futures | 3.6 | 3935 |
|  RBOB Gasoline February 2026 Futures | 3.9 | 4233 |
|  Silver December 2025 Futures | 7.1 | 7785 |
|  Soybean Meal December 2025 Futures | 10.3 | 11330 |
|  Soybeans November 2025 Futures | 13.2 | 14532 |
|  Sugar No. 11 March 2026 Futures | 2.7 | 2916 |
|  Total Long Futures Contracts |  | $109695 |
|  Cash | 0.1% | $1 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109696 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(19)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum December 2025 Futures | 1.0% | $879 |
|  Aluminum March 2026 Futures | 4.2 | 3588 |
|  Arabica Coffee March 2026 Futures | 3.6 | 3100 |
|  Brent Crude May 2026 Futures | 2.5 | 2195 |
|  Cocoa March 2026 Futures | 1.8 | 1547 |
|  Copper December 2025 Futures | 1.4 | 1235 |
|  Corn March 2026 Futures | 0.2 | 149 |
|  Gas Oil May 2026 Futures | 4.9 | 4240 |
|  Gold 100 oz. April 2026 Futures | 6.3 | 5448 |
|  Gold 100 oz. December 2025 Futures | 14.3 | 12322 |
|  Lead December 2025 Futures | 0.2 | 185 |
|  Live Cattle April 2026 Futures | 5.2 | 4492 |
|  Live Cattle December 2025 Futures | 5.7 | 4886 |
|  New York Harbor ULSD May 2026 Futures | 7.2 | 6182 |
|  Nickel December 2025 Futures | 0.5 | 470 |
|  Nickel March 2026 Futures | 4.2 | 3600 |
|  RBOB Gasoline May 2026 Futures | 8.5 | 7332 |
|  Silver December 2025 Futures | 6.9 | 5935 |
|  Silver March 2026 Futures | 3.4 | 2967 |
|  Soybean Oil March 2026 Futures | 0.4 | 310 |
|  WTI Crude May 2026 Futures | 2.3 | 2030 |
|  Zinc December 2025 Futures | 3.9 | 3344 |
|  Zinc March 2026 Futures | 3.8 | 3322 |
|  Total Long Futures Contracts |  | $79758 |
|  Cash | 7.6% | $6577 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86335 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

<sup>(20)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $5713 |
|  Arabica Coffee December 2025 Futures | 3.2 | 4539 |
|  Brent Crude January 2026 Futures | 6.3 | 8831 |
|  Copper December 2025 Futures | 5.7 | 8030 |
|  Corn December 2025 Futures | 4.7 | 6585 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 1991 |
|  Gas Oil November 2025 Futures | 2.6 | 3628 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 26803 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 2130 |
|  Lead November 2025 Futures | 0.9 | 1203 |
|  Lean Hogs December 2025 Futures | 1.8 | 2508 |
|  Live Cattle December 2025 Futures | 4.0 | 5565 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 2815 |
|  Nickel November 2025 Futures | 2.2 | 3057 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 10930 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 2621 |
|  Silver December 2025 Futures | 6.3 | 8811 |
|  Soybean Meal December 2025 Futures | 2.9 | 4102 |
|  Soybean Oil December 2025 Futures | 3.7 | 5210 |
|  Soybeans November 2025 Futures | 5.5 | 7735 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 3300 |
|  Wheat December 2025 Futures | 2.4 | 3414 |
|  WTI Crude November 2025 Futures | 5.4 | 7622 |
|  Zinc November 2025 Futures | 2.2 | 3031 |
|  Total Long Futures Contracts |  | $140174 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140174 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(21)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $9435 |
|  Arabica Coffee December 2025 Futures | 3.2 | 7496 |
|  Brent Crude January 2026 Futures | 6.3 | 14584 |
|  Copper December 2025 Futures | 5.7 | 13261 |
|  Corn December 2025 Futures | 4.7 | 10876 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 3289 |
|  Gas Oil November 2025 Futures | 2.6 | 5992 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 44264 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 3517 |
|  Lead November 2025 Futures | 0.9 | 1987 |
|  Lean Hogs December 2025 Futures | 1.8 | 4141 |
|  Live Cattle December 2025 Futures | 4.0 | 9191 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 4648 |
|  Nickel November 2025 Futures | 2.2 | 5049 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 18050 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 4329 |
|  Silver December 2025 Futures | 6.3 | 14551 |
|  Soybean Meal December 2025 Futures | 2.9 | 6774 |
|  Soybean Oil December 2025 Futures | 3.7 | 8604 |
|  Soybeans November 2025 Futures | 5.5 | 12774 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 5450 |
|  Wheat December 2025 Futures | 2.4 | 5639 |
|  WTI Crude November 2025 Futures | 5.4 | 12588 |
|  Zinc November 2025 Futures | 2.2 | 5006 |
|  Total Long Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231495 |
|  Total Notional Amount |  | $231495 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(22)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum November 2025 Futures | 4.1% | $3031 |
|  Arabica Coffee December 2025 Futures | 3.2 | 2408 |
|  Brent Crude January 2026 Futures | 6.3 | 4685 |
|  Copper December 2025 Futures | 5.7 | 4260 |
|  Corn December 2025 Futures | 4.7 | 3493 |
|  Cotton No. 02 December 2025 Futures | 1.4 | 1056 |
|  Gas Oil November 2025 Futures | 2.6 | 1925 |
|  Gold 100 oz. December 2025 Futures | 19.1 | 14218 |
|  Hard Red Winter Wheat December 2025 Futures | 1.5 | 1130 |
|  Lead November 2025 Futures | 0.9 | 638 |
|  Lean Hogs December 2025 Futures | 1.8 | 1330 |
|  Live Cattle December 2025 Futures | 4.0 | 2952 |
|  New York Harbor ULSD November 2025 Futures | 2.0 | 1493 |
|  Nickel November 2025 Futures | 2.2 | 1622 |
|  NYMEX — Natural Gas November 2025 Futures | 7.8 | 5798 |
|  RBOB Gasoline November 2025 Futures | 1.9 | 1390 |
|  Silver December 2025 Futures | 6.3 | 4674 |
|  Soybean Meal December 2025 Futures | 2.9 | 2176 |
|  Soybean Oil December 2025 Futures | 3.7 | 2764 |
|  Soybeans November 2025 Futures | 5.5 | 4103 |
|  Sugar No. 11 March 2026 Futures | 2.4 | 1750 |
|  Wheat December 2025 Futures | 2.4 | 1811 |
|  WTI Crude November 2025 Futures | 5.4 | 4043 |
|  Zinc November 2025 Futures | 2.2 | 1608 |
|  Total Long Futures Contracts |  | $74358 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74358 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(23)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum January 2026 Futures | 4.0% | $1525 |
|  Arabica Coffee March 2026 Futures | 3.0 | 1159 |
|  Brent Crude March 2026 Futures | 6.1 | 2337 |
|  Copper March 2026 Futures | 5.7 | 2169 |
|  Corn March 2026 Futures | 4.8 | 1826 |
|  Cotton No. 02 March 2026 Futures | 1.4 | 545 |
|  Gas Oil January 2026 Futures | 2.4 | 936 |
|  Gold 100 oz. February 2026 Futures | 18.8 | 7204 |
|  Hard Red Winter Wheat March 2026 Futures | 1.5 | 592 |
|  Lead January 2026 Futures | 0.8 | 325 |
|  Lean Hogs February 2026 Futures | 1.8 | 680 |
|  Live Cattle February 2026 Futures | 3.9 | 1499 |
|  New York Harbor ULSD January 2026 Futures | 1.9 | 737 |
|  Nickel January 2026 Futures | 2.1 | 822 |
|  NYMEX — Natural Gas January 2026 Futures | 9.6 | 3685 |
|  RBOB Gasoline January 2026 Futures | 1.8 | 673 |
|  Silver March 2026 Futures | 6.2 | 2377 |
|  Soybean Meal January 2026 Futures | 2.9 | 1112 |
|  Soybean Oil January 2026 Futures | 3.7 | 1399 |
|  Soybeans January 2026 Futures | 5.5 | 2100 |
|  Sugar No. 11 March 2026 Futures | 2.3 | 880 |
|  Wheat March 2026 Futures | 2.5 | 944 |
|  WTI Crude January 2026 Futures | 5.2 | 2010 |
|  Zinc January 2026 Futures | 2.1 | 804 |
|  Total Long Futures Contracts |  | $38340 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38340 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $854 | $0 | $0 | $0 | $0 | $854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3834 | 0 | 24 | 0 | 1398 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2600 | 2600 |
|  | $4688 | $0 | $24 | $0 | $3998 | $8710 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $22085 | $0 | $22085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 8802 | 0 | 0 | 0 | 0 | 8802 |
|  | $8802 | $0 | $0 | $22085 | $0 | $30887 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39597 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $1764 | $0 | $0 | $0 | $0 | $1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 2605 | 0 | 22 | 0 | 2353 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1457 | 1457 |
|  | $4369 | $0 | $22 | $0 | $3810 | $8201 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $22435 | $0 | $22435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2464 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 2259 | 0 | 0 | 0 | 2554 | 4813 |
|  | $2259 | $0 | $0 | $22435 | $5018 | $29712 |
|  | $6628 | $0 | $22 | $22435 | $8828 | $37913 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $625 | $0 | $0 | $0 | $0 | $625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 1278 | 0 | 0 | 0 | 0 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (15947) | 0 | 0 | 0 | 2075 | (13872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (12879) | (12879) |
|  | $(14044) | $0 | $0 | $0 | $(10804) | $(24848) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(20511) | $0 | $(20511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 647 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (9833) | 0 | 0 | 0 | 17724 | 7891 |
|  | $(9833) | $0 | $0 | $(20511) | $18371 | $(11973) |
|  | $(23877) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20511) | $7567 | $(36821) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $87 | $0 | $0 | $0 | $0 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (578) | 0 | 0 | 0 | 0 | (578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 24038 | 0 | 0 | 0 | (1947) | 22091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 29731 | 29731 |
|  | $23547 | $0 | $0 | $0 | $27784 | $51331 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4662) | $0 | $(4662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 832 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (35510) | 0 | 0 | 0 | (15758) | (51268) |
|  | $(35510) | $0 | $0 | $(4662) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14926) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55098) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11963) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4662) | $12858 | $(3767) |

---

104 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $7256 | $0 | $7256 |
| &nbsp;&nbsp; Industrials | 0 | 897 | 16900 | 17797 |
|  U.S. Government Agencies | 0 | 564769 | 0 | 564769 |
|  U.S. Treasury Obligations | 0 | 2490354 | 0 | 2490354 |
|  Non-Agency Mortgage-Backed Securities | 0 | 35879 | 0 | 35879 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 20444 | 0 | 20444 |
| &nbsp;&nbsp; Home Equity Other | 0 | 91055 | 0 | 91055 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 1928 | 0 | 1928 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 31547 | 0 | 31547 |
| &nbsp;&nbsp; Other ABS | 0 | 171789 | 0 | 171789 |
|  Sovereign Issues | 0 | 322936 | 0 | 322936 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 3884 | 0 | 3884 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1093 | 0 | 1093 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 557756 | 0 | 557756 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 88296 | 0 | 88296 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406930 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $43507 | $0 | $0 | $43507 |
|  Total Investments | $43507 | $4390030 | $16900 | $4450437 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 5094 | 3405 | 0 | 8499 |
|  Over the counter | 0 | 30887 | 0 | 30887 |
|  | $5094 | $34292 | $0 | $39386 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (4991) | (2930) | 0 | (7921) |
|  Over the counter | 0 | (29712) | 0 | (29712) |
|  | $(4991) | $(32642) | $0 | $(37633) |
|  Total Financial Derivative Instruments | $103 | $1650 | $0 | $1753 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452190 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 149.4% | INVESTMENTS IN SECURITIES 149.4% | INVESTMENTS IN SECURITIES 149.4% |
| CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% |
| BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (f) | 28 | 35 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 2300 | 702 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.500% due 10/01/2050 | 75125 | 9566 |
|  1.500% due 10/01/2053 | 26439 | 3284 |
|  2.000% due 10/01/2053 | 788 | 104 |
|  2.500% due 10/01/2047 | 1 | 0 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 1341 | 169 |
|  1.500% due 10/01/2053 | 5570 | 633 |
|  2.000% due 10/01/2053 | 2995 | 396 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 9 | 1 |
|  1.500% due 10/01/2053 | 896 | 96 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  3.000% due 10/01/2053 | 27837 | 4159 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 30547 | 3915 |
|  2.000% due 10/01/2053 | 508 | 63 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  3.000% due 10/01/2053 | 37798 | 5639 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  7.750% due 03/01/2029 •  | 100 | 131 |
|  |  | 28894 |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 19900 | 19900 |
|  VMware LLC | VMware LLC | VMware LLC |
|  3.900% due 08/21/2027 | 200 | 199 |
|  |  | 20099 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  7.250% due 03/17/2044 | 424 | 440 |
|  Total Corporate Bonds & Notes<br>(Cost $52,954) | Total Corporate Bonds & Notes<br>(Cost $52,954) | 49433 |
| U.S. GOVERNMENT AGENCIES 30.1% | U.S. GOVERNMENT AGENCIES 30.1% | U.S. GOVERNMENT AGENCIES 30.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.500% due 09/01/2052 | 692 | 675 |
|  5.500% due 08/01/2054 | 27143 | 27410 |
|  6.000% due 03/01/2054 - 08/01/2054 | 88731 | 90769 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.145% due 03/15/2050 •  | 2091 | 2060 |
|  5.296% due 11/25/2054 •  | 8014 | 8028 |
|  5.306% due 08/25/2055 •  | 10907 | 10915 |
|  5.356% due 02/25/2055 •  | 1104 | 1107 |
|  5.506% due 03/25/2055 •  | 1747 | 1754 |
|  5.606% due 06/25/2055 •  | 17002 | 17119 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 08/01/2052 | 871 | 824 |
|  4.500% due 09/01/2052 - 11/01/2052 | 1879 | 1832 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  5.306% due 11/25/2053 - 03/25/2055 •  | 4297 | 4315 |
|  5.386% due 06/25/2055 •  | 8729 | 8788 |
|  5.506% due 03/25/2055 •  | 2080 | 2089 |
|  5.516% due 03/25/2055 •  | 3053 | 3065 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 06/20/2052 - 04/20/2055 | 90931 | 83277 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.920% due 10/01/2055 « | 7816 | 7816 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.927% due 08/20/2068 •  | 815 | 818 |
|  5.039% due 02/20/2074 •  | 659 | 659 |
|  5.150% due 07/20/2065 « | 12186 | 12178 |
|  5.510% due 09/20/2055 •  | 8800 | 8819 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 11/01/2055 | 261800 | 253837 |
|  6.000% due 11/01/2055 | 32000 | 32687 |
|  6.500% due 10/01/2055 - 11/01/2055 | 26400 | 27286 |
|  Total U.S. Government Agencies<br>(Cost $607,856) | Total U.S. Government Agencies<br>(Cost $607,856) | 608127 |
| U.S. TREASURY OBLIGATIONS 58.6% | U.S. TREASURY OBLIGATIONS 58.6% | U.S. TREASURY OBLIGATIONS 58.6% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 (j)(n) | 6179 | 3431 |
|  0.250% due 02/15/2050 | 7664 | 4539 |
|  0.625% due 02/15/2043 | 9807 | 7456 |
|  0.750% due 02/15/2042 | 16240 | 12891 |
|  0.750% due 02/15/2045 | 27930 | 20848 |
|  0.875% due 02/15/2047 | 20929 | 15472 |
|  1.000% due 02/15/2046 | 15760 | 12165 |
|  1.000% due 02/15/2048 | 14543 | 10909 |
|  1.000% due 02/15/2049 | 10141 | 7491 |
|  1.375% due 02/15/2044 | 26127 | 22364 |
|  2.125% due 02/15/2040 | 5336 | 5381 |
|  2.125% due 02/15/2041 | 11506 | 11505 |
|  2.125% due 02/15/2054 | 11157 | 10310 |
|  2.375% due 02/15/2055 (j) | 13308 | 13006 |
|  2.500% due 01/15/2029 (l)(n) | 6229 | 6511 |
|  2.500% due 01/15/2029 (l) | 4890 | 5111 |
|  3.375% due 04/15/2032 (n) | 55 | 61 |
|  0.125% due 07/15/2026 (l)(n) | 9258 | 9227 |
|  0.125% due 07/15/2026 (l) | 9110 | 9079 |
|  0.125% due 10/15/2026 | 12767 | 12698 |
|  0.125% due 04/15/2027 | 11899 | 11736 |
|  0.125% due 01/15/2030 (l)(n) | 25112 | 23982 |
|  0.125% due 07/15/2030 | 27102 | 25777 |
|  0.125% due 01/15/2031 (n) | 31073 | 29187 |
|  0.125% due 07/15/2031 (j) | 129143 | 120642 |
|  0.125% due 01/15/2032 | 31231 | 28767 |
|  0.250% due 07/15/2029 | 22212 | 21554 |
|  0.375% due 01/15/2027 (l) | 15218 | 15103 |
|  0.375% due 07/15/2027 | 17933 | 17815 |
|  0.500% due 01/15/2028 (j) | 51598 | 51010 |
|  0.625% due 01/15/2026 (l) | 51919 | 51774 |
|  0.625% due 07/15/2032 (j) | 54145 | 51265 |
|  0.750% due 07/15/2028 (j) | 38555 | 38385 |
|  0.875% due 01/15/2029 | 21576 | 21417 |
|  1.125% due 01/15/2033 (j)(n) | 41426 | 40164 |
|  1.250% due 04/15/2028 | 35001 | 35141 |
|  1.375% due 07/15/2033 (j) | 42864 | 42220 |
|  1.625% due 10/15/2027 (l) | 24536 | 24934 |
|  1.625% due 10/15/2029 (j) | 79974 | 81580 |
|  1.625% due 04/15/2030 | 30951 | 31435 |
|  1.750% due 01/15/2034 | 21543 | 21653 |
|  1.875% due 07/15/2034 (j) | 56003 | 56840 |
|  1.875% due 07/15/2035 (j) | 33098 | 33377 |
|  2.125% due 04/15/2029 (l) | 27362 | 28250 |
|  2.125% due 01/15/2035 (j) | 42786 | 44061 |
|  2.375% due 10/15/2028 | 34803 | 36259 |
|  Total U.S. Treasury Obligations<br>(Cost $1,228,114) | Total U.S. Treasury Obligations<br>(Cost $1,228,114) | 1184783 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.752% due 07/25/2037 •  | 398 | 350 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  4.922% due 12/25/2035 •  | 288 | 245 |
|  6.000% due 06/25/2046 | 216 | 189 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.242% due 08/25/2035 ~ | 37 | 36 |
|  5.333% due 06/25/2035 ~ | 25 | 23 |
|  5.533% due 11/25/2035 ~ | 36 | 32 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.563% due 04/26/2036 ~ | 181 | 164 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ | 74 | 63 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.852% due 04/25/2035 •  | $| 129 | 124 |
|  6.000% due 03/25/2037 |  | 460 | 202 |
|  6.000% due 05/25/2037 |  | 325 | 132 |
|  6.000% due 07/25/2037 |  | 943 | 409 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.500% due 08/25/2034 |  | 602 | 597 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.445% due 12/20/2046 •  |  | 115 | 102 |
|  4.625% due 10/25/2035 ~ |  | 7 | 5 |
|  5.500% due 11/25/2035 |  | 20 | 17 |
|  5.500% due 01/25/2036 |  | 134 | 73 |
|  6.000% due 08/25/2036 •  |  | 72 | 40 |
|  6.000% due 04/25/2037 |  | 717 | 517 |
|  6.250% due 11/25/2036 |  | 58 | 42 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.672% due 06/25/2036 þ |  | 322 | 76 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.572% due 04/25/2037 •  |  | 313 | 222 |
|  6.800% due 07/25/2036 þ |  | 135 | 118 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 |  | 49 | 18 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | EUR | 113 | 128 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.191% due 09/25/2035 ~ | $| 5 | 5 |
|  6.000% due 11/25/2035 |  | 313 | 107 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.632% due 07/25/2047 •  |  | 301 | 197 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.033% due 01/25/2036 ~ |  | 88 | 85 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  |  | 414 | 37 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.126% due 06/25/2036 ~ |  | 19 | 19 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 ~ |  | 1412 | 1383 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.805% due 05/25/2036 ~ |  | 32 | 26 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 05/25/2035 •  |  | 313 | 188 |
|  4.672% due 01/25/2046 •  |  | 878 | 236 |
|  5.750% due 02/25/2036 |  | 172 | 57 |
|  6.250% due 11/25/2036 |  | 168 | 59 |
|  6.500% due 06/25/2037 |  | 11538 | 2128 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.650% due 07/20/2036 •  |  | 407 | 352 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 05/25/2036 •  |  | 173 | 122 |
|  4.712% due 05/25/2036 •  |  | 237 | 196 |
|  4.832% due 02/25/2036 •  |  | 185 | 156 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 10/25/2057 ~ |  | 798 | 787 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.108% due 02/25/2037 ~ |  | 30 | 26 |
|  4.208% due 11/25/2036 ~ |  | 191 | 173 |
|  4.546% due 10/25/2035 ~ |  | 422 | 388 |
|  5.706% due 09/25/2033 ~ |  | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  6.000% due 07/25/2036 |  | 237 | 170 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $16,689) | Total Non-Agency Mortgage-Backed Securities (Cost $16,689) | Total Non-Agency Mortgage-Backed Securities (Cost $16,689) | 10823 |
| ASSET-BACKED SECURITIES 7.0% | ASSET-BACKED SECURITIES 7.0% | ASSET-BACKED SECURITIES 7.0% | ASSET-BACKED SECURITIES 7.0% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  |  | 2473 | 2478 |
|  BDS LLC | BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  |  | 4267 | 4275 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  |  | 58 | 58 |
|  5.931% due 01/17/2037 •  |  | 1373 | 1377 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 2145 | 2146 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 1385 | 1389 |
|  |  | 11723 |
| HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.592% due 05/25/2036 •  | 1399 | 336 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.432% due 01/25/2037 •  | 200 | 147 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 758 | 750 |
|  5.472% due 10/25/2035 •  | 683 | 679 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 07/25/2037 •  | 210 | 198 |
|  4.672% due 09/25/2037 •  | 56 | 51 |
|  4.732% due 05/25/2037 •  | 734 | 680 |
|  5.805% due 04/25/2036 ~ | 29 | 27 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 153 | 140 |
|  4.572% due 10/25/2036 •  | 3988 | 1597 |
|  4.752% due 10/25/2036 •  | 2192 | 878 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.947% due 02/25/2036 •  | 2016 | 1984 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 253 | 197 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.572% due 07/25/2036 •  | 4683 | 2036 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 14 | 14 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.872% due 01/25/2036 •  | 1000 | 905 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.752% due 06/25/2036 •  | 198 | 67 |
|  4.842% due 01/25/2036 •  | 1289 | 1292 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.342% due 10/25/2036 •  | 1401 | 616 |
|  4.382% due 10/25/2036 •  | 16 | 8 |
|  4.402% due 10/25/2036 •  | 725 | 648 |
|  4.492% due 10/25/2036 •  | 1728 | 760 |
|  4.572% due 06/25/2036 •  | 1082 | 543 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.226% due 10/25/2036 þ | 174 | 46 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.612% due 11/25/2036 •  | 143 | 44 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 5018 | 2021 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.522% due 11/25/2036 •  | 2898 | 2535 |
|  4.752% due 08/25/2036 •  | 414 | 368 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.592% due 07/25/2036 •  | 1872 | 618 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 114 | 31 |
|  4.677% due 12/25/2036 •  | 942 | 941 |
|  4.832% due 05/25/2036 •  | 137 | 135 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.992% due 10/25/2035 •  | 993 | 976 |
|  |  | 22268 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.732% due 02/25/2037 •  | 143 | 28 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.767% due 10/25/2036 •  | 2300 | 2266 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.977% due 11/25/2036 •  | 1644 | 1614 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 709 | 224 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.379% due 06/25/2036 þ | 422 | 415 |
|  4.592% due 05/25/2036 •  | 524 | 460 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.712% due 10/25/2036 •  | 9823 | 3283 |
|  4.772% due 05/25/2036 •  | 678 | 367 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.592% due 09/25/2037 •  | 7948 | 3881 |
|  |  | 12510 |
| OTHER ABS 4.7% | OTHER ABS 4.7% | OTHER ABS 4.7% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 133 | 133 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 800 | 801 |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 18 | 18 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.415% due 10/21/2034 •  | 1800 | 1802 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.095% due 01/24/2033 •  | 311 | 365 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.577% due 01/20/2031 •  | 283 | 283 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 1000 | 1001 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 1200 | 1205 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 380 | 447 |
|  Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. | Cedar Funding V CLO Ltd. |
|  5.684% due 07/17/2031 •  | 448 | 449 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 79 | 79 |
|  Contego CLO IV DAC | Contego CLO IV DAC | Contego CLO IV DAC |
|  2.611% due 01/23/2030 •  | 1192 | 1401 |
|  CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC | CVC Cordatus Loan Fund XXI DAC |
|  2.989% due 09/22/2034 •  | 2300 | 2704 |
|  Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC | Dryden 35 Euro CLO DAC |
|  3.243% due 01/17/2033 •  | 686 | 806 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  5.561% due 04/18/2031 •  | 222 | 222 |
|  Dryden 69 Euro CLO DAC | Dryden 69 Euro CLO DAC | Dryden 69 Euro CLO DAC |
|  3.001% due 10/18/2034 •  | 6800 | 7982 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 1500 | 1767 |
|  Dunedin Park CLO DAC | Dunedin Park CLO DAC | Dunedin Park CLO DAC |
|  3.008% due 11/20/2034 •  | 700 | 822 |
|  Harvest CLO XII DAC | Harvest CLO XII DAC | Harvest CLO XII DAC |
|  2.904% due 11/18/2030 •  | 435 | 511 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  0.000% due 10/18/2039 •(a) | 1900 | 2234 |
|  3.371% due 07/18/2038 •  | 1900 | 2231 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 4700 | 4705 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 2050 | 2058 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.759% due 01/15/2031 •  | 392 | 392 |
|  LCM XIV LP | LCM XIV LP | LCM XIV LP |
|  5.627% due 07/20/2031 •  | 19 | 19 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  | 5572 | 6548 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 1100 | 1102 |
|  Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. | Mountain View CLO IX Ltd. |
|  5.699% due 07/15/2031 •  | 105 | 105 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 4300 | 4304 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 1400 | 1649 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. |
|  5.539% due 04/16/2031 •  | 322 | 322 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.026% due 05/15/2034 •  | 3001 | 3519 |
|  Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC |
|  3.186% due 10/15/2038 •  | 1500 | 1766 |
|  Providus CLO IV DAC | Providus CLO IV DAC | Providus CLO IV DAC |
|  2.844% due 04/20/2034 •  | 3300 | 3878 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 2700 | 3180 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(a) | 1300 | 1300 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 1200 | 1203 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 1300 | 1305 |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.741% due 04/18/2031 •  | 699 | 700 |
|  St. Paul's CLO X DAC | St. Paul's CLO X DAC | St. Paul's CLO X DAC |
|  2.795% due 04/22/2035 •  | 798 | 934 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 800 | 803 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 1500 | 1506 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 600 | 704 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  | 3299 | 3878 |
|  Toro European CLO 7 DAC | Toro European CLO 7 DAC | Toro European CLO 7 DAC |
|  2.846% due 02/15/2034 •  | 5224 | 6139 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(a) | 1700 | 1700 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 1800 | 1800 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 600 | 601 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 1400 | 1400 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 6300 | 6308 |
|  5.525% due 07/20/2032 •  | 425 | 425 |
|  5.559% due 06/07/2030 •  | 110 | 110 |
|  5.682% due 07/14/2031 •  | 180 | 181 |
|  5.789% due 10/15/2030 •  | 164 | 164 |
|  Voya Euro CLO II DAC | Voya Euro CLO II DAC | Voya Euro CLO II DAC |
|  2.986% due 07/15/2035 •  | 2800 | 3290 |
|  |  | 95261 |
|  Total Asset-Backed Securities<br>(Cost $145,571) | Total Asset-Backed Securities<br>(Cost $145,571) | 141790 |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 213100 | 37404 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (e)(j) | 20411 | 23874 |
|  0.100% due 07/25/2031 (e)(j) | 13955 | 15533 |
|  0.100% due 07/25/2038 (e) | 120 | 114 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (e) | 3351 | 3830 |
|  1.800% due 05/15/2036 (e) | 1245 | 1454 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 2098858 | 14434 |
|  0.100% due 03/10/2029 (e) | 7869750 | 54333 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 900 | 930 |
|  6.625% due 01/29/2038 | 900 | 948 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (e) | 1009 | 53 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.150% due 08/12/2032 | 1000 | 305 |
|  Total Sovereign Issues (Cost $160,999) | Total Sovereign Issues (Cost $160,999) | 153212 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 107

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Frontier Communications Parent, Inc. (b) | 11500 | 430 |
|  TEGNA, Inc. | 12100 | 246 |
|  Vimeo, Inc. (b) | 10000 | 77 |
|  |  | 753 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Soho House & Co., Inc. (b) | 6800 | 60 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  JDE Peet's NV | 11740 | 430 |
|  Kellanova | 5700 | 468 |
|  |  | 898 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Mr. Cooper Group, Inc. | 2800 | 590 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Merus NV (b) | 2500 | 235 |
|  STAAR Surgical Co. (b) | 2100 | 57 |
|  Verona Pharma PLC ADR (b) | 4500 | 480 |
|  |  | 772 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Norfolk Southern Corp. | 1700 | 511 |
|  Steelcase, Inc. Class A | 8300 | 143 |
|  WNS Holdings Ltd. (b) | 3200 | 244 |
|  |  | 898 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  CyberArk Software Ltd. (b) | 1100 | 531 |
|  PROS Holdings, Inc. (b) | 3300 | 76 |
|  |  | 607 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  CBRE Group, Inc. Class A (b) | 749 | 118 |
|  Cushman & Wakefield PLC (b) | 7489 | 119 |
|  Jones Lang LaSalle, Inc. (b) | 390 | 116 |
|  Newmark Group, Inc. Class A | 6211 | 116 |
|  |  | 469 |
|  Total Common Stocks (Cost $4,627) | Total Common Stocks (Cost $4,627) | 5047 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(f) | 670000 | 678 |
|  Total Preferred Securities (Cost $670) | Total Preferred Securities (Cost $670) | 678 |
| REAL ESTATE INVESTMENT TRUSTS 4.3% | REAL ESTATE INVESTMENT TRUSTS 4.3% | REAL ESTATE INVESTMENT TRUSTS 4.3% |
| REAL ESTATE 4.3% | REAL ESTATE 4.3% | REAL ESTATE 4.3% |
|  Acadia Realty Trust | 10598 | 214 |
|  Agree Realty Corp. | 9013 | 640 |
|  Alexander & Baldwin, Inc. | 5828 | 106 |
|  Alexandria Real Estate Equities, Inc. | 12555 | 1046 |
|  American Assets Trust, Inc. | 3838 | 78 |
|  American Healthcare REIT, Inc. | 19313 | 811 |
|  American Homes 4 Rent | 26115 | 868 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Americold Realty Trust, Inc. | 214 | $— | 3 |
|  Apartment Investment & Management Co. | 679 |  | 5 |
|  Apple Hospitality REIT, Inc. | 17901 |  | 215 |
|  AvalonBay Communities, Inc. | 12294 |  | 2375 |
|  Brandywine Realty Trust | 13874 |  | 58 |
|  Brixmor Property Group, Inc. | 24835 |  | 687 |
|  Broadstone Net Lease, Inc. | 35029 |  | 626 |
|  BXP, Inc. | 11871 |  | 882 |
|  Camden Property Trust | 8693 |  | 928 |
|  CareTrust REIT, Inc. | 21372 |  | 741 |
|  Centerspace | 1369 |  | 81 |
|  COPT Defense Properties | 9127 |  | 265 |
|  Cousins Properties, Inc. | 13649 |  | 395 |
|  CubeSmart | 1696 |  | 69 |
|  Curbline Properties Corp. | 922 |  | 21 |
|  DiamondRock Hospitality Co. | 16760 |  | 133 |
|  Digital Realty Trust, Inc. | 25721 |  | 4447 |
|  Diversified Healthcare Trust | 17635 |  | 78 |
|  Douglas Emmett, Inc. | 13669 |  | 213 |
|  Easterly Government Properties, Inc. | 3501 |  | 80 |
|  EastGroup Properties, Inc. | 4371 |  | 740 |
|  Elme Communities | 7086 |  | 119 |
|  Empire State Realty Trust, Inc. | 1024 |  | 8 |
|  EPR Properties | 6190 |  | 359 |
|  Equinix, Inc. | 7943 |  | 6221 |
|  Equity LifeStyle Properties, Inc. | 15590 |  | 946 |
|  Equity Residential | 29944 |  | 1938 |
|  Essential Properties Realty Trust, Inc. | 16171 |  | 481 |
|  Essex Property Trust, Inc. | 5268 |  | 1410 |
|  Extra Space Storage, Inc. | 9355 |  | 1319 |
|  Federal Realty Investment Trust | 6375 |  | 646 |
|  First Industrial Realty Trust, Inc. | 10755 |  | 554 |
|  Four Corners Property Trust, Inc. | 474 |  | 12 |
|  Getty Realty Corp. | 70 |  | 2 |
|  Global Medical REIT, Inc. | 1021 |  | 34 |
|  Global Net Lease, Inc. | 16193 |  | 132 |
|  Healthcare Realty Trust, Inc. | 28661 |  | 517 |
|  Healthpeak Properties, Inc. | 56792 |  | 1088 |
|  Highwoods Properties, Inc. | 8809 |  | 280 |
|  Host Hotels & Resorts, Inc. | 72734 |  | 1238 |
|  Hudson Pacific Properties, Inc. | 31197 |  | 86 |
|  Independence Realty Trust, Inc. | 9444 |  | 155 |
|  Innovative Industrial Properties, Inc. | 2278 |  | 122 |
|  Invitation Homes, Inc. | 45542 |  | 1336 |
|  JBG SMITH Properties | 4957 |  | 110 |
|  Kilroy Realty Corp. | 8727 |  | 369 |
|  Kimco Realty Corp. | 54993 |  | 1202 |
|  Kite Realty Group Trust | 17843 |  | 398 |
|  LXP Industrial Trust | 23874 |  | 214 |
|  Macerich Co. | 21696 |  | 395 |
|  Medical Properties Trust, Inc. | 39571 |  | 201 |
|  Mid-America Apartment Communities, Inc. | 7667 |  | 1071 |
|  Millrose Properties, Inc. | 15948 |  | 536 |
|  National Health Investors, Inc. | 5304 |  | 422 |
|  National Storage Affiliates Trust | 253 |  | 8 |
|  NET Lease Office Properties | 138 |  | 4 |
|  NETSTREIT Corp. | 6729 |  | 122 |
|  NexPoint Residential Trust, Inc. | 1742 |  | 56 |
|  NNN REIT, Inc. | 15397 |  | 655 |
|  Omega Healthcare Investors, Inc. | 35222 |  | 1487 |
|  Paramount Group, Inc. | 14966 |  | 98 |
|  Park Hotels & Resorts, Inc. | 16540 |  | 183 |
|  Pebblebrook Hotel Trust | 9687 |  | 110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Phillips Edison & Co., Inc. |  | 10203 | 350 |
|  Piedmont Realty Trust, Inc. |  | 10116 | 91 |
|  Plymouth Industrial REIT, Inc. |  | 3631 | 81 |
|  Prologis, Inc. |  | 75039 | 8593 |
|  Public Storage |  | 12838 | 3708 |
|  Realty Income Corp. |  | 74405 | 4523 |
|  Regency Centers Corp. |  | 13195 | 962 |
|  Rexford Industrial Realty, Inc. |  | 19139 | 787 |
|  RLJ Lodging Trust |  | 582 | 4 |
|  Ryman Hospitality Properties, Inc. |  | 5138 | 460 |
|  Sabra Health Care REIT, Inc. |  | 25074 | 467 |
|  Service Properties Trust |  | 1404 | 4 |
|  Sila Realty Trust, Inc. |  | 413 | 10 |
|  Simon Property Group, Inc. |  | 26467 | 4967 |
|  SITE Centers Corp. |  | 4306 | 39 |
|  SL Green Realty Corp. |  | 4414 | 264 |
|  STAG Industrial, Inc. |  | 15294 | 540 |
|  Summit Hotel Properties, Inc. |  | 8653 | 48 |
|  Sun Communities, Inc. |  | 9557 | 1233 |
|  Sunstone Hotel Investors, Inc. |  | 15694 | 147 |
|  Tanger, Inc. |  | 9285 | 314 |
|  Terreno Realty Corp. |  | 5386 | 306 |
|  UDR, Inc. |  | 24625 | 918 |
|  UMH Properties, Inc. |  | 695 | 10 |
|  Universal Health Realty Income Trust |  | 1012 | 40 |
|  Urban Edge Properties |  | 10122 | 207 |
|  Ventas, Inc. |  | 37121 | 2598 |
|  Veris Residential, Inc. |  | 6469 | 98 |
|  Vornado Realty Trust |  | 11017 | 447 |
|  Welltower, Inc. |  | 58511 | 10423 |
|  WP Carey, Inc. |  | 17970 | 1214 |
|  Xenia Hotels & Resorts, Inc. |  | 7795 | 107 |
|  Total Real Estate Investment Trusts<br>(Cost $69,566) | Total Real Estate Investment Trusts<br>(Cost $69,566) | Total Real Estate Investment Trusts<br>(Cost $69,566) | 87409 |
|  | **OUNCES** | **OUNCES** |  |
| COMMODITIES 13.1% | COMMODITIES 13.1% | COMMODITIES 13.1% | COMMODITIES 13.1% |
|  Gold Warehouse Receipts |  | 115087 | 264835 |
|  Total Commodities (Cost $115,087) | Total Commodities (Cost $115,087) | Total Commodities (Cost $115,087) | 264835 |
|  | **SHARES** | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 25.5% | SHORT-TERM INSTRUMENTS 25.5% | SHORT-TERM INSTRUMENTS 25.5% | SHORT-TERM INSTRUMENTS 25.5% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (h) |  | 578241 | 578 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (i) 25.5% | REPURCHASE AGREEMENTS (i) 25.5% | REPURCHASE AGREEMENTS (i) 25.5% | REPURCHASE AGREEMENTS (i) 25.5% |
|  |  |  | 515400 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.934% due 10/30/2025 - 01/13/2026 (c)(d)(n) | $— | 297 | 294 |
| Total Short-Term Instruments<br>(Cost $516,272) | Total Short-Term Instruments<br>(Cost $516,272) | Total Short-Term Instruments<br>(Cost $516,272) | 516272 |
| Total Investments in Securities<br>(Cost $2,918,405) | Total Investments in Securities<br>(Cost $2,918,405) | Total Investments in Securities<br>(Cost $2,918,405) | 3022409 |

---

108 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 9.6% | INVESTMENTS IN AFFILIATES 9.6% | INVESTMENTS IN AFFILIATES 9.6% | INVESTMENTS IN AFFILIATES 9.6% |
| MUTUAL FUNDS 9.5% | MUTUAL FUNDS 9.5% | MUTUAL FUNDS 9.5% | MUTUAL FUNDS 9.5% |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 2245036 | $— | 61514 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund (g) | 17081389 |  | 130160 |
|  Total Mutual Funds (Cost $203,360) | Total Mutual Funds (Cost $203,360) |  | 191674 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 273531 |  | 2664 |
| Total Short-Term Instruments<br>(Cost $2,664) | Total Short-Term Instruments<br>(Cost $2,664) |  | 2664 |
| Total Investments in Affiliates<br>(Cost $206,024) | Total Investments in Affiliates<br>(Cost $206,024) |  | 194338 |
| Total Investments 159.0%<br>(Cost $3,124,429) | Total Investments 159.0%<br>(Cost $3,124,429) | $— | 3216747 |
|  Financial Derivative<br>Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $(3240)) | Financial Derivative<br>Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $(3240)) |  | (3628) |
| Other Assets and Liabilities, net (58.8)% | Other Assets and Liabilities, net (58.8)% |  | (1190119) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2023000 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Institutional Class Shares of each Fund.

(h) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237100 | U.S. Treasury Notes 1.625% - 4.125% due 10/31/2026 - 02/15/2027 | $(241873) | $237100 | $237100 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 278300 | U.S. Treasury Notes 1.250% - 4.125% due 11/15/2026 - 03/31/2029 | (284154) | 278300 | 278333 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526027) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515433 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 109

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(2)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(24928) | $(24951) |
|  BOO | 4.310 | 09/30/2025 | 10/01/2025 | (1282) | (1283) |
|  BPS | 2.050 | 09/09/2025 | 10/06/2025 | (33551) | (39440) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | $(272682) | (272881) |
|  DEU | 4.150 | 09/22/2025 | 10/06/2025 | (16136) | (16153) |
|  JPS | 4.130 | 09/22/2025 | 10/06/2025 | (17463) | (17481) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (86947) | (87082) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (96646) | (96646) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (98910) | (98922) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654839) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(24951) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(24951) | $24715 | $(236) |
|  BOO | 0 | (1283) | 0 | (1283) | 1281 | (2) |
|  BOS | 515433 | 0 | 0 | 515433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10593) |
|  BPS | 0 | (39440) | 0 | (39440) | 39407 | (33) |
|  BSN | 0 | (272881) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272881) | 272230 | (651) |
|  DEU | 0 | (16153) | 0 | (16153) | 16029 | (124) |
|  JPS | 0 | (17481) | 0 | (17481) | 17348 | (133) |
|  NOM | 0 | (87082) | 0 | (87082) | 86860 | (222) |
|  STR | 0 | (195568) | 0 | (195568) | 100699 | (94869) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654839) | $0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(100205) | $(418548) | $0 | $0 | $(518753) |
|  Sovereign Issues | 0 | (39440) | 0 | 0 | (39440) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100205) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558193) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $(558193) |

---

(j) Securities with an aggregate market value of $558,568 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(625968) at a weighted average interest rate of 4.418%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(96646) is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee December Futures  | 12/2025 | 27 | $3795 | $(61) | $27 | $0 |
|  Arabica Coffee March Futures  | 03/2026 | 39 | 5250 | 513 | 50 | 0 |
|  Brent Crude December Futures  | 10/2025 | 89 | 5877 | (16) | 0 | (91) |
|  Brent Crude June Futures  | 04/2026 | 236 | 15338 | (244) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |
|  Brent Crude March Futures  | 01/2026 | 79 | 5146 | (49) | 0 | (80) |
|  California Carbon Allowance December Futures  | 12/2025 | 288 | 8954 | (203) | 32 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 1546 | 50724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | 170 | 0 |
|  Carbon Emissions December Futures  | 12/2025 | 74 | 6579 | 259 | 69 | (92) |
|  Cocoa March Futures  | 03/2026 | 58 | 3942 | (279) | 0 | (132) |
|  Copper December Futures  | 12/2025 | 53 | 6435 | (424) | 4 | (33) |
|  Corn March Futures  | 03/2026 | 12 | 259 | (5) | 0 | (4) |
|  Cotton No. 2 December Futures  | 12/2025 | 28 | 921 | (27) | 4 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70490 | 646 | 224 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 620 | 93588 | 196 | 481 | (22) |
|  Euro-Schatz December Futures  | 12/2025 | 248 | 31149 | (29) | 6 | 0 |
|  Gas Oil December Futures  | 12/2025 | 5 | 337 | 2 | 0 | (3) |
|  Gas Oil March Futures  | 03/2026 | 165 | 10775 | 191 | 1 | (81) |
|  Gold 100 oz. April Futures  | 04/2026 | 23 | 9044 | 319 | 43 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 368 | 9159 | (904) | 0 | (193) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 3 | 22 | (3) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 3 | 25 | 0 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 3 | 30 | 5 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 3 | 31 | 6 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 3 | 33 | 8 | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 3 | 24 | (1) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 3 | 23 | (2) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 3 | 26 | 1 | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 3 | 23 | (3) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 3 | 26 | 1 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 3 | 25 | 0 | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 3 | 24 | (1) | 0 | 0 |
|  Iron Ore January Futures  | 01/2026 | 688 | 6945 | (102) | 31 | 0 |
|  Iron Ore November Futures  | 11/2025 | 167 | 1730 | 13 | 9 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 8 | 7346 | (72) | 6 | (6) |
|  Live Cattle April Futures  | 04/2026 | 120 | 11431 | (12) | 57 | 0 |
|  Live Cattle December Futures  | 12/2025 | 129 | 12114 | 90 | 51 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 229 | 15363 | 265 | 89 | (21) |
|  LME Aluminum March Futures  | 03/2026 | 93 | 6256 | 143 | 149 | (14) |
|  LME Aluminum November Futures  | 11/2025 | 121 | 8111 | 244 | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 6 | 299 | 0 | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 80 | 7336 | (62) | 1 | (12) |
|  LME Nickel March Futures  | 03/2026 | 68 | 6279 | (11) | 20 | (32) |
|  LME Nickel November Futures  | 11/2025 | 121 | 11002 | (270) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 212 | 15693 | 341 | 187 | (13) |
|  LME Zinc March Futures  | 03/2026 | 78 | 5750 | 261 | 253 | 0 |
|  LME Zinc November Futures  | 11/2025 | 97 | 7218 | 461 | 81 | 0 |
|  Natural Gas December Futures  | 11/2025 | 10 | 388 | (8) | 0 | (1) |
|  Natural Gas November Futures  | 10/2025 | 14 | 462 | 14 | 5 | 0 |
|  New York Harbor December Futures  | 11/2025 | 54 | 5217 | 137 | 0 | (54) |
|  New York Harbor March Futures  | 02/2026 | 169 | 15927 | 147 | 0 | (160) |
|  RBOB Gasoline December Futures  | 11/2025 | 69 | 5433 | (2) | 0 | (58) |
|  RBOB Gasoline March Futures  | 02/2026 | 210 | 16522 | (56) | 0 | (175) |
|  Silver December Futures  | 12/2025 | 27 | 6296 | 587 | 2 | (49) |
|  Silver March Futures  | 03/2026 | 21 | 4956 | 838 | 0 | (40) |
|  Soybean January Futures  | 01/2026 | 151 | 7703 | (299) | 0 | (72) |
|  Soybean Meal January Futures  | 01/2026 | 217 | 6030 | (167) | 0 | (39) |
|  Soybean Oil March Futures  | 03/2026 | 17 | 513 | (24) | 0 | (3) |
|  Sugar No. 11 March Futures  | 02/2026 | 84 | 1562 | (41) | 14 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 851 | 92925 | (294) | 33 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 788 | 94609 | 2547 | 0 | (443) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 462 | 53166 | (47) | 1 | (23) |
|  WTI Crude December Futures  | 11/2025 | 165 | 10223 | (113) | 0 | (172) |
|  WTI Crude June Futures  | 05/2026 | 4 | 245 | (1) | 0 | (1) |
|  WTI Crude March Futures  | 02/2026 | 84 | 5154 | (98) | 0 | (79) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2385) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 111

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bobl December Futures  | 12/2025 | 117 | $(16183) | $10 | $0 | $(22) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 328 | (44085) | (1002) | 85 | (408) |
|  Euro-Oat December Futures  | 12/2025 | 1158 | (164981) | (1269) | 0 | (394) |
|  Gas Oil November Futures  | 11/2025 | 36 | (2473) | 7 | 9 | (4) |
|  Gas Oil October Futures  | 10/2025 | 12 | (833) | (52) | 7 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 49 | (18979) | (253) | 0 | (103) |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 23 | (597) | 29 | 12 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 12 | (320) | 14 | 6 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 92 | (6172) | (178) | 0 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 3 | (202) | (2) | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 121 | (8111) | (173) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 48 | (4401) | 9 | 0 | 0 |
|  LME Nickel March Futures  | 03/2026 | 2 | (185) | 1 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 121 | (11002) | 18 | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 56 | (4145) | (223) | 0 | 0 |
|  LME Zinc March Futures  | 03/2026 | 2 | (147) | (1) | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 75 | (5581) | (224) | 0 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1047 | (218193) | (83) | 0 | (115) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 344 | (38697) | (4) | 0 | (6) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 710 | (82782) | (1781) | 178 | 0 |
|  Wheat December Futures  | 12/2025 | 192 | (4877) | 552 | 110 | 0 |
|  WTI Crude December Futures  | 11/2025 | 88 | (5452) | 163 | 92 | 0 |
|  WTI Crude June Futures  | 05/2026 | 19 | (1163) | 0 | 17 | 0 |
|  |  |  |  | $(4442) | $516 | $(1052) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3437) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 158600 | $(721) | $(195) | $(916) | $218 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.380 | Semi-Annual | 06/18/2028 | JPY | 13680 | (4) | 6 | 2 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260000 | (72) | 699 | 627 | 20 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 |  | 385260 | (147) | 210 | 63 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 |  | 2933000 | 56 | 841 | 897 | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $— | 218380 | 1246 | (1040) | 206 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 |  | 110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1453) | (2558) | (4011) | 58 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 |  | 12450 | (157) | (278) | (435) | 6 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 288100 | (1547) | 1599 | 52 | 0 | (146) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 6312 | (6) | (96) | (102) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 |  | 30 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 |  | 13000 | 579 | (207) | 372 | 0 | (2) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 8488 | (97) | 44 | (53) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 |  | 14330 | 900 | 3795 | 4695 | 38 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 |  | 76986 | (1934) | (87) | (2021) | 222 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 |  | 11000 | 683 | 3010 | 3693 | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 |  | 50900 | 1074 | 8832 | 9906 | 138 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 19200 | 511 | 1019 | 1530 | 57 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 | EUR | 13300 | (335) | 249 | (86) | 0 | (43) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 149370 | (65) | 274 | 209 | 501 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 |  | 3600 | 223 | 1988 | 2211 | 0 | (16) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 |  | 3700 | 2 | 2266 | 2268 | 0 | (17) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 |  | 7000 | 436 | 3852 | 4288 | 0 | (32) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 26000 | (371) | (107) | (478) | 0 | (203) |
|  Receive | CPTFEMU | 2.965 | Maturity | 05/15/2027 |  | 11300 | 0 | 248 | 248 | 0 | (22) |
|  Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 |  | 10000 | 5 | 192 | 197 | 0 | (19) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 |  | 4100 | 0 | 46 | 46 | 0 | (8) |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 |  | 37600 | 0 | 176 | 176 | 0 | (52) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 |  | 9810 | (89) | (1993) | (2082) | 38 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 18500 | (7) | (236) | (243) | 0 | (70) |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 13600 | (33) | (119) | (152) | 0 | (50) |
|  Receive | CPTFEMU | 2.487 | Maturity | 05/15/2037 |  | 50 | 1 | (1) | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 1600 | 1 | 76 | 77 | 12 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 2300 | (60) | 179 | 119 | 17 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 |  | 900 | 1 | 42 | 43 | 6 | 0 |

---

---

| | | |
|:---|:---|:---|
| **112** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPTFEMU | 2.421% | Maturity | 05/15/2052 | EUR | 950 | $0 | $10 | $10 | $5 | $0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 |  | 2900 | 0 | 333 | 333 | 20 | 0 |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 |  | 4200 | 4 | 647 | 651 | 30 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 3700 | 25 | 574 | 599 | 27 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 6600 | 18 | 1207 | 1225 | 50 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 2100 | 0 | 330 | 330 | 14 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 3400 | 31 | 567 | 598 | 23 | 0 |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | $— | 200 | 0 | (1) | (1) | 0 | 0 |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 |  | 2600 | 0 | (15) | (15) | 0 | 0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 |  | 3100 | 0 | (13) | (13) | 0 | 0 |
|  Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 |  | 7600 | 0 | (9) | (9) | 1 | 0 |
|  Receive | CPURNSA | 2.313 | Maturity | 02/26/2026 |  | 13700 | 0 | 1740 | 1740 | 0 | (1) |
|  Receive | CPURNSA | 2.418 | Maturity | 03/05/2026 |  | 15300 | 0 | 1854 | 1854 | 0 | (4) |
|  Receive | CPURNSA | 2.767 | Maturity | 05/13/2026 |  | 11500 | 0 | 1152 | 1152 | 0 | (3) |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 5500 | 0 | 537 | 537 | 0 | (1) |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 10230 | 0 | 1046 | 1046 | 0 | (2) |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 600 | 0 | 61 | 61 | 0 | 0 |
|  Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 |  | 4720 | 405 | (976) | (571) | 4 | 0 |
|  Pay | CPURNSA | 2.352 | Maturity | 05/09/2028 |  | 1820 | 167 | (379) | (212) | 0 | 0 |
|  Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 |  | 2740 | 253 | (570) | (317) | 1 | 0 |
|  Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 |  | 5590 | 519 | (1163) | (644) | 1 | 0 |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 1200 | 0 | 104 | 104 | 0 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 7000 | 455 | (1464) | (1009) | 0 | (1) |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 1300 | 55 | (269) | (214) | 0 | 0 |
|  Pay | CPURNSA | 1.280 | Maturity | 05/19/2030 |  | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | (897) | (1050) | 0 | (1) |
|  Receive | UKRPI | 0.000 | Maturity | 09/15/2027 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | 0 | (18) | (18) | 0 | (24) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 15600 | 88 | 208 | 296 | 57 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 12800 | (2) | 180 | 178 | 37 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3588) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4310) |

---

(l) Securities with an aggregate market value of $49,661 and cash of $4,558 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $501 and liability of $(151) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 77051 | $89868 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594) |
|  | 10/2025 | 114 | 67 | 1 | 0 |
|  | 10/2025 | $31851 | 44311 | 0 | (10) |
|  | 11/2025 | 44241 | $31851 | 10 | 0 |
|  | 11/2025 | $67 | 114 | 0 | (1) |
|  BOA | 10/2025 | 16518 | $113 | 1 | 0 |
|  | 10/2025 | 80 | 46 | 0 | 0 |
|  | 10/2025 | $1330 | 1051 | 0 | (10) |
|  | 10/2025 | 1402 | 4714 | 21 | 0 |
|  | 10/2025 | 4487 | 396876 | 0 | (23) |
|  | 10/2025 | 960 | 143798 | 12 | 0 |
|  | 10/2025 | 1786 | 2472938 | 0 | (24) |
|  | 10/2025 | 500 | 1797 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 143300 | $960 | $0 | $(12) |
|  | 11/2025 | $597 | 1997 | 6 | 0 |
|  | 11/2025 | 46 | 80 | 0 | 0 |
|  | 12/2025 | 1295 | 24362 | 24 | 0 |
|  BPS | 10/2025 | 50374 | $8500 | 1 | (965) |
|  | 10/2025 | 46627 | 6547 | 3 | 0 |
|  | 10/2025 | 158609987 | 9573 | 83 | (18) |
|  | 10/2025 | 206014 | 2339 | 21 | 0 |
|  | 10/2025 | 79 | 46 | 1 | 0 |
|  | 10/2025 | 813 | 19 | 0 | 0 |
|  | 10/2025 | 423498 | 14070 | 173 | (15) |
|  | 10/2025 | $9209 | 50374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | 0 |
|  | 10/2025 | 14693 | 242840588 | 0 | (138) |
|  | 10/2025 | 1121 | 166597 | 5 | 0 |
|  | 10/2025 | 8881 | 12273866 | 0 | (135) |
|  | 10/2025 | 4651 | 16929 | 7 | (2) |
|  | 11/2025 | 168 | $24 | 0 | 0 |
|  | 11/2025 | 25401279 | 1520 | 0 | (2) |
|  | 11/2025 | 153986 | 1730 | 0 | 0 |
|  | 11/2025 | 166018 | 1121 | 0 | (5) |
|  | 11/2025 | 1331725 | 950 | 0 | 0 |
|  | 11/2025 | $168 | 899 | 0 | 0 |
|  | 11/2025 | 1189 | 7540 | 0 | (1) |
|  | 11/2025 | 1761 | 5920 | 26 | 0 |
|  | 11/2025 | 46 | 79 | 0 | 0 |
|  | 12/2025 | 43273 | $1442 | 13 | 0 |
|  | 12/2025 | $1949 | 647283 | 0 | (9) |
|  | 12/2025 | 3250 | 54671174 | 20 | 0 |
|  | 12/2025 | 217 | 4024 | 1 | 0 |
|  | 04/2026 | 20700 | $3624 | 0 | (100) |
|  BRC | 10/2025 | 9007 | 11284 | 0 | (30) |
|  | 10/2025 | 4646 | 6274 | 26 | 0 |
|  | 10/2025 | 951087 | 58 | 1 | 0 |
|  | 10/2025 | 31932 | 767 | 0 | (1) |
|  | 10/2025 | $11090 | 8893 | 82 | 0 |
|  | 10/2025 | 39275 | 33457 | 5 | 0 |
|  | 10/2025 | 1 | 6 | 0 | 0 |
|  | 10/2025 | 7516 | 27482 | 44 | 0 |
|  | 10/2025 | 5462 | 234513 | 107 | 0 |
|  | 10/2025 | 6381 | 112553 | 128 | 0 |
|  | 11/2025 | 6 | $1 | 0 | 0 |
|  | 11/2025 | $11284 | 8971 | 31 | 0 |
|  | 11/2025 | 6275 | 4646 | 0 | (26) |
|  | 11/2025 | 13406 | $761 | 0 | (12) |
|  | 12/2025 | $239 | 4426 | 0 | 0 |
|  | 12/2025 | 8231 | 34521 | 0 | (10) |
|  | 12/2025 | 1540 | 67763 | 3 | 0 |
|  BSH | 10/2025 | 36600 | $6882 | 5 | 0 |
|  | 10/2025 | 24 | 14 | 0 | 0 |
|  | 10/2025 | $6730 | 36600 | 146 | 0 |
|  | 10/2025 | 121 | 105 | 1 | 0 |
|  | 11/2025 | 14 | 24 | 0 | 0 |
|  | 12/2025 | 46388 | 257394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 | 0 |
|  | 02/2026 | 2313 | $661 | 0 | (2) |
|  | 04/2026 | 39200 | 6902 | 0 | (149) |
|  CBK | 10/2025 | 3863 | 2525 | 0 | (32) |
|  | 10/2025 | 51 | 37 | 0 | 0 |
|  | 10/2025 | 12253 | 1727 | 7 | 0 |
|  | 10/2025 | 97942 | 15296 | 0 | (109) |
|  | 10/2025 | 2723 | 3178 | 0 | (19) |
|  | 10/2025 | 105199887 | 6344 | 53 | (15) |
|  | 10/2025 | 382528 | 4307 | 5 | 0 |
|  | 10/2025 | 15863 | 12357 | 60 | 0 |
|  | 10/2025 | 430458 | 14524 | 380 | 0 |
|  | 10/2025 | $2153 | 1827 | 2 | (10) |
|  | 10/2025 | 3966 | 65238755 | 0 | (56) |
|  | 10/2025 | 17866 | 1569592 | 0 | (213) |
|  | 10/2025 | 58 | 583 | 0 | 0 |
|  | 10/2025 | 2998 | 28395 | 18 | 0 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1483 | 47855 | $0 | $(4) |
|  | 10/2025 | 5624 | 171182 | 4 | (6) |
|  | 10/2025 | 3325 | $192 | 0 | (1) |
|  | 11/2025 | 583 | 58 | 0 | 0 |
|  | 11/2025 | $37 | 51 | 0 | 0 |
|  | 11/2025 | 1422 | 5922137 | 82 | 0 |
|  | 11/2025 | 1264 | 4235 | 15 | 0 |
|  | 11/2025 | 4307 | 383277 | 0 | (5) |
|  | 12/2025 | 97936 | $3239 | 8 | (1) |
|  | 12/2025 | $3360 | 56461641 | 17 | 0 |
|  | 01/2026 | 71937 | $2385 | 1 | 0 |
|  DUB | 10/2025 | 99912 | 14052 | 29 | 0 |
|  | 10/2025 | 50425533 | 3077 | 54 | 0 |
|  | 10/2025 | 620513 | 6985 | 6 | 0 |
|  | 10/2025 | $2295 | 7842 | 72 | 0 |
|  | 10/2025 | 9057 | 800787 | 0 | (51) |
|  | 10/2025 | 61 | 85069 | 0 | (1) |
|  | 11/2025 | 7838 | $2295 | 0 | (71) |
|  | 11/2025 | 36266 | 408 | 0 | 0 |
|  | 11/2025 | $6985 | 621746 | 0 | (6) |
|  | 11/2025 | 32373 | $1849 | 0 | (19) |
|  FAR | 10/2025 | 42584 | 27622 | 0 | (556) |
|  | 10/2025 | 1614 | 2026 | 0 | (2) |
|  | 10/2025 | 43562 | 6135 | 21 | 0 |
|  | 10/2025 | 6562379 | 44638 | 264 | 0 |
|  | 10/2025 | 56 | 33 | 0 | 0 |
|  | 10/2025 | $31714 | 48573 | 427 | 0 |
|  | 10/2025 | 2413 | 1794 | 0 | 0 |
|  | 10/2025 | 16953 | 1495268 | 0 | (136) |
|  | 10/2025 | 11054 | 40382 | 54 | 0 |
|  | 10/2025 | 32036 | 41259 | 0 | (51) |
|  | 11/2025 | 48573 | $31729 | 0 | (427) |
|  | 11/2025 | 1794 | 2413 | 0 | 0 |
|  | 11/2025 | 41154 | 32036 | 48 | 0 |
|  | 11/2025 | $2026 | 1608 | 2 | 0 |
|  | 11/2025 | 33 | 56 | 0 | 0 |
|  | 12/2025 | 14277 | $750 | 0 | (24) |
|  | 12/2025 | $21378 | 405109 | 565 | 0 |
|  GLM | 10/2025 | 84100 | $13807 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1995) |
|  | 10/2025 | 314 | 392 | 0 | (2) |
|  | 10/2025 | 3434 | 483 | 1 | 0 |
|  | 10/2025 | 54983804 | 3297 | 2 | 0 |
|  | 10/2025 | 27818 | 20 | 0 | 0 |
|  | 10/2025 | 2274 | 1772 | 9 | 0 |
|  | 10/2025 | 12 | 0 | 0 | 0 |
|  | 10/2025 | $15519 | 84100 | 286 | (3) |
|  | 10/2025 | 3741 | 61847156 | 0 | (35) |
|  | 10/2025 | 4773 | 418869 | 0 | (62) |
|  | 10/2025 | 20 | 27818 | 0 | 0 |
|  | 10/2025 | 1452 | 6330 | 9 | 0 |
|  | 11/2025 | 321 | 1069 | 2 | 0 |
|  | 12/2025 | 707735 | $42 | 0 | 0 |
|  | 12/2025 | 3738 | 197 | 0 | (6) |
|  | 12/2025 | $3243 | 54215536 | 0 | 0 |
|  | 04/2026 | 108500 | $18942 | 2 | (577) |
|  IND | 10/2025 | 2126 | 1389 | 0 | (18) |
|  | 10/2025 | $16661 | 106547 | 97 | 0 |
|  | 11/2025 | 106301 | $16661 | 0 | (97) |
|  JPM | 10/2025 | 454 | 83 | 0 | (2) |
|  | 10/2025 | 41334 | 29910 | 208 | 0 |
|  | 10/2025 | 101612510 | 6086 | 0 | (4) |
|  | 10/2025 | 2956 | 2300 | 8 | 0 |
|  | 10/2025 | $85 | 454 | 0 | 0 |
|  | 10/2025 | 11618 | 73966 | 16 | 0 |
|  | 10/2025 | 1304 | 970 | 1 | 0 |
|  | 10/2025 | 10364 | 172076045 | 4 | (51) |
|  | 10/2025 | 1487 | 4993 | 20 | 0 |
|  | 10/2025 | 1178 | 104086 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **115** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $106 | 147238 | $0 | $(1) |
|  | 10/2025 | 4953 | 18202 | 54 | 0 |
|  | 10/2025 | 730 | 22166 | 0 | (2) |
|  | 10/2025 | 1435 | 25376 | 33 | 0 |
|  | 11/2025 | 73715 | $11605 | 0 | (16) |
|  | 11/2025 | $1701 | 12074 | 0 | 0 |
|  | 11/2025 | 28668 | $1636 | 0 | (19) |
|  | 04/2026 | 44700 | 7542 | 0 | (498) |
|  MBC | 10/2025 | 1473 | 1071 | 12 | 0 |
|  | 10/2025 | 338 | 424 | 0 | (1) |
|  | 10/2025 | 50844 | 7153 | 17 | 0 |
|  | 10/2025 | 1364 | 1615 | 14 | 0 |
|  | 10/2025 | 8523 | 11469 | 26 | (19) |
|  | 10/2025 | 5050764 | 307 | 4 | 0 |
|  | 10/2025 | 11744 | 80 | 1 | 0 |
|  | 10/2025 | 9767940 | 6994 | 34 | 0 |
|  | 10/2025 | 45 | 4 | 0 | 0 |
|  | 10/2025 | 43517 | 4539 | 0 | (83) |
|  | 10/2025 | 22817 | 17806 | 117 | 0 |
|  | 10/2025 | 22 | 1 | 0 | 0 |
|  | 10/2025 | $1685 | 1327 | 0 | (18) |
|  | 10/2025 | 5242 | 37340 | 0 | (1) |
|  | 10/2025 | 4352 | 3704 | 8 | (11) |
|  | 10/2025 | 4017 | 2971 | 0 | (21) |
|  | 10/2025 | 555 | 82567 | 3 | 0 |
|  | 10/2025 | 7078 | 9881672 | 0 | (36) |
|  | 10/2025 | 1 | 6 | 0 | 0 |
|  | 10/2025 | 1278 | 2180 | 0 | (15) |
|  | 10/2025 | 1820 | 17430 | 31 | 0 |
|  | 10/2025 | 2561 | 3269 | 0 | (27) |
|  | 10/2025 | 4776 | 154017 | 1 | (17) |
|  | 11/2025 | 37252 | $5242 | 1 | 0 |
|  | 11/2025 | 141160 | 955 | 0 | (3) |
|  | 11/2025 | 6 | 1 | 0 | 0 |
|  | 11/2025 | $14636 | 103935 | 7 | 0 |
|  | 11/2025 | 9073 | 6729 | 4 | (26) |
|  | 11/2025 | 361 | 1202 | 2 | 0 |
|  | 11/2025 | 2841 | 253051 | 0 | (1) |
|  | 12/2025 | 473 | 8973 | 13 | 0 |
|  MYI | 10/2025 | 2000 | $326 | 0 | (49) |
|  | 10/2025 | 51330 | 7214 | 9 | 0 |
|  | 10/2025 | 20390064 | 1239 | 16 | 0 |
|  | 10/2025 | 73044 | 495 | 1 | 0 |
|  | 10/2025 | $376 | 2000 | 0 | 0 |
|  | 10/2025 | 21099 | 3149820 | 200 | 0 |
|  | 10/2025 | 2536 | 9180 | 0 | (11) |
|  | 10/2025 | 2840 | 85570 | 0 | (29) |
|  | 11/2025 | 146 | $21 | 0 | 0 |
|  | 11/2025 | 3138920 | 21099 | 0 | (201) |
|  | 12/2025 | 85013 | 2840 | 34 | 0 |
|  | 12/2025 | $4308 | 88825 | 0 | (16) |
|  | 12/2025 | 1231 | 23225 | 27 | 0 |
|  NGF | 10/2025 | 3318 | 54912836 | 0 | (26) |
|  | 10/2025 | 140 | 195019 | 0 | (1) |
|  SCX | 10/2025 | 1415 | $1028 | 12 | 0 |
|  | 10/2025 | 37331 | 5254 | 14 | 0 |
|  | 10/2025 | 82566 | 12853 | 0 | (133) |
|  | 10/2025 | 2336 | 3125 | 0 | (17) |
|  | 10/2025 | 59577100 | 3568 | 0 | (3) |
|  | 10/2025 | 430365 | 4841 | 1 | 0 |
|  | 10/2025 | 373976 | 2543 | 14 | 0 |
|  | 10/2025 | 627 | 492 | 6 | 0 |
|  | 10/2025 | 245386 | 8281 | 219 | 0 |
|  | 10/2025 | $420 | 314 | 2 | 0 |
|  | 10/2025 | 3990 | 65600368 | 0 | (58) |
|  | 10/2025 | 8815 | 778180 | 0 | (63) |
|  | 11/2025 | 314 | $420 | 0 | (2) |
|  | 11/2025 | 680 | 5 | 0 | 0 |
|  | 11/2025 | $3126 | 2336 | 17 | 0 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $4433 | 394904 | $0 | $0 |
|  | 12/2025 | 998 | 20467 | 0 | (9) |
|  | 12/2025 | 3568 | 59727675 | 4 | 0 |
|  SOG | 10/2025 | 27095 | $5077 | 0 | (14) |
|  | 10/2025 | 390 | 458 | 1 | 0 |
|  | 10/2025 | 3424464 | 23286 | 130 | 0 |
|  | 10/2025 | 1827 | 1065 | 5 | 0 |
|  | 10/2025 | $5094 | 27095 | 0 | (3) |
|  | 10/2025 | 49904 | 42435 | 0 | (83) |
|  | 10/2025 | 46099 | 6859514 | 285 | 0 |
|  | 10/2025 | 1360 | 5924 | 7 | 0 |
|  | 11/2025 | 42435 | $50004 | 83 | 0 |
|  | 11/2025 | 6835791 | 46099 | 0 | (286) |
|  | 11/2025 | $459 | 390 | 0 | (1) |
|  | 12/2025 | 5077 | 27480 | 13 | 0 |
|  | 03/2026 | 3184 | 3086246 | 23 | 0 |
|  SSB | 10/2025 | 314 | $423 | 1 | 0 |
|  | 10/2025 | $13169 | 9770 | 0 | (29) |
|  UAG | 10/2025 | 38 | 27 | 0 | 0 |
|  | 10/2025 | 18337 | 5497 | 0 | (39) |
|  | 10/2025 | 569 | 56 | 0 | (1) |
|  | 10/2025 | $230 | 787 | 8 | 0 |
|  | 10/2025 | 209 | 18428 | 0 | (1) |
|  | 10/2025 | 2835 | 10279 | 0 | (7) |
|  | 10/2025 | 1280 | 41423 | 0 | 0 |
|  | 10/2025 | 192 | 3325 | 0 | 0 |
|  | 10/2025 | 3327 | $192 | 0 | 0 |
|  | 11/2025 | 787 | 230 | 0 | (8) |
|  | 11/2025 | 14583 | 827 | 0 | (14) |
|  | 12/2025 | $1389 | 459692 | 0 | (11) |
|  | 12/2025 | 3122 | 179230 | 0 | (56) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8959) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 6200 | $(55) | $(39) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 6200 | (55) | (27) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 26800 | (324) | (177) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 26800 | (323) | (2) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 33700 | (306) | (180) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 33700 | (306) | (181) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 85100 | (780) | (618) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 85100 | (780) | (343) |
|  |  |  |  |  |  | $(2929) | $(1567) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3015) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1609) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 117

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $3200 | $(95) | $106 | $11 | $0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 41 | (2) | 2 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 358 | (22) | 22 | 0 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 13300 | (440) | 483 | 43 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 5200 | (151) | 168 | 17 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  MYC | Receive | CPURNSA | 1.800% | Maturity | 07/20/2026 | $1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) |
|  | Receive | CPURNSA | 1.805 | Maturity | 09/20/2026 | 900 | 0 | (164) | 0 | (164) |
|  |  |  |  |  |  |  | $0 | $(510) | $0 | $(510) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index  | 191835 | 0.000 | Monthly | 06/10/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18620 | $0 | $30 | $30 | $0 |
|  | Pay | MLPIREIS Index  | 171574 | 0.000 | Monthly | 06/10/2026 | 17033 | 0 | 59 | 59 | 0 |
|  CBK | Receive | DWRTFT Index  | 1075 | 4.690% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 15253 | 0 | (58) | 0 | (58) |
|  | Receive | DWRTFT Index  | 688 | 4.720% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 9762 | 0 | (38) | 0 | (38) |
|  | Receive | DWRTFT Index  | 1075 | 4.750% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 15253 | 0 | (59) | 0 | (59) |
|  CIB | Receive | PIMCODB Index  | 55773 | 0.000 | Monthly | 06/15/2026 | 11909 | 0 | 79 | 79 | 0 |
|  MAC | Receive | PIMCODB Index<sup>(7)</sup> | 182427 | 0.000 | Monthly | 08/17/2026 | 37309 | 0 | 255 | 255 | 0 |
|  MYI | Receive | DWRTFT Index  | 1924 | 4.680% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 27299 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) | 0 | (105) |
|  | Receive | DWRTFT Index  | 1761 | 4.740% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 24986 | 0 | (96) | 0 | (96) |
|  | Receive | DWRTFT Index  | 1273 | 4.690% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 18062 | 0 | (69) | 0 | (69) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | Rocket Companies, Inc. | 30800 | (4.800)% (SOFR less a specified spread) | Monthly | 03/11/2026 | $597 | $0 | $(2) | $0 | $(2) |
|  FAR | Pay | HNI Corp. | 1819 | 4.200% (SOFR plus a specified spread) | Monthly | 02/05/2026 | 85 | 0 | 0 | 0 | 0 |
|  RBC | Pay | Palo Alto Networks,Inc. | 2421 | 4.525% (SOFR plus a specified spread) | Monthly | 03/25/2026 | 493 | 0 | 2 | 2 | 0 |
|  | Pay | Union Pacific Corp. | 1700 | 4.550% (SOFR plus a specified spread) | Monthly | 03/25/2026 | 402 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  |  |  | $0 | $(1) | $2 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938) |

---

118 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $11 | $0 | $0 | $11 | $(605) | $0 | $0 | $(605) | $(594) | $787 | $193 |
|  BOA | 64 | 0 | 89 | 153 | (74) | 0 | (2) | (76) | 77 | 0 | 77 |
|  BPS | 610 | 0 | 0 | 610 | (1390) | 0 | 0 | (1390) | (780) | 596 | (184) |
|  BRC | 427 | 0 | 0 | 427 | (79) | (66) | 0 | (145) | 282 | 0 | 282 |
|  BSH | 1436 | 0 | 0 | 1436 | (151) | 0 | 0 | (151) | 1285 | 0 | 1285 |
|  BSS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1100) | (1100) |
|  CBK | 652 | 0 | 0 | 652 | (471) | 0 | (155) | (626) | 26 | (290) | (264) |
|  CIB | 0 | 0 | 79 | 79 | 0 | 0 | 0 | 0 | 79 | 0 | 79 |
|  DUB | 161 | 0 | 0 | 161 | (148) | 0 | 0 | (148) | 13 | 0 | 13 |
|  FAR | 1381 | 0 | 0 | 1381 | (1196) | 0 | 0 | (1196) | 185 | (770) | (585) |
|  GLM | 311 | 0 | 0 | 311 | (2680) | (1543) | 0 | (4223) | (3912) | 1291 | (2621) |
|  GST | 0 | 0 | 11 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  IND | 97 | 0 | 0 | 97 | (115) | 0 | 0 | (115) | (18) | 0 | (18) |
|  JPM | 344 | 0 | 0 | 344 | (600) | 0 | 0 | (600) | (256) | 288 | 32 |
|  MAC | 0 | 0 | 255 | 255 | 0 | 0 | 0 | 0 | 255 | (380) | (125) |
|  MBC | 295 | 0 | 0 | 295 | (279) | 0 | 0 | (279) | 16 | 0 | 16 |
|  MYC | 0 | 0 | 43 | 43 | 0 | 0 | (510) | (510) | (467) | 475 | 8 |
|  MYI | 287 | 0 | 0 | 287 | (306) | 0 | (270) | (576) | (289) | 27 | (262) |
|  NGF | 0 | 0 | 0 | 0 | (27) | 0 | 0 | (27) | (27) | 0 | (27) |
|  RBC | 0 | 0 | 2 | 2 | 0 | 0 | (1) | (1) | 1 | 0 | 1 |
|  SCX | 289 | 0 | 0 | 289 | (285) | 0 | 0 | (285) | 4 | 0 | 4 |
|  SOG | 547 | 0 | 0 | 547 | (387) | 0 | 0 | (387) | 160 | (320) | (160) |
|  SSB | 1 | 0 | 0 | 1 | (29) | 0 | 0 | (29) | (28) | 0 | (28) |
|  UAG | 8 | 0 | 17 | 25 | (137) | 0 | 0 | (137) | (112) | 0 | (112) |
|  Total Over the Counter | $6921 | $0 | $496 | $7417 | $(8959) | $(1609) | $(938) | $(11506) |  |  |  |

---

(n) Securities with an aggregate market value of $3,464 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum December 2025 Futures | 1.0% | $380 |
|  Aluminum March 2026 Futures | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 |
|  Arabica Coffee March 2026 Futures | 3.6 | 1339 |
|  Brent Crude May 2026 Futures | 2.5 | 949 |
|  Cocoa March 2026 Futures | 1.8 | 668 |
|  Copper December 2025 Futures | 1.4 | 534 |
|  Corn March 2026 Futures | 0.2 | 65 |
|  Gas Oil May 2026 Futures | 4.9 | 1832 |
|  Gold 100 oz. April 2026 Futures | 6.3 | 2354 |
|  Gold 100 oz. December 2025 Futures | 14.3 | 5325 |
|  Lead December 2025 Futures | 0.2 | 80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **119** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Live Cattle April 2026 Futures | 5.2% | $1941 |
|  Live Cattle December 2025 Futures | 5.7 | 2111 |
|  New York Harbor ULSD May 2026 Futures | 7.2 | 2672 |
|  Nickel December 2025 Futures | 0.5 | 203 |
|  Nickel March 2026 Futures | 4.2 | 1556 |
|  RBOB Gasoline May 2026 Futures | 8.5 | 3168 |
|  Silver December 2025 Futures | 6.9 | 2565 |
|  Silver March 2026 Futures | 3.4 | 1282 |
|  Soybean Oil March 2026 Futures | 0.4 | 134 |
|  WTI Crude May 2026 Futures | 2.3 | 877 |
|  Zinc December 2025 Futures | 3.9 | 1445 |
|  Zinc March 2026 Futures | 3.8 | 1436 |
|  Total Long Futures Contracts |  | $34467 |
|  Cash | 7.6% | $2842 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37309 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $1786 | $0 | $0 | $0 | $1331 | $3117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1654 | 1654 |
|  | $1786 | $0 | $0 | $0 | $2985 | $4771 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6921 | $0 | $6921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 334 | 71 | 91 | 0 | 0 | 496 |
|  | $334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $91 | $6921 | $0 | $7417 |
|  | $2120 | $71 | $91 | $6921 | $2985 | $12188 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | $0 | $0 | $0 | $1518 | $3588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 722 | 722 |
|  | $2070 | $0 | $0 | $0 | $2240 | $4310 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $8959 | $0 | $8959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1609 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 428 | 0 | 510 | 938 |
|  | $0 | $0 | $428 | $8959 | $2119 | $11506 |
|  | $2070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15816 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 318 | 0 | 0 | 0 | 0 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (18372) | 0 | 1150 | 0 | 5459 | (11763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1563) | (1563) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17722) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12676) |

---

120 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(12887) | $0 | $(12887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 645 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (264) | 177 | (94) | 0 | 0 | (181) |
|  | $(264) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | $(94) | $(12887) | $645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12423) |
|  | $(17986) | $177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12887) | $4541 | $(25099) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $114 | $0 | $0 | $0 | $0 | $114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (129) | 0 | 0 | 0 | 0 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 15829 | 0 | 0 | 0 | 383 | 16212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11854 | 11854 |
|  | $15814 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12237 | $28051 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $299 | $0 | $299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 629 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (1450) | (64) | 640 | 0 | 0 | (874) |
|  | $(1450) | $(64) | $640 | $299 | $629 | $54 |
|  | $14364 | $(64) | $640 | $299 | $12866 | $28105 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $28894 | $0 | $28894 |
| &nbsp;&nbsp; Industrials | 0 | 199 | 19900 | 20099 |
| &nbsp;&nbsp; Utilities | 0 | 440 | 0 | 440 |
|  U.S. Government Agencies | 0 | 588133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19994 | 608127 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184783 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184783 |
|  Non-Agency Mortgage-Backed Securities | 0 | 10823 | 0 | 10823 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 11723 | 0 | 11723 |
| &nbsp;&nbsp; Home Equity Other | 0 | 22268 | 0 | 22268 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 28 | 0 | 28 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12510 | 0 | 12510 |
| &nbsp;&nbsp; Other ABS | 1700 | 93561 | 0 | 95261 |
|  Sovereign Issues | 0 | 153212 | 0 | 153212 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 753 | 0 | 0 | 753 |
| &nbsp;&nbsp; Consumer Discretionary | 60 | 0 | 0 | 60 |
| &nbsp;&nbsp; Consumer Staples | 898 | 0 | 0 | 898 |
| &nbsp;&nbsp; Financials | 590 | 0 | 0 | 590 |
| &nbsp;&nbsp; Health Care | 772 | 0 | 0 | 772 |
| &nbsp;&nbsp; Industrials | 898 | 0 | 0 | 898 |
| &nbsp;&nbsp; Information Technology | 607 | 0 | 0 | 607 |
| &nbsp;&nbsp; Real Estate | 469 | 0 | 0 | 469 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 678 | 0 | 678 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87409 | 0 | 0 | 87409 |
|  Commodities | 0 | 264835 | 0 | 264835 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 578 | 0 | 578 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 515400 | 0 | 515400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $294 | $0 | $294 |
|  | $94156 | $2888359 | $39894 | $3022409 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 191674 | 0 | 0 | 191674 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 2664 | 0 | 0 | 2664 |
|  | $194338 | $0 | $0 | $194338 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216747 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 2404 | 1866 | 0 | 4270 |
|  Over the counter | 0 | 7417 | 0 | 7417 |
|  | $2404 | $9283 | $0 | $11687 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (2850) | (1309) | 0 | (4159) |
|  Over the counter | 0 | (11506) | 0 | (11506) |
|  | $(2850) | $(12815) | $0 | $(15665) |
|  Total Financial Derivative Instruments | $(446) | $(3532) | $0 | $(3978) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212769 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 121

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers<br>into<br>Level 3 | Transfers<br>out<br>of Level 3 | Ending<br>Balance at<br>09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19900 | $0 | $0 | $0 | $0 | $0 | $0 | $19900 | $0 |
|  U.S. Government Agencies | 0 | 19994 | 0 | 0 | 0 | 0 | 0 | 0 | 19994 | 0 |
|  Totals | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | **Weighted<br>Average**<br> **(% Unless<br>Noted<br>Otherwise)** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | $19900 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 19994 | Recent Transaction | Purchase Price | 99.938-100.000 | 99.962 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. The PIMCO Inflation Response Multi-Asset Fund ("IRMA Fund") may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds").

PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund have respectively established the PIMCO Cayman Commodity Fund III Ltd, PIMCO Cayman Commodity Fund I Ltd and PIMCO Cayman Commodity Fund VII Ltd, each a Cayman Islands exempted company (each, a " Commodity Subsidiary" and collectively, the "Commodity Subsidiaries"), which is wholly-owned and controlled by each respective Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiaries.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM.

Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **123** |

---

------

Notes to Financial Statements (Cont.)

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in

Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | |
|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO Long-Term Real Return Fund | Daily | Monthly |
|  PIMCO Real Return Fund | Daily | Monthly |
|  PIMCO RealEstateRealReturn Strategy Fund | Quarterly | Quarterly |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | Quarterly | Quarterly |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | Quarterly | Quarterly |
|  PIMCO Inflation Response Multi-Asset Fund | Quarterly | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S.

---

| | |
|:---|:---|
| **124** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective 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, each 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 Funds or their 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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **125** |

---

------

Notes to Financial Statements (Cont.)

determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each 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, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each 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 a 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 Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 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 has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using

data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing

---

| | |
|:---|:---|
| **126** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a 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 a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

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

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

---

| | |
|:---|:---|
| <sup>∎</sup> | 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. |

---

<sup>∎</sup> 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 each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a 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 each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **127** |

---

------

Notes to Financial Statements (Cont.)

adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

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.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive

markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately

negotiated transactions. Significant changes in the unobservable inputs

would result in direct and proportional changes in the fair value of the

security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost

---

| | |
|:---|:---|
| **128** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The IRMA Fund may invest substantially all or a significant portion of its assets in Institutional Class or Class M shares of any Underlying PIMCO Funds and may also invest in other Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the IRMA Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the transactions in and earnings from investments in these Underlying PIMCO Funds or Acquired Funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO Inflation Response Multi-Asset Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized<br>Net Capital<br>Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | $60100 | $0 | $0 | $0 | $1414 | $61514 | $921 | $0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 118250 | 4778 | 0 | 0 | 7132 | 130160 | 4771 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1934 | 387244 | (386500) | (14) | 0 | 2664 | 146 | 0 |
|  **Totals** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2023) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **129** |

---

------

Notes to Financial Statements (Cont.)

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Long-Term Real Return Fund | $47 | $121982 | $(116500) | $(5) | $1 | $5525 | $82 | $0 |
|  PIMCO Real Return Fund | 11409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2202900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | 5 | 21244 | 1605 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 2022 | 178760 | (180700) | (6) | 0 | 76 | 61 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 75163 | 555685 | (449300) | (30) | 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181576 | 3276 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302588 | 917496 | (1176600) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 43507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable

from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income

---

| | |
|:---|:---|
| **130** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **131** |

---

------

Notes to Financial Statements (Cont.)

payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

(c) The PIMCO Inflation Response Multi-Asset Fund and the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund each may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest

---

| | |
|:---|:---|
| **132** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to

acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Notes to Financial Statements (Cont.)

amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

---

| | |
|:---|:---|
| **134** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is

recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **135** |

---

------

Notes to Financial Statements (Cont.)

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, a Fund will receive a payment from or make a payment to the counterparty.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation

or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of

---

| | |
|:---|:---|
| **136** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **137** |

---

------

Notes to Financial Statements (Cont.)

owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical

square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO<br>Long-Term<br>Real Return<br>Fund | PIMCO Real<br>Return<br>Fund | PIMCO<br>RealEstateRealReturn<br>Strategy Fund | PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund | PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup> | PIMCO<br>Inflation Response<br>Multi-Asset Fund |
|  Allocation |  |  |  |  |  | X |
|  Acquired Fund |  |  |  |  |  | X |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X |  |
|  High Yield and Distressed Company |  |  |  |  |  | X |
|  Market | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X |
|  Model |  |  | X | X | X | X |
|  Commodity | X |  |  | X | X | X |
|  Equity | X | X | X |  | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X |
|  Real Estate |  |  | X |  |  | X |
|  Emerging Markets | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X |
|  Leveraging | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X |
|  Inflation-Indexed Security | X | X | X |  | X | X |
|  Tax |  |  |  | X | X | X |
|  Subsidiary |  |  |  | X | X | X |
|  Value Investing |  |  |  |  |  | X |
|  Arbitrage |  |  |  |  |  | X |
|  Convertible Securities |  |  |  |  |  | X |
|  Small-Cap and Mid-Cap Company |  |  |  |  |  | X |
|  Gold-Related |  |  |  |  | X | X |
|  Oil-Related |  |  |  | X | X |  |
|  Exchange-Traded Fund |  |  |  |  |  | X |
|  Collateralized Loan Obligations |  | X | X |  | X |  |
|  Turnover | X | X | X | X | X | X |

---

---

| | |
|:---|:---|
| **138** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Allocation Risk is the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

High Yield and Distressed Company Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **139** |

---

------

Notes to Financial Statements (Cont.)

protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of a Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the

---

| | |
|:---|:---|
| **140** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though a Fund will not receive the principal until maturity.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in a Fund's subsidiary, a Fund is indirectly exposed to the risks associated with a Fund's subsidiary's investments. Fund subsidiaries are not registered under the

Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a subsidiary will be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected. In addition, disruptions in market conditions or limitations on the Fund's ability to access certain markets or securities may reduce the effectiveness of arbitrage strategies.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Small-Cap and Mid-Cap Company Risk is the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Gold-Related Risk is the risk that investments in, or tied to the price of, gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other matters, changes in interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries.

Oil-Related Risk is the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other things, national and international political developments, policies of Organization of the Petroleum Exporting Countries ("OPEC") and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect the volatility of a Fund's oil-related investments.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

---

------

Notes to Financial Statements (Cont.)

fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair

the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and

---

| | |
|:---|:---|
| **142** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States,

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **143** |

---

------

Notes to Financial Statements (Cont.)

counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of

termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment<br>Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
|  PIMCO Long-Term Real Return Fund | 0.25% | 0.25% | 0.35% | N/A | 0.25% \* | N/A | N/A | N/A |
|  PIMCO Real Return Fund | 0.25% | 0.20% | 0.30% | 0.40%<sup>(1)</sup> | 0.20% | 0.35% | 0.35% | 0.35% |
|  PIMCO RealEstateRealReturn Strategy Fund | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% \* | 0.40% | 0.40% | N/A |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | N/A | 0.40%<sup>(2)</sup> | 0.40%<sup>(3)</sup> | N/A |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40%<sup>(2)</sup> | 0.40%<sup>(3)</sup> | 0.40%<sup>(4)</sup> |
|  PIMCO Inflation Response Multi-Asset Fund | 0.44% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% \* | 0.40%<sup>(2)</sup> | N/A | N/A |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

<sup>(2)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class A was reduced by 0.05% to 0.40% per annum. 

---

| | |
|:---|:---|
| **144** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

<sup>(3)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class C was reduced by 0.05% to 0.40% per annum. 

<sup>(4)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class R was reduced by 0.05% to 0.40% per annum. 

\* This particular share class has been registered with the SEC, but was not operational during the period ended September 30, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Real Return Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%) and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent

deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **145** |

---

------

Notes to Financial Statements (Cont.)

Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>, PIMCO Inflation Response Multi-Asset Fund, PIMCO Real Return Fund and PIMCO RealEstateRealReturn Strategy Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by

PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Real Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  PIMCO RealEstateRealReturn Strategy Fund | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 9 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 12 |
|  PIMCO Inflation Response Multi-Asset Fund | 4 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses The Underlying PIMCO Fund expenses for the IRMA Fund are based upon an allocation of the IRMA Fund's assets among the Underlying PIMCO Funds and upon the total annual operating expenses of the Institutional Class and Class M shares of these Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the IRMA Fund's assets.

PIMCO has contractually agreed, through July 31, 2026, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the IRMA Fund in an amount equal to the expenses attributable to the management fees of Underlying PIMCO Funds indirectly incurred by the IRMA Fund in connection with its investments in Underlying PIMCO Funds up to a maximum waived amount that is equal to the IRMA Fund's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $721,887.

PIMCO Cayman Commodity Fund III Ltd. (the "Commodity Subsidiary III") has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary III's portfolio pursuant to which the Commodity Subsidiary III pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary III to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary III is in place. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the

---

| | |
|:---|:---|
| **146** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

period ended September 30, 2025, the amount waived and/or reimbursed was $4,088,972. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary III.

PIMCO Cayman Commodity Fund I Ltd. (the "Commodity Subsidiary I") has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary I's portfolio pursuant to which the Commodity Subsidiary I pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>'s Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary I to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary I is in place. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $1,656,371. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary I.

PIMCO Cayman Commodity Fund VII Ltd. (the "Commodity Subsidiary VII"), has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary VII's portfolio pursuant to which the Commodity Subsidiary VII pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the IRMA Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary VII to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary VII is in place. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $1,938,816. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary VII.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage

in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **147** |

---

------

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Long-Term Real Return Fund | $334425 | $380732 | $4040 | $16532 |
|  PIMCO Real Return Fund | 8165584 | 8645905 | 108154 | 368971 |
|  PIMCO RealEstateRealReturn Strategy Fund | 487740 | 478369 | 67179 | 96956 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 2187315 | 2141972 | 120698 | 496677 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 3535288 | 3913811 | 48806 | 138146 |
|  PIMCO Inflation Response Multi-Asset Fund | 2761025 | 2651817 | 95391 | 301965 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **148** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO<br>Long-Term Real Return Fund | PIMCO<br>Long-Term Real Return Fund | PIMCO<br>Long-Term Real Return Fund | PIMCO<br>Long-Term Real Return Fund | PIMCO<br>Real Return Fund | PIMCO<br>Real Return Fund | PIMCO<br>Real Return Fund | PIMCO<br>Real Return Fund |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2403 | $27569 | 11469 | $136297 | 52827 | $543154 | 117432 | $1184562 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 70 | 818 | 376 | 4602 | 7669 | 78654 | 18586 | 187030 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 2886 | 29926 | 186 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 3254 | 33480 | 8681 | 87703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 6992 | 71815 | 12338 | 124729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 118 | 1209 | 164 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 1152 | 11847 | 2604 | 26326 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 961 | 11112 | 1740 | 20949 | 10796 | 111375 | 18686 | 187845 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 16 | 182 | 33 | 399 | 977 | 10078 | 1739 | 17484 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 36 | 369 | 70 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 594 | 6128 | 1113 | 11178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 1541 | 15898 | 2809 | 28205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 48 | 500 | 107 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 293 | 3018 | 510 | 5117 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135896) | (61938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1648619) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (127) | (1471) | (594) | (7249) | (6978) | (71682) | (30341) | (306159) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (699) | (7141) | (869) | (8751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (4512) | (46415) | (16295) | (163756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (11329) | (116445) | (30156) | (303493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (542) | (5562) | (2162) | (21772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | (2514) | (25810) | (4190) | (42276) |
|  **Net increase (decrease) resulting from Fund share transactions** | (2981) | $(34270) | 1932 | $19102 | 671 | $9102 | (62845) | $(629354) |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 149

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>RealEstateRealReturn Strategy Fund** | **PIMCO<br>RealEstateRealReturn Strategy Fund** | **PIMCO<br>RealEstateRealReturn Strategy Fund** | **PIMCO<br>RealEstateRealReturn Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup> Strategy Fund** |
| **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 4758 | $123579 | 5499 | $147419 | 27537 | $181569 | 95206 | $655248 |
| 20 | 491 | 508 | 12675 | 86704 | 557010 | 122153 | 824188 |
| 0 | 6 | 1 | 35 | 3193 | 20715 | 2363 | 15834 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 139 | 2927 | 201 | 4189 | 3096 | 19050 | 9879 | 64093 |
| 4 | 48 | 8 | 119 | 137 | 710 | 605 | 3266 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 87 | 2409 | 333 | 8703 | 3668 | 24520 | 23726 | 158006 |
| 2 | 60 | 14 | 362 | 4861 | 31921 | 25951 | 169531 |
| 0 | 4 | 1 | 25 | 76 | 498 | 300 | 1951 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 21 | 471 | 102 | 2137 | 153 | 968 | 1184 | 7466 |
| 1 | 15 | 7 | 104 | 17 | 90 | 151 | 800 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (4362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191021) | (38621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816528) |
| (167) | (4162) | (665) | (16768) | (67516) | (427843) | (79034) | (529149) |
| (11) | (284) | (25) | (609) | (660) | (4261) | (1162) | (7774) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (357) | (7483) | (1219) | (25357) | (6798) | (41756) | (8895) | (57375) |
| (51) | (727) | (152) | (2174) | (482) | (2476) | (919) | (4998) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>84 | $2937 | (2749) | $(60161) | 15365 | $106926 | 71068 | $484559 |

---

150 PIMCO REAL RETURN STRATEGY FUNDS

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response Multi-Asset Fund** | **PIMCO<br>Inflation Response Multi-Asset Fund** | **PIMCO<br>Inflation Response Multi-Asset Fund** | **PIMCO<br>Inflation Response Multi-Asset Fund** |
|  | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 15339 | $212041 | 38187 | $512856 | 28553 | $250589 | 40629 | $339187 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 9734 | 133864 | 26563 | 353800 | 1988 | 17489 | 2221 | 18469 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 334 | 4589 | 2081 | 27684 | 793 | 6945 | 1711 | 14172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1657 | 21913 | 3114 | 39960 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1430 | 18590 | 3462 | 43671 | 746 | 6269 | 542 | 4433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 47 | 538 | 223 | 2475 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 309 | 3800 | 322 | 3863 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6241 | 85986 | 4607 | 61428 | 2955 | 26174 | 7461 | 61316 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3465 | 47293 | 1891 | 24954 | 54 | 478 | 158 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 181 | 2472 | 118 | 1554 | 28 | 247 | 54 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 539 | 7065 | 243 | 3087 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 783 | 10125 | 435 | 5454 | 43 | 374 | 111 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 121 | 1358 | 60 | 660 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 139 | 1691 | 68 | 806 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (37406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515185) | (165480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2165030) | (22232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193082) | (52984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441350) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (12335) | (168761) | (29262) | (388587) | (888) | (7711) | (6139) | (51189) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (535) | (7339) | (2164) | (28601) | (529) | (4558) | (697) | (5797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1634) | (21537) | (2305) | (29499) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2655) | (34528) | (8132) | (102645) | (551) | (4676) | (2105) | (16978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (401) | (4564) | (1086) | (11934) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (411) | (5050) | (779) | (9281) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | <br>(15058) | $(205639) | (127834) | $(1653325) | 10960 | $98538 | (9038) | $(75106) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related<br>Parties | Related<br>Parties | Non-Related<br>Parties | Related<br>Parties |
|  PIMCO Long-Term Real Return Fund | 0 | 4 | 0% | 64% |
|  PIMCO Real Return Fund | 2 | 0 | 36% | 0% |
|  PIMCO RealEstateRealReturn Strategy Fund | 0 | 2 | 0% | 49% |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 2 | 0 | 76% | 0% |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 3 | 0 | 43% | 0% |
|  PIMCO Inflation Response Multi-Asset Fund | 1 | 0 | 54% | 0% |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 151

------

Notes to Financial Statements (Cont.)

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiaries, each a Cayman Islands exempted company, were incorporated as wholly-owned subsidiaries acting as investment vehicles for the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund, respectively (each, a "Fund" and collectively, the "Funds") in order to effect certain investments for each Fund consistent with each Fund's investment objectives and policies as specified in each Fund's prospectus and statement of additional information. Each Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its respective Commodity Subsidiary. The consolidated financial statements include the accounts of each Fund and its respective Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Funds and the Commodity Subsidiaries, comprising the entire issued share capital of the respective Commodity Subsidiary, with the intent that each Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Commodity Subsidiary, shares issued by the each Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the respective Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the respective Commodity Subsidiary. See the table below for details regarding the structure, incorporation and relationship as of period end of each Commodity Subsidiary to its respective Fund.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Subsidiary | Date of<br>Formation | Subsidiary % of Consolidated<br>Fund Net Assets<sup>†</sup> |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO Cayman Commodity Fund III Ltd. | 04/14/2010 | 26.4% |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO Cayman Commodity Fund I Ltd. | 07/21/2006 | 18.1% |
|  PIMCO Inflation Response Multi-Asset Fund | PIMCO Cayman Commodity Fund VII Ltd. | 08/01/2011 | 30.2% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than 0.01%.  |

---

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each 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.

A 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 Adviser has reviewed the Funds' tax positions for all open tax years. As of September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' 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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds' ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income.

Based on the reasoning in such rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Commodity Subsidiary and perhaps through commodity-linked notes. Each Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with a Commodity Subsidiary will be required to include in gross income for U.S. federal income tax

---

| | |
|:---|:---|
| **152** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

purposes all of its Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Funds' recognition of its Commodity Subsidiary's "subpart F income" will increase the Funds' tax basis in its Commodity Subsidiary. Distributions by the Commodity Subsidiary to a Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Funds' tax basis in its Commodity Subsidiary. "Subpart F income" is generally treated by a Fund as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by Commodity Subsidiary, such loss is not generally available to offset the income earned by such Commodity Subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds' income from in the subsidiary is derived with respect to the Funds' business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of a Fund's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund's commodity-linked investments, there would likely be a significant adverse impact on the Fund, including the possibility of failing to qualify as a regulated investment company. If a Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of a Fund's investments in its Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its prospectus.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Long-Term Real Return Fund\* | $88725 | $97308 |
|  PIMCO Real Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264270 |
|  PIMCO RealEstateRealReturn Strategy Fund | 54896 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund\* | 68036 | 75050 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 435237 | 632085 |
|  PIMCO Inflation Response Multi-Asset Fund | 81408 | 9904 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO Long-Term Real Return Fund | $565799 | $12294 | $(49985) | $(37691) |
|  PIMCO Real Return Fund | 9146355 | 284058 | (665263) | (381205) |
|  PIMCO RealEstateRealReturn Strategy Fund | 936104 | 62619 | (28102) | 34517 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund\* | 5511058 | 498173 | (175340) | 322833 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 4462017 | 200242 | (143947) | 56295 |
|  PIMCO Inflation Response Multi-Asset Fund | 3121189 | 252099 | (131095) | 121004 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **153** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC |
| BOM | Bank of Montreal | DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | FAR | Wells Fargo Bank National Association | NOM | Nomura Securities International, Inc. |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BSS | Banco Santander S.A. | MAC | Macquarie Bank Limited | STR | State Street FICC Repo |
| BUS | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | TOR | The Toronto-Dominion Bank |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HUF | Hungarian Forint | PHP | Philippine Peso |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | MXN | Mexican Peso | TRY | Turkish New Lira |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | TWD | Taiwanese Dollar |
| DKK | Danish Krone | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CME | Chicago Mercantile Exchange | ICE | IntercontinentalExchange<sup>®</sup> | NYMEX | New York Mercantile Exchange |
| EUREX | Eurex Exchange | LME | London Metal Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BACVWSAV | BofA Merrill Lynch Basket Excess Return Strategy Index | CPTFEMU | Eurozone HICP ex-Tobacco Index | NAPGASFO | Naphtha Fuel Oil Spread |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | OPIS | Oil Price Information Service |
| BCOMF1TC | Bloomberg Commodity Index 1-Month Forward Total Return | CSIXTR | Credit Suisse Commodity Benchmark Total Return Index | PIMCODB | PIMCO Custom Commodity Basket |
| BCOMTR | Bloomberg Commodity Index Total Return | DWRTFT | Dow Jones Wilshire REIT Total Return Index | PIMCODBU | PIMCO Custom Commodity Basket |
| BCOMTR1 | Bloomberg Custom Commodity Index | EUR003M | 3 Month EUR Swap Rate | RBCAEC0T | Custom Commodity Forward Index |
| BCOMTR2 | Bloomberg Custom Commodity Index | EUROBOBCO | Margin Eurobob Gasoline vs. Brent | RBCAECR1 | Custom Commodity Forward Index |
| Bobl | Bundesobligation, the German word for federal government bond | FEDL01 | Federal funds effective rate | RBCAECT0 | Custom Commodity Forward Index |
| Brent | Brent Crude | FRCPXTOB | France Consumer Price ex-Tobacco Index | SNG GA | Singapore Gasoil (Platts) |
| CAONINDX | Bloomberg CORRA Compounded Index | GOLDLNPM | London Gold Market Fixing Ltd. PM | SNG KEROS | Singapore Jet Kerosene (Platts) |
| CIXBSTR3 | Custom Commodity Index | JMABFNJ2 | J.P. Morgan Custom Commodity Index | SOFR | Secured Overnight Financing Rate |
| CMBX | Commercial Mortgage-Backed Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | SONIO | Sterling Overnight Interbank Average Rate |
| CMDSKEWLS | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | MLPIREIL | Merrill Lynch Custom Equity Index | SPGCINP | S&P GSCI Industrial Metals ER |
| CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | MLPIREIS | Merrill Lynch Custom Equity Index | UKRPI | United Kingdom Retail Prices Index |
| CPI | Consumer Price Index | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| ADR | American Depositary Receipt | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | Oat | Obligations Assimilables du Trésor | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap | TBD | To-Be-Determined |
| CLO | Collateralized Loan Obligation | oz. | Ounce | WTI | West Texas Intermediate |
| CMBS | Collateralized Mortgage-Backed Security | RBOB | Reformulated Blendstock for Oxygenate Blending |  |  |

---

---

| | |
|:---|:---|
| **154** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0862 | $0.0000 | $0.0000 | $0.0862 |
|  May 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  June 2025 | $0.0617 | $0.0000 | $0.0000 | $0.0617 |
|  July 2025 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  August 2025 | $0.0696 | $0.0000 | $0.0000 | $0.0696 |
|  September 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0852 | $0.0000 | $0.0000 | $0.0852 |
|  May 2025 | $0.0532 | $0.0000 | $0.0000 | $0.0532 |
|  June 2025 | $0.0608 | $0.0000 | $0.0000 | $0.0608 |
|  July 2025 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  August 2025 | $0.0685 | $0.0000 | $0.0000 | $0.0685 |
|  September 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
| PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0578 | $0.0000 | $0.0000 | $0.0578 |
|  May 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  June 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  July 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  August 2025 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  September 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0569 | $0.0000 | $0.0000 | $0.0569 |
|  May 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  June 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  July 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  August 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  September 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **155** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0565 | $0.0000 | $0.0000 | $0.0565 |
|  May 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  June 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  July 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  August 2025 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  September 2025 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0557 | $0.0000 | $0.0000 | $0.0557 |
|  May 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  June 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  July 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  August 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  September 2025 | $0.0199 | $0.0000 | $0.0000 | $0.0199 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0544 | $0.0000 | $0.0000 | $0.0544 |
|  May 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  June 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  July 2025 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  August 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
|  September 2025 | $0.0186 | $0.0000 | $0.0000 | $0.0186 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0502 | $0.0000 | $0.0000 | $0.0502 |
|  May 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  June 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  July 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  August 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  September 2025 | $0.0144 | $0.0000 | $0.0000 | $0.0144 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  May 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  June 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  July 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  August 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
|  September 2025 | $0.0165 | $0.0000 | $0.0000 | $0.0165 |
| PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1550 | $0.0000 | $0.0000 | $0.1550 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1404 | $0.0000 | $0.0000 | $0.1404 |

---

---

| | |
|:---|:---|
| **156** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1345 | $0.0000 | $0.0000 | $0.1345 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1218 | $0.0000 | $0.0000 | $0.1218 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0820 | $0.0000 | $0.0000 | $0.0820 |
| PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  September 2025 | $0.0427 | $0.0000 | $0.0000 | $0.0427 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |
|  September 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  September 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  September 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  September 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
| PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3662 | $0.0000 | $0.0000 | $0.3662 |
|  September 2025 | $0.3705 | $0.0000 | $0.0000 | $0.3705 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3636 | $0.0000 | $0.0000 | $0.3636 |
|  September 2025 | $0.3678 | $0.0000 | $0.0000 | $0.3678 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **157** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3622 | $0.0000 | $0.0000 | $0.3622 |
|  September 2025 | $0.3658 | $0.0000 | $0.0000 | $0.3658 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3602 | $0.0000 | $0.0000 | $0.3602 |
|  September 2025 | $0.3630 | $0.0000 | $0.0000 | $0.3630 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3548 | $0.0000 | $0.0000 | $0.3548 |
|  September 2025 | $0.3567 | $0.0000 | $0.0000 | $0.3567 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3397 | $0.0000 | $0.0000 | $0.3397 |
|  September 2025 | $0.3367 | $0.0000 | $0.0000 | $0.3367 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.3496 | $0.0000 | $0.0000 | $0.3496 |
|  September 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3498 |
| PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0714 | $0.0000 | $0.0000 | $0.0714 |
|  September 2025 | $0.0589 | $0.0000 | $0.0000 | $0.0589 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0698 | $0.0000 | $0.0000 | $0.0698 |
|  September 2025 | $0.0570 | $0.0000 | $0.0000 | $0.0570 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0691 | $0.0000 | $0.0000 | $0.0691 |
|  September 2025 | $0.0559 | $0.0000 | $0.0000 | $0.0559 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0642 | $0.0000 | $0.0000 | $0.0642 |
|  September 2025 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **158** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **159** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **160** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to

approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **161** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

---

| | |
|:---|:---|
| **162** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

(Unaudited)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays

for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in

---

| | |
|:---|:---|
| **164** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

(Unaudited)

which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be

competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group,

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | |
|:---|:---|
| **166** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g10099g75h91.jpg)

PIMSREALRTNFSTMSAR_093025

------

![LOGO](g864736g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Short Duration Strategy Funds**

PIMCO Government Money Market Fund

PIMCO Low Duration Fund

PIMCO Low Duration Fund II

PIMCO Low Duration ESG Fund

PIMCO Short Asset Investment Fund

PIMCO Short-Term Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx864736_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx864736_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx864736_3) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx864736_4) | 16 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx864736_5) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx864736_6) | 74 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx864736_7) | 94 |
| &nbsp;&nbsp; [Glossary](#tx864736_9) | 100 |
| &nbsp;&nbsp; [Distribution Information](#tx864736_10) | 101 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx864736_12) | 107 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx864736_13) | 108 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx864736_14) | 109 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Government Money Market Fund](#tx864736_15) | 20 |
| &nbsp;&nbsp; [PIMCO Low Duration Fund](#tx864736_16) | 22 |
| &nbsp;&nbsp; [PIMCO Low Duration Fund II](#tx864736_17) | 36 |
| &nbsp;&nbsp; [PIMCO Low Duration ESG Fund](#tx864736_18) | 44 |
| &nbsp;&nbsp; [PIMCO Short Asset Investment Fund](#tx864736_19) | 53 |
| &nbsp;&nbsp; [PIMCO Short-Term Fund](#tx864736_20) | 60 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Government Money Market Fund, PIMCO Low Duration Fund, PIMCO Low Duration Fund II, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

The PIMCO Government Money Market Fund operates as a "government money market fund" as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (the "Act"). Government money market funds are permitted to transact fund shares at a NAV calculated using the amortized cost valuation method.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

---

| | |
|:---|:---|
| **2** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the

issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | Class M | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R | Diversification<br>Status |
|  PIMCO Government Money Market Fund | 01/27/09 | 05/13/16 | 01/27/09 | 05/14/09 |  | 05/13/16 | 05/14/09 | 05/14/09 |  |  | Diversified |
|  PIMCO Low Duration Fund | 05/11/87 | 05/11/87 |  | 04/30/08 | 04/27/18 | 01/03/95 | 01/13/97 | 01/13/97 | 10/21/20 | 12/31/02 | Diversified |
|  PIMCO Low Duration Fund II | 10/31/91 | 10/31/91 |  |  |  | 02/02/98 |  |  |  |  | Diversified |
|  PIMCO Low Duration ESG Fund | 12/31/96 | 12/31/96 |  | 11/19/10 |  |  |  |  |  |  | Diversified |
|  PIMCO Short Asset Investment Fund | 05/31/12 | 05/31/12 | 12/21/15 | 05/31/12 | 04/27/18 | 05/31/12 | 05/31/12 |  |  |  | Diversified |
|  PIMCO Short-Term Fund | 10/07/87 | 10/07/87 |  | 04/30/08 | 04/27/18 | 02/01/96 | 01/20/97 | 01/20/97 |  | 12/31/02 | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a

contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any

other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds, other than the PIMCO Government Money Market Fund, file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds', other than the PIMCO Government Money Market Fund, complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027. The PIMCO Government Money Market Fund files its complete schedule of portfolio holdings on a

monthly basis with the SEC on Form N-MFP. The PIMCO Government Money Market Fund's complete schedule of portfolio holdings as of the end of each month will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Government Money Market Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02) | $0.00 | $0.00 | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class M |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.01 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.01 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.03 | (0.01) | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Low Duration Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.31 | $0.20 | $0.04 | $0.24 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.40 | 0.14 | 0.54 | (0.38) | 0.00 | (0.01) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.40 | (0.02) | 0.38 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.24 | (0.33) | (0.09) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.07 | (0.42) | (0.35) | (0.05) | 0.00 | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.10 | 0.24 | 0.34 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.20 | 0.03 | 0.23 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.39 | 0.14 | 0.53 | (0.37) | 0.00 | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.39 | (0.02) | 0.37 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.20 | (0.30) | (0.10) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.06 | (0.42) | (0.36) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.09 | 0.24 | 0.33 | (0.13) | 0.00 | 0.00 | (0.13) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value<br>End of Year<br>or Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $1.00 | 2.15% | $1515076 | 0.18 | %\* | 0.18 | %\* | 0.18 | %\* | 0.18 | %\* | 4.24 | %\* | N/A |
| 1.00 | 4.95 | 1370681 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 4.85 |  | N/A |
| 1.00 | 5.26 | 618619 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 5.16 |  | N/A |
| 1.00 | 2.59 | 808072 | 0.19 |  | 0.19 |  | 0.19 |  | 0.19 |  | 2.68 |  | N/A |
| 1.00 | 0.01 | 468163 | 0.07 |  | 0.18 |  | 0.07 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 600787 | 0.14 |  | 0.18 |  | 0.14 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 2.15 | 650374 | 0.18 | \* | 0.18 | \* | 0.18 | \* | 0.18 | \* | 4.24 | \* | N/A |
| 1.00 | 4.95 | 341747 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 4.98 |  | N/A |
| 1.00 | 5.26 | 452897 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 5.18 |  | N/A |
| 1.00 | 2.59 | 263410 | 0.19 |  | 0.19 |  | 0.19 |  | 0.19 |  | 2.45 |  | N/A |
| 1.00 | 0.01 | 245324 | 0.07 |  | 0.18 |  | 0.07 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 319831 | 0.15 |  | 0.18 |  | 0.15 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 2.10 | 10606 | 0.28 | \* | 0.28 | \* | 0.28 | \* | 0.28 | \* | 4.15 | \* | N/A |
| 1.00 | 4.85 | 17751 | 0.28 |  | 0.28 |  | 0.28 |  | 0.28 |  | 4.75 |  | N/A |
| 1.00 | 5.15 | 18995 | 0.28 |  | 0.28 |  | 0.28 |  | 0.28 |  | 5.09 |  | N/A |
| 1.00 | 2.49 | 14995 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.36 |  | N/A |
| 1.00 | 0.01 | 13610 | 0.07 |  | 0.28 |  | 0.07 |  | 0.28 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 13508 | 0.15 |  | 0.28 |  | 0.15 |  | 0.28 |  | 0.00 |  | N/A |
| 1.00 | 2.15 | 41752 | 0.18 | \* | 0.18 | \* | 0.18 | \* | 0.18 | \* | 4.25 | \* | N/A |
| 1.00 | 4.95 | 84382 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 4.65 |  | N/A |
| 1.00 | 5.26 | 32276 | 0.18 |  | 0.18 |  | 0.18 |  | 0.18 |  | 5.02 |  | N/A |
| 1.00 | 2.59 | 192735 | 0.19 |  | 0.19 |  | 0.19 |  | 0.19 |  | 2.35 |  | N/A |
| 1.00 | 0.01 | 72795 | 0.07 |  | 0.18 |  | 0.07 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 35062 | 0.15 |  | 0.18 |  | 0.15 |  | 0.18 |  | 0.00 |  | N/A |
| 1.00 | 2.07 | 2821829 | 0.33 | \* | 0.33 | \* | 0.33 | \* | 0.33 | \* | 4.10 | \* | N/A |
| 1.00 | 4.80 | 2589956 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 4.63 |  | N/A |
| 1.00 | 5.10 | 1490557 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 5.05 |  | N/A |
| 1.00 | 2.44 | 765348 | 0.34 |  | 0.34 |  | 0.34 |  | 0.34 |  | 2.59 |  | N/A |
| 1.00 | 0.01 | 470297 | 0.07 |  | 0.33 |  | 0.07 |  | 0.33 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 592346 | 0.15 |  | 0.33 |  | 0.15 |  | 0.33 |  | 0.00 |  | N/A |
| 1.00 | 2.07 | 50977 | 0.33 | \* | 0.33 | \* | 0.33 | \* | 0.33 | \* | 4.10 | \* | N/A |
| 1.00 | 4.80 | 58110 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 4.67 |  | N/A |
| 1.00 | 5.10 | 61216 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 5.04 |  | N/A |
| 1.00 | 2.44 | 33380 | 0.34 |  | 0.34 |  | 0.34 |  | 0.34 |  | 2.45 |  | N/A |
| 1.00 | 0.01 | 30409 | 0.07 |  | 0.33 |  | 0.07 |  | 0.33 |  | 0.00 |  | N/A |
| 1.00 | 0.02 | 109750 | 0.14 |  | 0.33 |  | 0.14 |  | 0.33 |  | 0.00 |  | N/A |
| $9.35 | 2.60% | $4651803 | 0.47 | %\* | 0.47 | %\* | 0.46 | %\* | 0.46 | %\* | 4.29 | %\* | 224% |
| 9.31 | 5.98 | 5424052 | 0.48 |  | 0.48 |  | 0.46 |  | 0.46 |  | 4.32 |  | 497 |
| 9.16 | 4.27 | 4619872 | 0.50 |  | 0.50 |  | 0.46 |  | 0.46 |  | 4.40 |  | 360 |
| 9.15 | (0.89) | 4937764 | 0.48 |  | 0.48 |  | 0.46 |  | 0.46 |  | 2.56 |  | 259 |
| 9.50 | (3.50) | 5661777 | 0.46 |  | 0.46 |  | 0.46 |  | 0.46 |  | 0.76 |  | 421 |
| 9.93 | 3.49 | 5058709 | 0.46 |  | 0.46 |  | 0.46 |  | 0.46 |  | 0.99 |  | 486 |
| 9.35 | 2.55 | 558229 | 0.57 | \* | 0.57 | \* | 0.56 | \* | 0.56 | \* | 4.19 | \* | 224 |
| 9.31 | 5.88 | 550513 | 0.58 |  | 0.58 |  | 0.56 |  | 0.56 |  | 4.23 |  | 497 |
| 9.16 | 4.17 | 623372 | 0.60 |  | 0.60 |  | 0.56 |  | 0.56 |  | 4.29 |  | 360 |
| 9.15 | (0.99) | 710362 | 0.58 |  | 0.58 |  | 0.56 |  | 0.56 |  | 2.11 |  | 259 |
| 9.50 | (3.60) | 2160225 | 0.56 |  | 0.56 |  | 0.56 |  | 0.56 |  | 0.66 |  | 421 |
| 9.93 | 3.39 | 2030455 | 0.56 |  | 0.56 |  | 0.56 |  | 0.56 |  | 0.90 |  | 486 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.31 | $0.19 | $0.04 | $0.23 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.39 | 0.13 | 0.52 | (0.36) | 0.00 | (0.01) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.38 | (0.01) | 0.37 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.20 | (0.30) | (0.10) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.06 | (0.42) | (0.36) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.08 | 0.24 | 0.32 | (0.12) | 0.00 | 0.00 | (0.12) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.19 | 0.04 | 0.23 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.38 | 0.13 | 0.51 | (0.35) | 0.00 | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.37 | (0.01) | 0.36 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.22 | (0.33) | (0.11) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.05 | (0.42) | (0.37) | (0.04) | 0.00 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.08 | 0.23 | 0.31 | (0.11) | 0.00 | 0.00 | (0.11) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.19 | 0.04 | 0.23 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.37 | 0.14 | 0.51 | (0.35) | 0.00 | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.37 | (0.01) | 0.36 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.21 | (0.32) | (0.11) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.05 | (0.42) | (0.37) | (0.04) | 0.00 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.07 | 0.24 | 0.31 | (0.11) | 0.00 | 0.00 | (0.11) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.17 | 0.04 | 0.21 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.34 | 0.14 | 0.48 | (0.32) | 0.00 | (0.01) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.34 | (0.02) | 0.32 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.17 | (0.32) | (0.15) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.01 | (0.42) | (0.41) | (0.01) | 0.00 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.04 | 0.23 | 0.27 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class C-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025 | 9.31 | 0.16 | 0.04 | 0.20 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.32 | 0.14 | 0.46 | (0.30) | 0.00 | (0.01) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.32 | (0.01) | 0.31 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.18 | (0.34) | (0.16) | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | (0.01) | (0.42) | (0.43) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020 - 03/31/2021 | 9.93 | 0.00 | 0.01 | 0.01 | (0.01) | 0.00 | 0.00 | (0.01) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.17 | 0.04 | 0.21 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.35 | 0.13 | 0.48 | (0.32) | 0.00 | (0.01) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.34 | (0.01) | 0.33 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.17 | (0.31) | (0.14) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.02 | (0.42) | (0.40) | (0.02) | 0.00 | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.04 | 0.24 | 0.28 | (0.08) | 0.00 | 0.00 | (0.08) |
|  **PIMCO Low Duration Fund II** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.31 | $0.18 | $0.05 | $0.23 | $(0.18) | $0.00 | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.17 | 0.36 | 0.14 | 0.50 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.37 | (0.05) | 0.32 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.22 | (0.26) | (0.04) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.87 | 0.02 | (0.38) | (0.36) | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.75 | 0.06 | 0.14 | 0.20 | (0.08) | 0.00 | 0.00 | (0.08) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.31 | 0.17 | 0.05 | 0.22 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.17 | 0.34 | 0.14 | 0.48 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.35 | (0.05) | 0.30 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.20 | (0.26) | (0.06) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.87 | (0.01) | (0.37) | (0.38) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.75 | 0.03 | 0.15 | 0.18 | (0.06) | 0.00 | 0.00 | (0.06) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value<br>End of Year<br>or Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.35 | 2.53% | $29102 | 0.62 | %\* | 0.67 | %\* | 0.61 | %\* | 0.66 | %\* | 4.14 | 224% |
| 9.31 | 5.83 | 28176 | 0.63 |  | 0.68 |  | 0.61 |  | 0.66 |  | 4.19 | 497 |
| 9.16 | 4.12 | 30048 | 0.65 |  | 0.70 |  | 0.61 |  | 0.66 |  | 4.24 | 360 |
| 9.15 | (1.04) | 34342 | 0.63 |  | 0.68 |  | 0.61 |  | 0.66 |  | 2.17 | 259 |
| 9.50 | (3.65) | 67416 | 0.61 |  | 0.66 |  | 0.61 |  | 0.66 |  | 0.61 | 421 |
| 9.93 | 3.34 | 48024 | 0.61 |  | 0.66 |  | 0.61 |  | 0.66 |  | 0.86 | 486 |
| 9.35 | 2.47 | 18267 | 0.72 | \* | 0.72 | \* | 0.71 | \* | 0.71 | \* | 4.04 | 224 |
| 9.31 | 5.72 | 19489 | 0.73 |  | 0.73 |  | 0.71 |  | 0.71 |  | 4.07 | 497 |
| 9.16 | 4.01 | 19618 | 0.75 |  | 0.75 |  | 0.71 |  | 0.71 |  | 4.14 | 360 |
| 9.15 | (1.14) | 26326 | 0.73 |  | 0.73 |  | 0.71 |  | 0.71 |  | 2.37 | 259 |
| 9.50 | (3.74) | 28891 | 0.71 |  | 0.71 |  | 0.71 |  | 0.71 |  | 0.50 | 421 |
| 9.93 | 3.23 | 41296 | 0.71 |  | 0.71 |  | 0.71 |  | 0.71 |  | 0.76 | 486 |
| 9.35 | 2.45 | 501867 | 0.76 | \* | 0.76 | \* | 0.75 | \* | 0.75 | \* | 4.00 | 224 |
| 9.31 | 5.68 | 514395 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 4.04 | 497 |
| 9.16 | 3.97 | 568065 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 4.11 | 360 |
| 9.15 | (1.18) | 649202 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 2.23 | 259 |
| 9.50 | (3.78) | 858919 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 0.46 | 421 |
| 9.93 | 3.19 | 1080190 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 0.70 | 486 |
| 9.35 | 2.27 | 18450 | 1.11 | \* | 1.11 | \* | 1.10 | \* | 1.10 | \* | 3.65 | 224 |
| 9.31 | 5.31 | 19556 | 1.12 |  | 1.12 |  | 1.10 |  | 1.10 |  | 3.69 | 497 |
| 9.16 | 3.61 | 23899 | 1.14 |  | 1.14 |  | 1.10 |  | 1.10 |  | 3.75 | 360 |
| 9.15 | (1.52) | 34741 | 1.12 |  | 1.12 |  | 1.10 |  | 1.10 |  | 1.87 | 259 |
| 9.50 | (4.12) | 49234 | 1.10 |  | 1.10 |  | 1.10 |  | 1.10 |  | 0.10 | 421 |
| 9.93 | 2.83 | 71439 | 1.10 |  | 1.10 |  | 1.10 |  | 1.10 |  | 0.40 | 486 |
| 9.35 | 2.17 | 996 | 1.31 | \* | 1.31 | \* | 1.30 | \* | 1.30 | \* | 3.45 | 224 |
| 9.31 | 5.10 | 1104 | 1.32 |  | 1.32 |  | 1.30 |  | 1.30 |  | 3.48 | 497 |
| 9.16 | 3.40 | 855 | 1.34 |  | 1.34 |  | 1.30 |  | 1.30 |  | 3.57 | 360 |
| 9.15 | (1.72) | 736 | 1.32 |  | 1.32 |  | 1.30 |  | 1.30 |  | 1.91 | 259 |
| 9.50 | (4.31) | 491 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | (0.08) | 421 |
| 9.93 | 0.07 | 329 | 1.30 | \* | 1.30 | \* | 1.30 | \* | 1.30 | \* | (0.07) | 486 |
| 9.35 | 2.30 | 74052 | 1.06 | \* | 1.06 | \* | 1.05 | \* | 1.05 | \* | 3.70 | 224 |
| 9.31 | 5.36 | 75797 | 1.07 |  | 1.07 |  | 1.05 |  | 1.05 |  | 3.74 | 497 |
| 9.16 | 3.66 | 82231 | 1.09 |  | 1.09 |  | 1.05 |  | 1.05 |  | 3.81 | 360 |
| 9.15 | (1.47) | 89948 | 1.07 |  | 1.07 |  | 1.05 |  | 1.05 |  | 1.88 | 259 |
| 9.50 | (4.07) | 116879 | 1.05 |  | 1.05 |  | 1.05 |  | 1.05 |  | 0.17 | 421 |
| 9.93 | 2.88 | 111872 | 1.05 |  | 1.05 |  | 1.05 |  | 1.05 |  | 0.41 | 486 |
| $9.36 | 2.48% | $277189 | 0.52 | %\* | 0.52 | %\* | 0.50 | %\* | 0.50 | %\* | 3.81 | 203% |
| 9.31 | 5.61 | 263477 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 3.94 | 322 |
| 9.17 | 3.54 | 312375 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 4.12 | 270 |
| 9.22 | (0.37) | 300041 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 2.38 | 353 |
| 9.49 | (3.62) | 338497 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.17 | 500 |
| 9.87 | 2.09 | 431289 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.56 | 524 |
| 9.36 | 2.35 | 10197 | 0.77 | \* | 0.77 | \* | 0.75 | \* | 0.75 | \* | 3.56 | 203 |
| 9.31 | 5.35 | 10118 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 3.68 | 322 |
| 9.17 | 3.28 | 9444 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 3.87 | 270 |
| 9.22 | (0.65) | 9171 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 2.15 | 353 |
| 9.49 | (3.82) | 9468 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | (0.08) | 500 |
| 9.87 | 1.84 | 10077 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 0.31 | 524 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration ESG Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.19 | $0.17 | $0.05 | $0.22 | $(0.17) | $0.00 | $0.00 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.34 | 0.19 | 0.53 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.92 | 0.31 | 0.04 | 0.35 | (0.26) | 0.00 | (0.03) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.24 | 0.19 | (0.26) | (0.07) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.69 | 0.08 | (0.45) | (0.37) | (0.06) | 0.00 | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.51 | 0.08 | 0.20 | 0.28 | (0.10) | 0.00 | 0.00 | (0.10) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.19 | 0.17 | 0.04 | 0.21 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.33 | 0.19 | 0.52 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.92 | 0.31 | 0.03 | 0.34 | (0.25) | 0.00 | (0.03) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.24 | 0.19 | (0.27) | (0.08) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.69 | 0.07 | (0.45) | (0.38) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.51 | 0.07 | 0.20 | 0.27 | (0.09) | 0.00 | 0.00 | (0.09) |
|  **PIMCO Short Asset Investment Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.95 | $0.21 | $0.03 | $0.24 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.49 | 0.03 | 0.52 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.51 | 0.09 | 0.60 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.24 | (0.02) | 0.22 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.11) | (0.07) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.07 | 0.24 | 0.31 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class M |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.95 | 0.21 | 0.03 | 0.24 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.49 | 0.03 | 0.52 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.51 | 0.09 | 0.60 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.22 | (0.03) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.11) | (0.07) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.07 | 0.24 | 0.31 | (0.07) | 0.00 | 0.00 | (0.07) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.95 | 0.21 | 0.03 | 0.24 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.48 | 0.03 | 0.51 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.50 | 0.09 | 0.59 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.24 | (0.03) | 0.21 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.03 | (0.11) | (0.08) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.06 | 0.24 | 0.30 | (0.06) | 0.00 | 0.00 | (0.06) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.95 | 0.21 | 0.02 | 0.23 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.48 | 0.02 | 0.50 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.50 | 0.09 | 0.59 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.21 | 0.00 | 0.21 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.13) | (0.09) | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.04 | 0.26 | 0.30 | (0.06) | 0.00 | 0.00 | (0.06) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.95 | 0.20 | 0.03 | 0.23 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.47 | 0.02 | 0.49 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.48 | 0.09 | 0.57 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.20 | (0.01) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.02 | (0.12) | (0.10) | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.09 | 0.20 | 0.29 | (0.05) | 0.00 | 0.00 | (0.05) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.95 | 0.20 | 0.02 | 0.22 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.46 | 0.02 | 0.48 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.47 | 0.10 | 0.57 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.21 | (0.02) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.01 | (0.12) | (0.11) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.03 | 0.25 | 0.28 | (0.04) | 0.00 | 0.00 | (0.04) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value<br>End of Year<br>or Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.24 | 2.39% | $272726 | 0.51 | %\* | 0.51 | %\* | 0.50 | %\* | 0.50 | %\* | 3.72 | %\* | 52% |
| 9.19 | 6.04 | 248914 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 3.76 |  | 80 |
| 8.98 | 4.01 | 250416 | 0.61 |  | 0.61 |  | 0.50 |  | 0.50 |  | 3.56 |  | 245 |
| 8.92 | (0.70) | 298401 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.15 |  | 322 |
| 9.24 | (3.81) | 322801 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.84 |  | 219 |
| 9.69 | 2.92 | 338942 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.80 |  | 387 |
| 9.24 | 2.34 | 66805 | 0.61 | \* | 0.61 | \* | 0.60 | \* | 0.60 | \* | 3.62 | \* | 52 |
| 9.19 | 5.93 | 61944 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 3.66 |  | 80 |
| 8.98 | 3.91 | 72819 | 0.71 |  | 0.71 |  | 0.60 |  | 0.60 |  | 3.46 |  | 245 |
| 8.92 | (0.80) | 106520 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 2.06 |  | 322 |
| 9.24 | (3.91) | 118436 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 0.74 |  | 219 |
| 9.69 | 2.82 | 103531 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 0.74 |  | 387 |
| $9.97 | 2.46% | $1899442 | 0.38 | %\* | 0.38 | %\* | 0.34 | %\* | 0.34 | %\* | 4.26 | %\* | 35% |
| 9.95 | 5.32 | 1685475 | 0.39 |  | 0.39 |  | 0.34 |  | 0.34 |  | 4.98 |  | 86 |
| 9.93 | 6.28 | 2163183 | 0.36 |  | 0.36 |  | 0.34 |  | 0.34 |  | 5.18 |  | 77 |
| 9.84 | 2.27 | 2476229 | 0.36 |  | 0.36 |  | 0.35 |  | 0.35 |  | 2.42 |  | 95 |
| 9.88 | (0.73) | 2772603 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 0.42 |  | 112 |
| 10.00 | 3.20 | 4275170 | 0.34 |  | 0.34 |  | 0.34 |  | 0.34 |  | 0.66 |  | 89 |
| 9.97 | 2.47 | 11 | 0.38 | \* | 0.38 | \* | 0.34 | \* | 0.34 | \* | 4.28 | \* | 35 |
| 9.95 | 5.33 | 11 | 0.39 |  | 0.39 |  | 0.34 |  | 0.34 |  | 4.95 |  | 86 |
| 9.93 | 6.27 | 11 | 0.36 |  | 0.36 |  | 0.34 |  | 0.34 |  | 5.18 |  | 77 |
| 9.84 | 1.98 | 10 | 0.36 |  | 0.36 |  | 0.35 |  | 0.35 |  | 2.18 |  | 95 |
| 9.88 | (0.73) | 7718 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 0.44 |  | 112 |
| 10.00 | 3.20 | 7777 | 0.34 |  | 0.34 |  | 0.34 |  | 0.34 |  | 0.70 |  | 89 |
| 9.97 | 2.40 | 173353 | 0.48 | \* | 0.48 | \* | 0.44 | \* | 0.44 | \* | 4.17 | \* | 35 |
| 9.95 | 5.22 | 228603 | 0.49 |  | 0.49 |  | 0.44 |  | 0.44 |  | 4.82 |  | 86 |
| 9.93 | 6.18 | 161856 | 0.46 |  | 0.46 |  | 0.44 |  | 0.44 |  | 5.08 |  | 77 |
| 9.84 | 2.16 | 181277 | 0.46 |  | 0.46 |  | 0.45 |  | 0.45 |  | 2.44 |  | 95 |
| 9.88 | (0.83) | 224354 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 0.32 |  | 112 |
| 10.00 | 3.09 | 352285 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 0.61 |  | 89 |
| 9.97 | 2.38 | 24979 | 0.53 | \* | 0.58 | \* | 0.49 | \* | 0.54 | \* | 4.13 | \* | 35 |
| 9.95 | 5.17 | 19957 | 0.54 |  | 0.59 |  | 0.49 |  | 0.54 |  | 4.79 |  | 86 |
| 9.93 | 6.13 | 15184 | 0.51 |  | 0.56 |  | 0.49 |  | 0.54 |  | 5.09 |  | 77 |
| 9.84 | 2.11 | 22656 | 0.51 |  | 0.56 |  | 0.50 |  | 0.55 |  | 2.13 |  | 95 |
| 9.88 | (0.88) | 19500 | 0.50 |  | 0.55 |  | 0.50 |  | 0.55 |  | 0.42 |  | 112 |
| 10.00 | 3.04 | 1129 | 0.49 |  | 0.54 |  | 0.49 |  | 0.54 |  | 0.42 |  | 89 |
| 9.97 | 2.33 | 554 | 0.63 | \* | 0.63 | \* | 0.59 | \* | 0.59 | \* | 4.01 | \* | 35 |
| 9.95 | 5.06 | 550 | 0.64 |  | 0.64 |  | 0.59 |  | 0.59 |  | 4.69 |  | 86 |
| 9.93 | 5.97 | 474 | 0.61 |  | 0.61 |  | 0.59 |  | 0.59 |  | 4.92 |  | 77 |
| 9.84 | 1.99 | 505 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 2.01 |  | 95 |
| 9.88 | (0.98) | 1492 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 0.17 |  | 112 |
| 10.00 | 2.94 | 2406 | 0.59 |  | 0.59 |  | 0.59 |  | 0.59 |  | 0.87 |  | 89 |
| 9.97 | 2.28 | 103749 | 0.73 | \* | 0.73 | \* | 0.69 | \* | 0.69 | \* | 3.91 | \* | 35 |
| 9.95 | 4.95 | 101369 | 0.74 |  | 0.74 |  | 0.69 |  | 0.69 |  | 4.61 |  | 86 |
| 9.93 | 5.93 | 105584 | 0.69 |  | 0.71 |  | 0.67 |  | 0.69 |  | 4.82 |  | 77 |
| 9.84 | 1.94 | 155144 | 0.71 |  | 0.71 |  | 0.70 |  | 0.70 |  | 2.08 |  | 95 |
| 9.88 | (1.08) | 240291 | 0.70 |  | 0.70 |  | 0.70 |  | 0.70 |  | 0.07 |  | 112 |
| 10.00 | 2.84 | 461899 | 0.69 |  | 0.69 |  | 0.69 |  | 0.69 |  | 0.34 |  | 89 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Short-Term Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.67 | $0.23 | $0.01 | $0.24 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.48 | 0.05 | 0.53 | (0.44) | 0.00 | (0.05) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.48 | 0.16 | 0.64 | (0.44) | 0.00 | (0.03) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.23 | (0.03) | 0.20 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.08 | (0.22) | (0.14) | (0.06) | 0.00 | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.11 | 0.38 | 0.49 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.23 | 0.01 | 0.24 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.47 | 0.05 | 0.52 | (0.43) | 0.00 | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.47 | 0.16 | 0.63 | (0.43) | 0.00 | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.22 | (0.03) | 0.19 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.07 | (0.22) | (0.15) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.11 | 0.37 | 0.48 | (0.13) | 0.00 | 0.00 | (0.13) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.22 | 0.02 | 0.24 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.47 | 0.05 | 0.52 | (0.43) | 0.00 | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.46 | 0.17 | 0.63 | (0.43) | 0.00 | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.24 | (0.06) | 0.18 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.06 | (0.21) | (0.15) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.10 | 0.38 | 0.48 | (0.13) | 0.00 | 0.00 | (0.13) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.22 | 0.01 | 0.23 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.46 | 0.05 | 0.51 | (0.42) | 0.00 | (0.05) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.45 | 0.17 | 0.62 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.21 | (0.04) | 0.17 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.05 | (0.21) | (0.16) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.13 | 0.34 | 0.47 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.22 | 0.01 | 0.23 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.46 | 0.05 | 0.51 | (0.42) | 0.00 | (0.05) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.45 | 0.17 | 0.62 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.21 | (0.04) | 0.17 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.05 | (0.21) | (0.16) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.09 | 0.38 | 0.47 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.20 | 0.02 | 0.22 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.43 | 0.05 | 0.48 | (0.39) | 0.00 | (0.05) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.42 | 0.17 | 0.59 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.18 | (0.04) | 0.14 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.02 | (0.21) | (0.19) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.06 | 0.38 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.67 | 0.21 | 0.01 | 0.22 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.44 | 0.04 | 0.48 | (0.39) | 0.00 | (0.05) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.43 | 0.16 | 0.59 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.20 | (0.05) | 0.15 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.03 | (0.22) | (0.19) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.07 | 0.37 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value<br>End of Year<br>or Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.68 | 2.56% | $6512800 | 0.57 | %\* | 0.57 | %\* | 0.45 | %\* | 0.45 | %\* | 4.76 | %\* | 50% |
| 9.67 | 5.65 | 6784844 | 0.49 |  | 0.49 |  | 0.45 |  | 0.45 |  | 5.02 |  | 108 |
| 9.63 | 6.93 | 7488965 | 0.48 |  | 0.48 |  | 0.45 |  | 0.45 |  | 5.01 |  | 78 |
| 9.46 | 2.09 | 7946218 | 0.47 |  | 0.47 |  | 0.45 |  | 0.45 |  | 2.42 |  | 62 |
| 9.64 | (1.41) | 12139504 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 0.78 |  | 93 |
| 9.84 | 5.21 | 10965709 | 0.47 |  | 0.47 |  | 0.45 |  | 0.45 |  | 1.14 |  | 94 |
| 9.68 | 2.51 | 2039884 | 0.67 | \* | 0.67 | \* | 0.55 | \* | 0.55 | \* | 4.66 | \* | 50 |
| 9.67 | 5.55 | 2010990 | 0.59 |  | 0.59 |  | 0.55 |  | 0.55 |  | 4.92 |  | 108 |
| 9.63 | 6.82 | 2099340 | 0.58 |  | 0.58 |  | 0.55 |  | 0.55 |  | 4.91 |  | 78 |
| 9.46 | 1.99 | 2392831 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 2.34 |  | 62 |
| 9.64 | (1.51) | 2915639 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 0.67 |  | 93 |
| 9.84 | 5.10 | 3150987 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 1.07 |  | 94 |
| 9.68 | 2.49 | 87919 | 0.72 | \* | 0.77 | \* | 0.60 | \* | 0.65 | \* | 4.61 | \* | 50 |
| 9.67 | 5.51 | 87240 | 0.64 |  | 0.69 |  | 0.60 |  | 0.65 |  | 4.86 |  | 108 |
| 9.63 | 6.78 | 63136 | 0.63 |  | 0.68 |  | 0.60 |  | 0.65 |  | 4.86 |  | 78 |
| 9.46 | 1.94 | 74739 | 0.62 |  | 0.67 |  | 0.60 |  | 0.65 |  | 2.50 |  | 62 |
| 9.64 | (1.56) | 44897 | 0.60 |  | 0.65 |  | 0.60 |  | 0.65 |  | 0.62 |  | 93 |
| 9.84 | 5.05 | 50189 | 0.62 |  | 0.67 |  | 0.60 |  | 0.65 |  | 1.01 |  | 94 |
| 9.68 | 2.43 | 14824 | 0.82 | \* | 0.82 | \* | 0.70 | \* | 0.70 | \* | 4.51 | \* | 50 |
| 9.67 | 5.39 | 15515 | 0.74 |  | 0.74 |  | 0.70 |  | 0.70 |  | 4.78 |  | 108 |
| 9.63 | 6.66 | 17564 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 4.75 |  | 78 |
| 9.46 | 1.84 | 21559 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 2.21 |  | 62 |
| 9.64 | (1.66) | 23672 | 0.70 |  | 0.70 |  | 0.70 |  | 0.70 |  | 0.52 |  | 93 |
| 9.84 | 4.94 | 28626 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 1.38 |  | 94 |
| 9.68 | 2.43 | 699132 | 0.82 | \* | 0.82 | \* | 0.70 | \* | 0.70 | \* | 4.51 | \* | 50 |
| 9.67 | 5.39 | 736386 | 0.74 |  | 0.74 |  | 0.70 |  | 0.70 |  | 4.77 |  | 108 |
| 9.63 | 6.66 | 771094 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 4.75 |  | 78 |
| 9.46 | 1.84 | 962000 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 2.15 |  | 62 |
| 9.64 | (1.66) | 1436600 | 0.70 |  | 0.70 |  | 0.70 |  | 0.70 |  | 0.52 |  | 93 |
| 9.84 | 4.94 | 1681053 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 0.92 |  | 94 |
| 9.68 | 2.28 | 59484 | 1.12 | \* | 1.12 | \* | 1.00 | \* | 1.00 | \* | 4.21 | \* | 50 |
| 9.67 | 5.08 | 56397 | 1.04 |  | 1.04 |  | 1.00 |  | 1.00 |  | 4.46 |  | 108 |
| 9.63 | 6.34 | 52946 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 4.45 |  | 78 |
| 9.46 | 1.53 | 64350 | 1.02 |  | 1.02 |  | 1.00 |  | 1.00 |  | 1.92 |  | 62 |
| 9.64 | (1.95) | 76762 | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  | 0.21 |  | 93 |
| 9.84 | 4.63 | 102373 | 1.02 |  | 1.02 |  | 1.00 |  | 1.00 |  | 0.66 |  | 94 |
| 9.68 | 2.30 | 94413 | 1.07 | \* | 1.07 | \* | 0.95 | \* | 0.95 | \* | 4.26 | \* | 50 |
| 9.67 | 5.13 | 98254 | 0.99 |  | 0.99 |  | 0.95 |  | 0.95 |  | 4.53 |  | 108 |
| 9.63 | 6.40 | 121168 | 0.98 |  | 0.98 |  | 0.95 |  | 0.95 |  | 4.49 |  | 78 |
| 9.46 | 1.58 | 158601 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 2.06 |  | 62 |
| 9.64 | (1.90) | 140966 | 0.95 |  | 0.95 |  | 0.95 |  | 0.95 |  | 0.28 |  | 93 |
| 9.84 | 4.68 | 110040 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 0.69 |  | 94 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $7324000 | $6740682 | $331513 | $433297 | $2100575 | $10962548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 817683 | 43164 | 0 | 153607 | 287370 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 3694 | 152 | 219 | 275 | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 5694 | 31 | 78 | 0 | 11606 |
|  Cash | 10889 | 0 | 0 | 996 | 131 | 3 |
|  Deposits with counterparty | 0 | 20473 | 3173 | 3003 | 19935 | 85899 |
|  Foreign currency, at value | 0 | 9142 | 0 | 754 | 0 | 7162 |
|  Receivable for investments sold | 0 | 1047 | 21 | 60 | 111 | 30206 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 45 | 0 | 2 | 0 | 0 |
|  Receivable for TBA investments sold | 0 | 3325086 | 122784 | 55185 | 0 | 382352 |
|  Receivable for Fund shares sold | 78278 | 18934 | 11 | 139 | 2362 | 7787 |
|  Interest and/or dividends receivable | 598 | 25378 | 1067 | 1810 | 11067 | 50649 |
|  Dividends receivable from Affiliates | 0 | 2824 | 164 | 0 | 578 | 1041 |
|  Reimbursement receivable from PIMCO | 2 | 1 | 0 | 0 | 1 | 4 |
|  **Total Assets** | 7413767 | 10970683 | 502080 | 495543 | 2288642 | 11830449 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $0 | $0 | $0 | $0 | $1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 529080 | 21691 | 13675 | 0 | 99810 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 379 | 15 | 18 | 464 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 21436 | 4 | 194 | 0 | 27290 |
|  Payable for investments purchased | 2300000 | 776322 | 54952 | 89500 | 79694 | 1356867 |
|  Payable for investments in Affiliates purchased | 0 | 70623 | 170 | 0 | 599 | 1079 |
|  Payable for TBA investments purchased | 0 | 3700948 | 137554 | 51955 | 0 | 798744 |
|  Deposits from counterparty | 4760 | 5964 | 0 | 0 | 0 | 9152 |
|  Payable for Fund shares redeemed | 16345 | 9250 | 134 | 457 | 5105 | 18390 |
|  Distributions payable | 1051 | 884 | 54 | 77 | 85 | 1840 |
|  Overdraft due to custodian | 0 | 605 | 4 | 0 | 0 | 0 |
|  Accrued investment advisory fees | 436 | 1203 | 57 | 65 | 330 | 1901 |
|  Accrued supervisory and administrative fees | 561 | 1081 | 57 | 71 | 256 | 1697 |
|  Accrued distribution fees | 0 | 23 | 2 | 0 | 0 | 36 |
|  Accrued servicing fees | 0 | 119 | 0 | 0 | 21 | 171 |
|  **Total Liabilities** | 2323153 | 5117917 | 214694 | 156012 | 86554 | 2321993 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |  |  |  |  |  |
|  **Net Assets** | $5090614 | $5852766 | $287386 | $339531 | $2202088 | $9508456 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $5090669 | $6704283 | $311376 | $361890 | $2267329 | $9948231 |
|  Distributable earnings (accumulated loss) | (55) | (851517) | (23990) | (22359) | (65241) | (439775) |
|  **Net Assets** | $5090614 | $5852766 | $287386 | $339531 | $2202088 | $9508456 |
|  Cost of investments in securities | $7324000 | $6793663 | $334352 | $435214 | $2107262 | $10950739 |
|  Cost of investments in Affiliates | $0 | $814362 | $42693 | $0 | $153397 | $287181 |
|  Cost of foreign currency held | $0 | $9124 | $0 | $757 | $0 | $7412 |
|  Proceeds received on short sales | $0 | $533832 | $21867 | $13807 | $0 | $100111 |
|  Cost or premiums of financial derivative instruments, net | $0 | $2346 | $641 | $880 | $(520) | $(4653) |
|  \* Includes repurchase agreements of: | $7324000 | $1628200 | $112000 | $190100 | $96400 | $220875 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  **Net Assets:** |  |  |  |  |  |  |
|  Institutional Class | $1515076 | $4651803 | $277189 | $272726 | $1899442 | $6512800 |
|  Class M | 650374 | N/A | N/A | N/A | 11 | N/A |
|  I-2 | 10606 | 558229 | N/A | 66805 | 173353 | 2039884 |
|  I-3 | N/A | 29102 | N/A | N/A | 24979 | 87919 |
|  Administrative Class | 41752 | 18267 | 10197 | N/A | 554 | 14824 |
|  Class A | 2821829 | 501867 | N/A | N/A | 103749 | 699132 |
|  Class C | 50977 | 18450 | N/A | N/A | N/A | 59484 |
|  Class C-2 | N/A | 996 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 74052 | N/A | N/A | N/A | 94413 |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 1515102 | 497719 | 29607 | 29521 | 190428 | 673144 |
|  Class M | 650374 | N/A | N/A | N/A | 1 | N/A |
|  I-2 | 10606 | 59727 | N/A | 7231 | 17379 | 210837 |
|  I-3 | N/A | 3114 | N/A | N/A | 2505 | 9087 |
|  Administrative Class | 41755 | 1954 | 1089 | N/A | 56 | 1532 |
|  Class A | 2821858 | 53697 | N/A | N/A | 10401 | 72261 |
|  Class C | 50980 | 1974 | N/A | N/A | N/A | 6148 |
|  Class C-2 | N/A | 107 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 7923 | N/A | N/A | N/A | 9758 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |  |  |  |  |  |
|  Institutional Class | $1.00 | $9.35 | $9.36 | $9.24 | $9.97 | $9.68 |
|  Class M | 1.00 | N/A | N/A | N/A | 9.97 | N/A |
|  I-2 | 1.00 | 9.35 | N/A | 9.24 | 9.97 | 9.68 |
|  I-3 | N/A | 9.35 | N/A | N/A | 9.97 | 9.68 |
|  Administrative Class | 1.00 | 9.35 | 9.36 | N/A | 9.97 | 9.68 |
|  Class A | 1.00 | 9.35 | N/A | N/A | 9.97 | 9.68 |
|  Class C | 1.00 | 9.35 | N/A | N/A | N/A | 9.68 |
|  Class C-2 | N/A | 9.35 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 9.35 | N/A | N/A | N/A | 9.68 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 15

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $95246 | $132079 | $4903 | $6663 | $42765 | $254560 |
|  Dividends | 0 | 64 | 17 | 0 | 0 | 230 |
|  Dividends from Investments in Affiliates | 0 | 20918 | 1025 | 0 | 2632 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 95246 | 153061 | 5945 | 6663 | 45397 | 256666 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 2584 | 8048 | 343 | 393 | 1952 | 12049 |
|  Supervisory and administrative fees | 3359 | 7209 | 343 | 425 | 1533 | 10738 |
|  Distribution and/or servicing fees - Administrative Class | 0 | 24 | 12 | N/A | 1 | 19 |
|  Distribution and/or servicing fees - Class A | 0 | 634 | N/A | N/A | 131 | 905 |
|  Distribution and/or servicing fees - Class C | 0 | 52 | N/A | N/A | N/A | 162 |
|  Distribution and/or servicing fees - C-2 | N/A | 4 | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class R | N/A | 186 | N/A | N/A | N/A | 241 |
|  Trustee fees | 8 | 13 | 1 | 1 | 5 | 21 |
|  Interest expense | 0 | 364 | 22 | 21 | 431 | 5579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5951 | 16534 | 721 | 840 | 4053 | 29714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (2) | (7) | 0 | 0 | (6) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5949 | 16527 | 721 | 840 | 4047 | 29692 |
|  **Net Investment Income (Loss)** | 89297 | 136534 | 5224 | 5823 | 41350 | 226974 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 14 | 16583 | 156 | (364) | 447 | 8556 |
|  Investments in Affiliates | 0 | 8 | 0 | 0 | (1) | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 25343 | 894 | 828 | (215) | 2341 |
|  Over the counter financial derivative instruments | 0 | (4314) | 63 | (1384) | (1003) | (36243) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | (11012) |
|  Foreign currency | 0 | 979 | 0 | 45 | 0 | 5517 |
|  **Net Realized Gain (Loss)** | 14 | 38599 | 1113 | (875) | (772) | (30841) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 0 | 30067 | 1294 | 3409 | 4637 | 48225 |
|  Investments in Affiliates | 0 | 1633 | 82 | 0 | 223 | 136 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | (27140) | (968) | (1067) | 3284 | 6897 |
|  Over the counter financial derivative instruments | 0 | (19454) | 6 | 55 | (297) | (19111) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 1726 |
|  Foreign currency assets and liabilities | 0 | (187) | 0 | 8 | 0 | (113) |
|  **Net Change in Unrealized Appreciation(Depreciation)** | 0 | (15081) | 414 | 2405 | 7847 | 37760 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $89311 | $160052 | $6751 | $7353 | $48425 | $233893 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $260 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Government Money Market Fund** | **PIMCO**<br> **Government Money Market Fund** | **PIMCO**<br> **Low Duration Fund** | **PIMCO**<br> **Low Duration Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $89297 | $165584 | $136534 | $253955 |
|  Net realized gain (loss) | 14 | 64 | 38599 | 1905 |
|  Net change in unrealized appreciation (depreciation) | 0 | 0 | (15081) | 86777 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 89311 | 165648 | 160052 | 342637 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (23372) | (40510) | (111709) | (192616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (7748) | (25919) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (314) | (933) | (11559) | (23545) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (570) | (1482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1553) | (2315) | (380) | (806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (55198) | (93272) | (10104) | (20863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1099) | (2715) | (344) | (757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | (18) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (1371) | (2732) |
|  Tax basis return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | (2852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | 0 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | 0 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | 0 | (47) |
|  **Total Distributions<sup>(a)</sup>** | (89284) | (165664) | (136055) | (246475) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions**\*** | 627960 | 1788083 | (804313) | 568960 |
|  **Total Increase (Decrease) in Net Assets** | 627987 | 1788067 | (780316) | 665122 |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 4462627 | 2674560 | 6633082 | 5967960 |
|  End of period | $5090614 | $4462627 | $5852766 | $6633082 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Low Duration Fund II** | **PIMCO**<br> **Low Duration Fund II** | **PIMCO**<br> **Low Duration ESG Fund** | **PIMCO**<br> **Low Duration ESG Fund** | **PIMCO**<br> **Short Asset Investment Fund** | **PIMCO**<br> **Short Asset Investment Fund** | **PIMCO**<br> **Short-Term Fund** | **PIMCO**<br> **Short-Term Fund** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $5224 | $11520 | $5823 | $11823 | $41350 | $124475 | $226974 | $503863 |
| 1113 | (512) | (875) | 244 | (772) | 1488 | (30841) | (8203) |
| 414 | 5007 | 2405 | 6379 | 7847 | 3554 | 37760 | 55641 |
| 6751 | 16015 | 7353 | 18446 | 48425 | 129517 | 233893 | 551301 |
| (5066) | (11210) | (4561) | (8851) | (36558) | (111925) | (160540) | (322658) |
| N/A | N/A | N/A | N/A | 0 | (1) | N/A | N/A |
| N/A | N/A | (1133) | (2341) | (3938) | (8094) | (47981) | (93936) |
| N/A | N/A | N/A | N/A | (522) | (724) | (2026) | (3380) |
| (181) | (362) | N/A | N/A | (12) | (25) | (349) | (716) |
| N/A | N/A | N/A | N/A | (2148) | (4652) | (16600) | (30912) |
| N/A | N/A | N/A | N/A | N/A | N/A | (1263) | (2117) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | (2088) | (4456) |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | (37356) |
| N/A | N/A | N/A | N/A | 0 | 0 | N/A | N/A |
| N/A | N/A | 0 | 0 | 0 | 0 | 0 | (11135) |
| N/A | N/A | N/A | N/A | 0 | 0 | 0 | (406) |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | (88) |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | (3791) |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | (279) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | (578) |
| (5247) | (11572) | (5694) | (11192) | (43178) | (125421) | (230847) | (511808) |
| 12287 | (52667) | 27014 | (19631) | 160876 | (414423) | (284216) | (864080) |
| 13791 | (48224) | 28673 | (12377) | 166123 | (410327) | (281170) | (824587) |
| 273595 | 321819 | 310858 | 323235 | 2035965 | 2446292 | 9789626 | 10614213 |
| $287386 | $273595 | $339531 | $310858 | $2202088 | $2035965 | $9508456 | $9789626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO Government Money Market Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 143.9% | INVESTMENTS IN SECURITIES 143.9% | INVESTMENTS IN SECURITIES 143.9% |
| SHORT-TERM INSTRUMENTS 143.9% | SHORT-TERM INSTRUMENTS 143.9% | SHORT-TERM INSTRUMENTS 143.9% |
| REPURCHASE AGREEMENTS (a) 143.9% |  |  |
|  | $— | 7324000 |
| Total Short-Term Instruments<br>(Cost $7,324,000) |  | 7324000 |
| Total Investments in Securities<br>(Cost $7,324,000) |  | 7324000 |
| Total Investments 143.9%<br>(Cost $7,324,000) | $— | 7324000 |
| Other Assets and Liabilities, net (43.9)% |  | (2233386) |
| Net Assets 100.0% | $— | 5090614 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(a) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| AZD | 4.200% | 10/01/2025 | 10/02/2025 | $350000 | U.S. Treasury Notes<br>1.625% - 4.125% due 09/30/2026 - 11/30/2031 | $(356715) | $350000 | $350000 |
|  | 4.270 | 09/30/2025 | 10/01/2025 | 350000 | U.S. Treasury Notes<br>1.625% - 4.125% due 09/30/2026 - 11/30/2031 | (357090) | 350000 | 350042 |
| BOS | 4.240 | 10/01/2025 | 10/02/2025 | 500000 | U.S. Treasury Notes<br>3.750% due 04/30/2027 | (509873) | 500000 | 500000 |
|  | 4.250 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | U.S. Treasury Notes<br>3.500% - 4.375% due 09/30/2029 - 01/31/2030 | (1479608) | 1450000 | 1450171 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 509300 | U.S. Treasury Notes<br>1.125% - 3.500% due 10/31/2026 - 09/30/2027 | (519927) | 509300 | 509361 |
| BPS | 4.240 | 10/01/2025 | 10/02/2025 | 500000 | U.S. Treasury Notes 4.125% due 10/31/2031 | (510283) | 500000 | 500000 |
|  | 4.250 | 09/30/2025 | 10/01/2025 | 164700 | U.S. Treasury Notes 4.125% due 11/30/2031 | (167885) | 164700 | 164720 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 500000 | U.S. Treasury Notes 4.250% due 06/30/2031 | (509992) | 500000 | 500060 |
| BRC | 4.240 | 10/01/2025 | 10/02/2025 | 500000 | U.S. Treasury Inflation-Indexed Notes<br>0.125% due 01/15/2032 | (510070) | 500000 | 500000 |
|  | 4.350 | 09/30/2025 | 10/01/2025 | 500000 | U.S. Treasury Inflation-Indexed Notes<br>0.125% due 07/15/2026 | (510310) | 500000 | 500060 |
| FICC STR | 4.200 | 09/30/2025 | 10/01/2025 | 300000 | U.S. Treasury Bonds<br>1.625% - 4.625% due 11/15/2050 - 05/15/2054 | (306000) | 300000 | 300035 |
| JPS | 4.240 | 10/01/2025 | 10/02/2025 | 350000 | U.S. Treasury Notes 4.500% due 05/31/2029 | (357136) | 350000 | 350000 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 350000 | U.S. Treasury Notes 1.875% due 02/28/2027 | (357162) | 350000 | 350042 |
| SAL | 4.290 | 09/30/2025 | 10/01/2025 | 800000 | U.S. Treasury Bills 0.000% due 03/26/2026 | (816391) | 800000 | 800095 |
| SCX | 4.240 | 10/01/2025 | 10/02/2025 | 100000 | U.S. Treasury Inflation-Indexed Notes<br>0.625% due 07/15/2032 | (102096) | 100000 | 100000 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 100000 | U.S. Treasury Inflation-Indexed Notes<br>0.625% due 07/15/2032 | (102097) | 100000 | 100012 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7472635) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324598 |

---

20 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  AZD | $700042 | $0 | $0 | $700042 | $(713805) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13763) |
|  BOS | 2459532 | 0 | 0 | 2459532 | (2509408) | (49876) |
|  BPS | 1164780 | 0 | 0 | 1164780 | (1188160) | (23380) |
|  BRC | 1000060 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020380) | (20320) |
|  FICC STR | 300035 | 0 | 0 | 300035 | (306000) | (5965) |
|  JPS | 700042 | 0 | 0 | 700042 | (714298) | (14256) |
|  SAL | 800095 | 0 | 0 | 800095 | (816391) | (16296) |
|  SCX | 200012 | 0 | 0 | 200012 | (204193) | (4181) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324000 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 21

------

Schedule of Investments PIMCO Low Duration Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 115.1% | INVESTMENTS IN SECURITIES 115.1% | INVESTMENTS IN SECURITIES 115.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 1400 | 1400 |
|  Total Loan Participations and Assignments (Cost $1,400) | Total Loan Participations and Assignments (Cost $1,400) | 1400 |
| CORPORATE BONDS & NOTES 12.1% | CORPORATE BONDS & NOTES 12.1% | CORPORATE BONDS & NOTES 12.1% |
| BANKING & FINANCE 7.4% | BANKING & FINANCE 7.4% | BANKING & FINANCE 7.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 17900 | 18054 |
|  6.575% due 10/13/2026 •  | 5400 | 5403 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.375% due 05/08/2029 | 3900 | 4060 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.985% due 08/13/2027 •  | 14300 | 14330 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 8200 | 9685 |
|  5.068% due 07/16/2026 •  | 16500 | 16540 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 15000 | 15189 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 5150 | 5264 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.325% due 11/02/2026 •  | 13400 | 13431 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 3200 | 3283 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 20200 | 20662 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 6550 | 6602 |
|  4.929% due 08/06/2026 | 12900 | 12998 |
|  5.438% due 04/30/2026 | 14050 | 14147 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~ | 6800 | 6818 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 8000 | 8139 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.468% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 19000 | 19094 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.500% due 07/01/2026 | 7000 | 6969 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.125% due 11/05/2026 | 2000 | 2007 |
|  5.800% due 03/05/2027 | 6200 | 6265 |
|  5.918% due 03/20/2028 | 3500 | 3561 |
|  6.800% due 05/12/2028 | 200 | 208 |
|  7.350% due 11/04/2027 | 300 | 313 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.400% due 04/10/2028 | 350 | 334 |
|  5.050% due 04/04/2028 | 1550 | 1575 |
|  5.400% due 05/08/2027 | 14700 | 14956 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.937% due 04/23/2028 •  | 11900 | 12042 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(f) | 1500 | 1519 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 3200 | 3228 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  | 2700 | 2632 |
|  4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 19100 | 19178 |
|  5.226% (SOFRRATE + 0.920%) due 04/22/2028 ~ | 5000 | 5029 |
|  5.571% due 04/22/2028 •  | 2800 | 2862 |
|  6.070% due 10/22/2027 •  | 8300 | 8466 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 7500 | 7540 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | $| 800 | 812 |
|  5.016% due 01/12/2029 •  |  | 1600 | 1629 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ |  | 2400 | 2417 |
|  5.583% due 03/01/2028 •  |  | 2800 | 2853 |
|  7.472% due 11/10/2026 •  |  | 5600 | 5618 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ |  | 9000 | 9007 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.743% (SOFRINDX + 0.460%) due 08/03/2026 ~ |  | 4800 | 4808 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 |  | 3100 | 3070 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%) due 09/22/2029 ~ |  | 7500 | 7512 |
|  6.833% due 11/21/2026 •  |  | 13300 | 13340 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.350% due 03/17/2028 |  | 2000 | 2027 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.464% due 01/13/2026 |  | 12600 | 12646 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 |  | 20000 | 20491 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 |  | 4900 | 4928 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.550% due 04/17/2026 |  | 2100 | 2106 |
|  4.703% due 08/05/2027 •  |  | 5000 | 5017 |
|  6.327% due 12/22/2027 •  |  | 700 | 718 |
|  UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG |
|  3.390% due 12/05/2025 | EUR | 8200 | 9646 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.970% due 04/23/2029 •  | $| 16300 | 16613 |
|  5.082% (SOFRRATE + 0.780%) due 01/24/2028 ~ |  | 15000 | 15034 |
|  5.707% due 04/22/2028 •  |  | 3400 | 3480 |
|  |  |  | 436155 |
| INDUSTRIALS 4.0% | INDUSTRIALS 4.0% | INDUSTRIALS 4.0% | INDUSTRIALS 4.0% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2027 |  | 16100 | 16290 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 |  | 14700 | 14784 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 |  | 600 | 611 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 29300 | 29300 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 |  | 11790 | 11966 |
|  5.050% due 08/11/2028 |  | 9996 | 10241 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.300% due 03/20/2026 |  | 11300 | 11341 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  1.547% due 10/01/2025 |  | 15500 | 15500 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 |  | 1200 | 1170 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 |  | 3300 | 3257 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.800% due 01/10/2028 |  | 200 | 189 |
|  4.875% due 06/23/2027 |  | 3300 | 3330 |
|  4.900% due 06/23/2028 |  | 3300 | 3348 |
|  5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ |  | 17300 | 17477 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 |  | 13300 | 13494 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 |  | 9300 | 9510 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 |  | 11850 | 12027 |
|  4.900% due 11/15/2027 |  | 3350 | 3404 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(f) | 2400 | 2463 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.620% due 07/16/2028 | 500 | 505 |
|  5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 1100 | 1112 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.043% (SOFRRATE + 0.760%) due 08/03/2028 ~ | 3400 | 3420 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 11100 | 10897 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.125% due 04/28/2028 | 15000 | 15031 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 23145 | 23451 |
|  |  | 234118 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 22500 | 22295 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 3200 | 3137 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 300 | 298 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.082% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 5750 | 5801 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 700 | 688 |
|  4.700% due 06/01/2027 | 1100 | 1104 |
|  5.350% due 03/01/2026 | 4900 | 4920 |
|  5.650% due 10/01/2028 | 100 | 103 |
|  5.850% due 11/01/2027 | 600 | 616 |
|  Spire, Inc. | Spire, Inc. | Spire, Inc. |
|  5.300% due 03/01/2026 | 1500 | 1507 |
|  |  | 40469 |
|  Total Corporate Bonds & Notes (Cost $703,530) | Total Corporate Bonds & Notes (Cost $703,530) | 710742 |
| U.S. GOVERNMENT AGENCIES 43.7% | U.S. GOVERNMENT AGENCIES 43.7% | U.S. GOVERNMENT AGENCIES 43.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.650% due 10/27/2025 | 62200 | 62051 |
|  0.800% due 10/28/2026 (i) | 83100 | 80567 |
|  2.500% due 12/01/2032 | 1507 | 1460 |
|  3.000% due 01/01/2027 - 04/01/2052 | 23737 | 20920 |
|  3.500% due 02/01/2047 - 06/01/2047 | 5789 | 5421 |
|  4.000% due 12/01/2047 | 2378 | 2288 |
|  4.500% due 04/01/2053 - 09/01/2053 | 5745 | 5590 |
|  5.000% due 12/01/2049 - 08/01/2054 | 19537 | 19477 |
|  5.500% due 08/01/2053 - 12/01/2053 | 30315 | 30660 |
|  6.000% due 01/01/2053 - 04/01/2055 | 24715 | 25690 |
|  6.357% due 07/01/2027 •  | 1 | 1 |
|  6.500% due 08/01/2035 •  | 106 | 108 |
|  6.552% due 04/01/2035 •  | 146 | 148 |
|  6.738% due 03/01/2035 •  | 69 | 70 |
|  6.796% due 07/01/2035 •  | 2 | 2 |
|  6.835% due 05/01/2037 •  | 6 | 7 |
|  6.988% due 02/01/2037 •  | 1 | 1 |
|  7.000% due 01/01/2030 - 04/01/2032 | 3 | 3 |
|  7.125% due 10/01/2035 •  | 88 | 90 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 9301 | 8850 |
|  2.920% due 01/25/2026 | 1682 | 1672 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.250% due 10/15/2027 | 4197 | 4098 |
|  1.375% due 11/15/2027 | 3138 | 3066 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.983% due 07/15/2036 •(a) | $— | 638 | $— | 66 |
|  2.500% due 10/25/2049 |  | 98 |  | 86 |
|  2.663% due 08/15/2036 •(a) |  | 1635 |  | 191 |
|  3.000% due 03/15/2027 - 05/15/2027 (a) |  | 1185 |  | 17 |
|  4.817% due 02/15/2037 •  |  | 16 |  | 16 |
|  4.827% due 02/15/2037 •  |  | 24 |  | 24 |
|  4.837% due 07/15/2043 •  |  | 3280 |  | 3231 |
|  4.937% due 11/15/2030 - 06/15/2042 •  |  | 4001 |  | 3959 |
|  5.007% due 05/15/2036 •  |  | 12 |  | 12 |
|  5.037% due 01/15/2042 •  |  | 9 |  | 9 |
|  5.145% due 02/15/2051 •  |  | 27893 |  | 27461 |
|  5.296% due 11/25/2054 •  |  | 17349 |  | 17378 |
|  5.306% due 02/25/2055 •  |  | 4157 |  | 4175 |
|  5.326% due 08/25/2054 •  |  | 8257 |  | 8296 |
|  5.336% due 08/25/2055 •  |  | 48777 |  | 49033 |
|  5.342% due 01/15/2038 •  |  | 1162 |  | 1170 |
|  5.356% due 02/25/2055 - 06/25/2055 •  |  | 18976 |  | 19046 |
|  5.500% due 07/15/2034 |  | 188 |  | 189 |
|  5.506% due 03/25/2055 - 08/25/2055 •  |  | 9202 |  | 9239 |
|  5.556% due 02/25/2055 - 08/25/2055 •  |  | 108839 |  | 109236 |
|  5.706% due 02/25/2054 •  |  | 38533 |  | 38775 |
|  6.000% due 12/15/2028 - 07/15/2029 |  | 7 |  | 7 |
|  6.500% due 03/15/2029 - 06/15/2032 |  | 327 |  | 339 |
|  7.500% due 07/15/2030 |  | 13 |  | 14 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  1.463% due 08/15/2043 •(a) |  | 14981 |  | 1621 |
|  2.502% due 08/15/2044 •  |  | 3962 |  | 4153 |
|  4.887% due 05/15/2037 •  |  | 5 |  | 5 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  |  | 223 |  | 221 |
|  4.552% due 08/15/2032 ~ |  | 2 |  | 2 |
|  4.751% due 09/25/2031 •  |  | 308 |  | 307 |
|  5.553% due 07/25/2044 •  |  | 807 |  | 782 |
|  6.500% due 07/25/2043 |  | 5119 |  | 5328 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.080% due 10/01/2026 |  | 3780 |  | 3711 |
|  2.500% due 02/01/2035 |  | 1279 |  | 1238 |
|  2.770% due 04/01/2026 |  | 1992 |  | 1976 |
|  3.000% due 12/01/2026 - 04/01/2052 |  | 342771 |  | 303232 |
|  3.150% due 03/01/2026 |  | 11350 |  | 11286 |
|  3.500% due 02/01/2047 - 12/01/2047 |  | 135463 |  | 125280 |
|  3.590% due 12/01/2025 |  | 11350 |  | 11311 |
|  4.000% due 01/01/2046 - 06/01/2053 |  | 52503 |  | 50547 |
|  4.385% due 01/01/2028 •  |  | 1 |  | 1 |
|  4.500% due 11/01/2025 - 06/01/2053 |  | 6021 |  | 5880 |
|  4.599% due 03/01/2035 •  |  | 36 |  | 35 |
|  4.891% due 12/01/2036 •  |  | 2 |  | 1 |
|  5.000% due 12/01/2025 - 08/01/2054 |  | 73873 |  | 73646 |
|  5.421% due 07/01/2042 - 07/01/2044 •  |  | 87 |  | 87 |
|  5.471% due 09/01/2041 •  |  | 10 |  | 10 |
|  5.500% due 07/01/2053 |  | 5094 |  | 5158 |
|  5.613% due 09/01/2034 •  |  | 1 |  | 1 |
|  5.621% due 10/01/2030 - 11/01/2039 •  |  | 46 |  | 47 |
|  5.963% due 11/01/2034 •  |  | 53 |  | 53 |
|  6.000% due 03/01/2032 - 01/01/2039 |  | 1366 |  | 1434 |
|  6.047% due 03/01/2035 •  |  | 465 |  | 469 |
|  6.095% due 11/01/2027 •  |  | 2 |  | 2 |
|  6.125% due 08/01/2029 •  |  | 26 |  | 26 |
|  6.279% due 07/01/2035 •  |  | 96 |  | 98 |
|  6.315% due 05/01/2035 •  |  | 20 |  | 20 |
|  6.375% due 01/01/2035 - 08/01/2035 •  |  | 669 |  | 682 |
|  6.390% due 09/01/2035 •  |  | 80 |  | 81 |
|  6.425% due 03/01/2035 •  |  | 41 |  | 43 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.435% due 12/01/2033 •  | $— | 29 | $— | 30 |
|  6.472% due 08/01/2035 •  |  | 82 |  | 85 |
|  6.500% due 09/01/2033 - 03/01/2038 |  | 173 |  | 183 |
|  6.508% due 06/01/2035 •  |  | 74 |  | 75 |
|  6.537% due 11/01/2035 •  |  | 6 |  | 6 |
|  6.579% due 04/01/2034 •  |  | 75 |  | 77 |
|  6.703% due 07/01/2035 •  |  | 54 |  | 55 |
|  6.810% due 06/01/2035 •  |  | 22 |  | 23 |
|  7.000% due 04/01/2034 |  | 5 |  | 6 |
|  7.095% due 10/01/2035 •  |  | 110 |  | 112 |
|  7.122% due 09/01/2032 •  |  | 90 |  | 92 |
|  7.205% due 09/01/2035 •  |  | 5 |  | 5 |
|  8.000% due 04/01/2030 - 11/01/2031 |  | 89 |  | 94 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.000% due 01/25/2043 |  | 230 |  | 200 |
|  1.579% due 10/25/2042 •(a) |  | 7733 |  | 885 |
|  1.679% due 11/25/2042 •(a) |  | 7171 |  | 600 |
|  2.000% due 11/25/2046 |  | 11919 |  | 11151 |
|  2.179% due 01/25/2042 •(a) |  | 762 |  | 114 |
|  2.500% due 05/25/2028 (a) |  | 1174 |  | 26 |
|  4.250% due 05/25/2033 |  | 77 |  | 77 |
|  4.523% due 12/25/2036 •  |  | 161 |  | 158 |
|  4.583% due 06/25/2034 •  |  | 24 |  | 23 |
|  4.656% due 11/25/2050 •  |  | 936 |  | 891 |
|  4.721% due 01/25/2037 •  |  | 2 |  | 2 |
|  4.771% due 03/25/2037 •  |  | 319 |  | 315 |
|  4.821% due 03/25/2037 - 07/25/2037 •  |  | 236 |  | 234 |
|  4.831% due 03/25/2037 •  |  | 14 |  | 13 |
|  4.851% due 07/25/2037 •  |  | 352 |  | 349 |
|  4.871% due 06/25/2032 - 10/25/2040 •  |  | 47 |  | 47 |
|  4.910% due 09/25/2046 •  |  | 1856 |  | 1843 |
|  4.921% due 12/25/2040 •  |  | 6 |  | 6 |
|  4.941% due 07/25/2037 •  |  | 428 |  | 426 |
|  4.971% due 08/25/2037 •  |  | 15 |  | 15 |
|  5.141% due 03/25/2038 •  |  | 14 |  | 14 |
|  5.145% due 01/25/2051 •  |  | 901 |  | 903 |
|  5.221% due 03/25/2038 - 01/25/2040 •  |  | 187 |  | 187 |
|  5.256% due 03/25/2055 •  |  | 8723 |  | 8737 |
|  5.306% due 11/25/2053 •  |  | 2890 |  | 2902 |
|  5.321% due 02/25/2040 •  |  | 108 |  | 109 |
|  5.406% due 01/25/2055 •  |  | 3608 |  | 3613 |
|  5.500% due 08/25/2034 |  | 250 |  | 252 |
|  5.506% due 03/25/2055 •  |  | 12211 |  | 12261 |
|  5.516% due 03/25/2055 •  |  | 13646 |  | 13701 |
|  5.556% due 07/25/2055 - 08/25/2055 •  |  | 121070 |  | 121708 |
|  5.856% due 12/25/2054 •  |  | 16819 |  | 16988 |
|  6.500% due 07/25/2031 - 04/25/2032 |  | 332 |  | 344 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ |  | 461 |  | 463 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 03/25/2044 •  |  | 16 |  | 16 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.500% due 08/20/2048 |  | 685 |  | 678 |
|  4.625% (H15T1Y + 1.500%) due 07/20/2026 - 09/20/2026 ~ |  | 2 |  | 2 |
|  4.625% due 07/20/2027 - 07/20/2034 •  |  | 27 |  | 27 |
|  5.000% due 12/20/2027 - 07/20/2030 •  |  | 16 |  | 16 |
|  5.500% due 11/20/2026 •  |  | 0 |  | 1 |
|  5.625% (H15T1Y + 1.500%) due 01/20/2026 - 05/20/2026 ~ |  | 2 |  | 2 |
|  5.625% due 01/20/2027 - 02/20/2032 •  |  | 320 |  | 323 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.689% due 09/20/2071 - 09/20/2073 •  |  | 2852 |  | 2834 |
|  4.766% due 05/20/2068 •  |  | 186 |  | 185 |
|  4.816% due 12/20/2062 •  |  | 58 |  | 58 |
|  4.866% due 12/20/2060 •  |  | 197 |  | 197 |
|  4.920% due 10/01/2055 « |  | 15000 |  | 15000 |
|  4.966% due 08/20/2069 •  |  | 11949 |  | 11955 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.066% due 03/20/2065 - 07/20/2065 •  | 3187 | 3188 |
|  5.109% due 02/20/2060 •  | 366 | 367 |
|  5.116% due 10/20/2064 •  | 3621 | 3624 |
|  5.149% due 11/20/2074 •  | 969 | 967 |
|  5.189% due 04/20/2072 •  | 9373 | 9362 |
|  5.236% due 10/20/2066 •  | 167 | 167 |
|  5.239% due 05/20/2074 •  | 490 | 491 |
|  5.266% due 05/20/2066 •  | 836 | 838 |
|  5.289% due 08/20/2073 •  | 4254 | 4277 |
|  5.306% due 12/20/2066 •  | 3315 | 3344 |
|  5.339% due 09/20/2073 •  | 13004 | 13104 |
|  5.349% due 08/20/2073 •  | 12151 | 12259 |
|  5.366% due 04/20/2066 •  | 1197 | 1201 |
|  5.369% due 09/20/2073 •  | 4321 | 4365 |
|  5.489% due 05/20/2073 •  | 3661 | 3695 |
|  5.549% due 11/20/2072 •  | 73308 | 74610 |
|  5.559% due 11/20/2072 •  | 85797 | 87388 |
|  5.716% due 08/20/2070 •  | 17107 | 17409 |
|  5.872% due 05/20/2041 ~ | 117 | 116 |
|  5.889% due 08/20/2071 •  | 8323 | 8519 |
|  Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust |
|  3.250% due 10/25/2033 | 1699 | 1699 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 51315 | 48357 |
|  4.500% due 10/01/2040 | 50 | 50 |
|  5.000% due 11/01/2055 | 366800 | 363568 |
|  5.500% due 11/01/2055 | 5000 | 5038 |
|  6.000% due 11/01/2055 | 474400 | 484586 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.500% due 05/15/2029 | 1480 | 1509 |
|  Total U.S. Government Agencies (Cost $2,613,288) | Total U.S. Government Agencies (Cost $2,613,288) | 2558775 |
| U.S. TREASURY OBLIGATIONS 13.5% | U.S. TREASURY OBLIGATIONS 13.5% | U.S. TREASURY OBLIGATIONS 13.5% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 07/15/2032 | 33910 | 32106 |
|  1.125% due 01/15/2033 | 54114 | 52466 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 | 590900 | 590126 |
|  4.125% due 06/15/2026 | 50000 | 50119 |
|  4.375% due 11/30/2028 (i)(k) | 31200 | 31880 |
|  4.875% due 04/30/2026 (k) | 36100 | 36314 |
|  Total U.S. Treasury Obligations (Cost $790,640) | Total U.S. Treasury Obligations (Cost $790,640) | 793011 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.8% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 6950 | 6713 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.398% due 09/15/2034 •  | 10200 | 10128 |
|  ABN AMRO Mortgage Corp. | ABN AMRO Mortgage Corp. | ABN AMRO Mortgage Corp. |
|  5.500% due 01/25/2034 | 14 | 14 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.812% due 11/25/2035 •  | 194 | 185 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.820% due 11/25/2066 ~ | 6602 | 5928 |
|  5.338% due 05/27/2069 þ | 807 | 811 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 349 | 349 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.378% due 12/15/2036 •  | 8766 | 8638 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  | 4100 | 3941 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.500% due 10/25/2033 | 1489 | 1504 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ | 43 | 40 |
|  5.500% due 09/25/2035 | 155 | 157 |
|  6.063% due 02/20/2036 ~ | 154 | 147 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.111% due 02/25/2035 ~ | 34 | 33 |
|  5.119% due 09/25/2035 ~ | 795 | 700 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.281% due 04/25/2035 ~ | 712 | 696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.838% due 09/25/2035 ~ | $— | 839 | $— | 459 |
|  5.425% due 05/25/2035 ~ |  | 148 |  | 142 |
|  6.300% due 09/25/2034 ~ |  | 78 |  | 78 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.812% due 11/25/2030 ~ |  | 4 |  | 4 |
|  4.889% due 08/25/2035 ~ |  | 391 |  | 340 |
|  4.928% due 08/25/2035 ~ |  | 2444 |  | 2289 |
|  5.125% due 01/25/2035 ~ |  | 1 |  | 1 |
|  5.302% due 01/25/2035 ~ |  | 138 |  | 135 |
|  5.860% due 08/25/2033 ~ |  | 19 |  | 19 |
|  5.923% due 01/25/2034 ~ |  | 4 |  | 4 |
|  6.167% due 10/25/2036 ~ |  | 40 |  | 39 |
|  6.250% due 02/25/2033 ~ |  | 2 |  | 2 |
|  6.375% due 08/25/2033 ~ |  | 126 |  | 124 |
|  6.575% due 04/25/2033 ~ |  | 99 |  | 100 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ |  | 1223 |  | 867 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.552% due 01/25/2035 •  |  | 45 |  | 44 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.248% due 02/20/2036 •  |  | 3438 |  | 3213 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.411% due 03/25/2036 ~ |  | 439 |  | 430 |
|  6.000% due 09/25/2035 •  |  | 5 |  | 5 |
|  6.751% due 03/25/2034 ~ |  | 151 |  | 141 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  |  | 7259 |  | 7176 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.198% due 06/15/2034 •  |  | 3400 |  | 3292 |
|  5.565% due 12/15/2038 •  |  | 19379 |  | 19129 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.672% due 06/25/2036 •  |  | 328 |  | 133 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ |  | 163 |  | 157 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.094% due 04/15/2036 •  |  | 25400 |  | 25233 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  6.991% due 10/25/2033 ~ |  | 10 |  | 10 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  6.914% due 06/01/2050 ~ |  | 14845 |  | 14805 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.660% due 10/15/2036 •  |  | 1220 |  | 1211 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.672% due 06/25/2037 •  |  | 5496 |  | 4865 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.414% due 10/15/2043 •  |  | 23100 |  | 22462 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.892% due 04/17/2041 •  |  | 3000 |  | 3326 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% (BP0003M + 0.950%) due 06/13/2045 ~ |  | 1446 |  | 1946 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | $— | 1349 |  | 1350 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.099% due 09/25/2034 ~ |  | 16 |  | 16 |
|  5.149% due 09/25/2035 ~ |  | 94 |  | 83 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.220% due 12/15/2036 •  |  | 19146 |  | 19059 |
|  5.447% due 11/15/2032 •  |  | 4418 |  | 4394 |
|  5.520% due 12/15/2036 •  |  | 258 |  | 258 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 ~ |  | 20838 |  | 17953 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.191% due 09/25/2035 ~ |  | 117 |  | 113 |
|  5.381% due 09/25/2035 ~ |  | 10 |  | 10 |
|  6.000% due 03/25/2032 |  | 13 |  | 14 |
|  6.297% due 07/25/2035 ~ |  | 471 |  | 241 |
|  6.363% due 09/25/2035 ~ |  | 127 |  | 128 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.815% due 07/19/2035 ~ |  | 1198 |  | 892 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.692% due 05/25/2046 •  |  | 783 |  | 717 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.614% due 12/15/2036 •  |  | 7000 |  | 3465 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 04/25/2037 ~ | 98 | 51 |
|  5.106% due 08/25/2035 ~ | 765 | 678 |
|  6.193% due 07/25/2035 ~ | 10 | 10 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | 31 | 30 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.215% due 12/15/2036 •  | 100 | 77 |
|  5.298% due 11/15/2034 •  | 4456 | 4417 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.171% due 08/25/2034 ~ | 40 | 38 |
|  4.532% due 04/25/2035 •  | 545 | 544 |
|  4.592% due 01/25/2035 •  | 137 | 130 |
|  5.500% due 11/25/2035 | 832 | 763 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.912% due 02/25/2035 •  | 71 | 73 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.365% due 08/15/2038 •  | 4826 | 4647 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 1400 | 1392 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.614% due 12/15/2050 •  | 550 | 639 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  | 4700 | 4688 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 19219 | 16631 |
|  5.000% due 10/25/2051 •  | 4979 | 4648 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 | 6282 | 6092 |
|  ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
|  4.964% due 03/15/2036 •  | 2450 | 2416 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 81 | 77 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  | 3500 | 3478 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.711% due 01/25/2037 ~ | 399 | 235 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.336% due 02/25/2034 ~ | 8 | 8 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  | 34 | 13 |
|  4.832% due 02/25/2036 •  | 648 | 545 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 31 | 30 |
|  4.908% due 09/19/2032 •  | 103 | 98 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.555% due 06/25/2033 ~ | 6 | 6 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.896% due 12/25/2045 •  | 385 | 345 |
|  6.822% due 10/25/2045 •  | 549 | 590 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 1667 | 1604 |
|  5.272% due 05/25/2058 •  | 2356 | 2410 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  5.000% due 12/25/2051 •  | 17213 | 16084 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 5000 | 4898 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.852% due 10/25/2045 •  | 18 | 17 |
|  4.936% due 01/25/2036 ~ | 55 | 53 |
|  5.012% due 11/25/2034 •  | 978 | 952 |
|  5.153% due 08/25/2046 •  | 19 | 17 |
|  5.553% due 06/25/2042 •  | 126 | 119 |
|  6.000% due 06/25/2034 | 316 | 327 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  6.350% due 02/25/2033 ~ | 2 | 2 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $291,514) | Total Non-Agency Mortgage-Backed Securities (Cost $291,514) | 280730 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 6.0% | ASSET-BACKED SECURITIES 6.0% | ASSET-BACKED SECURITIES 6.0% |
| AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.680% due 01/25/2029 | 1689 | 1709 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 704 | 713 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 497 | 500 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 03/15/2028 | 1300 | 1303 |
|  Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC |
|  2.820% due 04/10/2029 | 15003 | 14847 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.630% due 12/10/2027 | 462 | 463 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 195 | 195 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.470% due 10/20/2028 | 1485 | 1496 |
|  5.710% due 10/20/2027 | 179 | 179 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 | 7589 | 7624 |
|  |  | 29029 |
| CMBS OTHER 1.9% | CMBS OTHER 1.9% | CMBS OTHER 1.9% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 2721 | 2726 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 12564 | 12572 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 10548 | 10562 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.446% due 07/15/2039 •  | 6253 | 6268 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 12959 | 12689 |
|  5.750% due 07/16/2035 •  | 3130 | 3124 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.435% due 06/15/2039 •  | 6369 | 6385 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 1005 | 1005 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 19309 | 19316 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 16532 | 16552 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.472% due 11/25/2036 •  | 478 | 478 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.457% due 03/15/2038 •  | 3078 | 3081 |
|  5.793% due 02/15/2039 •  | 18738 | 18786 |
|  |  | 113544 |
| CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 17600 | 17931 |
| HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.785% due 06/15/2031 •  | 4 | 4 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 11/25/2042 •  | 99 | 99 |
|  6.072% due 03/25/2043 •  | 666 | 655 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.202% due 09/25/2034 •  | 827 | 822 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.992% due 07/25/2034 •  | 114 | 121 |
|  5.022% due 03/25/2034 •  | 243 | 249 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.752% due 01/25/2034 •  | 126 | 124 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% due 01/25/2037 •  | 163 | 75 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | $| 1256 | 622 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.832% due 08/25/2036 •  |  | 3418 | 3395 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  |  | 28 | 10 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.522% due 05/25/2037 •  |  | 2659 | 2420 |
|  4.977% due 12/25/2034 •  |  | 317 | 312 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.322% due 11/25/2036 •  |  | 13 | 4 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.992% due 03/25/2035 •  |  | 1697 | 1708 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.592% due 05/25/2036 •  |  | 611 | 607 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.972% due 03/25/2034 •  |  | 41 | 41 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.972% due 08/25/2032 •  |  | 40 | 38 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.579% due 03/25/2035 •  |  | 150 | 133 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  |  | 2748 | 588 |
|  4.532% due 05/25/2037 •  |  | 314 | 244 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  |  | 1071 | 289 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.977% due 03/25/2034 •  |  | 1393 | 1463 |
|  5.172% due 09/25/2034 •  |  | 67 | 64 |
|  |  |  | 14087 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Mid-State Trust XI | Mid-State Trust XI | Mid-State Trust XI | Mid-State Trust XI |
|  4.864% due 07/15/2038 |  | 30 | 31 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.097% due 05/25/2034 •  |  | 673 | 658 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.393% due 11/25/2034 •  |  | 757 | 733 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.832% due 12/25/2035 •  |  | 1331 | 1315 |
|  |  |  | 2706 |
| OTHER ABS 2.9% | OTHER ABS 2.9% | OTHER ABS 2.9% | OTHER ABS 2.9% |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  |  | 1000 | 1001 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  |  | 1300 | 1303 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  |  | 1100 | 1101 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  |  | 1000 | 1001 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  |  | 500 | 502 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  |  | 2600 | 2603 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  |  | 3900 | 3906 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  |  | 1800 | 1807 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  |  | 2100 | 2107 |
|  5.482% due 07/17/2035 •  |  | 1700 | 1706 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | EUR | 35 | 41 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.626% due 04/15/2031 •  |  | 299 | 352 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.328% due 10/15/2034 •  | 1000 | 1001 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 1000 | 1176 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 1000 | 1001 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.926% due 08/15/2032 •  | 6905 | 8116 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 2800 | 2802 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 79 | 93 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 448 | 448 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 5497 | 5504 |
|  DataBank Issuer II LLC | DataBank Issuer II LLC | DataBank Issuer II LLC |
|  5.180% due 09/27/2055 | 4800 | 4814 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 1100 | 1101 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 3300 | 3306 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 829 | 830 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 1500 | 1505 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 1000 | 1001 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 3100 | 3104 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 1400 | 1406 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 1200 | 1200 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 1300 | 1300 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 1100 | 1100 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  | 1000 | 1001 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  | 4975 | 5847 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 1000 | 1002 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 2100 | 2102 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 3092 | 3094 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 3500 | 3505 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 510 | 512 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 1700 | 1702 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 800 | 800 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  | 3400 | 3403 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 1700 | 1703 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.065% due 03/15/2032 | 228 | 228 |
|  5.108% due 03/15/2033 | 500 | 504 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.660% due 07/15/2031 | 74 | 74 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) | 600 | 704 |
|  3.006% due 08/15/2033 •  | 731 | 857 |
|  3.170% due 10/15/2034 •  | 1100 | 1291 |
|  3.203% due 02/15/2035 •  | 2200 | 2583 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 1200 | 1201 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 700 | 700 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  5.365% due 11/15/2042 | 1450 | 1461 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 1200 | 1205 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | 1200 | 1200 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 1500 | 1506 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 800 | 800 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 1200 | 1205 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.564% due 12/15/2033 •  | 385 | 428 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 11331 | 11090 |
|  5.380% due 07/15/2053 | 2143 | 2202 |
|  5.670% due 11/15/2052 | 8451 | 8690 |
|  5.822% due 02/16/2055 •  | 11331 | 11446 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | 1200 | 1200 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 2400 | 2410 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 2400 | 2404 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.244% due 01/20/2037 •  | 4900 | 5768 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 2500 | 2932 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 1900 | 1900 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 2000 | 2002 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 1000 | 1001 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 13199 | 13230 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 1150 | 1150 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 2300 | 2303 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | 900 | 902 |
|  5.505% due 04/20/2034 •  | 700 | 701 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 1700 | 1700 |
|  |  | 171887 |
|  Total Asset-Backed Securities (Cost $350,016) | Total Asset-Backed Securities (Cost $350,016) | 349215 |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 801500 | 140681 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 11300 | 11933 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 6300 | 6506 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 16100 | 16454 |
|  Total Sovereign Issues (Cost $172,095) | Total Sovereign Issues (Cost $172,095) | 175574 |
| SHORT-TERM INSTRUMENTS 32.0% | SHORT-TERM INSTRUMENTS 32.0% | SHORT-TERM INSTRUMENTS 32.0% |
| COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.560% due 10/07/2025 | 2500 | 2498 |
|  4.570% due 10/14/2025 | 8150 | 8135 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/01/2025 | 3950 | 3950 |
|  4.560% due 10/02/2025 | 2950 | 2949 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | $— | 4050 | $— | 4046 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.780% due 10/16/2025 |  | 2150 |  | 2146 |
|  4.800% due 10/09/2025 |  | 300 |  | 300 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 |  | 550 |  | 549 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 |  | 6050 |  | 6033 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (b) |  | 450 |  | 449 |
|  4.610% due 10/23/2025 |  | 5300 |  | 5284 |
|  4.620% due 10/21/2025 |  | 4500 |  | 4488 |
|  4.620% due 10/23/2025 |  | 4900 |  | 4886 |
|  4.800% due 10/07/2025 |  | 5050 |  | 5045 |
|  4.800% due 10/09/2025 |  | 700 |  | 699 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  4.520% due 10/09/2025 |  | 350 |  | 350 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.500% due 10/07/2025 |  | 250 |  | 250 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 |  | 2000 |  | 1996 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/23/2025 |  | 15100 |  | 15055 |
|  4.650% due 10/17/2025 |  | 2400 |  | 2395 |
|  4.650% due 10/20/2025 |  | 4700 |  | 4688 |
|  4.650% due 10/21/2025 |  | 1400 |  | 1396 |
|  4.750% due 10/09/2025 |  | 5150 |  | 5144 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.440% due 10/06/2025 | 600 | 600 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.410% due 10/01/2025 | 1050 | 1050 |
|  4.450% due 10/15/2025 | 1100 | 1098 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.540% due 10/20/2025 | 900 | 898 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 3400 | 3358 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 3400 | 3392 |
|  |  | 93127 |
| REPURCHASE AGREEMENTS (g) 27.8% | REPURCHASE AGREEMENTS (g) 27.8% | REPURCHASE AGREEMENTS (g) 27.8% |
|  |  | 1628200 |
| U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% |
|  4.123% due 12/30/2025 - 01/27/2026 (c)(d)(i)(k) | 151361 | 149908 |
| Total Short-Term Instruments<br>(Cost $1,871,180) | Total Short-Term Instruments<br>(Cost $1,871,180) | 1871235 |
| Total Investments in Securities<br>(Cost $6,793,663) | Total Investments in Securities<br>(Cost $6,793,663) | 6740682 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% |
| SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% |
|  PIMCO Short Asset Portfolio | 76443102 | $— | 749983 |
|  PIMCO Short-Term Floating NAV Portfolio III | 6951432 |  | 67700 |
| Total Short-Term Instruments<br>(Cost $814,362) | Total Short-Term Instruments<br>(Cost $814,362) |  | 817683 |
| Total Investments in Affiliates<br>(Cost $814,362) | Total Investments in Affiliates<br>(Cost $814,362) |  | 817683 |
| Total Investments 129.1%<br>(Cost $7,608,025) | Total Investments 129.1%<br>(Cost $7,608,025) | $— | 7558365 |
|  Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $2,346) | Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $2,346) |  | (12427) |
| Other Assets and Liabilities, net (28.9)% | Other Assets and Liabilities, net (28.9)% |  | (1693172) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 5852766 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Hardwood Funding LLC | 4.840% | 06/07/2028 | 03/11/2025 | $1500 | $1519 | 0.03% |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 2400 | 2463 | 0.04 |
|  |  |  |  | $3900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | 0.07% |

---

26 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447000 | U.S. Treasury Notes 1.250% - 4.125%<br>due 11/15/2026 - 10/31/2029 | $(456276) | $447000 | $447053 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 5600 | U.S. Treasury Notes 3.500% due 09/30/2027 | (5710) | 5600 | 5601 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 450000 | U.S. Treasury Notes 4.625% due 09/30/2028 | (449008) | 450000 | 450056 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 725500 | U.S. Treasury Notes 2.750% due 04/30/2027 | (740594) | 725500 | 725500 |
|  | 4.210 | 10/01/2025 | 10/02/2025 | 100 | U.S. Treasury Notes 4.625% due 06/15/2027 | (102) | 100 | 100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1651690) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628310 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418700 | $(371983) | $(367850) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 176500 | (161849) | (161230) |
|  Total Short Sales (9.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533832) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529080) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $902710 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910995) | $(8285) |
|  SAL | 725600 | 0 | 0 | 725600 | (740696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15096) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | $(38) | $(43) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 188 | 188 | (43) | (40) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 59 | 59 | (22) | (13) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 17 | 17 | (4) | (5) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 42 | 42 | (19) | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |
| OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS | OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS |
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 97 | $97 | $(18) | $(11) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | (29) | (16) |
|  |  |  |  |  | $(47) | $(27) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 27

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 34 | $4703 | $1 | $6 | $0 |
|  Euro-Bund December Futures  | 12/2025 | 14 | 2113 | 13 | 6 | (1) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 22611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712097 | 3851 | 2411 | (1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 7347 | 802258 | 1004 | 287 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 227 | $(25538) | $(114) | $4 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 4674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537875) | (5597) | 292 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5711) | $296 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(842) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | EUR | 3800 | $22 | $(14) | $8 | $0 | $0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 |  | $2350 | 15 | (2) | 13 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 |  | 8850 | 23 | (6) | 17 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 |  | 8400 | 53 | (5) | 48 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 |  | 4900 | 107 | (5) | 102 | 0 | (5) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 82800 | $(341) | $(137) | $(478) | $114 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 1400 | (4) | (28) | (32) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $94980 | 646 | 167 | 813 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 150400 | (572) | (3623) | (4195) | 42 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 64400 | 143 | (783) | (640) | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 9900 | (19) | (142) | (161) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 24690 | 0 | 32 | 32 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 18500 | 0 | 21 | 21 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 12900 | 0 | (38) | (38) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 8500 | 0 | (45) | (45) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 6900 | 0 | (41) | (41) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2200 | 0 | (14) | (14) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 26300 | 0 | (175) | (175) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 19400 | 0 | (131) | (131) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 25400 | 0 | (222) | (222) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 2900 | 0 | (27) | (27) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 9300 | 0 | (88) | (88) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 13700 | 0 | (137) | (137) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 283600 | 27 | (4619) | (4592) | 0 | (97) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 34710 | 3582 | 419 | 4001 | 0 | (5) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880% | Annual | 07/10/2034 | $1160 | $(4) | $(20) | $(24) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 2200 | (8) | (33) | (41) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 700 | (2) | 5 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2700 | (10) | 21 | 11 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 2700 | (10) | 19 | 9 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 500 | (2) | 2 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 2500 | (9) | 27 | 18 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 2200 | (9) | 43 | 34 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 2500 | (10) | 48 | 38 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 300 | (1) | 10 | 9 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1500 | (7) | 49 | 42 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 2500 | (11) | 74 | 63 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 1000 | (4) | 29 | 25 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 1000 | (4) | 33 | 29 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 1390 | (5) | 43 | 38 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 500 | (2) | (12) | (14) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1250 | (5) | (18) | (23) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 3700 | (13) | (60) | (73) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1300 | (5) | (16) | (21) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 5600 | (20) | (74) | (94) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 3500 | (12) | (55) | (67) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2500 | (7) | (42) | (49) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 5400 | (15) | (123) | (138) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 5700 | (17) | (107) | (124) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 3700 | (11) | (55) | (66) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 57100 | 1217 | 832 | 2049 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 151550 | 2584 | (249) | 2335 | 525 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 2400 | (3) | (35) | (38) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 | 3500 | (7) | (49) | (56) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 1700 | (3) | (2) | (5) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1030 | (3) | 7 | 4 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 800 | (2) | 10 | 8 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 1100 | (4) | 18 | 14 | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 700 | (2) | 16 | 14 | 0 | (2) |
|  |  |  |  |  |  | $7035 | $(9273) | $(2238) | $687 | $(240) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |

---

(i) Securities with an aggregate market value of $48,257 and cash of $20,473 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $8 and liability of $(2) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 55556 | $64798 | $0 | $(428) |
|  | 10/2025 | $2374 | 3303 | 0 | (1) |
|  | 11/2025 | 3297 | $2374 | 1 | 0 |
|  BOA | 10/2025 | 30170 | 201 | 0 | (3) |
|  | 10/2025 | $50 | 4415 | 0 | 0 |
|  | 10/2025 | 24 | 3466 | 0 | 0 |
|  | 10/2025 | 2306 | 4005 | 16 | 0 |
|  | 11/2025 | 4005 | $2309 | 0 | (16) |
|  | 11/2025 | $201 | 30066 | 3 | 0 |
|  BPS | 10/2025 | 169071 | $28103 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3664) |
|  | 10/2025 | 62 | 9 | 0 | 0 |
|  | 10/2025 | 907 | 1068 | 3 | 0 |
|  | 10/2025 | 3995275 | 242 | 2 | 0 |
|  | 10/2025 | 34954 | 235 | 0 | (1) |
|  | 10/2025 | 5383 | 181 | 4 | 0 |
|  | 10/2025 | $31254 | 169071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | (8) |
|  | 10/2025 | 101 | 1691910 | 1 | 0 |
|  | 10/2025 | 973 | 3541 | 1 | 0 |
|  | 11/2025 | 858 | 4597 | 0 | (1) |
|  | 11/2025 | 235 | 34833 | 1 | 0 |
|  | 12/2025 | 1696776 | $101 | 0 | (1) |
|  | 04/2026 | 110200 | 19292 | 0 | (531) |
|  BRC | 10/2025 | 1740 | 2170 | 0 | (16) |
|  | 10/2025 | $1849 | 1476 | 5 | 0 |
|  | 10/2025 | 2 | 20 | 0 | 0 |
|  | 10/2025 | 5612 | 98995 | 113 | 0 |
|  | 11/2025 | 1573 | $1040 | 0 | (1) |
|  | 11/2025 | 1470 | 1849 | 0 | (5) |
|  | 11/2025 | 1405 | 1654 | 1 | 0 |
|  | 11/2025 | 20 | 2 | 0 | 0 |
|  BSH | 10/2025 | 195600 | 36777 | 25 | 0 |
|  | 10/2025 | $35969 | 195600 | 782 | 0 |
|  | 10/2025 | 680 | 1174 | 1 | 0 |
|  | 11/2025 | 1174 | $681 | 0 | (1) |
|  | 04/2026 | 209300 | 36851 | 0 | (798) |
|  CBK | 10/2025 | 1573 | 1033 | 0 | (8) |
|  | 10/2025 | 40197 | 7273 | 0 | (280) |
|  | 10/2025 | 5 | 4 | 0 | 0 |
|  | 10/2025 | 56 | 8 | 0 | 0 |
|  | 10/2025 | 1184240 | 72 | 1 | 0 |
|  | 10/2025 | 4384 | 49 | 0 | 0 |
|  | 10/2025 | 155 | 15 | 0 | 0 |
|  | 10/2025 | 17857 | 603 | 16 | 0 |
|  | 10/2025 | $7558 | 40197 | 0 | (5) |
|  | 10/2025 | 523 | 3351 | 4 | 0 |
|  | 10/2025 | 13842 | 11756 | 0 | (40) |
|  | 10/2025 | 104 | 1747386 | 0 | 0 |
|  | 10/2025 | 213 | 18669 | 0 | (2) |
|  | 10/2025 | 197 | 1968 | 0 | 0 |
|  | 10/2025 | 150 | 4856 | 0 | 0 |
|  | 10/2025 | 141 | 4275 | 0 | 0 |
|  | 11/2025 | 1967 | $197 | 0 | 0 |
|  | 11/2025 | $49 | 4393 | 0 | 0 |
|  | 12/2025 | 1752340 | $104 | 0 | (1) |
|  | 12/2025 | 4250 | 141 | 0 | 0 |
|  DUB | 10/2025 | 133 | 19 | 0 | 0 |
|  | 10/2025 | 2689 | 787 | 0 | (25) |
|  | 10/2025 | 7093 | 80 | 0 | 0 |
|  | 10/2025 | 224461 | 162 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $96 | 8505 | $0 | $(1) |
|  | 11/2025 | 787 | 2687 | 24 | 0 |
|  | 11/2025 | 80 | 7107 | 0 | 0 |
|  FAR | 10/2025 | 116 | $75 | 0 | (1) |
|  | 10/2025 | 58 | 8 | 0 | 0 |
|  | 10/2025 | 243 | 189 | 0 | 0 |
|  | 10/2025 | $1338 | 2050 | 18 | 0 |
|  | 10/2025 | 332 | 265 | 0 | 0 |
|  | 10/2025 | 202 | 17798 | 0 | (2) |
|  | 10/2025 | 9366 | 1376867 | 0 | (55) |
|  | 10/2025 | 562 | 2049 | 2 | 0 |
|  | 11/2025 | 2050 | $1339 | 0 | (18) |
|  | 11/2025 | 263 | 332 | 0 | 0 |
|  | 11/2025 | $189 | 243 | 0 | 0 |
|  | 12/2025 | 8619 | $455 | 0 | (12) |
|  GLM | 10/2025 | 517928 | 84766 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12548) |
|  | 10/2025 | 1195021 | 72 | 1 | 0 |
|  | 10/2025 | $95813 | 517928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | (27) |
|  | 10/2025 | 101 | 1678608 | 0 | 0 |
|  | 10/2025 | 58 | 5072 | 0 | (1) |
|  | 12/2025 | 1682634 | $101 | 0 | 0 |
|  | 04/2026 | 430000 | 75810 | 9 | (1547) |
|  IND | 10/2025 | 3647 | 570 | 0 | (3) |
|  | 11/2025 | $570 | 3639 | 3 | 0 |
|  JPM | 10/2025 | 121 | $23 | 0 | 0 |
|  | 10/2025 | 3294 | 2383 | 17 | 0 |
|  | 10/2025 | 2529 | 397 | 0 | (1) |
|  | 10/2025 | 1279999 | 78 | 1 | 0 |
|  | 10/2025 | 388496 | 280 | 3 | 0 |
|  | 10/2025 | $22 | 121 | 1 | 0 |
|  | 10/2025 | 1262 | 22319 | 29 | 0 |
|  | 11/2025 | 397 | 2523 | 1 | 0 |
|  | 04/2026 | 52000 | $8822 | 0 | (532) |
|  MBC | 10/2025 | 1934 | 1274 | 0 | (5) |
|  | 10/2025 | 68 | 10 | 0 | 0 |
|  | 10/2025 | 17324 | 116 | 0 | (1) |
|  | 10/2025 | 308545 | 222 | 2 | 0 |
|  | 10/2025 | $7 | 48 | 0 | 0 |
|  | 10/2025 | 17 | 2464 | 0 | 0 |
|  | 10/2025 | 2 | 20 | 0 | 0 |
|  | 10/2025 | 190 | 243 | 0 | (1) |
|  | 10/2025 | 356 | 11457 | 0 | (2) |
|  | 11/2025 | 48 | $7 | 0 | 0 |
|  | 11/2025 | 20 | 2 | 0 | 0 |
|  | 11/2025 | $200 | 29617 | 1 | 0 |
|  MYI | 10/2025 | 18539 | $3049 | 0 | (435) |
|  | 10/2025 | 68 | 10 | 0 | 0 |
|  | 10/2025 | 660871 | 4427 | 0 | (42) |
|  | 10/2025 | $3486 | 18539 | 0 | (2) |
|  | 10/2025 | 104 | 15325 | 0 | 0 |
|  | 10/2025 | 530 | 1920 | 0 | (2) |
|  | 10/2025 | 114 | 3428 | 0 | (1) |
|  | 11/2025 | 4427 | 658584 | 42 | 0 |
|  | 12/2025 | 3406 | $114 | 1 | 0 |
|  NGF | 10/2025 | 1073314 | 65 | 1 | 0 |
|  | 10/2025 | 514572 | 370 | 3 | 0 |
|  SCX | 10/2025 | 14477 | 2721 | 1 | 0 |
|  | 10/2025 | 1190802 | 72 | 1 | 0 |
|  | 10/2025 | 4517 | 51 | 0 | 0 |
|  | 10/2025 | 10839 | 366 | 10 | 0 |
|  | 10/2025 | $2722 | 14477 | 0 | (2) |
|  | 10/2025 | 440 | 2825 | 5 | 0 |
|  | 10/2025 | 5214 | 3898 | 28 | 0 |
|  | 10/2025 | 81 | 1351522 | 0 | 0 |
|  | 10/2025 | 94 | 8253 | 0 | (1) |
|  | 10/2025 | 534 | 78465 | 0 | (3) |
|  | 11/2025 | 3898 | $5215 | 0 | (28) |
|  | 11/2025 | $51 | 4526 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $1 | 143 | $0 | $0 |
|  | 12/2025 | 1354938 | $81 | 0 | 0 |
|  | 12/2025 | $2721 | 14684 | 0 | (2) |
|  SOG | 10/2025 | 59077 | $11108 | 8 | 0 |
|  | 10/2025 | 1439210 | 9672 | 0 | (60) |
|  | 10/2025 | 5179 | 3018 | 15 | 0 |
|  | 10/2025 | $11069 | 59077 | 31 | 0 |
|  | 10/2025 | 52576 | 44707 | 0 | (87) |
|  | 10/2025 | 4886 | 718494 | 0 | (27) |
|  | 11/2025 | 44707 | $52681 | 88 | 0 |
|  | 11/2025 | $9672 | 1434233 | 60 | 0 |
|  | 12/2025 | 59918 | $11069 | 0 | (28) |
|  SSB | 10/2025 | 3898 | 5254 | 12 | 0 |
|  UAG | 10/2025 | 270 | 79 | 0 | (3) |
|  | 10/2025 | 1920 | 189 | 0 | (4) |
|  | 10/2025 | $887 | 2959 | 6 | 0 |
|  | 10/2025 | 529 | 1919 | 0 | (1) |
|  | 11/2025 | 79 | 270 | 3 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21321) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757% | 09/18/2026 | 383000 | $313 | $339 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 328500 | 253 | 291 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 1800 | 1 | 2 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;567 | $&nbsp;&nbsp;&nbsp;&nbsp;632 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 5400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $(2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 3600 | (10) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 5300 | (14) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 3600 | (10) | (22) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 5300 | (14) | (21) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 2300 | (6) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 2300 | (6) | (9) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 2400 | (6) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 2400 | (6) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 700 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 700 | (2) | (1) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 4400 | (13) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 4400 | (13) | (15) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 5300 | (18) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 5300 | (18) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 2100 | (7) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 2100 | (7) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 3700 | (10) | (13) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 3700 | (10) | (6) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 1800 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 1800 | (5) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 1900 | (6) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 1900 | (6) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 2700 | (8) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 2700 | (8) | (9) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |

---

32 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | South Africa Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.394% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | $0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 3000 | (144) | 148 | 4 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 600 | (53) | 52 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 1800 | (88) | 93 | 5 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 7200 | (352) | 374 | 22 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 1800 | (65) | 67 | 2 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 9200 | (444) | 513 | 69 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 1100 | (40) | 42 | 2 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 600 | (53) | 53 | 0 | 0 |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.638 | 11400 | 1594 | (748) | 846 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 1600 | (14) | 16 | 2 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 9400 | (424) | 437 | 13 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 10800 | (963) | 960 | 0 | (3) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 46800 | (2247) | 2600 | 353 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $(429) | $0 | $0 | $(429) | $(428) | $516 | $88 |
|  BOA | 19 | 0 | 286 | 305 | (19) | (46) | 0 | (65) | 240 | (260) | (20) |
|  BPS | 533 | 0 | 4 | 537 | (4206) | (10) | (1) | (4217) | (3680) | 3635 | (45) |
|  BRC | 119 | 0 | 5 | 124 | (22) | (1) | 0 | (23) | 101 | 0 | 101 |
|  BSH | 808 | 0 | 0 | 808 | (799) | 0 | 0 | (799) | 9 | 0 | 9 |
|  CBK | 21 | 0 | 93 | 114 | (336) | (16) | 0 | (352) | (238) | 0 | (238) |
|  DUB | 26 | 339 | 0 | 365 | (26) | (3) | 0 | (29) | 336 | (310) | 26 |
|  FAR | 20 | 0 | 0 | 20 | (88) | 0 | 0 | (88) | (68) | 0 | (68) |
|  GLM | 1538 | 0 | 0 | 1538 | (14123) | (23) | 0 | (14146) | (12608) | 12588 | (20) |
|  GST | 0 | 0 | 850 | 850 | 0 | 0 | 0 | 0 | 850 | (860) | (10) |
|  IND | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  JPM | 52 | 0 | 0 | 52 | (533) | 0 | 0 | (533) | (481) | 373 | (108) |
|  MBC | 3 | 0 | 0 | 3 | (9) | 0 | 0 | (9) | (6) | 0 | (6) |
|  MYC | 0 | 291 | 366 | 657 | 0 | 0 | (3) | (3) | 654 | (640) | 14 |
|  MYI | 43 | 0 | 0 | 43 | (482) | 0 | 0 | (482) | (439) | 264 | (175) |
|  NGF | 4 | 2 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  SCX | 45 | 0 | 0 | 45 | (36) | 0 | 0 | (36) | 9 | 0 | 9 |
|  SOG | 202 | 0 | 0 | 202 | (202) | 0 | 0 | (202) | 0 | 0 | 0 |
|  SSB | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  UAG | 9 | 0 | 0 | 9 | (8) | (12) | 0 | (20) | (11) | 0 | (11) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21436) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 33

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

(k) Securities with an aggregate market value of $17,376 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3006 | $3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 687 | 688 |
|  | $0 | $1 | $0 | $0 | $3693 | $3694 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3458 | $0 | $3458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 632 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1604 | 0 | 0 | 0 | 1604 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | $0 | $3458 | $632 | $5694 |
|  | $0 | $1605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | $9388 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $132 | $132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 240 | 245 |
|  | $0 | $5 | $0 | $0 | $374 | $379 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21321 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4 | $0 | $21321 | $111 | $21436 |
|  | $0 | $9 | $0 | $21321 | $485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21815 |

---

34 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $535 | $535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 27509 | 27509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 94 | 0 | 0 | (2795) | (2701) |
|  | $0 | $94 | $0 | $0 | $25249 | $25343 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7251) | $0 | $(7251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (4961) | (4961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 38 | 0 | 0 | 6884 | 6922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 976 | 0 | 0 | 0 | 976 |
|  | $0 | $1014 | $0 | $(7251) | $1923 | $(4314) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7251) | $27172 | $21029 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $40 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (26288) | (26288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (29) | 0 | 0 | (863) | (892) |
|  | $0 | $(29) | $0 | $0 | $(27111) | $(27140) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(20227) | $0 | $(20227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3293 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (3322) | (3322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 802 | 0 | 0 | 0 | 802 |
|  | $0 | $802 | $0 | $(20227) | $(29) | $(19454) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $773 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46594) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $1400 | $1400 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 434636 | 1519 | 436155 |
| &nbsp;&nbsp; Industrials | 0 | 202355 | 31763 | 234118 |
| &nbsp;&nbsp; Utilities | 0 | 40469 | 0 | 40469 |
|  U.S. Government Agencies | 0 | 2543775 | 15000 | 2558775 |
|  U.S. Treasury Obligations | 0 | 793011 | 0 | 793011 |
|  Non-Agency Mortgage-Backed Securities | 0 | 280730 | 0 | 280730 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 29029 | 0 | 29029 |
| &nbsp;&nbsp; CMBS Other | 0 | 113544 | 0 | 113544 |
| &nbsp;&nbsp; Credit Card Other | 0 | 17931 | 0 | 17931 |
| &nbsp;&nbsp; Home Equity Other | 0 | 14087 | 0 | 14087 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 31 | 0 | 31 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2706 | 0 | 2706 |
| &nbsp;&nbsp; Other ABS | 0 | 171183 | 704 | 171887 |
|  Sovereign Issues | 0 | 175574 | 0 | 175574 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 93127 | 0 | 93127 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1628200 | 0 | 1628200 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 149908 | 0 | 149908 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $817683 | $0 | $0 | $817683 |
|  Total Investments | $817683 | $6690296 | $50386 | $7558365 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(529080) | $0 | $(529080) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 12 | 3682 | 0 | 3694 |
|  Over the counter | 0 | 5694 | 0 | 5694 |
|  | $12 | $9376 | $0 | $9388 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (23) | (356) | 0 | (379) |
|  Over the counter | 0 | (21436) | 0 | (21436) |
|  | $(23) | $(21792) | $0 | $(21815) |
|  Total Financial Derivative Instruments | $(11) | $(12416) | $0 | $(12427) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016858 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO Low Duration Fund II

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 115.4% | INVESTMENTS IN SECURITIES 115.4% | INVESTMENTS IN SECURITIES 115.4% |
| CORPORATE BONDS & NOTES 6.4% | CORPORATE BONDS & NOTES 6.4% | CORPORATE BONDS & NOTES 6.4% |
| BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.985% due 08/13/2027 •  | 600 | 601 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.068% due 07/16/2026 •  | 700 | 702 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 600 | 608 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 300 | 302 |
|  5.438% due 04/30/2026 | 900 | 906 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 1000 | 1004 |
|  5.236% (SOFRRATE + 0.930%) due 07/22/2028 ~ | 600 | 604 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | 300 | 304 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 400 | 400 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 | 300 | 302 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.970% due 04/23/2029 •  | 200 | 204 |
|  5.707% due 04/22/2028 •  | 800 | 819 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 | 800 | 812 |
|  |  | 7568 |
| INDUSTRIALS 3.0% | INDUSTRIALS 3.0% | INDUSTRIALS 3.0% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2027 | 1000 | 1012 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.575% due 07/15/2029 | 858 | 842 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) | 1400 | 1400 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 500 | 507 |
|  5.050% due 08/11/2028 | 400 | 410 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.800% due 01/10/2028 | 100 | 95 |
|  4.875% due 06/23/2027 | 300 | 303 |
|  5.300% due 03/19/2027 | 1000 | 1014 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 | 600 | 609 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 200 | 201 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 | 450 | 457 |
|  4.900% due 11/15/2027 | 150 | 152 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.125% due 04/28/2028 | 600 | 601 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 500 | 504 |
|  5.050% due 03/27/2028 | 400 | 405 |
|  |  | 8512 |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.082% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 200 | 202 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 1100 | 1101 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.350% due 03/01/2026 | 900 | 904 |
|  |  | 2207 |
|  Total Corporate Bonds & Notes<br>(Cost $18,248) | Total Corporate Bonds & Notes<br>(Cost $18,248) | 18287 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 41.0% | U.S. GOVERNMENT AGENCIES 41.0% | U.S. GOVERNMENT AGENCIES 41.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.650% due 10/22/2025 - 10/27/2025 | 10600 | 10577 |
|  0.800% due 10/28/2026 | 2600 | 2521 |
|  2.500% due 12/01/2032 | 377 | 365 |
|  3.000% due 01/01/2027 - 05/01/2029 | 31 | 30 |
|  3.500% due 05/01/2032 | 190 | 187 |
|  4.000% due 08/01/2048 - 08/01/2052 | 8544 | 8095 |
|  5.000% due 07/01/2053 - 08/01/2053 | 3526 | 3512 |
|  6.000% due 04/01/2055 | 776 | 806 |
|  6.796% due 07/01/2035 •  | 9 | 9 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.920% due 01/25/2026 | 59 | 58 |
|  4.905% due 08/25/2027 •  | 340 | 340 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 05/15/2037 (b)(d) | 31 | 28 |
|  1.963% due 04/15/2037 •(a) | 441 | 48 |
|  4.810% due 07/15/2044 •  | 185 | 182 |
|  4.860% due 12/15/2042 •  | 238 | 236 |
|  5.037% due 07/15/2041 •  | 216 | 215 |
|  5.145% due 03/15/2050 •  | 418 | 412 |
|  5.207% due 05/15/2037 •  | 94 | 94 |
|  5.245% due 12/15/2050 •  | 296 | 295 |
|  5.296% due 11/25/2054 •  | 455 | 456 |
|  5.306% due 03/25/2055 •  | 446 | 444 |
|  5.326% due 08/25/2054 •  | 562 | 565 |
|  5.336% due 08/25/2055 •  | 1961 | 1971 |
|  5.456% due 07/25/2055 •  | 484 | 485 |
|  5.500% due 01/25/2047 | 235 | 235 |
|  5.506% due 03/25/2055 - 08/25/2055 •  | 906 | 910 |
|  5.556% due 08/25/2055 •  | 6127 | 6151 |
|  5.756% due 03/25/2055 •  | 424 | 427 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.502% due 08/15/2044 •  | 195 | 205 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 02/25/2045 •  | 157 | 153 |
|  6.500% due 07/25/2043 | 227 | 237 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.080% due 10/01/2026 | 200 | 196 |
|  2.500% due 11/01/2027 - 06/01/2028 | 396 | 389 |
|  3.000% due 12/01/2026 - 04/01/2052 | 13887 | 12320 |
|  3.150% due 03/01/2026 | 600 | 597 |
|  3.500% due 09/01/2035 - 11/01/2047 | 4682 | 4370 |
|  3.590% due 12/01/2025 | 600 | 598 |
|  4.000% due 08/01/2048 | 280 | 271 |
|  4.410% due 09/01/2028 •  | 3 | 3 |
|  4.430% due 08/01/2028 | 500 | 507 |
|  4.500% due 08/01/2033 - 01/01/2036 | 797 | 794 |
|  5.000% due 06/01/2053 | 385 | 383 |
|  5.421% due 07/01/2042 •  | 15 | 15 |
|  5.471% due 09/01/2041 •  | 48 | 49 |
|  5.621% due 08/01/2030 •  | 22 | 22 |
|  6.375% due 01/01/2035 •  | 12 | 12 |
|  6.526% due 11/01/2034 •  | 46 | 48 |
|  6.618% due 05/01/2038 •  | 73 | 76 |
|  6.703% due 07/01/2035 •  | 2 | 2 |
|  6.810% due 06/01/2035 •  | 46 | 47 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.779% due 01/25/2040 •(a) | 504 | 51 |
|  2.000% due 06/25/2042 - 11/25/2046 | 1219 | 1149 |
|  4.000% due 01/25/2033 | 1 | 1 |
|  4.860% due 03/25/2049 •  | 421 | 418 |
|  4.921% due 10/25/2030 •  | 5 | 5 |
|  5.145% due 01/25/2051 •  | 361 | 361 |
|  5.256% due 03/25/2055 •  | 472 | 472 |
|  5.516% due 03/25/2055 •  | 463 | 464 |
|  5.556% due 08/25/2055 •  | 2717 | 2731 |
|  5.856% due 12/25/2054 •  | 773 | 781 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ | 24 | 24 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 03/20/2030 - 06/20/2030 | 115 | 113 |
|  4.500% due 08/20/2048 | 808 | 799 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.625% due 07/20/2030 •  | 9 | 9 |
|  5.625% due 04/20/2027 - 05/20/2027 •  | 6 | 6 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.902% due 06/20/2065 •  | 42 | 42 |
|  4.966% due 07/20/2067 •  | 226 | 226 |
|  5.039% due 02/20/2074 •  | 330 | 329 |
|  5.066% due 03/20/2065 •  | 454 | 454 |
|  5.096% due 03/20/2065 •  | 295 | 295 |
|  5.150% due 07/20/2065 « | 1749 | 1749 |
|  5.189% due 04/20/2072 •  | 494 | 493 |
|  5.236% due 10/20/2066 •  | 217 | 218 |
|  5.266% due 05/20/2066 - 07/20/2066 •  | 219 | 220 |
|  5.289% due 01/20/2073 - 08/20/2073 •  | 1552 | 1559 |
|  5.316% due 04/20/2066 •  | 324 | 325 |
|  5.366% due 04/20/2066 - 09/20/2069 •  | 745 | 748 |
|  5.389% due 05/20/2073 •  | 931 | 941 |
|  5.489% due 05/20/2073 •  | 1025 | 1041 |
|  5.539% due 05/20/2073 •  | 754 | 763 |
|  5.549% due 11/20/2072 •  | 487 | 495 |
|  5.559% due 11/20/2072 •  | 591 | 602 |
|  5.577% due 09/20/2067 •  | 819 | 832 |
|  5.716% due 08/20/2070 •  | 1142 | 1162 |
|  5.889% due 08/20/2071 •  | 490 | 501 |
|  Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust |
|  3.250% due 10/25/2033 | 92 | 92 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 11/01/2055 | 900 | 759 |
|  5.000% due 11/01/2055 | 19900 | 19725 |
|  5.500% due 11/01/2055 | 2000 | 2015 |
|  6.000% due 11/01/2055 | 13600 | 13892 |
|  Total U.S. Government Agencies<br>(Cost $119,511) | Total U.S. Government Agencies<br>(Cost $119,511) | 117810 |
| U.S. TREASURY OBLIGATIONS 16.1% | U.S. TREASURY OBLIGATIONS 16.1% | U.S. TREASURY OBLIGATIONS 16.1% |
|  U.S. Treasury Inflation Protected Securities (f) |  |  |
|  0.625% due 07/15/2032 | 1557 | 1474 |
|  1.125% due 01/15/2033 | 2711 | 2628 |
|  |  | 4102 |
|  U.S. Treasury Notes |  |  |
|  3.625% due 05/15/2026 | 40200 | 40148 |
|  4.875% due 04/30/2026 | 1900 | 1911 |
|  Total U.S. Treasury Obligations<br>(Cost $46,093) |  | 46161 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.398% due 09/15/2034 •  | 900 | 894 |
|  Atrium Hotel Portfolio Trust |  |  |
|  5.378% due 12/15/2036 •  | 793 | 782 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  | 900 | 865 |
|  Banc of America Funding Trust |  |  |
|  5.334% due 05/25/2035 ~ | 85 | 80 |
|  BBCMS Mortgage Trust |  |  |
|  3.662% due 04/15/2055 ~ | 1700 | 1582 |
|  BBCMS Trust |  |  |
|  5.448% due 07/15/2037 •  | 900 | 880 |
|  Bear Stearns ALT-A Trust |  |  |
|  5.425% due 05/25/2035 ~ | 61 | 58 |
|  Bear Stearns ARM Trust |  |  |
|  4.604% due 02/25/2036 ~ | 1 | 1 |
|  5.923% due 01/25/2034 ~ | 17 | 16 |
|  BX Trust |  |  |
|  4.899% due 04/15/2039 •  | 293 | 293 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.097% due 11/25/2034 ~ | 22 | 21 |
|  5.388% due 02/20/2035 ~ | 3 | 3 |
|  6.248% due 02/20/2036 •  | 146 | 136 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.000% due 09/25/2035 •  | 9 | 9 |
|  6.190% due 09/25/2035 •  | 5 | 5 |
|  CLNY Trust |  |  |
|  5.717% due 11/15/2038 •  | 628 | 621 |
|  COMM Mortgage Trust |  |  |
|  5.198% due 06/15/2034 •  | 900 | 872 |
|  5.565% due 12/15/2038 •  | 740 | 730 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 10 | 9 |
|  CRSNT Trust |  |  |
|  5.094% due 04/15/2036 •  | 1300 | 1291 |
|  CSMC Trust |  |  |
|  5.665% due 07/15/2038 •  | 100 | 91 |
|  DROP Mortgage Trust |  |  |
|  5.414% due 10/15/2043 •  | 1100 | 1070 |
|  Extended Stay America Trust |  |  |
|  5.344% due 07/15/2038 •  | 759 | 760 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 04/25/2052 ~ | 737 | 612 |
|  3.000% due 09/25/2052 ~ | 820 | 707 |
|  GSR Mortgage Loan Trust |  |  |
|  4.844% due 06/25/2034 ~ | 127 | 124 |
|  5.191% due 09/25/2035 ~ | 73 | 71 |
|  Impac CMB Trust |  |  |
|  4.972% due 02/25/2036 •  | 217 | 208 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.614% due 12/15/2036 •  | 900 | 445 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | 122 | 117 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  | 201 | 200 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.457% due 02/25/2035 ~ | 40 | 38 |
|  New Orleans Hotel Trust |  |  |
|  5.187% due 04/15/2032 •  | 900 | 895 |
|  OBX Trust |  |  |
|  3.000% due 01/25/2052 ~ | 692 | 599 |
|  5.000% due 10/25/2051 •  | 773 | 721 |
|  One Market Plaza Trust |  |  |
|  3.614% due 02/10/2032 | 1315 | 1275 |
|  Prime Mortgage Trust |  |  |
|  4.672% due 02/25/2034 •  | 4 | 4 |
|  SFO Commercial Mortgage Trust |  |  |
|  5.414% due 05/15/2038 •  | 1900 | 1888 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  | 94 | 36 |
|  4.748% due 07/19/2035 •  | 17 | 17 |
|  5.008% due 05/19/2035 •  | 214 | 211 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 19 | 19 |
|  4.908% due 09/19/2032 •  | 6 | 5 |
|  UWM Mortgage Trust |  |  |
|  5.000% due 12/25/2051 •  | 772 | 721 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.812% due 07/25/2045 •  | 22 | 21 |
|  4.812% due 12/25/2045 •  | 21 | 21 |
|  4.852% due 10/25/2045 •  | 14 | 14 |
|  5.223% due 01/25/2046 •  | 116 | 111 |
|  5.553% due 06/25/2042 •  | 5 | 5 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  3.920% due 11/25/2048 ~ | 478 | 456 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $21,705) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $21,705) | 20610 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 2.9% |  |  |
| AUTOMOBILE ABS OTHER 0.2% |  |  |
|  Chesapeake Funding II LLC |  |  |
|  5.142% due 05/15/2036 •  | 469 | 469 |
| AUTOMOBILE SEQUENTIAL 0.7% |  |  |
|  CarMax Auto Owner Trust |  |  |
|  3.490% due 02/16/2027 | 49 | 49 |
|  Carvana Auto Receivables Trust |  |  |
|  5.420% due 04/10/2028 | 451 | 453 |
|  Chesapeake Funding II LLC |  |  |
|  5.520% due 05/15/2036 | 469 | 476 |
|  FCCU Auto Receivables Trust |  |  |
|  5.760% due 11/15/2027 | 163 | 163 |
|  Ford Credit Auto Owner Trust |  |  |
|  4.850% due 08/15/2035 | 500 | 509 |
|  LAD Auto Receivables Trust |  |  |
|  5.210% due 06/15/2027 | 10 | 10 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 102 | 102 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.410% due 07/15/2027 | 44 | 44 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |  |
|  5.710% due 10/20/2027 | 99 | 100 |
|  |  | 1906 |
| CMBS OTHER 0.8% |  |  |
|  BDS LLC |  |  |
|  5.934% due 03/19/2039 •  | 994 | 995 |
|  FS Rialto Issuer LLC |  |  |
|  6.287% due 01/19/2039 •  | 369 | 369 |
|  MF1 LLC |  |  |
|  6.284% due 06/19/2037 •  | 772 | 773 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.472% due 11/25/2036 •  | 172 | 172 |
|  |  | 2309 |
| CREDIT CARD OTHER 0.3% |  |  |
|  Synchrony Card Funding LLC |  |  |
|  5.740% due 10/15/2029 | 1000 | 1019 |
| HOME EQUITY OTHER 0.0% |  |  |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.915% due 03/15/2032 •  | 13 | 14 |
|  C-BASS Trust |  |  |
|  4.392% due 11/25/2036 •  | 11 | 5 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% due 01/25/2037 •  | 6 | 3 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 40 | 20 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  | 68 | 19 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 78 | 17 |
|  |  | 78 |
| OTHER ABS 0.9% | OTHER ABS 0.9% | OTHER ABS 0.9% |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 589 | 508 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.715% due 07/16/2040 •  | 267 | 268 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 203 | 205 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 457 | 448 |
|  5.670% due 11/15/2052 | 495 | 509 |
|  5.822% due 02/16/2055 •  | 457 | 462 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 299 | 289 |
|  |  | 2689 |
|  Total Asset-Backed Securities (Cost $8,623) | Total Asset-Backed Securities (Cost $8,623) | 8470 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 41.8% | SHORT-TERM INSTRUMENTS 41.8% | SHORT-TERM INSTRUMENTS 41.8% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (g) | 747349 | 747 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (h) 39.0% | REPURCHASE AGREEMENTS (h) 39.0% | REPURCHASE AGREEMENTS (h) 39.0% |
|  |  | 112000 |
| U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% | U.S. TREASURY BILLS 2.6% |
|  4.123% due 12/30/2025 (d)(e) | $7500 | 7428 |
| Total Short-Term Instruments<br>(Cost $120,172) | Total Short-Term Instruments<br>(Cost $120,172) | 120175 |
| Total Investments in Securities<br>(Cost $334,352) | Total Investments in Securities<br>(Cost $334,352) | 331513 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 15.0% | INVESTMENTS IN AFFILIATES 15.0% | INVESTMENTS IN AFFILIATES 15.0% |
| SHORT-TERM INSTRUMENTS 15.0% | SHORT-TERM INSTRUMENTS 15.0% | SHORT-TERM INSTRUMENTS 15.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.0% |
|  PIMCO Short Asset Portfolio | 3872549 | 37994 |
|  PIMCO Short-Term Floating NAV Portfolio III | 530892 | 5170 |
| Total Short-Term Instruments<br>(Cost $42,693) | Total Short-Term Instruments<br>(Cost $42,693) | 43164 |
| Total Investments in Affiliates<br>(Cost $42,693) | Total Investments in Affiliates<br>(Cost $42,693) | 43164 |
| Total Investments 130.4%<br>(Cost $377,045) | Total Investments 130.4%<br>(Cost $377,045) | 374677 |
|  Financial Derivative<br>Instruments (i)(j) 0.1%<br>(Cost or Premiums, net $641) | Financial Derivative<br>Instruments (i)(j) 0.1%<br>(Cost or Premiums, net $641) | 164 |
| Other Assets and Liabilities, net (30.5)% | Other Assets and Liabilities, net (30.5)% | (87455) |
| Net Assets 100.0% |  | 287386 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(b) Principal only security.

(c) When-issued security.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
|  | 4.220% | 09/30/2025 | 10/01/2025 | $8700 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(8874) | $8700 | $8701 |
| BOS | 4.290 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51500 | U.S. Treasury Notes 1.500% - 4.500% due 01/31/2027 - 05/15/2027 | (52547) | 51500 | 51506 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 100 | U.S. Treasury Notes 1.750% due 12/31/2026 | (102) | 100 | 100 |
|  | 4.240 | 10/01/2025 | 10/02/2025 | 51700 | U.S. Treasury Notes 3.625% due 08/15/2028 | (52737) | 51700 | 51700 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112007 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (7.5)% | U.S. Government Agencies (7.5)% | U.S. Government Agencies (7.5)% | U.S. Government Agencies (7.5)% | U.S. Government Agencies (7.5)% | U.S. Government Agencies (7.5)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | $(13416) | $(13266) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 5200 | (4768) | (4750) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 3900 | (3683) | (3675) |
|  Total Short Sales (7.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21867) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21691) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $60207 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1214) |
|  SAL | 51800 | 0 | 0 | 51800 | (52839) | (1039) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(5) at a weighted average interest rate of 4.300%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $(3) | $(3) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 8 | 8 | (2) | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $(1) | $(1) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 12 | 12 | (3) | (1) |
|  |  |  |  |  | $(4) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237991 | $126 | $120 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 334 | 36471 | 39 | 13 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 29 | 3263 | (6) | 0 | (1) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25317) | $(241) | $14 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Goldman Sachs Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.271% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $1 | $0 | $1 | $0 | $0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 350 | 1 | 0 | 1 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 350 | 2 | (1) | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 5.000% | Annual | 10/15/2025 | $6600 | $81 | $(46) | $35 | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 11/04/2025 | 3700 | 40 | (28) | 12 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 5.000 | Annual | 07/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) | 207 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 500 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 1690 | (30) | 29 | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 500 | (10) | 8 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 300 | (7) | 5 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 300 | (7) | 5 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 1200 | (28) | 20 | (8) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 500 | (12) | 9 | (3) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<br>| 1-Day USD-SOFR Compounded-OIS | 3.722% | Annual | 10/31/2030 | $1100 | $(28) | $19 | $(9) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 800 | (21) | 14 | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 400 | (10) | 6 | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 11600 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 4380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | 97 | 505 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 100 | (5) | 3 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 100 | (4) | 2 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 100 | (4) | 3 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 70 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 100 | (2) | 2 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | (2) | 2 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | (2) | 3 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 50 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | 1 | 2 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 200 | 2 | 4 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 1 | 2 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 300 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 107 | 72 | 179 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  |  | $626 | $(106) | $520 | $5 | $(8) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Variation Margin<br>Asset |  | Variation Margin<br>Liability | Variation Margin<br>Liability | Variation Margin<br>Liability |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  |  |  | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $(6) | $(1) | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

Cash of $3,173 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757% | 09/18/2026 | 18700 | $15 | $17 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 16100 | 13 | 14 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 100 | 0 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 200 | $(1) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 300 | (1) | (1) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 100 | 1 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 100 | 0 | (1) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 200 | (1) | (1) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 300 | (1) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 100 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $(2) | $0 | $(2) | $(2) | $0 | $(2) |
|  BPS | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  CBK | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  DUB | 0 | 17 | 0 | 17 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  MYC | 0 | 14 | 0 | 14 | 0 | 0 | 0 | 0 | 14 | 0 | 14 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $147 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5 | 5 |
|  | $0 | $0 | $0 | $0 | $152 | $152 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $31 | $31 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 8 | 8 |
|  | $0 | $0 | $0 | $0 | $15 | $15 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4 | $4 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19 | $19 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $21 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1103 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | (231) | (230) |
|  | $0 | $1 | $0 | $0 | $893 | $894 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(256) | $(256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 319 | 319 |
|  | $0 | $0 | $0 | $0 | $63 | $63 |
|  | $0 | $1 | $0 | $0 | $956 | $957 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 35 | 35 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(968) | $(968) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $173 | $173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (167) | (167) |
|  | $0 | $0 | $0 | $0 | $6 | $6 |
|  | $0 | $0 | $0 | $0 | $(962) | $(962) |

---

42 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $7568 | $0 | $7568 |
| &nbsp;&nbsp; Industrials | 0 | 7112 | 1400 | 8512 |
| &nbsp;&nbsp; Utilities | 0 | 2207 | 0 | 2207 |
|  U.S. Government Agencies | 0 | 116061 | 1749 | 117810 |
|  U.S. Treasury Obligations | 0 | 46161 | 0 | 46161 |
|  Non-Agency Mortgage-Backed Securities | 0 | 20610 | 0 | 20610 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 469 | 0 | 469 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1906 | 0 | 1906 |
| &nbsp;&nbsp; CMBS Other | 0 | 2309 | 0 | 2309 |
| &nbsp;&nbsp; Credit Card Other | 0 | 1019 | 0 | 1019 |
| &nbsp;&nbsp; Home Equity Other | 0 | 78 | 0 | 78 |
| &nbsp;&nbsp; Other ABS | 0 | 2689 | 0 | 2689 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 747 | 0 | 747 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 112000 | 0 | 112000 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 7428 | 0 | 7428 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331513 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $43164 | $0 | $0 | $43164 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374677 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(21691) | $0 | $(21691) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 152 | 0 | 152 |
|  Over the counter | 0 | 31 | 0 | 31 |
|  | $0 | $183 | $0 | $183 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (15) | 0 | (15) |
|  Over the counter | 0 | (4) | 0 | (4) |
|  | $0 | $(19) | $0 | $(19) |
|  Total Financial Derivative Instruments | $0 | $164 | $0 | $164 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353150 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlement<sup>S</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes Industrials | $0 | $1400 | $0 | $0 | $0 | $0 | $0 | $0 | $1400 | $0 |
|  U.S. Government Agencies | 0 | 1749 | 0 | 0 | 0 | 0 | 0 | 0 | 1749 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s)<br>(% Unless<br>Noted<br>Otherwise) | Weighted<br>Average% |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes Industrials | $1400 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 1749 | Recent Transaction | Purchase Price | 99.938 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO Low Duration ESG Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 127.6% | INVESTMENTS IN SECURITIES 127.6% | INVESTMENTS IN SECURITIES 127.6% |
| CORPORATE BONDS & NOTES 13.6% | CORPORATE BONDS & NOTES 13.6% | CORPORATE BONDS & NOTES 13.6% |
| BANKING & FINANCE 9.9% | BANKING & FINANCE 9.9% | BANKING & FINANCE 9.9% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.645% due 04/23/2027 •  | 1000 | 1008 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.000% due 02/05/2026 | 11000 | 2004 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.026% (EUR003M + 1.000%)<br>due 02/23/2027 ~ | 600 | 709 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 700 | 709 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 400 | 409 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.325% due 11/02/2026 •  | 800 | 802 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 400 | 402 |
|  6.612% due 10/19/2027 •  | 800 | 818 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 600 | 605 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.840% (SOFRINDX + 0.620%)<br>due 08/28/2026 ~ | 500 | 501 |
|  CTP NV | CTP NV | CTP NV |
|  0.625% due 09/27/2026 | 1100 | 1268 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.999% due 09/11/2030 •  | 600 | 609 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 1700 | 1664 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.986% (SOFRRATE + 0.750%)<br>due 05/21/2027 ~ | 800 | 803 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.937% due 04/23/2028 •  | 800 | 810 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 183 | 181 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  5.310% due 02/05/2026 | 26000 | 1499 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.571% due 04/22/2028 •  | 1300 | 1329 |
|  6.070% due 10/22/2027 •  | 1000 | 1020 |
|  KEB Hana Bank | KEB Hana Bank | KEB Hana Bank |
|  5.375% due 04/23/2027 | 1500 | 1530 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.338% (SOFRRATE + 1.020%)<br>due 04/13/2028 ~ | 800 | 804 |
|  6.138% due 10/16/2026 •  | 1600 | 1601 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.016% due 01/12/2029 •  | 800 | 815 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  1.284% due 09/22/2026 | 2200 | 2139 |
|  5.094% due 10/16/2029 | 500 | 512 |
|  5.430% due 03/09/2028 | 600 | 614 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.375% due 04/14/2026 | 1900 | 1873 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%)<br>due 09/22/2029 ~ | 300 | 300 |
|  6.833% due 11/21/2026 •  | 1200 | 1204 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.464% due 01/13/2026 | 1200 | 1204 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.500% due 03/09/2028 | 400 | 413 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  5.264% due 12/11/2026 | 1200 | 1217 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 | 200 | 201 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.711% due 01/12/2027 •  | 1300 | 1305 |
|  7.750% due 03/01/2029 •  | 600 | 786 |
|  |  | 33668 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(00S) |
| INDUSTRIALS 2.5% | INDUSTRIALS 2.5% | INDUSTRIALS 2.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 1700 | 1700 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 430 | 436 |
|  5.050% due 08/11/2028 | 670 | 686 |
|  Denso Corp. | Denso Corp. | Denso Corp. |
|  4.420% due 09/11/2029 | 500 | 503 |
|  JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. |
|  4.125% due 05/18/2031 | 781 | 741 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.567% due 07/16/2027 | 200 | 202 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  1.500% due 09/15/2027 | 800 | 923 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 700 | 710 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 | 2500 | 2461 |
|  |  | 8362 |
| UTILITIES 1.2% | UTILITIES 1.2% | UTILITIES 1.2% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 1000 | 1024 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 500 | 500 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 1500 | 1471 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  4.000% due 10/01/2027 | 300 | 299 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  0.900% due 01/15/2026 | 1000 | 990 |
|  |  | 4284 |
|  Total Corporate Bonds & Notes<br>(Cost $46,209) | Total Corporate Bonds & Notes<br>(Cost $46,209) | 46314 |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  California Health Facilities Financing Authority Revenue Notes, Series 2020 | California Health Facilities Financing Authority Revenue Notes, Series 2020 | California Health Facilities Financing Authority Revenue Notes, Series 2020 |
|  1.168% due 06/01/2026 | 1000 | 982 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York City, New York Housing Development Corp. Revenue Notes, Series 2021 | New York City, New York Housing Development Corp. Revenue Notes, Series 2021 | New York City, New York Housing Development Corp. Revenue Notes, Series 2021 |
|  0.923% due 11/01/2025 | 250 | 249 |
|  1.023% due 05/01/2026 | 650 | 640 |
|  1.123% due 11/01/2026 | 250 | 243 |
|  |  | 1132 |
|  Total Municipal Bonds & Notes<br>(Cost $2,150) | Total Municipal Bonds & Notes<br>(Cost $2,150) | 2114 |
| U.S. GOVERNMENT AGENCIES 29.2% | U.S. GOVERNMENT AGENCIES 29.2% | U.S. GOVERNMENT AGENCIES 29.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.650% due 10/22/2025 - 10/27/2025 | 8200 | 8182 |
|  0.800% due 10/28/2026 | 1700 | 1648 |
|  2.500% due 07/01/2050 | 1462 | 1245 |
|  3.000% due 01/01/2027 | 5 | 5 |
|  4.000% due 06/01/2048 - 10/01/2053 | 4338 | 4101 |
|  4.500% due 07/01/2053 - 10/01/2053 | 9775 | 9500 |
|  5.000% due 10/01/2033 - 10/01/2053 | 8529 | 8503 |
|  5.500% due 08/01/2053 | 775 | 785 |
|  6.360% due 08/01/2035 •  | 3 | 4 |
|  6.508% due 06/01/2035 •  | 7 | 8 |
|  6.796% due 07/01/2035 •  | 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates |
|  0.826% due 02/25/2031 | 2170 | 1957 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  1.242% due 09/25/2030 ~(a) | 13664 | 606 |
|  2.875% due 04/25/2026 | 1900 | 1889 |
|  2.939% due 04/25/2029 | 1900 | 1829 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.860% due 12/15/2042 •  | 275 | 273 |
|  5.197% due 10/15/2037 •  | 17 | 17 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.502% due 08/15/2044 •  | 92 | 96 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 02/25/2045 •  | 9 | 9 |
|  6.500% due 07/25/2043 | 28 | 29 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 12/01/2026 - 04/01/2052 | 12574 | 11170 |
|  4.000% due 08/01/2047 - 07/01/2053 | 1933 | 1833 |
|  4.414% due 08/01/2029 •  | 1 | 1 |
|  4.500% due 07/01/2053 | 5527 | 5381 |
|  5.000% due 04/01/2053 - 11/01/2053 | 17886 | 17806 |
|  5.421% due 07/01/2042 •  | 3 | 3 |
|  5.471% due 09/01/2041 •  | 9 | 9 |
|  5.919% due 02/01/2031 •  | 1 | 1 |
|  5.950% due 11/01/2035 •  | 2 | 2 |
|  5.963% due 11/01/2034 •  | 1 | 2 |
|  6.315% due 05/01/2035 •  | 1 | 1 |
|  6.472% due 08/01/2035 •  | 13 | 13 |
|  6.697% due 11/01/2035 •  | 2 | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.000% due 01/25/2043 | 3 | 3 |
|  3.500% due 02/25/2043 (a) | 117 | 4 |
|  5.000% due 01/25/2040 - 07/25/2040 | 73 | 74 |
|  5.750% due 10/25/2035 | 2 | 2 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ | 2 | 2 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 20 | 20 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2049 - 08/20/2049 | 1434 | 1323 |
|  4.000% due 06/20/2048 | 500 | 473 |
|  5.625% due 06/20/2027 - 02/20/2032 •  | 6 | 7 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.695% due 10/20/2043 •  | 213 | 206 |
|  4.892% due 04/20/2065 •  | 19 | 19 |
|  4.902% due 06/20/2065 •  | 21 | 21 |
|  4.926% due 02/20/2067 •  | 80 | 80 |
|  4.966% due 07/20/2067 •  | 107 | 107 |
|  5.046% due 05/20/2066 •  | 2 | 2 |
|  5.066% due 04/20/2065 •  | 148 | 148 |
|  5.096% due 03/20/2065 •  | 282 | 282 |
|  5.116% due 11/20/2065 •  | 22 | 22 |
|  5.186% due 02/20/2066 •  | 18 | 18 |
|  5.227% due 06/20/2067 •  | 413 | 418 |
|  5.236% due 10/20/2066 •  | 167 | 168 |
|  5.349% due 08/20/2073 •  | 649 | 654 |
|  5.549% due 11/20/2072 •  | 3602 | 3666 |
|  5.559% due 11/20/2072 •  | 4108 | 4185 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 4100 | 3864 |
|  5.500% due 11/01/2055 | 1800 | 1814 |
|  6.000% due 11/01/2055 | 4500 | 4597 |
|  Total U.S. Government Agencies<br>(Cost $99,280) | Total U.S. Government Agencies<br>(Cost $99,280) | 99091 |
| U.S. TREASURY OBLIGATIONS 13.0% | U.S. TREASURY OBLIGATIONS 13.0% | U.S. TREASURY OBLIGATIONS 13.0% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 | 2335 | 2211 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.125% due 01/15/2033 | $— | 2169 | 2103 |
|  1.625% due 04/15/2030 |  | 710 | 721 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 |  | 37300 | 37251 |
|  4.875% due 04/30/2026 (g) |  | 2000 | 2012 |
|  Total U.S. Treasury Obligations<br>(Cost $44,225) | Total U.S. Treasury Obligations<br>(Cost $44,225) | Total U.S. Treasury Obligations<br>(Cost $44,225) | 44298 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ |  | 38 | 36 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.641% due 08/25/2034 ~ |  | 9 | 9 |
|  5.726% due 03/25/2033 ~ |  | 54 | 52 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 |  | 2200 | 2034 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ |  | 5 | 3 |
|  5.425% due 05/25/2035 ~ |  | 11 | 10 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.923% due 01/25/2034 ~ |  | 3 | 3 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.315% due 03/15/2036 •  |  | 1500 | 1272 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.215% due 08/15/2038 •  |  | 3153 | 2999 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.097% due 11/25/2034 ~ |  | 8 | 8 |
|  5.388% due 02/20/2035 ~ |  | 1 | 1 |
|  6.248% due 02/20/2036 •  |  | 23 | 22 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.342% due 01/25/2037 •  |  | 18 | 16 |
|  6.480% due 10/25/2035 •  |  | 1 | 1 |
|  6.490% due 05/25/2035 •  |  | 1 | 1 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.414% due 10/15/2043 •  |  | 2200 | 2139 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% (BP0003M + 0.950%) due 06/13/2045 ~ |  | 235 | 316 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.586% due 01/25/2035 ~ | $— | 42 | 42 |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  4.871% due 12/16/2067 •  |  | 90 | 121 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.685% due 11/19/2035 ~ | $— | 3 | 3 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 12 | 11 |
|  4.844% due 06/25/2034 ~ |  | 4 | 4 |
|  5.191% due 09/25/2035 ~ |  | 11 | 11 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.275% due 06/15/2038 •  |  | 2200 | 2137 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.750% due 01/25/2036 |  | 21 | 9 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.434% due 12/15/2038 •  |  | 1100 | 1059 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  |  | 2200 | 2166 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.553% due 01/25/2035 •  |  | 20 | 18 |
|  6.336% due 02/25/2034 ~ |  | 7 | 7 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 34 | 13 |
|  4.748% due 07/19/2035 •  |  | 2 | 2 |
|  4.832% due 02/25/2036 •  |  | 6 | 5 |
|  SUMIT Mortgage Trust | SUMIT Mortgage Trust | SUMIT Mortgage Trust | SUMIT Mortgage Trust |
|  2.789% due 02/12/2041 |  | 1800 | 1622 |
|  2.850% due 02/12/2041 |  | 300 | 258 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  |  | 2900 | 2841 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.812% due 12/25/2045 •  |  | 4 | 4 |
|  4.852% due 10/25/2045 •  |  | 23 | 23 |
|  5.012% due 11/25/2034 •  |  | 14 | 14 |
|  5.553% due 06/25/2042 •  |  | 2 | 2 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $20,515) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $20,515) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $20,515) | 19294 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 8.8% | ASSET-BACKED SECURITIES 8.8% | ASSET-BACKED SECURITIES 8.8% |
| AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 | 434 | 438 |
|  FHF Trust | FHF Trust | FHF Trust |
|  4.430% due 01/18/2028 | 157 | 158 |
|  6.570% due 06/15/2028 | 223 | 225 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 1000 | 1006 |
|  5.570% due 09/25/2029 | 1000 | 1031 |
|  |  | 2858 |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 767 | 769 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 586 | 587 |
|  |  | 1356 |
| HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.382% due 03/25/2035 •  | 654 | 652 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.012% due 12/25/2034 •  | 679 | 664 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  | 2 | 1 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.372% due 07/25/2036 •  | 8 | 3 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.592% due 05/25/2036 •  | 40 | 39 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 39 | 8 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.977% due 03/25/2034 •  | 32 | 34 |
|  |  | 1401 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.832% due 12/25/2035 •  | 16 | 16 |
| OTHER ABS 7.1% | OTHER ABS 7.1% | OTHER ABS 7.1% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 1000 | 1001 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 1000 | 1001 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1500 | 1502 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 700 | 701 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 1000 | 1001 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.194% due 12/15/2038 •  | 900 | 1058 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 388 | 456 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 447 | 524 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.472% due 12/26/2047 •  | 1404 | 1406 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 1518 | 1215 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  4.520% due 10/15/2027 | 1100 | 1106 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 488 | 489 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 710 | 579 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 4 | 4 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 1441 | 1243 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 1500 | 1502 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  5.618% due 10/15/2034 •  | 1000 | 1002 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.006% due 08/15/2033 •  | 731 | 857 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 929 | 931 |
|  Service Experts Issuer LLC | Service Experts Issuer LLC | Service Experts Issuer LLC |
|  2.670% due 02/02/2032 | 368 | 361 |
|  Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC |
|  2.790% due 02/22/2049 | 1970 | 1672 |
|  Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC |
|  5.400% due 04/30/2058 | 472 | 458 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 | 2494 | 2247 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 783 | 789 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  5.435% due 10/20/2033 •  | 1087 | 1089 |
|  |  | 24194 |
|  Total Asset-Backed Securities<br>(Cost $30,534) | Total Asset-Backed Securities<br>(Cost $30,534) | 29825 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 1000 | 1056 |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  0.875% due 10/10/2025 | 680 | 798 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 400 | 407 |
| Total Sovereign Issues (Cost $2,201) | Total Sovereign Issues (Cost $2,201) | 2261 |
| SHORT-TERM INSTRUMENTS 56.0% | SHORT-TERM INSTRUMENTS 56.0% | SHORT-TERM INSTRUMENTS 56.0% |
| REPURCHASE AGREEMENTS (d) 56.0% | REPURCHASE AGREEMENTS (d) 56.0% | REPURCHASE AGREEMENTS (d) 56.0% |
|  |  | 190100 |
| Total Short-Term Instruments<br>(Cost $190,100) | Total Short-Term Instruments<br>(Cost $190,100) | 190100 |
| Total Investments in Securities<br>(Cost $435,214) | Total Investments in Securities<br>(Cost $435,214) | 433297 |
| Total Investments 127.6%<br>(Cost $435,214) | Total Investments 127.6%<br>(Cost $435,214) | 433297 |
|  Financial Derivative<br>Instruments (e)(f) 0.0%<br>(Cost or Premiums, net $880) |  | 85 |
| Other Assets and Liabilities, net (27.6)% | Other Assets and Liabilities, net (27.6)% | (93851) |
| Net Assets 100.0% | Net Assets 100.0% | 339531 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 45

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(b) When-issued security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(11526) | $11300 | $11301 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 66000 | U.S. Treasury Notes 1.250% due 11/30/2026 | (67393) | 66000 | 66008 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 25000 | U.S. Treasury Notes 4.625% due 09/30/2028 | (24945) | 25000 | 25003 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 87800 | U.S. Treasury Notes 3.750% due 08/15/2027 | (89533) | 87800 | 87800 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190112 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 10/01/2055 | $600 | $(495) | $(506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | (12617) | (12475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | 700 | (695) | (694) |
|  Total Short Sales (4.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13675) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $102312 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1551) |
|  SAL | 87800 | 0 | 0 | 87800 | (89533) | (1733) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(51) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 10 | 10 | (2) | (2) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 3 | 3 | (1) | (1) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 1 | 1 | 0 | 0 |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 2 | 2 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 5 | $5 | $(1) | $0 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | (2) | (1) |
|  |  |  |  |  | $(3) | $(1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 2 | $277 | $0 | $0 | $0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | 151 | 1 | 1 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267375 | 193 | 140 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 423 | 46190 | 44 | 16 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 150 | $(16875) | $(76) | $2 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | 17 | 0 |
|  |  |  |  | $(321) | $19 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | 200 | $1 | $(1) | $0 | $0 | $0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | $100 | 1 | 0 | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 47

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 5500 | $(25) | $(7) | $(32) | $8 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $3960 | 27 | 7 | 34 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 7100 | (27) | (171) | (198) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 3700 | 8 | (45) | (37) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 400 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 300 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 800 | 0 | (5) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 300 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 740 | 0 | (6) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 400 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | (3) | (214) | (217) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 7140 | 737 | 86 | 823 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 140 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 120 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 200 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 300 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 300 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 300 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 9600 | 162 | (14) | 148 | 33 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 200 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 90 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  |  | $866 | $(401) | $465 | $43 | $(11) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

**Cash of $3,003 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 6418 | $7486 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  | 10/2025 | $405 | 564 | 0 | 0 |
|  | 11/2025 | 563 | $405 | 0 | 0 |
|  BOA | 10/2025 | 1574 | 11 | 0 | 0 |
|  | 10/2025 | $1 | 181 | 0 | 0 |
|  | 10/2025 | 345 | 599 | 3 | 0 |
|  | 11/2025 | 599 | $345 | 0 | (2) |
|  | 11/2025 | $11 | 1568 | 0 | 0 |
|  BPS | 10/2025 | 1823 | $12 | 0 | 0 |
|  | 10/2025 | $2 | 30449 | 0 | 0 |
|  | 10/2025 | 75 | 275 | 0 | 0 |
|  | 10/2025 | 198 | 6019 | 0 | 0 |
|  | 11/2025 | 12 | 1817 | 0 | 0 |
|  BRC | 10/2025 | 63 | $79 | 0 | (1) |
|  | 10/2025 | $67 | 53 | 0 | 0 |
|  | 11/2025 | 95 | $63 | 0 | 0 |
|  | 11/2025 | 53 | 67 | 0 | 0 |
|  | 11/2025 | 2335 | 133 | 0 | (2) |
|  BSH | 10/2025 | $344 | 255 | 0 | (1) |
|  | 10/2025 | 102 | 176 | 0 | 0 |
|  | 11/2025 | 176 | $102 | 0 | 0 |
|  CBK | 10/2025 | 95 | 62 | 0 | (1) |
|  | 10/2025 | 11582 | 2096 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
|  | 10/2025 | 171 | 24 | 0 | 0 |
|  | 10/2025 | $2178 | 11582 | 0 | (2) |
|  | 10/2025 | 2 | 31054 | 0 | 0 |
|  | 10/2025 | 19 | 618 | 0 | 0 |
|  | 10/2025 | 579 | $33 | 0 | 0 |
|  DUB | 10/2025 | 20072 | 14 | 0 | 0 |
|  | 11/2025 | 5638 | 322 | 0 | (3) |
|  FAR | 10/2025 | 147 | 95 | 0 | (2) |
|  | 10/2025 | 116 | 90 | 0 | 0 |
|  | 10/2025 | $174 | 267 | 3 | 0 |
|  | 10/2025 | 12 | 10 | 0 | 0 |
|  | 10/2025 | 489 | 71904 | 0 | (3) |
|  | 10/2025 | 44 | 159 | 0 | 0 |
|  | 11/2025 | 267 | $174 | 0 | (2) |
|  | 11/2025 | 10 | 12 | 0 | 0 |
|  | 11/2025 | $90 | 115 | 0 | 0 |
|  | 12/2025 | 1794 | $95 | 0 | (3) |
|  GLM | 10/2025 | $2 | 31336 | 0 | 0 |
|  JPM | 10/2025 | 563 | $407 | 3 | 0 |
|  | 10/2025 | 34743 | 25 | 0 | 0 |
|  | 11/2025 | 4992 | 285 | 0 | (3) |
|  MBC | 10/2025 | 120 | 79 | 0 | 0 |
|  | 10/2025 | 904 | 6 | 0 | 0 |
|  | 10/2025 | 27593 | 20 | 0 | 0 |
|  | 10/2025 | $90 | 116 | 0 | (1) |
|  | 10/2025 | 45 | 1457 | 0 | 0 |
|  | 11/2025 | 6 | 901 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

---

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MYI | 10/2025 | 34474 | $231 | $0 | $(2) |
|  | 10/2025 | $5 | 800 | 0 | 0 |
|  | 10/2025 | 41 | 149 | 0 | 0 |
|  | 11/2025 | 231 | 34354 | 2 | 0 |
|  NGF | 10/2025 | 46017 | $33 | 0 | 0 |
|  | 10/2025 | $2 | 28139 | 0 | 0 |
|  SCX | 10/2025 | 520 | 389 | 3 | 0 |
|  | 10/2025 | 2 | 31225 | 0 | 0 |
|  | 10/2025 | 28 | 4098 | 0 | 0 |
|  | 11/2025 | 389 | $520 | 0 | (3) |
|  SOG | 10/2025 | 11614 | 2184 | 2 | 0 |
|  | 10/2025 | 75075 | 505 | 0 | (3) |
|  | 10/2025 | 775 | 452 | 2 | 0 |
|  | 10/2025 | $2176 | 11614 | 6 | 0 |
|  | 10/2025 | 7548 | 6418 | 0 | (13) |
|  | 10/2025 | 255 | 37522 | 0 | (1) |
|  | 11/2025 | 6418 | $7563 | 13 | 0 |
|  | 11/2025 | $505 | 74815 | 3 | 0 |
|  | 12/2025 | 11779 | $2176 | 0 | (6) |
|  SSB | 10/2025 | 644 | 868 | 2 | 0 |
|  UAG | 10/2025 | $41 | 149 | 0 | 0 |
|  | 10/2025 | 34 | 579 | 0 | 0 |
|  | 10/2025 | 579 | $34 | 0 | 0 |
|  | 11/2025 | 2540 | 144 | 0 | (3) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $42 | $(188) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757% | 09/18/2026 | 22000 | $18 | $19 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 18800 | 14 | 17 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 100 | 0 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 300 | $(1) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 300 | (1) | (1) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 100 | 0 | (1) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 100 | 0 | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 400 | (1) | (1) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 300 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 100 | 0 | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 100 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

50 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(50) | $0 | $0 | $(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  BOA | 3 | 0 | 0 | 3 | (2) | (2) | 0 | (4) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 10 |
|  BPS | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  BRC | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  BSH | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  CBK | 0 | 0 | 0 | 0 | (84) | (1) | 0 | (85) | (85) | 0 | (85) |
|  DUB | 0 | 19 | 0 | 19 | (3) | 0 | 0 | (3) | 16 | 0 | 16 |
|  FAR | 3 | 0 | 0 | 3 | (10) | 0 | 0 | (10) | (7) | 0 | (7) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 13 | 11 |
|  JPM | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  MBC | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  MYC | 0 | 17 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |
|  MYI | 2 | 0 | 0 | 2 | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
|  SCX | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  SOG | 26 | 0 | 0 | 26 | (23) | 0 | 0 | (23) | 3 | 0 | 3 |
|  SSB | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  UAG | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) |  |  |  |

---

(g) Securities with an aggregate market value of $24 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $176 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 43 | 43 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $219 | $219 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $42 | $0 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 36 | 36 |
|  | $0 | $0 | $0 | $42 | $36 | $78 |
|  | $0 | $0 | $0 | $42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $297 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11 | 11 |
|  | $0 | $0 | $0 | $0 | $18 | $18 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $188 | $0 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 6 | 6 |
|  | $0 | $0 | $0 | $188 | $6 | $194 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.) September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $26 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 964 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | (165) | (162) |
|  | $0 | $3 | $0 | $0 | $825 | $828 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1471) | $0 | $(1471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (267) | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 352 | 354 |
|  | $0 | $2 | $0 | $(1471) | $85 | $(1384) |
|  | $0 | $5 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1471) | $910 | $(556) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (1019) | (1019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1) | 0 | 0 | (49) | (50) |
|  | $0 | $(1) | $0 | $0 | $(1066) | $(1067) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $53 | $0 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 179 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (177) | (177) |
|  | $0 | $0 | $0 | $53 | $2 | $55 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1064) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1012) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September **30, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $33668 | $0 | $33668 |
| &nbsp;&nbsp; Industrials | 0 | 6662 | 1700 | 8362 |
| &nbsp;&nbsp; Utilities | 0 | 4284 | 0 | 4284 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 982 | 0 | 982 |
| &nbsp;&nbsp; New York | 0 | 1132 | 0 | 1132 |
|  U.S. Government Agencies | 0 | 99091 | 0 | 99091 |
|  U.S. Treasury Obligations | 0 | 44298 | 0 | 44298 |
|  Non-Agency Mortgage-Backed Securities | 0 | 19294 | 0 | 19294 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2858 | 0 | 2858 |
| &nbsp;&nbsp; CMBS Other | 0 | 1356 | 0 | 1356 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1401 | 0 | 1401 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 16 | 0 | 16 |
| &nbsp;&nbsp; Other ABS | 0 | 24194 | 0 | 24194 |
|  Sovereign Issues | 0 | 2261 | 0 | 2261 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 190100 | 0 | 190100 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(13675) | $0 | $(13675) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 218 | 0 | 219 |
|  Over the counter | 0 | 78 | 0 | 78 |
|  | $1 | $296 | $0 | $297 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1) | (17) | 0 | (18) |
|  Over the counter | 0 | (194) | 0 | (194) |
|  | $(1) | $(211) | $0 | $(212) |
|  Total Financial Derivative Instruments | $0 | $85 | $0 | $85 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419707 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund September 30, 2025 (Unaudited)

#### Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% |
| CORPORATE BONDS & NOTES 50.2% | CORPORATE BONDS & NOTES 50.2% | CORPORATE BONDS & NOTES 50.2% |
| BANKING & FINANCE 31.5% | BANKING & FINANCE 31.5% | BANKING & FINANCE 31.5% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.575% due 10/13/2026 •  | 23300 | 23314 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 8994 | 8922 |
|  4.450% due 10/01/2025 | 2100 | 2100 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  2.875% due 01/15/2026 | 3284 | 3270 |
|  3.750% due 06/01/2026 | 1430 | 1423 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.932% (SOFRINDX + 0.650%) due 11/04/2026 ~ | 12000 | 12035 |
|  5.016% (SOFRRATE + 0.760%) due 02/13/2026 ~ | 476 | 477 |
|  5.268% (SOFRINDX + 0.970%) due 07/28/2027 ~ | 250 | 251 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.806% due 12/11/2026 •  | 6000 | 6006 |
|  4.831% (SOFRRATE + 0.500%) due 10/10/2025 ~ | 1500 | 1500 |
|  4.880% due 10/06/2026 •  | 2800 | 2805 |
|  4.891% due 05/20/2026 •  | 9585 | 9606 |
|  4.927% due 03/08/2027 •  | 1500 | 1503 |
|  4.991% due 07/15/2026 •  | 7000 | 7010 |
|  5.248% (SOFRRATE + 0.920%) due 01/12/2026 ~ | 882 | 884 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 1300 | 1269 |
|  1.600% due 04/15/2026 | 4203 | 4147 |
|  4.400% due 02/15/2026 | 4665 | 4665 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.068% due 07/16/2026 •  | 11100 | 11127 |
|  5.174% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 16600 | 16640 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.745% (SOFRRATE + 0.560%) due 03/18/2026 ~ | 2671 | 2675 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 2000 | 1982 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 481 | 476 |
|  5.500% due 01/15/2026 | 5200 | 5207 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  1.849% due 03/25/2026 | 1600 | 1582 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •  | 8950 | 8933 |
|  1.734% due 07/22/2027 •  | 6600 | 6469 |
|  5.513% (SOFRRATE + 1.350%) due 09/15/2027 ~ | 1176 | 1186 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.796% (SOFRINDX + 0.620%) due 09/15/2026 ~ | 5550 | 5562 |
|  5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~ | 1000 | 1004 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.759% (SOFRINDX + 0.545%) due 03/02/2026 ~ | 287 | 287 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~ | 7657 | 7721 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 24000 | 24002 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 6600 | 6540 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 12912 | 12907 |
|  5.975% due 01/18/2027 •  | 700 | 703 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  5.572% (SOFRRATE + 1.220%) due 10/02/2026 ~ | 5100 | 5141 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.610% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 22500 | 22485 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  4.500% due 03/01/2026 | 700 | 700 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.043% (SOFRINDX + 0.710%) due 01/09/2026 ~ | 28550 | 28589 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~ | 2035 | 2049 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  3.125% due 09/01/2026 | 3002 | 2975 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 16775 | 16714 |
|  7.146% due 07/13/2027 •  | 3725 | 3805 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.886% (SOFRRATE + 0.710%) due 09/15/2027 ~ | 3300 | 3307 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.806% (SOFRRATE + 0.470%) due 02/04/2026 ~ | 3300 | 3302 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 12630 | 12386 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 12000 | 12007 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 2756 | 2751 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 19847 | 19689 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  1.500% due 06/10/2026 | 517 | 507 |
|  6.050% due 10/10/2025 | 4747 | 4749 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.093% due 12/09/2026 •  | 3000 | 2981 |
|  1.431% due 03/09/2027 •  | 8765 | 8653 |
|  4.984% due 12/09/2026 •  | 500 | 501 |
|  5.004% due 03/09/2027 •  | 2835 | 2839 |
|  5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 5000 | 5014 |
|  6.325% (US0003M + 1.750%) due 10/28/2027 ~ | 61 | 62 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.000% due 11/21/2025 | 8243 | 8273 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  3.050% due 04/29/2026 | 3844 | 3818 |
|  5.500% due 01/09/2026 | 11500 | 11529 |
|  5.600% due 04/10/2026 | 970 | 977 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.651% (SOFRRATE + 0.440%) due 03/06/2026 ~ | 450 | 450 |
|  4.796% due 10/22/2025 •  | 3900 | 3901 |
|  5.001% due 06/08/2026 •  | 171 | 172 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.040% due 02/04/2027 •  | 15380 | 15212 |
|  5.191% (SOFRRATE + 0.885%) due 04/22/2027 ~ | 3500 | 3512 |
|  KeyBank NA | KeyBank NA | KeyBank NA |
|  4.700% due 01/26/2026 | 10965 | 10973 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.985% due 08/07/2027 •  | 7400 | 7507 |
|  Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. |
|  5.400% due 11/21/2025 | 1000 | 1001 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.050% due 01/28/2027 •  | 31931 | 32001 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.455% (SOFRRATE + 1.165%) due 10/30/2026 ~ | 2573 | 2598 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.702% due 03/05/2027 •  | 12700 | 12719 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.732% (SOFRRATE + 0.550%) due 06/11/2027 ~ | 12300 | 12342 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 2279 | 2236 |
|  5.709% due 01/09/2026 | 2900 | 2911 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.762% (SOFRRATE + 0.480%) due 02/04/2027 ~ | 2000 | 2004 |
|  4.898% (SOFRRATE + 0.600%) due 01/27/2028 ~ | 10000 | 10035 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.826% (SOFRRATE + 0.500%) due 01/15/2027 ~ | 11400 | 11404 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.366% due 01/06/2026 | 500 | 501 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  5.243% due 02/02/2026 | 15700 | 15736 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.743% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 22000 | 22036 |
|  4.870% (SOFRINDX + 0.570%) due 04/27/2026 ~ | 3311 | 3318 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.064% due 09/02/2027 •  | 3400 | 3404 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 8609 | 8450 |
|  6.833% due 11/21/2026 •  | 12861 | 12900 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.488% due 12/14/2026 •  | 8200 | 8150 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 10000 | 9911 |
|  6.170% due 01/09/2027 •  | 3000 | 3014 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.637% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 795 | 801 |
|  5.767% (SOFRRATE + 1.430%) due 01/13/2026 ~ | 19260 | 19327 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.345% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 5822 | 5846 |
|  5.350% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 270 | 272 |
|  5.650% due 03/09/2026 | 850 | 856 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.426% due 06/15/2026 •  | 8450 | 8510 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.556% due 06/15/2026 •  | 2450 | 2469 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.701% (SOFRRATE + 0.450%) due 05/15/2026 ~ | 192 | 192 |
|  4.995% (SOFRRATE + 0.650%) due 01/05/2026 ~ | 2000 | 2003 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.727% due 10/21/2026 •  | 479 | 479 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 6900 | 6832 |
|  4.125% due 04/15/2026 | 11152 | 11154 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  3.650% due 06/15/2026 | 6158 | 6135 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.036% (SOFRRATE + 0.710%) due 01/15/2026 ~ | 17100 | 17118 |
|  5.330% (SOFRRATE + 1.060%) due 08/07/2026 ~ | 405 | 407 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 60 | 60 |
|  |  | 692852 |
| INDUSTRIALS 13.8% | INDUSTRIALS 13.8% | INDUSTRIALS 13.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 3050 | 3012 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.400% due 02/14/2026 | 5167 | 5164 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 10377 | 10253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 16007 | 15994 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 9100 | 9022 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.902% (SOFRINDX + 0.550%) due 04/02/2026 ~ | 400 | 401 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 24907 | 24722 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
|  3.875% due 01/15/2027 | 16800 | 16794 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.300% due 03/20/2026 | 13205 | 13253 |
|  Cigna Group | Cigna Group | Cigna Group |
|  1.250% due 03/15/2026 | 18663 | 18407 |
|  4.500% due 02/25/2026 | 1837 | 1837 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.600% due 11/01/2025 | 2460 | 2459 |
|  5.300% due 10/01/2026 | 3000 | 3031 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 | 7446 | 7409 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 | 7721 | 7666 |
|  Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
|  5.200% due 10/24/2025 | 600 | 600 |
|  Element Fleet Management Corp. | Element Fleet Management Corp. | Element Fleet Management Corp. |
|  6.271% due 06/26/2026 | 4308 | 4364 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 6100 | 6089 |
|  4.750% due 01/15/2026 | 1231 | 1231 |
|  6.050% due 12/01/2026 | 1000 | 1019 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  3.300% due 12/01/2026 | 1617 | 1602 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  3.250% due 04/01/2026 | 709 | 706 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 1508 | 1502 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
|  4.963% (US0003M + 0.380%) due 05/05/2026 ~ | 159 | 159 |
|  Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC |
|  0.950% due 05/15/2026 | 315 | 309 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 9806 | 9678 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.250% due 06/15/2026 | 2311 | 2316 |
|  5.875% due 02/15/2026 | 109 | 109 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.486% (SOFRRATE + 0.330%) due 12/24/2025 ~ | 250 | 250 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.193% (SOFRRATE + 1.040%) due 06/24/2027 ~ | 5593 | 5623 |
|  5.196% (SOFRRATE + 1.040%) due 03/19/2027 ~ | 889 | 893 |
|  5.500% due 03/30/2026 | 4017 | 4038 |
|  5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~ | 2700 | 2702 |
|  5.650% due 06/26/2026 | 735 | 742 |
|  5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 1307 | 1320 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 4000 | 4020 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.831% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 5000 | 5001 |
|  Kia Corp. | Kia Corp. | Kia Corp. |
|  3.250% due 04/21/2026 | 1350 | 1343 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 | 7323 | 7264 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 1500 | 1478 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  5.017% (SOFRRATE + 0.670%) due 01/09/2026 ~ | 7932 | 7941 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 11627 | 11527 |
|  Northwest Pipeline LLC | Northwest Pipeline LLC | Northwest Pipeline LLC |
|  7.125% due 12/01/2025 | 1933 | 1942 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 20752 | 20430 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 4300 | 4308 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 3120 | 3113 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.200% due 11/15/2025 | 11471 | 11424 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
|  3.000% due 11/10/2025 | 800 | 799 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 1422 | 1419 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  4.000% due 12/21/2025 | 813 | 812 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 250 | 248 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 | 2300 | 2290 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  1.500% due 02/15/2026 | 1759 | 1741 |
|  2.250% due 02/15/2026 | 7085 | 7030 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.000% due 03/28/2026 | 460 | 462 |
|  Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA |
|  3.700% due 02/15/2026 | 980 | 977 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.826% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 2445 | 2448 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 3300 | 3227 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 12500 | 12441 |
|  4.625% due 11/13/2025 | 3000 | 2999 |
|  4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 1455 | 1458 |
|  5.400% due 03/20/2026 | 1960 | 1970 |
|  |  | 304788 |
| UTILITIES 4.9% | UTILITIES 4.9% | UTILITIES 4.9% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 3798 | 3763 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  1.000% due 11/01/2025 | 4033 | 4021 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 | 2100 | 2092 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.900% due 10/01/2025 | 10049 | 10049 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 | 700 | 696 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 300 | 294 |
|  7.050% due 10/14/2025 | 5485 | 5490 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  2.950% due 09/01/2026 | 5661 | 5602 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.456% (SOFRINDX + 0.280%) due 09/15/2026 ~ | 923 | 923 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.611% (SOFRRATE + 0.400%) due 12/03/2025 ~ | 1039 | 1040 |
|  4.809% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 8000 | 8033 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 10509 | 10528 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.850% due 01/15/2026 | 5710 | 5726 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 1200 | 1192 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.150% due 01/01/2026 | 3115 | 3105 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.650% due 10/15/2025 | 2743 | 2743 |
|  SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. |
|  3.250% due 07/29/2026 | 3010 | 2985 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 3500 | 3460 |
|  4.400% due 09/06/2026 | 1100 | 1102 |
|  4.900% due 06/01/2026 | 17400 | 17458 |
|  5.350% due 03/01/2026 | 935 | 939 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  0.900% due 01/15/2026 | 189 | 187 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 | 16606 | 16413 |
|  |  | 107841 |
|  Total Corporate Bonds & Notes<br>(Cost $1,103,868) | Total Corporate Bonds & Notes<br>(Cost $1,103,868) | 1105481 |
| U.S. GOVERNMENT AGENCIES 10.2% | U.S. GOVERNMENT AGENCIES 10.2% | U.S. GOVERNMENT AGENCIES 10.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.500% due 07/09/2027 | 10000 | 10002 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  4.905% due 08/25/2027 •  | 6797 | 6797 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 09/15/2044 - 11/25/2050 | 18362 | 15956 |
|  4.780% due 05/15/2038 •  | 371 | 362 |
|  4.787% due 04/15/2037 •  | 140 | 138 |
|  4.790% due 05/15/2041 •  | 355 | 351 |
|  4.800% due 06/15/2040 •  | 811 | 792 |
|  4.810% due 10/15/2037 •  | 4185 | 4128 |
|  4.817% due 07/15/2037 •  | 144 | 143 |
|  4.887% due 03/15/2040 - 11/15/2043 •  | 225 | 222 |
|  4.937% due 06/15/2049 •  | 1838 | 1789 |
|  4.987% due 08/15/2041 •  | 7 | 7 |
|  5.007% due 12/15/2041 •  | 191 | 190 |
|  5.037% due 09/15/2037 - 11/15/2041 •  | 335 | 334 |
|  5.067% due 07/15/2037 •  | 292 | 292 |
|  5.087% due 11/15/2037 •  | 36 | 36 |
|  5.326% due 08/25/2054 •  | 8692 | 8733 |
|  5.336% due 02/25/2055 •  | 4713 | 4736 |
|  5.356% due 09/25/2054 - 02/25/2055 •  | 21500 | 21561 |
|  5.437% due 01/15/2032 •  | 81 | 81 |
|  5.456% due 11/25/2054 •  | 17669 | 17612 |
|  5.487% due 01/15/2039 •  | 21 | 21 |
|  5.970% due 05/15/2033 •  | 71 | 73 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  6.618% due 05/01/2038 •  | 1661 | 1725 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.442% due 08/25/2050 •  | 1580 | 1507 |
|  4.771% due 04/25/2036 - 06/25/2042 •  | 664 | 656 |
|  4.810% due 11/25/2044 - 09/25/2055 •  | 9596 | 9513 |
|  4.821% due 07/25/2036 - 06/25/2043 •  | 119 | 118 |
|  4.860% due 09/25/2049 •  | 3397 | 3324 |
|  4.871% due 02/25/2042 •  | 215 | 213 |
|  4.921% due 08/25/2049 •  | 225 | 219 |
|  4.971% due 02/25/2042 •  | 171 | 169 |
|  4.991% due 03/25/2042 •  | 24 | 24 |
|  5.011% due 07/25/2037 •  | 31 | 30 |
|  5.021% due 10/25/2041 •  | 53 | 53 |
|  5.260% due 05/25/2050 •  | 4162 | 4149 |
|  5.326% due 08/25/2054 •  | 7104 | 7138 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  6.610% due 06/20/2071 •  | 3027 | 3089 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.560% due 04/20/2037 •  | 317 | 313 |
|  4.677% due 06/20/2068 •  | 4409 | 4433 |
|  4.700% due 06/20/2049 •  | 3757 | 3673 |
|  4.710% due 05/20/2049 •  | 1232 | 1225 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.815% due 07/20/2043 •  | 274 | 271 |
|  4.866% due 01/20/2068 •  | 49 | 49 |
|  4.936% due 08/20/2065 •  | 220 | 220 |
|  4.961% due 01/16/2040 •  | 530 | 531 |
|  4.966% due 12/20/2060 - 07/20/2064 •  | 280 | 280 |
|  4.990% due 02/20/2040 •  | 423 | 424 |
|  4.996% due 01/20/2070 •  | 4717 | 4722 |
|  5.000% due 03/20/2040 •  | 1305 | 1309 |
|  5.020% due 04/20/2040 •  | 971 | 975 |
|  5.036% due 04/20/2062 •  | 69 | 69 |
|  5.039% due 02/20/2074 •  | 5543 | 5541 |
|  5.050% due 03/20/2040 •  | 1016 | 1021 |
|  5.099% due 01/20/2068 •  | 3746 | 3767 |
|  5.146% due 08/20/2061 •  | 20 | 20 |
|  5.150% due 09/20/2075 •  | 45000 | 45056 |
|  5.166% due 10/20/2065 •  | 1 | 1 |
|  5.216% due 08/20/2067 •  | 396 | 397 |
|  5.236% due 02/20/2066 •  | 3 | 3 |
|  5.339% due 01/20/2055 •  | 398 | 399 |
|  5.449% due 01/20/2067 •  | 1608 | 1624 |
|  5.539% due 08/20/2055 •  | 20245 | 20336 |
|  5.577% due 09/20/2067 •  | 557 | 566 |
|  7.149% due 09/20/2066 ~ | 1046 | 1063 |
|  Total U.S. Government Agencies<br>(Cost $227,632) | Total U.S. Government Agencies<br>(Cost $227,632) | 224571 |
| U.S. TREASURY OBLIGATIONS 1.5% | U.S. TREASURY OBLIGATIONS 1.5% | U.S. TREASURY OBLIGATIONS 1.5% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 07/15/2026 | 33152 | 33039 |
|  Total U.S. Treasury Obligations<br>(Cost $33,041) | Total U.S. Treasury Obligations<br>(Cost $33,041) | 33039 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 ~ | 2394 | 2170 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.994% due 10/15/2036 •  | 5653 | 5649 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  1.397% due 10/25/2066 ~ | 10347 | 8888 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.198% due 06/15/2034 •  | 2700 | 2615 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.094% due 04/15/2036 •  | 15000 | 14901 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.718% due 08/15/2048 | 90 | 90 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 01/25/2052 •  | 703 | 658 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.530% due 11/15/2038 •  | 12400 | 12393 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.706% due 02/25/2055 •  | 1769 | 1774 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 1150 | 1126 |
|  OBX Trust | OBX Trust | OBX Trust |
|  1.957% due 10/25/2061 ~ | 9622 | 8269 |
|  2.305% due 11/25/2061 ~ | 8907 | 8086 |
|  2.783% due 01/25/2062 þ | 9542 | 9235 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 11/25/2061 ~ | 3535 | 3338 |
|  3.750% due 05/25/2058 ~ | 6731 | 6631 |
|  5.272% due 05/25/2058 •  | 471 | 482 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $91,512) | Total Non-Agency Mortgage-Backed Securities (Cost $91,512) | 86305 |
| ASSET-BACKED SECURITIES 14.8% | ASSET-BACKED SECURITIES 14.8% | ASSET-BACKED SECURITIES 14.8% |
| AUTOMOBILE ABS OTHER 5.4% | AUTOMOBILE ABS OTHER 5.4% | AUTOMOBILE ABS OTHER 5.4% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.776% due 01/25/2027 •  | 3746 | 3749 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.802% due 03/15/2028 •  | 9417 | 9420 |
|  5.062% due 07/17/2028 •  | 10000 | 10033 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.772% due 02/15/2027 •  | 3695 | 3696 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  0.000% due 06/15/2028 •  | 15000 | 15000 |
|  4.772% due 04/15/2027 •  | 6946 | 6947 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.859% due 01/20/2027 •  | 8424 | 8432 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.762% due 01/18/2028 •  | 8200 | 8210 |
|  4.772% due 06/15/2027 •  | 10441 | 10445 |
|  5.072% due 09/15/2027 •  | 5000 | 5014 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.782% due 06/15/2027 •  | 7074 | 7080 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.912% due 03/15/2028 •  | 10000 | 10016 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.799% due 07/20/2027 •  | 18567 | 18579 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.859% due 12/21/2026 •  | 1186 | 1186 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.802% due 02/16/2027 •  | 555 | 555 |
|  |  | 118362 |
| AUTOMOBILE SEQUENTIAL 4.7% | AUTOMOBILE SEQUENTIAL 4.7% | AUTOMOBILE SEQUENTIAL 4.7% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.460% due 07/15/2027 | 690 | 690 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  5.540% due 04/15/2033 | 6212 | 6263 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 2458 | 2478 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | 1216 | 1224 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 401 | 402 |
|  4.920% due 10/16/2028 | 9195 | 9263 |
|  5.280% due 05/15/2028 | 2502 | 2521 |
|  5.340% due 08/16/2027 | 6026 | 6049 |
|  5.650% due 05/17/2027 | 299 | 299 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.070% due 02/12/2029 | 5000 | 5002 |
|  5.500% due 08/10/2027 | 18 | 18 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.400% due 11/26/2027 | 773 | 774 |
|  4.400% due 07/25/2028 | 14700 | 14757 |
|  5.660% due 05/26/2027 | 285 | 286 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.330% due 08/15/2028 | 4000 | 4033 |
|  5.830% due 02/15/2028 | 1245 | 1255 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.530% due 08/15/2028 | 2317 | 2339 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.620% due 08/16/2027 | 4125 | 4128 |
|  5.650% due 02/16/2027 | 145 | 145 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.020% due 03/15/2027 | 8157 | 8181 |
|  Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
|  4.510% due 11/15/2027 | 1261 | 1264 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 2476 | 2480 |
|  4.940% due 11/20/2026 | 198 | 198 |
|  5.560% due 11/22/2027 | 11000 | 11075 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 1391 | 1393 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.330% due 11/20/2029 | 8300 | 8401 |
|  5.710% due 10/20/2027 | 764 | 765 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 | 3748 | 3765 |
|  USAA Auto Owner Trust | USAA Auto Owner Trust | USAA Auto Owner Trust |
|  5.250% due 03/15/2027 | 2150 | 2152 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.660% due 05/15/2028 | 2312 | 2317 |
|  |  | 103917 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 1340 | 1341 |
| CREDIT CARD BULLET 0.9% | CREDIT CARD BULLET 0.9% | CREDIT CARD BULLET 0.9% |
|  Master Credit Card Trust II | Master Credit Card Trust II | Master Credit Card Trust II |
|  5.131% due 01/21/2028 •  | 20000 | 20033 |
| CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 12000 | 11716 |
| OTHER ABS 3.2% | OTHER ABS 3.2% | OTHER ABS 3.2% |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 1180 | 1182 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 131 | 131 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 2769 | 2772 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 11194 | 11238 |
|  DLLAD LLC | DLLAD LLC | DLLAD LLC |
|  4.790% due 01/20/2028 | 1833 | 1843 |
|  5.500% due 08/20/2027 | 2631 | 2645 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 1336 | 1337 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.450% due 04/15/2027 | 5765 | 5793 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 891 | 892 |
|  Madison Park Funding XLVIII Ltd. | Madison Park Funding XLVIII Ltd. | Madison Park Funding XLVIII Ltd. |
|  5.737% due 04/19/2033 •  | 4996 | 5008 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.790% due 11/13/2026 | 692 | 693 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  4.985% due 12/15/2059 •  | 488 | 488 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 3047 | 2885 |
|  1.580% due 04/15/2070 | 6311 | 5711 |
|  1.690% due 05/15/2069 | 1218 | 1159 |
|  2.230% due 07/15/2070 | 940 | 859 |
|  3.130% due 02/15/2068 | 335 | 332 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  1.420% due 04/20/2062 | 1289 | 1220 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 4036 | 4043 |
|  PHEAA Student Loan Trust | PHEAA Student Loan Trust | PHEAA Student Loan Trust |
|  5.421% due 11/25/2065 •  | 1527 | 1529 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 302 | 302 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.609% due 12/15/2038 •  | 880 | 868 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  | 5088 | 5097 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 418 | 418 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 2066 | 2070 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 297 | 297 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  5.059% due 08/20/2030 •  | 10000 | 10058 |
|  |  | 70870 |
|  Total Asset-Backed Securities<br>(Cost $326,282) | Total Asset-Backed Securities<br>(Cost $326,282) | 326239 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.473% (SOFRINDX + 0.320%) due 06/25/2027 ~ | 40000 | 40012 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  3.250% due 10/01/2025 | 1950 | 1950 |
|  5.358% (SOFRRATE + 1.080%) due 11/14/2026 ~ | 3623 | 3663 |
|  Kuntarahoitus OYJ | Kuntarahoitus OYJ | Kuntarahoitus OYJ |
|  5.332% due 07/15/2026 •  | 1000 | 1005 |
|  Total Sovereign Issues (Cost $46,605) | Total Sovereign Issues (Cost $46,605) | 46630 |
| SHORT-TERM INSTRUMENTS 12.7% | SHORT-TERM INSTRUMENTS 12.7% | SHORT-TERM INSTRUMENTS 12.7% |
| COMMERCIAL PAPER 7.8% | COMMERCIAL PAPER 7.8% | COMMERCIAL PAPER 7.8% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 20900 | 20882 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.550% due 10/02/2025 | 1300 | 1300 |
|  4.570% due 10/10/2025 | 5300 | 5293 |
|  4.570% due 10/14/2025 | 15400 | 15373 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/02/2025 | 3800 | 3799 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (a) | 2400 | 2397 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.800% due 10/09/2025 | 8900 | 8890 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (a) | 1600 | 1596 |
|  4.610% due 10/23/2025 | 12900 | 12862 |
|  4.620% due 10/21/2025 | 8000 | 7978 |
|  4.620% due 10/23/2025 | 6100 | 6082 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.620% due 10/01/2025 | 7700 | 7699 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/22/2025 | 21500 | 21439 |
|  4.650% due 10/17/2025 | 3600 | 3592 |
|  4.650% due 10/20/2025 | 1100 | 1097 |
|  4.650% due 10/21/2025 | 1900 | 1895 |
|  4.750% due 10/09/2025 | 1200 | 1199 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.410% due 10/01/2025 | 2300 | 2300 |
|  4.450% due 10/15/2025 | 4200 | 4192 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 22200 | 21926 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 20500 | 20454 |
|  |  | 172245 |
| REPURCHASE AGREEMENTS (c) 4.4% | REPURCHASE AGREEMENTS (c) 4.4% | REPURCHASE AGREEMENTS (c) 4.4% |
|  |  | 96400 |
| SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.559% due 05/15/2026 | 6343 | 6348 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.552% due 07/15/2026 | 3315 | 3317 |
|  |  | 9665 |
| Total Short-Term Instruments<br>(Cost $278,322) | Total Short-Term Instruments<br>(Cost $278,322) | 278310 |
| Total Investments in Securities<br>(Cost $2,107,262) | Total Investments in Securities<br>(Cost $2,107,262) | 2100575 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% |
| SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% |
|  PIMCO Short Asset Portfolio | 15656576 | $— | 153607 |
| Total Short-Term Instruments<br>(Cost $153,397) | Total Short-Term Instruments<br>(Cost $153,397) |  | 153607 |
| Total Investments in Affiliates (Cost $153,397) | Total Investments in Affiliates (Cost $153,397) |  | 153607 |
| Total Investments 102.4%<br>(Cost $2,260,659) | Total Investments 102.4%<br>(Cost $2,260,659) | $— | 2254182 |
|  Financial Derivative<br>Instruments (d) (0.0)%<br> (Cost or Premiums, net $(520)) | Financial Derivative<br>Instruments (d) (0.0)%<br> (Cost or Premiums, net $(520)) |  | (189) |
| Other Assets and Liabilities, net (2.4)% | Other Assets and Liabilities, net (2.4)% |  | (51905) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2202088 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(c) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $90100 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(91900) | $90100 | $90110 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 6300 | U.S. Treasury Notes 3.500% due 09/30/2027 | (6424) | 6300 | 6301 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98324) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96411 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $96411 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98324) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1913) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15,696) at a weighted average interest rate of 4.504%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 1009 | $243964 | $87 | $76 | $0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 152 | 36464 | (1) | 3 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486902 | 782 | 174 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 2508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522663) | $(499) | $0 | $(274) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 86 | (9675) | (43) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 15 | (1801) | (44) | 8 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 200 | (23016) | (219) | 13 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805) | $22 | $(274) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | Fixed Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | Fixed Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100% | Annual | 02/11/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418800 | $519 | $102 | $621 | $0 | $(26) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 57678 | (23) | 90 | 67 | 0 | (29) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 188222 | (1143) | 1177 | 34 | 0 | (95) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 89700 | 127 | 661 | 788 | 0 | (40) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464) |

---

Cash of $19,935 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $275 | $275 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $274 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 190 | 190 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4292 | $4292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (4507) | (4507) |
|  | $0 | $0 | $0 | $0 | $(215) | $(215) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(1003) | $(1003) |
|  | $0 | $0 | $0 | $0 | $(1218) | $(1218) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(706) | $(706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3990 | 3990 |
|  | $0 | $0 | $0 | $0 | $3284 | $3284 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(297) | $(297) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $692852 | $0 | $692852 |
| &nbsp;&nbsp; Industrials | 0 | 304788 | 0 | 304788 |
| &nbsp;&nbsp; Utilities | 0 | 107841 | 0 | 107841 |
|  U.S. Government Agencies | 45056 | 179515 | 0 | 224571 |
|  U.S. Treasury Obligations | 0 | 33039 | 0 | 33039 |
|  Non-Agency Mortgage-Backed Securities | 0 | 86305 | 0 | 86305 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 118362 | 0 | 118362 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 103917 | 0 | 103917 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
| &nbsp;&nbsp; CMBS Other | $0 | $1341 | $0 | $1341 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 20033 | 0 | 20033 |
| &nbsp;&nbsp; Credit Card Other | 0 | 11716 | 0 | 11716 |
| &nbsp;&nbsp; Other ABS | 0 | 70870 | 0 | 70870 |
|  Sovereign Issues | 0 | 46630 | 0 | 46630 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 172245 | 0 | 172245 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 96400 | 0 | 96400 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 9665 | 0 | 9665 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100575 |

---

58 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $153607 | $0 | $0 | $153607 |
|  Total Investments | $198663 | $2055519 | $0 | $2254182 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $275 | $0 | $275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(464) | $0 | $(464) |
|  Total Financial Derivative Instruments | $0 | $(189) | $0 | $(189) |
|  Totals | $198663 | $2055330 | $0 | $2253993 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

---

------

Schedule of Investments PIMCO Short-Term Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 115.3% | INVESTMENTS IN SECURITIES 115.3% | INVESTMENTS IN SECURITIES 115.3% |
| CORPORATE BONDS & NOTES 48.2% | CORPORATE BONDS & NOTES 48.2% | CORPORATE BONDS & NOTES 48.2% |
| BANKING & FINANCE 31.4% | BANKING & FINANCE 31.4% | BANKING & FINANCE 31.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~ | 95195 | 95425 |
|  5.939% due 09/18/2027 •  | 5500 | 5561 |
|  6.575% due 10/13/2026 •  | 15600 | 15609 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 8380 | 8313 |
|  2.450% due 10/29/2026 | 22064 | 21684 |
|  3.650% due 07/21/2027 | 4550 | 4510 |
|  6.100% due 01/15/2027 | 1415 | 1446 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  5.300% due 06/25/2026 | 10400 | 10471 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 6294 | 6289 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.645% due 04/23/2027 •  | 17200 | 17336 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.927% due 03/08/2027 •  | 23300 | 23348 |
|  4.985% due 08/13/2027 •  | 35500 | 35574 |
|  5.139% (SOFRINDX + 0.790%) due 10/03/2025 ~ | 32335 | 32336 |
|  5.202% (SOFRRATE + 0.870%) due 07/09/2027 ~ | 33700 | 33853 |
|  Aozora Bank Ltd. | Aozora Bank Ltd. | Aozora Bank Ltd. |
|  5.900% due 09/08/2026 | 1900 | 1923 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 10000 | 10090 |
|  5.068% due 07/16/2026 •  | 24400 | 24460 |
|  5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 9755 | 9808 |
|  5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 98345 | 99158 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 13641 | 13522 |
|  1.950% due 09/20/2026 | 19293 | 18859 |
|  4.875% due 10/01/2025 | 7954 | 7954 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 7672 | 7594 |
|  3.250% due 02/15/2027 | 931 | 916 |
|  4.375% due 05/01/2026 | 5645 | 5642 |
|  5.500% due 01/15/2026 | 28881 | 28921 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.800% due 07/19/2027 | 1600 | 1062 |
|  5.452% (SOFRRATE + 1.120%) due 07/15/2028 ~ | 32800 | 33015 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 39000 | 38225 |
|  5.272% (SOFRRATE + 0.970%) due 07/22/2027 ~ | 915 | 918 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  5.268% (SOFRRATE + 1.020%) due 08/18/2026 ~ | 700 | 704 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~ | 20716 | 20798 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.983% (SOFRINDX + 0.780%) due 06/04/2027 ~ | 3707 | 3725 |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  4.232% (BBSW3M + 0.650%) due 12/09/2025 ~ | 41300 | 27344 |
|  4.806% (BBSW3M + 1.100%) due 10/29/2025 ~ | 18000 | 11919 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.625% (BBSW3M + 1.070%) due 05/24/2027 ~ | 1750 | 1162 |
|  5.319% (SOFRINDX + 1.070%) due 02/16/2028 ~ | 37289 | 37606 |
|  5.433% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 20700 | 20823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~ | $— | 13360 | $— | 13471 |
|  5.790% due 07/13/2028 |  | 9000 |  | 9375 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  5.124% due 11/26/2027 •  |  | 9000 |  | 9033 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 |  | 20490 |  | 20492 |
|  5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 10300 |  | 10410 |
|  6.056% (SOFRRATE + 1.880%) due 09/13/2027 ~ |  | 160 |  | 162 |
|  7.325% due 11/02/2026 •  |  | 10893 |  | 10918 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 772 |  | 771 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  |  | 67950 |  | 67338 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  |  | 46432 |  | 46414 |
|  5.975% due 01/18/2027 •  |  | 55051 |  | 55262 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 7753 |  | 7603 |
|  5.550% due 04/09/2027 |  | 17622 |  | 17927 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.600% due 12/23/2026 |  | 2500 |  | 2514 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.997% (SOFRRATE + 0.800%) due 09/08/2028 ~ |  | 51400 |  | 51489 |
|  5.048% (SOFRRATE + 0.720%) due 01/13/2028 ~ |  | 26319 |  | 26344 |
|  5.092% (SOFRRATE + 0.940%) due 06/28/2027 ~ |  | 1450 |  | 1463 |
|  5.112% (SOFRINDX + 0.930%) due 09/11/2027 ~ |  | 6815 |  | 6840 |
|  5.572% (SOFRRATE + 1.220%) due 10/02/2026 ~ |  | 16400 |  | 16531 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 |  | 4673 |  | 4638 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  5.008% due 10/16/2026 •  |  | 12800 |  | 12862 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.980% (SOFRRATE + 0.708%) due 08/06/2026 ~ |  | 29550 |  | 29638 |
|  5.263% (SOFRINDX + 1.060%) due 12/04/2026 ~ |  | 12500 |  | 12599 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  |  | 2500 |  | 2474 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  |  | 9100 |  | 8984 |
|  1.980% due 12/15/2027 •  |  | 14600 |  | 14207 |
|  4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~ |  | 19330 |  | 19381 |
|  4.911% (SOFRRATE + 0.600%) due 01/21/2028 ~ |  | 2000 |  | 2003 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.094% (SOFRRATE + 0.750%) due 01/07/2028 ~ |  | 33500 |  | 33533 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  |  | 29555 |  | 29246 |
|  4.400% due 07/06/2027 |  | 4300 |  | 2829 |
|  5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~ | $— | 8483 |  | 8521 |
|  5.392% (SOFRRATE + 1.210%) due 09/11/2028 ~ |  | 9690 |  | 9760 |
|  5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~ |  | 16500 |  | 16616 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 14269 |  | 13917 |
|  3.700% due 06/15/2026 |  | 13501 |  | 13448 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  3.125% due 09/01/2026 |  | 13607 |  | 13484 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  |  | 22500 |  | 22419 |
|  4.100% due 01/13/2026 |  | 17699 |  | 17681 |
|  5.468% (SOFRRATE + 1.219%) due 11/16/2027 ~ |  | 15561 |  | 15638 |
|  7.146% due 07/13/2027 •  |  | 7695 |  | 7860 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  5.896% due 10/09/2026 •  | 15234 | 15238 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.886% (SOFRRATE + 0.710%) due 09/15/2027 ~ | 5100 | 5110 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 1281 | 1256 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 24900 | 24914 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 4892 | 4883 |
|  4.271% due 01/09/2027 | 24230 | 24040 |
|  4.389% due 01/08/2026 | 6031 | 6029 |
|  4.542% due 08/01/2026 | 10300 | 10294 |
|  5.125% due 11/05/2026 | 18036 | 18101 |
|  6.950% due 03/06/2026 | 6416 | 6468 |
|  6.950% due 06/10/2026 | 12506 | 12671 |
|  7.147% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 5162 | 5202 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 | 10022 | 9978 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 1575 | 1537 |
|  4.400% due 09/23/2027 | 4666 | 4677 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.250% due 03/01/2026 | 3245 | 3250 |
|  5.400% due 04/06/2026 | 14880 | 14964 |
|  5.617% (SOFRINDX + 1.350%) due 05/08/2027 ~ | 16600 | 16691 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 32083 | 32200 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 15501 | 15303 |
|  1.948% due 10/21/2027 •  | 2000 | 1953 |
|  4.497% (BBSW3M + 0.950%) due 06/22/2027 ~ | 3200 | 2121 |
|  4.984% due 12/09/2026 •  | 15800 | 15817 |
|  5.004% due 03/09/2027 •  | 2923 | 2927 |
|  5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 7549 | 7571 |
|  5.231% (SOFRRATE + 0.920%) due 10/21/2027 ~ | 350 | 351 |
|  5.353% (SOFRRATE + 1.120%) due 02/24/2028 ~ | 12739 | 12830 |
|  5.593% (SOFRRATE + 1.290%) due 04/23/2028 ~ | 2730 | 2755 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  4.500% due 04/15/2026 | 6000 | 6004 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 2326 | 2304 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.288% (SOFRRATE + 1.040%) due 11/19/2028 ~ | 2103 | 2113 |
|  5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 19101 | 19268 |
|  5.887% due 08/14/2027 •  | 7300 | 7399 |
|  7.336% due 11/03/2026 •  | 4525 | 4536 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.163% due 04/01/2027 •  | 36069 | 36153 |
|  5.742% (SOFRINDX + 1.560%) due 09/11/2027 ~ | 400 | 404 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~ | 45600 | 45809 |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 13500 | 13555 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  5.012% (SOFRRATE + 0.680%) due 07/15/2027 ~ | 19405 | 19541 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.045% due 11/19/2026 •  | 2000 | 1991 |
|  1.578% due 04/22/2027 •  | 8700 | 8576 |
|  4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 24500 | 24600 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.226% (SOFRRATE + 0.920%) due 04/22/2028 ~ | $— | 29196 | $— | 29367 |
|  5.236% (SOFRRATE + 0.930%) due 07/22/2028 ~ |  | 2400 |  | 2417 |
|  5.413% (SOFRRATE + 1.180%) due 02/24/2028 ~ |  | 11085 |  | 11192 |
|  5.503% (SOFRRATE + 1.200%) due 01/23/2028 ~ |  | 18000 |  | 18147 |
|  Lendlease Finance Ltd. | Lendlease Finance Ltd. | Lendlease Finance Ltd. | Lendlease Finance Ltd. | Lendlease Finance Ltd. |
|  3.400% due 10/27/2027 |  | 1800 |  | 1153 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ | $— | 20994 |  | 21114 |
|  5.842% (SOFRINDX + 1.560%) due 08/07/2027 ~ |  | 7557 |  | 7621 |
|  5.937% (SOFRINDX + 1.580%) due 01/05/2028 ~ |  | 15300 |  | 15467 |
|  5.985% due 08/07/2027 •  |  | 15000 |  | 15217 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  4.074% due 12/01/2025 •  |  | 3000 |  | 1986 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.415% (BBSW3M + 0.860%) due 02/23/2026 ~ |  | 29900 |  | 19828 |
|  4.430% (BBSW3M + 0.850%) due 09/14/2026 ~ |  | 19700 |  | 13094 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.361% (SOFRRATE + 1.080%) due 05/13/2031 ~ | $— | 20336 |  | 20371 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ |  | 74868 |  | 75056 |
|  5.085% (SOFRRATE + 0.865%) due 05/26/2028 ~ |  | 19200 |  | 19276 |
|  5.398% (SOFRRATE + 1.080%) due 01/14/2028 ~ |  | 21100 |  | 21213 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.460% (BBSW3M + 0.870%) due 02/17/2026 ~ |  | 41060 |  | 27231 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  5.053% due 03/25/2027 •  | $— | 35950 |  | 36005 |
|  5.382% (SOFRINDX + 1.030%) due 07/02/2027 ~ |  | 75590 |  | 75846 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.539% (SOFRRATE + 1.290%) due 02/16/2028 ~ |  | 5385 |  | 5428 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ |  | 11277 |  | 11357 |
|  7.472% due 11/10/2026 •  |  | 13322 |  | 13364 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.912% (SOFRRATE + 0.760%) due 09/29/2026 ~ |  | 3410 |  | 3419 |
|  4.935% (SOFRRATE + 0.760%) due 09/29/2026 ~ |  | 4200 |  | 4212 |
|  5.103% (SOFRRATE + 0.950%) due 03/21/2028 ~ |  | 14300 |  | 14364 |
|  5.149% (SOFRRATE + 0.900%) due 05/17/2027 ~ |  | 1500 |  | 1509 |
|  5.162% (SOFRRATE + 0.900%) due 05/17/2027 ~ |  | 13913 |  | 13993 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.800% (SOFRRATE + 0.580%) due 08/28/2026 ~ |  | 249 |  | 250 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 43594 |  | 42055 |
|  2.000% due 03/09/2026 |  | 23951 |  | 23585 |
|  6.950% due 09/15/2026 |  | 1540 |  | 1561 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 |  | 14000 |  | 13736 |
|  5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 19232 |  | 19393 |
|  5.709% due 01/09/2026 |  | 13886 |  | 13940 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.370% (BBSW3M + 0.780%) due 05/18/2026 ~ |  | 5500 |  | 3649 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.823% (SOFRRATE + 0.620%) due 06/04/2026 ~ | $— | 2322 |  | 2329 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  5.036% (SOFRRATE + 0.730%) due 07/21/2028 ~ | 6000 | 6012 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  5.243% due 02/02/2026 | 5494 | 5507 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.000% due 11/30/2026 | 6247 | 6094 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.972% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 36767 | 36909 |
|  5.033% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 16664 | 16709 |
|  5.093% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 31900 | 31970 |
|  5.173% (SOFRINDX + 0.860%) due 10/18/2028 ~ | 6611 | 6633 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.064% due 09/02/2027 •  | 13500 | 13516 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  4.450% due 05/12/2027 | 2475 | 2475 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.833% due 11/21/2026 •  | 54492 | 54655 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 7100 | 6785 |
|  1.884% due 07/15/2050 | 13675 | 13572 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  5.540% (BBSW3M + 1.950%) due 11/16/2025 ~ | 6430 | 4263 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 5100 | 5921 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.090% (SOFRRATE + 0.890%) due 03/05/2027 ~ | 1432 | 1442 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.488% due 12/14/2026 •  | 44580 | 44306 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 18200 | 18038 |
|  5.423% (SOFRRATE + 1.170%) due 05/14/2028 ~ | 7100 | 7150 |
|  6.103% (SOFRRATE + 1.930%) due 07/06/2027 ~ | 13100 | 13233 |
|  6.275% (SOFRRATE + 1.930%) due 07/06/2027 ~ | 296 | 299 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.350% due 03/17/2028 | 8900 | 9019 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.423% (BBSW3M + 0.850%) due 02/20/2026 ~ | 25400 | 16844 |
|  4.751% (BBSW3M + 1.050%) due 07/28/2026 ~ | 28310 | 18841 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.637% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 2495 | 2513 |
|  5.767% (SOFRRATE + 1.430%) due 01/13/2026 ~ | 1513 | 1518 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.969% (SOFRRATE + 0.750%) due 09/11/2028 ~ | 700 | 703 |
|  5.340% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 5000 | 5020 |
|  5.345% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 3025 | 3037 |
|  5.350% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 4000 | 4031 |
|  5.355% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 3255 | 3281 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.880% (SOFRRATE + 0.660%) due 05/28/2027 ~ | 12235 | 12297 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 | 19598 | 20079 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.208% (BBSW3M + 0.650%) due 03/17/2026 ~ | 8400 | 5561 |
|  4.260% (BBSW3M + 0.700%) due 03/16/2026 ~ | 2500 | 1657 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.250% due 12/01/2026 | 7518 | 7492 |
|  4.500% due 09/01/2026 | 7508 | 7510 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.500% due 05/24/2027 | 7526 | 8705 |
|  5.082% (SOFRRATE + 0.780%) due 01/24/2028 ~ | 25847 | 25905 |
|  5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 7854 | 7906 |
|  Western Union Co. | Western Union Co. | Western Union Co. |
|  1.350% due 03/15/2026 | 8624 | 8502 |
|  |  | 2981037 |
| INDUSTRIALS 13.3% | INDUSTRIALS 13.3% | INDUSTRIALS 13.3% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 26815 | 26479 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 34171 | 34424 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 4588 | 4594 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 103581 | 103497 |
|  4.375% due 12/15/2028 | 3323 | 3312 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 58586 | 58087 |
|  4.875% due 07/15/2026 | 39536 | 39543 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.902% (SOFRINDX + 0.550%) due 04/02/2026 ~ | 1561 | 1563 |
|  4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 23650 | 23761 |
|  5.056% (SOFRINDX + 0.800%) due 08/13/2026 ~ | 30342 | 30445 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 31270 | 31453 |
|  5.176% (SOFRINDX + 0.920%) due 08/13/2027 ~ | 881 | 886 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 115212 | 114354 |
|  2.250% due 06/15/2026 | 600 | 592 |
|  2.600% due 10/30/2025 | 4481 | 4474 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.150% due 11/15/2025 | 1594 | 1592 |
|  Cigna Group | Cigna Group | Cigna Group |
|  4.500% due 02/25/2026 | 3199 | 3200 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  5.113% (SOFRRATE + 0.960%) due 09/25/2027 ~ | 1175 | 1179 |
|  5.168% (SOFRRATE + 0.840%) due 01/13/2028 ~ | 225 | 225 |
|  Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. |
|  4.300% due 03/18/2026 | 22740 | 15049 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  6.750% due 04/15/2029 | 2584 | 2611 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 2000 | 1993 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  7.500% due 08/01/2026 | 4400 | 4481 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.901% (SOFRINDX + 0.750%) due 10/01/2026 ~ | 31000 | 31072 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 700 | 691 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  5.500% due 10/15/2026 | 7708 | 7635 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.500% due 02/15/2027 | 2071 | 2075 |
|  5.085% (SOFRRATE + 0.870%) due 03/01/2028 ~ | 1385 | 1395 |
|  5.375% due 09/01/2026 | 4100 | 4118 |
|  5.875% due 02/15/2026 | 3616 | 3621 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.300% due 09/24/2027 | 3155 | 3155 |
|  5.143% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 33450 | 33597 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.183% (SOFRRATE + 1.030%) due 09/24/2027 ~ | $— | 18278 | $— | 18381 |
|  5.193% (SOFRRATE + 1.040%) due 06/24/2027 ~ |  | 7000 |  | 7037 |
|  5.196% (SOFRRATE + 1.040%) due 03/19/2027 ~ |  | 400 |  | 401 |
|  5.273% (SOFRRATE + 1.120%) due 06/23/2027 ~ |  | 4000 |  | 4028 |
|  5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~ |  | 1499 |  | 1500 |
|  5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ |  | 22400 |  | 22629 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 |  | 17200 |  | 17285 |
|  5.800% due 12/12/2025 |  | 2252 |  | 2255 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 2831 |  | 2812 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.831% (SOFRRATE + 0.580%) due 11/15/2026 ~ |  | 1600 |  | 1600 |
|  5.056% (SOFRINDX + 0.880%) due 03/15/2027 ~ |  | 25868 |  | 25921 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 |  | 8700 |  | 8633 |
|  5.900% due 06/01/2027 |  | 7600 |  | 7757 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 |  | 2429 |  | 2394 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 |  | 1150 |  | 1142 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.928% (SOFRRATE + 0.630%) due 07/31/2026 ~ |  | 31400 |  | 31487 |
|  4.931% (SOFRRATE + 0.780%) due 04/01/2027 ~ |  | 12997 |  | 13044 |
|  4.937% (SOFRRATE + 0.630%) due 07/31/2026 ~ |  | 550 |  | 552 |
|  5.083% (SOFRRATE + 0.930%) due 03/31/2028 ~ |  | 12200 |  | 12258 |
|  5.101% (SOFRRATE + 0.850%) due 11/15/2027 ~ |  | 780 |  | 783 |
|  5.105% (SOFRRATE + 0.930%) due 03/31/2028 ~ |  | 700 |  | 703 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  4.942% (SOFRRATE + 0.700%) due 09/09/2028 ~ |  | 10300 |  | 10322 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 |  | 24714 |  | 24458 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ |  | 19400 |  | 19611 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 |  | 9300 |  | 9171 |
|  3.625% due 12/15/2025 |  | 10437 |  | 10418 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 |  | 17790 |  | 17782 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 |  | 6626 |  | 6622 |
|  5.375% due 07/15/2027 |  | 28920 |  | 29180 |
|  5.500% due 08/31/2026 |  | 34106 |  | 34253 |
|  5.500% due 04/01/2028 |  | 20402 |  | 20803 |
|  7.500% due 10/15/2027 |  | 1189 |  | 1259 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 |  | 1263 |  | 1252 |
|  5.500% due 01/16/2027 |  | 7400 |  | 7522 |
|  6.250% due 01/17/2026 |  | 10700 |  | 10756 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 |  | 5787 |  | 5692 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 |  | 1841 |  | 1833 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 |  | 14000 |  | 14159 |
|  Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. |
|  4.580% (BBSW3M + 1.000%) due 09/15/2026 ~ |  | 3050 |  | 2026 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.500% due 08/15/2029 | $— | 22409 |  | 22387 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  4.000% due 10/11/2027 |  | 1424 |  | 1422 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 51670 | 51635 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 65396 | 65518 |
|  5.213% (SOFRRATE + 1.060%) due 03/25/2027 ~ | 27600 | 27715 |
|  5.313% (SOFRRATE + 1.060%) due 08/14/2026 ~ | 42875 | 43050 |
|  Whitbread Group PLC | Whitbread Group PLC | Whitbread Group PLC |
|  3.375% due 10/16/2025 | 24383 | 32780 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | 17679 | 17761 |
|  |  | 1267142 |
| UTILITIES 3.5% | UTILITIES 3.5% | UTILITIES 3.5% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 28821 | 28558 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 799 | 799 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.625% due 06/15/2027 | 11858 | 11943 |
|  7.050% due 10/14/2025 | 12298 | 12309 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  1.600% due 01/15/2026 | 8799 | 8723 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 | 16100 | 15919 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  7.875% due 12/15/2026 | 1683 | 1749 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 | 800 | 800 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.250% due 12/01/2026 | 6400 | 6323 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 22786 | 22828 |
|  5.082% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 4657 | 4698 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 15400 | 15423 |
|  5.550% due 11/01/2026 | 2346 | 2376 |
|  5.850% due 01/15/2026 | 14600 | 14640 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 600 | 596 |
|  3.150% due 01/01/2026 | 62006 | 61813 |
|  5.000% due 06/04/2028 | 2512 | 2548 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 16600 | 16652 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 57532 | 56873 |
|  4.400% due 09/06/2026 | 15589 | 15620 |
|  4.700% due 06/01/2027 | 3130 | 3143 |
|  4.875% due 02/01/2027 | 1600 | 1610 |
|  4.900% due 06/01/2026 | 4000 | 4013 |
|  5.350% due 03/01/2026 | 12812 | 12863 |
|  5.850% due 11/01/2027 | 1100 | 1129 |
|  Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. |
|  4.482% (BBSW3M + 0.800%) due 04/21/2026 ~ | 9800 | 6487 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.050% due 12/30/2026 | 1600 | 1610 |
|  |  | 332045 |
|  Total Corporate Bonds & Notes (Cost $4,557,256) | Total Corporate Bonds & Notes (Cost $4,557,256) | 4580224 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| LOUISIANA 0.3% | LOUISIANA 0.3% | LOUISIANA 0.3% |
|  Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 |
|  4.773% (US0003M + 0.300%) due 02/15/2036 ~ | 32155 | 29956 |
|  Total Municipal Bonds & Notes (Cost $30,347) | Total Municipal Bonds & Notes (Cost $30,347) | 29956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% | U.S. GOVERNMENT AGENCIES 20.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 04/01/2048 - 09/01/2049 | $— | 1253 | $— | 1203 |
|  6.419% due 07/01/2033 •  |  | 4 |  | 4 |
|  6.430% due 08/01/2035 •  |  | 1 |  | 1 |
|  6.477% due 09/01/2035 •  |  | 11 |  | 11 |
|  6.481% due 08/01/2035 •  |  | 3 |  | 3 |
|  6.637% due 08/01/2034 •  |  | 7 |  | 7 |
|  6.955% due 05/01/2034 •  |  | 5 |  | 5 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.815% due 01/15/2038 ~(a) |  | 3634 |  | 187 |
|  2.500% due 10/25/2048 |  | 4070 |  | 3754 |
|  4.737% due 07/15/2034 •  |  | 3 |  | 3 |
|  4.887% due 06/15/2031 •  |  | 11 |  | 11 |
|  4.937% due 12/15/2031 - 09/15/2041 •  |  | 223 |  | 221 |
|  4.967% due 11/15/2036 •  |  | 9 |  | 8 |
|  4.987% due 07/15/2039 - 02/15/2041 •  |  | 523 |  | 521 |
|  5.000% due 08/15/2035 |  | 350 |  | 357 |
|  5.037% due 06/15/2031 •  |  | 27 |  | 27 |
|  5.087% due 06/15/2031 - 12/15/2037 •  |  | 45 |  | 45 |
|  5.187% due 03/15/2032 •  |  | 37 |  | 37 |
|  5.256% due 09/25/2054 •  |  | 54377 |  | 54521 |
|  5.296% due 11/25/2054 •  |  | 131138 |  | 131363 |
|  5.306% due 10/25/2054 - 09/25/2055 •  |  | 119216 |  | 119324 |
|  5.356% due 10/25/2052 - 06/25/2055 •  |  | 122004 |  | 121494 |
|  5.376% due 06/25/2055 •  |  | 46679 |  | 46980 |
|  5.456% due 11/25/2054 - 07/25/2055 •  |  | 109755 |  | 109634 |
|  5.487% due 11/15/2033 - 10/15/2049 •  |  | 54 |  | 55 |
|  5.506% due 12/25/2054 - 08/25/2055 •  |  | 95687 |  | 96072 |
|  5.556% due 12/25/2054 - 08/25/2055 •  |  | 26725 |  | 26863 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.837% due 07/15/2036 •  |  | 89 |  | 88 |
|  5.506% due 05/25/2054 •  |  | 47335 |  | 47529 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 - 02/25/2045 •  |  | 1000 |  | 933 |
|  6.500% due 07/25/2043 |  | 84 |  | 87 |
|  Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |
|  3.000% due 12/25/2046 |  | 2146 |  | 1865 |
|  3.500% due 12/25/2046 |  | 4737 |  | 4206 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.437% due 05/01/2036 •  |  | 90 |  | 89 |
|  4.473% due 07/01/2028 •  |  | 1 |  | 1 |
|  4.617% due 05/01/2036 •  |  | 2 |  | 2 |
|  5.420% due 06/01/2043 •  |  | 81 |  | 81 |
|  5.421% due 03/01/2044 - 10/01/2044 •  |  | 504 |  | 510 |
|  5.965% due 06/01/2033 •  |  | 6 |  | 6 |
|  6.040% due 06/01/2035 •  |  | 7 |  | 7 |
|  6.090% due 01/01/2036 •  |  | 4 |  | 4 |
|  6.158% due 07/01/2034 •  |  | 1 |  | 1 |
|  6.163% due 10/01/2035 - 01/01/2036 •  |  | 6 |  | 6 |
|  6.288% due 08/01/2035 •  |  | 3 |  | 3 |
|  6.300% due 09/01/2034 •  |  | 4 |  | 5 |
|  6.319% due 12/01/2040 •  |  | 4 |  | 4 |
|  6.395% due 07/01/2029 •  |  | 6 |  | 6 |
|  6.405% due 11/01/2035 •  |  | 6 |  | 5 |
|  6.425% due 01/01/2036 •  |  | 11 |  | 12 |
|  6.440% due 08/01/2029 •  |  | 12 |  | 12 |
|  6.460% due 05/01/2035 •  |  | 6 |  | 6 |
|  6.485% due 09/01/2034 •  |  | 3 |  | 3 |
|  6.487% due 09/01/2035 •  |  | 4 |  | 4 |
|  6.526% due 11/01/2034 •  |  | 16 |  | 17 |
|  6.529% due 07/01/2035 •  |  | 4 |  | 4 |
|  6.557% due 02/01/2034 •  |  | 5 |  | 5 |
|  6.582% due 05/01/2035 •  |  | 34 |  | 35 |
|  6.583% due 11/01/2035 •  |  | 24 |  | 24 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.584% due 12/01/2036 •  | $— | 1 | $— | 1 |
|  6.618% due 05/01/2038 •  |  | 379 |  | 393 |
|  6.635% due 05/01/2034 •  |  | 1 |  | 1 |
|  6.701% due 12/01/2036 •  |  | 2 |  | 2 |
|  6.748% due 03/01/2036 •  |  | 12 |  | 12 |
|  6.810% due 06/01/2035 •  |  | 12 |  | 12 |
|  6.839% due 09/01/2034 •  |  | 3 |  | 3 |
|  6.925% due 09/01/2034 •  |  | 28 |  | 28 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 05/25/2028 - 06/25/2028 (a) |  | 2127 |  | 32 |
|  4.523% due 12/25/2036 - 07/25/2037 •  |  | 81 |  | 79 |
|  4.583% due 03/25/2034 •  |  | 2 |  | 2 |
|  4.593% due 03/25/2036 •  |  | 9 |  | 9 |
|  4.613% due 08/25/2034 •  |  | 9 |  | 9 |
|  4.671% due 02/25/2037 •  |  | 188 |  | 185 |
|  4.791% due 06/25/2036 •  |  | 28 |  | 28 |
|  4.811% due 11/25/2036 •  |  | 30 |  | 30 |
|  4.821% due 04/25/2036 - 09/25/2036 •  |  | 26 |  | 26 |
|  4.841% due 03/25/2036 •  |  | 14 |  | 14 |
|  4.860% due 03/25/2049 •  |  | 337 |  | 334 |
|  4.871% due 06/25/2032 - 09/25/2032 •  |  | 7 |  | 8 |
|  4.896% due 03/17/2032 •  |  | 6 |  | 6 |
|  4.901% due 05/18/2032 - 07/25/2036 •  |  | 16 |  | 16 |
|  4.921% due 10/25/2030 - 09/25/2037 •  |  | 41 |  | 41 |
|  4.971% due 04/25/2042 •  |  | 70 |  | 70 |
|  5.001% due 07/18/2027 - 05/18/2032 •  |  | 8 |  | 8 |
|  5.011% due 07/25/2037 •  |  | 56 |  | 56 |
|  5.101% due 04/25/2031 •  |  | 19 |  | 18 |
|  5.125% due 12/25/2047 •  |  | 5602 |  | 5605 |
|  5.241% due 06/25/2037 •  |  | 42 |  | 42 |
|  5.245% due 12/25/2050 •  |  | 4402 |  | 4392 |
|  5.256% due 09/25/2054 - 03/25/2055 •  |  | 198891 |  | 199181 |
|  5.266% due 03/25/2055 •  |  | 844 |  | 844 |
|  5.306% due 11/25/2053 - 03/25/2055 •  |  | 21118 |  | 21206 |
|  5.321% due 07/25/2038 •  |  | 0 |  | 1 |
|  5.356% due 05/25/2055 •  |  | 15183 |  | 15268 |
|  5.371% due 04/25/2032 - 11/25/2049 •  |  | 6 |  | 5 |
|  5.406% due 01/25/2055 - 05/25/2055 •  |  | 22207 |  | 22299 |
|  5.456% due 06/25/2054 - 07/25/2055 •  |  | 64653 |  | 64775 |
|  5.471% due 11/25/2049 •  |  | 4 |  | 4 |
|  5.506% due 01/25/2055 - 03/25/2055 •  |  | 67020 |  | 67294 |
|  5.516% due 03/25/2055 •  |  | 29974 |  | 30096 |
|  5.536% due 08/25/2055 •  |  | 2638 |  | 2651 |
|  5.556% due 10/25/2053 - 07/25/2055 •  |  | 99390 |  | 99933 |
|  5.606% due 11/25/2053 - 02/25/2055 •  |  | 45878 |  | 46156 |
|  5.691% due 10/25/2038 •  |  | 10 |  | 11 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  5.089% due 10/25/2042 ~ |  | 79 |  | 80 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 05/25/2042 - 03/25/2044 •  |  | 142 |  | 142 |
|  4.871% due 09/25/2032 •  |  | 1 |  | 1 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% due 08/20/2027 - 08/20/2031 •  |  | 81 |  | 81 |
|  4.750% due 11/20/2026 - 12/20/2033 •  |  | 40 |  | 40 |
|  5.000% due 08/20/2027 - 09/20/2027 •  |  | 5 |  | 4 |
|  5.625% (H15T1Y + 1.500%) due 01/20/2026 - 06/20/2026 ~ |  | 1 |  | 1 |
|  5.625% due 06/20/2027 - 05/20/2032 •  |  | 196 |  | 199 |
|  6.599% due 05/20/2071 •  |  | 5921 |  | 6073 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  2.500% due 01/20/2049 - 10/20/2049 | 2926 | 2624 |
|  4.966% due 11/20/2069 •  | 396 | 396 |
|  5.089% due 02/20/2074 •  | 2228 | 2221 |
|  5.116% due 02/20/2070 •  | 271 | 271 |
|  5.179% due 04/20/2074 •  | 6114 | 6116 |
|  5.199% due 12/20/2068 •  | 9610 | 9652 |
|  5.236% due 10/20/2066 •  | 568 | 569 |
|  5.239% due 05/20/2074 •  | 3920 | 3930 |
|  5.261% due 08/16/2039 •  | 84 | 85 |
|  5.266% due 01/20/2066 •  | 1243 | 1246 |
|  5.289% due 06/20/2055 - 07/20/2074 •  | 49871 | 50071 |
|  5.316% due 04/20/2066 - 11/20/2066 •  | 2854 | 2866 |
|  5.339% due 01/20/2054 - 10/20/2073 •  | 17524 | 17646 |
|  5.369% due 09/20/2073 •  | 8918 | 9008 |
|  5.389% due 06/20/2055 - 05/20/2073 •  | 25289 | 25542 |
|  5.416% due 12/20/2066 •  | 659 | 662 |
|  5.466% due 03/20/2066 •  | 2924 | 2939 |
|  5.489% due 05/20/2073 - 11/20/2073 •  | 9104 | 9245 |
|  5.539% due 07/20/2055 •  | 496 | 498 |
|  5.581% due 07/20/2067 •  | 1429 | 1450 |
|  5.592% due 04/20/2067 •  | 1317 | 1335 |
|  5.656% due 11/20/2067 •  | 782 | 792 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 | 10 | 10 |
|  5.490% due 03/01/2028 | 5 | 5 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.500% due 11/01/2055 | 228300 | 230047 |
|  6.000% due 11/01/2055 | 185500 | 189483 |
|  Total U.S. Government Agencies (Cost $1,924,735) | Total U.S. Government Agencies (Cost $1,924,735) | 1924787 |
| U.S. TREASURY OBLIGATIONS 2.0% | U.S. TREASURY OBLIGATIONS 2.0% | U.S. TREASURY OBLIGATIONS 2.0% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 07/15/2026 (h)(j)(l) | 157135 | 156598 |
|  2.125% due 04/15/2029 (j)(l) | 30736 | 31733 |
|  Total U.S. Treasury Obligations (Cost $187,366) | Total U.S. Treasury Obligations (Cost $187,366) | 188331 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.610% due 02/25/2035 ~ | 26 | 26 |
|  AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  | 3041 | 3056 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 541 | 480 |
|  4.652% due 09/25/2046 •  | 242 | 231 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 2566 | 2565 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | 36236 | 48844 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  | 4200 | 4037 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.063% due 02/20/2036 ~ | 150 | 143 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.046% due 02/25/2036 ~ | 16 | 15 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ | 1 | 1 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.903% due 01/25/2064 þ | 16632 | 16765 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.467% due 11/25/2036 ~ | 913 | 519 |
|  4.592% due 02/25/2034 •  | 135 | 128 |
|  4.838% due 09/25/2035 ~ | 849 | 464 |
|  5.170% due 01/25/2036 ~ | 291 | 277 |
|  5.425% due 05/25/2035 ~ | 33 | 31 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.005% due 11/25/2034 ~ | 2696 | 2390 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.208% due 05/25/2047 ~ | $— | 239 | $— | 215 |
|  4.737% due 08/25/2033 ~ |  | 288 |  | 268 |
|  4.812% due 11/25/2030 ~ |  | 10 |  | 10 |
|  4.947% due 07/25/2033 ~ |  | 308 |  | 288 |
|  5.302% due 01/25/2035 ~ |  | 11 |  | 11 |
|  5.923% due 01/25/2034 ~ |  | 13 |  | 12 |
|  6.341% due 11/25/2034 ~ |  | 85 |  | 81 |
|  6.513% due 01/25/2034 ~ |  | 44 |  | 44 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ |  | 1035 |  | 827 |
|  4.972% due 01/26/2036 ~ |  | 1353 |  | 959 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.315% due 03/15/2036 •  |  | 5200 |  | 4410 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.492% due 02/15/2039 •  |  | 11009 |  | 10981 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.515% due 09/15/2036 •  |  | 9200 |  | 8920 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  4.964% due 01/15/2034 •  |  | 8231 |  | 8229 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.606% due 09/25/2055 •  |  | 8407 |  | 8399 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.522% due 08/25/2035 •  |  | 31 |  | 30 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ |  | 46 |  | 41 |
|  4.732% due 05/25/2035 •  |  | 70 |  | 62 |
|  4.852% due 04/25/2035 •  |  | 1 |  | 1 |
|  6.250% due 07/19/2031 ~ |  | 1 |  | 1 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 480 |  | 464 |
|  4.757% due 01/25/2034 ~ |  | 5 |  | 4 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.250% due 03/25/2061 ~ |  | 677 |  | 667 |
|  4.342% due 01/25/2037 •  |  | 80 |  | 71 |
|  4.487% due 09/25/2037 ~ |  | 470 |  | 435 |
|  5.000% due 05/25/2051 •  |  | 10629 |  | 9873 |
|  5.094% due 07/25/2046 ~ |  | 73 |  | 70 |
|  5.482% due 08/25/2035 ~ |  | 82 |  | 79 |
|  5.840% due 09/25/2035 •  |  | 1 |  | 1 |
|  5.856% due 06/25/2055 •  |  | 8783 |  | 8867 |
|  6.490% due 05/25/2035 •  |  | 20 |  | 20 |
|  6.560% due 10/25/2035 •  |  | 15 |  | 14 |
|  6.751% due 03/25/2034 ~ |  | 12 |  | 11 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  |  | 9702 |  | 9591 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.835% due 02/25/2069 þ |  | 18204 |  | 18360 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.430% due 02/20/2047 •  |  | 1371 |  | 1109 |
|  4.445% due 12/20/2046 •  |  | 923 |  | 814 |
|  4.592% due 02/25/2047 •  |  | 48 |  | 47 |
|  4.632% due 05/25/2047 •  |  | 850 |  | 790 |
|  4.652% due 09/25/2046 •  |  | 244 |  | 239 |
|  4.670% due 07/20/2046 •  |  | 429 |  | 364 |
|  4.692% due 07/25/2046 •  |  | 89 |  | 81 |
|  4.753% due 02/25/2037 ~ |  | 228 |  | 202 |
|  5.153% due 12/25/2035 •  |  | 144 |  | 124 |
|  5.153% due 02/25/2036 •  |  | 106 |  | 98 |
|  6.000% due 04/25/2037 |  | 102 |  | 42 |
|  6.250% due 12/25/2033 |  | 42 |  | 45 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ |  | 12 |  | 11 |
|  5.071% due 11/25/2034 ~ |  | 80 |  | 77 |
|  6.495% due 11/25/2033 ~ |  | 28 |  | 28 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ |  | 2479 |  | 2393 |
|  4.136% due 12/27/2060 ~ |  | 8586 |  | 8558 |
|  5.000% due 07/25/2056 •  |  | 9875 |  | 9190 |
|  5.194% due 07/15/2032 •  |  | 1454 |  | 1452 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  2.006% due 05/25/2065 ~ |  | 34 |  | 34 |
|  5.655% due 02/25/2060 þ |  | 2670 |  | 2699 |
|  5.726% due 01/25/2060 þ |  | 3289 |  | 3331 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 106 |  | 142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 84581 | 84646 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ | 80 | 53 |
|  FirstKey Master Funding | FirstKey Master Funding | FirstKey Master Funding |
|  3.000% due 05/27/2036 ~ | 1447 | 1359 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  1.091% due 05/25/2066 ~ | 10303 | 8968 |
|  1.348% due 05/25/2066 ~ | 1035 | 908 |
|  2.650% due 10/25/2068 ~ | 607 | 592 |
|  2.885% due 12/27/2066 ~ | 20358 | 19220 |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  4.871% due 12/16/2067 •  | 440 | 593 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  0.000% due 08/19/2034 ~ | 169 | 157 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.812% due 11/25/2045 •  | 100 | 95 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  | 47 | 43 |
|  4.732% due 06/25/2045 •  | 37 | 29 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.520% due 12/15/2036 •  | 7146 | 7140 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 12/25/2051 •  | 8572 | 7962 |
|  5.000% due 02/25/2052 •  | 22543 | 20935 |
|  5.698% due 11/25/2054 •  | 18163 | 18211 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  8.500% due 01/25/2036 | 55 | 54 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.292% due 04/25/2036 ~ | 95 | 57 |
|  4.668% due 01/25/2036 ~ | 74 | 70 |
|  5.191% due 09/25/2035 ~ | 224 | 216 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.508% due 03/19/2037 •  | 284 | 264 |
|  4.688% due 05/19/2035 •  | 312 | 302 |
|  4.728% due 03/19/2036 •  | 935 | 866 |
|  5.509% due 08/19/2036 ~ | 4 | 4 |
|  5.932% due 04/19/2034 ~ | 5 | 5 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 733 | 714 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.632% due 07/25/2047 •  | 247 | 162 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.580% due 12/25/2034 ~ | 6 | 6 |
|  4.652% due 09/25/2046 •  | 448 | 411 |
|  4.672% due 06/25/2046 •  | 188 | 169 |
|  4.692% due 05/25/2046 •  | 64 | 59 |
|  4.752% due 07/25/2035 •  | 47 | 43 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  3.379% due 09/15/2050 | 308 | 303 |
|  4.128% due 07/05/2031 | 5000 | 4586 |
|  5.407% due 06/15/2035 •  | 4555 | 3912 |
|  5.648% due 12/15/2031 •  | 4190 | 4175 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 05/25/2050 ~ | 1287 | 1163 |
|  3.500% due 08/25/2050 ~ | 238 | 214 |
|  3.946% due 04/25/2035 ~ | 505 | 419 |
|  5.000% due 02/25/2052 •  | 9090 | 8442 |
|  Kinbane 1 DAC | Kinbane 1 DAC | Kinbane 1 DAC |
|  3.870% due 09/25/2062 ~ | 12284 | 14705 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ | 5274 | 5277 |
|  5.750% due 07/25/2061 þ | 2583 | 2584 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.612% due 12/25/2036 •  | 272 | 239 |
|  4.632% due 12/25/2036 •  | 32 | 31 |
|  4.672% due 10/25/2046 •  | 72 | 67 |
|  MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust |
|  4.343% due 04/15/2066 •  | 5142 | 3403 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  | 149 | 138 |
|  5.578% due 11/21/2034 ~ | 128 | 123 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  6.000% due 08/25/2033 | 140 | 142 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  | 89 | 87 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  | 87 | 85 |
|  5.125% due 08/15/2032 •  | 7 | 7 |
|  5.137% due 10/20/2029 •  | 80 | 78 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2036 •  | 639 | 629 |
|  4.772% due 11/25/2035 •  | 68 | 65 |
|  5.945% due 12/25/2032 •  | 1 | 1 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.360% due 04/25/2037 ~ | 135 | 119 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 1089 | 1000 |
|  2.479% due 03/25/2065 ~ | 623 | 606 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.125% due 11/25/2060 ~ | 5975 | 5746 |
|  2.750% due 08/25/2059 ~ | 6127 | 5966 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.265% due 05/15/2036 •  | 11400 | 1681 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.712% due 02/25/2047 •  | 631 | 159 |
|  6.035% due 06/25/2036 ~ | 19 | 18 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.000% due 09/25/2051 •  | 10304 | 9573 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  5.012% due 12/25/2034 •  | 102 | 102 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 1218 | 1167 |
|  2.464% due 01/26/2060 ~ | 748 | 705 |
|  3.500% due 12/25/2057 ~ | 1254 | 1220 |
|  3.500% due 10/25/2059 ~ | 1140 | 1077 |
|  4.500% due 05/25/2058 ~ | 5104 | 4998 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  | 55900 | 55753 |
|  OBX Trust | OBX Trust | OBX Trust |
|  4.922% due 06/25/2057 •  | 442 | 434 |
|  5.000% due 10/25/2051 •  | 5255 | 4906 |
|  5.988% due 01/25/2064 þ | 8750 | 8843 |
|  6.067% due 01/25/2064 þ | 10237 | 10352 |
|  6.129% due 12/25/2063 þ | 17914 | 18141 |
|  6.447% due 02/25/2064 þ | 11753 | 11946 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.298% due 05/25/2055 •  | 13510 | 13547 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 20000 | 19689 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 3193 | 3233 |
|  Progress Trust | Progress Trust | Progress Trust |
|  4.535% due 01/21/2051 •  | 14822 | 9813 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 2944 | 2970 |
|  6.265% due 12/25/2068 þ | 2916 | 2951 |
|  6.327% due 06/25/2069 þ | 3738 | 3825 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 08/25/2035 •  | 252 | 176 |
|  4.692% due 04/25/2046 •  | 136 | 34 |
|  4.772% due 08/25/2037 •  | 85 | 82 |
|  5.513% due 09/25/2045 •  | 130 | 111 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.553% due 03/25/2055 þ | 6766 | 6851 |
|  5.653% due 01/25/2045 þ | 6837 | 6922 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.574% due 12/25/2034 ~ | 569 | 533 |
|  5.750% due 02/25/2036 | 80 | 26 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.500% due 03/25/2032 | 5 | 5 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.442% due 11/25/2063 ~ | 10914 | 10996 |
|  4.650% due 05/20/2035 •  | 579 | 534 |
|  4.699% due 01/20/2047 ~ | 50 | 36 |
|  6.741% due 04/20/2035 ~ | 15 | 15 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  | 15 | 15 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.529% due 08/25/2035 ~ | 131 | 113 |
|  5.553% due 01/25/2035 •  | 18 | 16 |
|  6.336% due 02/25/2034 ~ | 9 | 9 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  | 213 | 81 |
|  4.652% due 07/25/2046 •  | 766 | 540 |
|  4.712% due 05/25/2036 •  | 1767 | 1459 |
|  4.712% due 05/25/2046 •  | 588 | 201 |
|  4.732% due 05/25/2045 •  | 98 | 94 |
|  4.748% due 07/19/2035 •  | 24 | 23 |
|  4.828% due 07/19/2034 •  | 2 | 2 |
|  4.832% due 02/25/2036 •  | 6 | 5 |
|  4.948% due 03/19/2034 •  | 42 | 40 |
|  4.948% due 04/19/2035 •  | 249 | 243 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.693% due 04/25/2045 ~ | 18 | 17 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 6921 | 9332 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | 7842 | 7642 |
|  2.710% due 01/25/2060 ~ | 8197 | 7923 |
|  3.750% due 05/25/2058 ~ | 8996 | 8862 |
|  5.272% due 05/25/2058 •  | 4025 | 4117 |
|  5.272% due 10/25/2059 •  | 2699 | 2703 |
|  Triton Bond Trust | Triton Bond Trust | Triton Bond Trust |
|  4.256% due 02/09/2053 •  | 8485 | 5612 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.402% due 05/25/2065 þ | 6164 | 6221 |
|  5.712% due 01/25/2069 þ | 13105 | 13201 |
|  5.811% due 05/25/2068 þ | 3784 | 3798 |
|  5.850% due 12/25/2067 þ | 4070 | 4069 |
|  5.999% due 02/25/2068 þ | 1205 | 1206 |
|  6.218% due 06/25/2069 þ | 5984 | 6070 |
|  6.338% due 04/25/2069 þ | 2412 | 2447 |
|  6.443% due 08/25/2068 þ | 2579 | 2602 |
|  6.476% due 06/25/2068 þ | 7340 | 7395 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.411% due 05/25/2037 ~ | 169 | 139 |
|  3.712% due 04/25/2037 ~ | 95 | 86 |
|  3.714% due 01/25/2037 ~ | 130 | 113 |
|  3.943% due 12/25/2046 •  | 321 | 292 |
|  3.949% due 12/25/2046 •  | 634 | 556 |
|  4.198% due 02/27/2034 •  | 7 | 7 |
|  4.200% due 02/25/2037 ~ | 490 | 442 |
|  4.357% due 12/25/2036 ~ | 91 | 84 |
|  4.387% due 02/25/2037 ~ | 188 | 175 |
|  4.400% due 02/25/2037 ~ | 170 | 152 |
|  4.498% due 09/25/2036 ~ | 124 | 109 |
|  4.792% due 11/25/2045 •  | 30 | 29 |
|  4.812% due 12/25/2045 •  | 31 | 31 |
|  4.852% due 10/25/2045 •  | 192 | 190 |
|  4.853% due 02/25/2047 •  | 169 | 156 |
|  4.883% due 01/25/2047 •  | 96 | 92 |
|  4.892% due 01/25/2045 •  | 18 | 18 |
|  4.893% due 01/25/2047 •  | 198 | 183 |
|  4.913% due 04/25/2047 •  | 316 | 290 |
|  4.992% due 10/25/2045 •  | 319 | 314 |
|  5.052% due 01/25/2045 •  | 616 | 596 |
|  5.153% due 02/25/2046 •  | 576 | 530 |
|  5.153% due 08/25/2046 •  | 2153 | 1981 |
|  5.201% due 07/25/2046 •  | 83 | 75 |
|  5.201% due 08/25/2046 •  | 1029 | 896 |
|  5.353% due 11/25/2042 •  | 53 | 51 |
|  5.375% due 06/25/2034 ~ | 222 | 211 |
|  5.403% due 01/25/2047 •  | 71 | 66 |
|  5.553% due 06/25/2042 •  | 45 | 43 |
|  5.553% due 08/25/2042 •  | 61 | 60 |
|  5.653% due 09/25/2046 •  | 143 | 139 |
|  5.653% due 11/25/2046 •  | 62 | 56 |
|  5.677% due 09/25/2033 ~ | 251 | 250 |
|  5.706% due 09/25/2033 ~ | 40 | 40 |
|  5.781% due 03/25/2033 ~ | 11 | 11 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Warwick Finance Residential Mortgages Number Four PLC | Warwick Finance Residential Mortgages Number Four PLC | Warwick Finance Residential Mortgages Number Four PLC |
|  5.455% due 03/21/2042 •  | 1560 | 2121 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  5.123% due 05/25/2046 •  | 156 | 139 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.793% due 07/15/2037 •  | 7100 | 7127 |
|  5.807% due 01/15/2059 •  | 3500 | 3501 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $787,870) | Total Non-Agency Mortgage-Backed Securities (Cost $787,870) | 773618 |
| ASSET-BACKED SECURITIES 17.9% | ASSET-BACKED SECURITIES 17.9% | ASSET-BACKED SECURITIES 17.9% |
| AUTOMOBILE ABS OTHER 0.7% | AUTOMOBILE ABS OTHER 0.7% | AUTOMOBILE ABS OTHER 0.7% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.992% due 03/15/2027 •  | 1461 | 1461 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.142% due 05/15/2036 •  | 4695 | 4692 |
|  5.622% due 05/15/2035 •  | 4352 | 4370 |
|  Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A |
|  5.142% due 09/15/2029 •  | 29000 | 29175 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.799% due 05/20/2027 •  | 18451 | 18462 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.829% due 02/22/2027 •  | 8428 | 8433 |
|  |  | 66593 |
| AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.080% due 12/15/2028 | 1963 | 1976 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 2131 | 1544 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 | 1812 | 1816 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 | 1068 | 1069 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 329 | 329 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 6690 | 6776 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.540% due 11/16/2026 | 771 | 771 |
|  5.840% due 01/18/2028 | 6406 | 6450 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 2417 | 2421 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 1296 | 1297 |
|  5.740% due 12/20/2026 | 10385 | 10437 |
|  5.760% due 10/22/2029 | 6360 | 6391 |
|  6.400% due 03/20/2030 | 19224 | 19517 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.880% due 08/16/2028 | 5740 | 5780 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.883% due 12/21/2026 | 3647 | 2633 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 38400 | 38637 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.530% due 09/15/2027 | 3553 | 3559 |
|  5.290% due 04/15/2027 | 2085 | 2088 |
|  Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC |
|  5.810% due 12/10/2027 | 10062 | 10122 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.030% due 07/15/2030 | 5300 | 5297 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 | 21400 | 21546 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.790% due 02/15/2029 | 1474 | 1490 |
|  |  | 151946 |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  6.380% due 02/19/2038 •  | 2631 | 2639 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  | 19741 | 19776 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.415% due 10/21/2042 •  | 6800 | 6813 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.398% due 08/19/2038 •  | 5677 | 5663 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.157% due 11/15/2037 •  | 1024 | 1023 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 8763 | 8581 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 364 | 364 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 1321 | 1302 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 17423 | 17435 |
|  5.957% due 12/15/2035 •  | 6162 | 6172 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 6101 | 6115 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.532% due 10/25/2039 •  | 41 | 42 |
|  |  | 75925 |
| CREDIT CARD BULLET 0.5% | CREDIT CARD BULLET 0.5% | CREDIT CARD BULLET 0.5% |
|  Master Credit Card Trust II | Master Credit Card Trust II | Master Credit Card Trust II |
|  5.131% due 01/21/2028 •  | 50700 | 50784 |
| CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.970% due 01/15/2029 | 35000 | 34101 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5000 | 5094 |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.892% due 12/26/2028 •  | 61000 | 61078 |
|  |  | 100273 |
| HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.972% due 06/25/2034 •  | 191 | 192 |
|  5.247% due 06/25/2033 •  | 353 | 354 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  | 649 | 647 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 8 | 3 |
|  5.052% due 04/25/2034 •  | 10166 | 9678 |
|  5.307% due 10/25/2034 •  | 1385 | 1357 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  | 61 | 61 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.212% due 06/25/2029 •  | 67 | 69 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  2.777% due 07/25/2036 •  | 325 | 322 |
|  4.352% due 05/25/2037 •  | 16 | 12 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.522% due 08/25/2037 •  | 29 | 28 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 10/27/2032 •  | 4 | 4 |
|  5.272% due 11/25/2042 •  | 5 | 5 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 32 | 14 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.912% due 08/25/2032 •  | 16 | 16 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  | 175 | 123 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.562% due 05/25/2047 •  | 118 | 114 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.812% due 12/25/2034 •  | 2673 | 2607 |
|  5.072% due 10/25/2047 •  | 1013 | 954 |
|  5.097% due 03/25/2034 •  | 26 | 42 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.172% due 05/25/2036 •  | $— | 132 | $— | 130 |
|  5.772% due 10/25/2034 •  |  | 192 |  | 191 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  |  | 1 |  | 1 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  |  | 175 |  | 116 |
|  CWHEQ Revolving Home Equity Loan Trust | CWHEQ Revolving Home Equity Loan Trust | CWHEQ Revolving Home Equity Loan Trust | CWHEQ Revolving Home Equity Loan Trust | CWHEQ Revolving Home Equity Loan Trust |
|  4.405% due 01/15/2037 •  |  | 3 |  | 3 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.085% due 09/15/2029 •  |  | 12 |  | 12 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.012% due 05/25/2040 •  |  | 14 |  | 13 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.097% due 08/25/2034 •  |  | 4402 |  | 4235 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  4.342% due 08/25/2037 •  |  | 299 |  | 151 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.007% due 01/25/2035 •  |  | 147 |  | 145 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.812% due 07/25/2037 •  |  | 148 |  | 144 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  |  | 238 |  | 118 |
|  4.792% due 06/25/2036 •  |  | 2220 |  | 2166 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.857% due 07/25/2036 •  |  | 252 |  | 252 |
|  5.192% due 02/25/2033 •  |  | 1 |  | 1 |
|  5.217% due 06/25/2034 •  |  | 982 |  | 983 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  |  | 79 |  | 22 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.767% due 02/25/2036 •  |  | 1432 |  | 1388 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  |  | 618 |  | 617 |
|  4.677% due 07/25/2036 •  |  | 1069 |  | 1060 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.362% due 06/25/2037 •  |  | 204 |  | 136 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  |  | 310 |  | 307 |
|  4.972% due 03/25/2032 •  |  | 16 |  | 16 |
|  5.247% due 04/25/2035 •  |  | 1625 |  | 1620 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 11/25/2036 •  |  | 44 |  | 13 |
|  4.372% due 01/25/2037 •  |  | 243 |  | 69 |
|  4.972% due 09/25/2034 •  |  | 4953 |  | 4571 |
|  5.052% due 02/25/2034 •  |  | 665 |  | 692 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.432% due 09/25/2037 •  |  | 3 |  | 1 |
|  4.512% due 02/25/2037 •  |  | 239 |  | 67 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  |  | 71 |  | 65 |
|  4.472% due 09/25/2036 •  |  | 16 |  | 6 |
|  4.892% due 12/25/2035 •  |  | 209 |  | 206 |
|  5.172% due 05/25/2034 •  |  | 9672 |  | 10286 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  5.262% due 05/25/2035 •  |  | 304 |  | 301 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.322% due 11/25/2036 •  |  | 7 |  | 2 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.632% due 05/25/2036 •  |  | 61 |  | 61 |
|  5.202% due 11/25/2034 •  |  | 1440 |  | 1469 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.572% due 07/25/2036 •  |  | 1922 |  | 1807 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.822% due 01/25/2046 •  |  | 1205 |  | 1204 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ |  | 5167 |  | 5223 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.434% due 08/25/2033 •  |  | 215 |  | 197 |
|  4.992% due 11/25/2034 •  |  | 96 |  | 85 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.962% due 10/25/2035 •  |  | 3 |  | 3 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.942% due 08/25/2034 •  |  | 3243 |  | 3062 |
|  4.947% due 01/25/2035 •  |  | 374 |  | 347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.832% due 05/25/2036 •  | 5282 | 5185 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 9501 | 9562 |
|  5.348% due 07/25/2065 þ | 4988 | 5024 |
|  5.848% due 01/25/2064 ~ | 4943 | 4981 |
|  6.125% due 02/25/2064 ~ | 1046 | 1058 |
|  6.290% due 05/25/2064 ~ | 5231 | 5301 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 42 | 15 |
|  |  | 91292 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.500% due 09/25/2033 þ | 3419 | 3088 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.432% due 11/25/2036 •  | 87 | 90 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.022% due 01/25/2034 •  | 711 | 727 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.022% due 03/25/2035 •  | 135 | 168 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.052% due 07/25/2035 •  | 27 | 27 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.247% due 12/25/2035 •  | 187 | 186 |
|  |  | 4286 |
| OTHER ABS 12.2% | OTHER ABS 12.2% | OTHER ABS 12.2% |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  | 7900 | 7907 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 17500 | 17517 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 11900 | 11918 |
|  ARES LIX CLO Ltd. | ARES LIX CLO Ltd. | ARES LIX CLO Ltd. |
|  5.610% due 04/25/2034 •  | 600 | 601 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 4300 | 4315 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 10900 | 10941 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 6600 | 6623 |
|  5.379% due 07/24/2034 •  | 13050 | 13068 |
|  5.415% due 10/21/2034 •  | 4300 | 4306 |
|  5.529% due 10/23/2034 •  | 5550 | 5563 |
|  5.548% due 07/16/2034 •  | 11100 | 11115 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 6396 | 7513 |
|  3.267% due 01/22/2038 •  | 24400 | 28738 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 7 | 8 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 5586 | 5596 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.328% due 10/15/2034 •  | 12100 | 12108 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 4200 | 4204 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 6011 | 7048 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 11545 | 11556 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 15600 | 15693 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 8611 | 8624 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.922% due 11/26/2046 •  | 795 | 803 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 587 | 563 |
|  3.560% due 09/25/2045 | 602 | 578 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 11045 | 12954 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 11633 | 11658 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 6733 | 7889 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 2829 | 2830 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 1400 | 1401 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 11696 | 11658 |
|  5.471% due 07/25/2069 •  | 6135 | 6157 |
|  5.521% due 05/25/2067 •  | 826 | 830 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 19200 | 19232 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 18098 | 16228 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 3733 | 4384 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 5555 | 5564 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(b) | 4800 | 4800 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 10871 | 10883 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 5400 | 5403 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.786% due 07/15/2031 •  | 6421 | 7543 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 17200 | 17220 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.676% due 07/15/2031 •  | 1761 | 2069 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 9500 | 9499 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 5900 | 5900 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 614 | 614 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 7500 | 7512 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 17300 | 17318 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 147 | 148 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 5274 | 5292 |
|  5.790% due 11/13/2026 | 2537 | 2543 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 6666 | 6739 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 926 | 896 |
|  5.165% due 11/15/2068 •  | 1339 | 1336 |
|  5.715% due 07/16/2040 •  | 2383 | 2393 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.060% due 10/15/2069 | 431 | 393 |
|  1.170% due 09/16/2069 | 4125 | 3875 |
|  1.330% due 04/15/2069 | 4983 | 4622 |
|  1.690% due 05/15/2069 | 7257 | 6826 |
|  5.265% due 04/15/2069 •  | 5199 | 5178 |
|  5.865% due 11/15/2068 •  | 439 | 442 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.271% due 07/26/2066 •  | 7715 | 7743 |
|  6.072% due 03/15/2072 •  | 14849 | 14985 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 36600 | 36871 |
|  0.000% due 06/22/2065 •  | 40600 | 40658 |
|  4.712% due 09/27/2066 •  | 187 | 187 |
|  5.071% due 02/27/2051 •  | 1000 | 1000 |
|  5.072% due 08/25/2067 •  | 12415 | 12429 |
|  5.171% due 09/27/2038 •  | 1764 | 1758 |
|  5.271% due 09/25/2065 •  | 1010 | 1011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.321% due 02/25/2066 •  | $— | 1394 | $— | 1396 |
|  5.371% due 06/27/2067 •  |  | 25133 |  | 25176 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  |  | 3300 |  | 3304 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  |  | 3100 |  | 3104 |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  |  | 12822 |  | 15055 |
|  Octagon 64 Ltd. | Octagon 64 Ltd. | Octagon 64 Ltd. | Octagon 64 Ltd. | Octagon 64 Ltd. |
|  5.585% due 07/21/2035 •  | $— | 25500 |  | 25603 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  |  | 4111 |  | 4114 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  |  | 19150 |  | 19184 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.497% due 04/15/2033 |  | 10900 |  | 10908 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.660% due 07/15/2031 |  | 886 |  | 892 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  |  | 15100 |  | 15112 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  |  | 6200 |  | 6203 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  |  | 17300 |  | 17321 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  |  | 6100 |  | 6110 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  1.692% due 08/17/2040 |  | 8019 |  | 7485 |
|  2.013% due 11/17/2040 |  | 4337 |  | 4062 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.667% due 04/20/2034 •  |  | 7400 |  | 7411 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.292% due 01/25/2034 •  |  | 438 |  | 450 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  |  | 8300 |  | 8332 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  |  | 8000 |  | 9423 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | $— | 11450 |  | 11450 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  |  | 11300 |  | 11325 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  |  | 711 |  | 712 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  |  | 9450 |  | 9454 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  |  | 1250 |  | 1255 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.921% due 06/25/2043 •  |  | 5609 |  | 5530 |
|  5.121% due 12/27/2038 •  |  | 981 |  | 975 |
|  5.171% due 01/25/2029 •  |  | 2299 |  | 2237 |
|  5.352% due 04/25/2049 •  |  | 41 |  | 41 |
|  6.302% due 01/27/2026 •  |  | 1183 |  | 1188 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.340% due 03/17/2053 |  | 6253 |  | 5894 |
|  1.600% due 09/15/2054 |  | 5247 |  | 4955 |
|  4.995% due 01/15/2053 •  |  | 4772 |  | 4730 |
|  5.090% due 10/16/2056 |  | 2914 |  | 2955 |
|  5.122% due 09/15/2054 •  |  | 19230 |  | 19153 |
|  5.474% due 06/17/2052 •  |  | 1836 |  | 1836 |
|  5.474% due 07/15/2053 •  |  | 15175 |  | 15148 |
|  5.500% due 06/17/2052 |  | 4256 |  | 4386 |
|  5.572% due 03/17/2053 •  |  | 4598 |  | 4618 |
|  5.722% due 10/16/2056 •  |  | 4898 |  | 4941 |
|  5.822% due 04/15/2054 •  |  | 20180 |  | 20441 |
|  5.822% due 02/16/2055 •  |  | 9782 |  | 9881 |
|  5.822% due 03/15/2056 •  |  | 4510 |  | 4566 |
|  5.924% due 11/15/2052 •  |  | 8649 |  | 8744 |
|  6.022% due 09/15/2053 •  |  | 2915 |  | 2969 |
|  6.172% due 10/16/2056 •  |  | 4710 |  | 4811 |
|  6.222% due 05/16/2050 •  |  | 3083 |  | 3131 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.800% due 02/27/2034 |  | 1599 |  | 1607 |
|  4.820% due 06/25/2034 |  | 17784 |  | 17881 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  1.950% due 02/15/2046 | 6580 | 6182 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  | 8310 | 8325 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 3260 | 3152 |
|  Symphony CLO XIX Ltd. | Symphony CLO XIX Ltd. | Symphony CLO XIX Ltd. |
|  5.539% due 04/16/2031 •  | 1594 | 1595 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 5471 | 5479 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | 10300 | 10300 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 5450 | 5472 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 7250 | 7280 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 23189 | 23222 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 23000 | 23035 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  | 7467 | 8776 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  4.950% due 11/20/2061 •  | 6505 | 6492 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 4300 | 4305 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  | 5300 | 5318 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  5.435% due 10/20/2033 •  | 19368 | 19409 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 1539 | 1546 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 3146 | 3149 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 10019 | 10043 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 2686 | 2690 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 7843 | 7849 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  5.031% due 12/20/2028 •  | 17200 | 17215 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 7100 | 7100 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 | 12340 | 12360 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 7900 | 7910 |
|  5.579% due 10/15/2030 •  | 352 | 352 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 18300 | 18302 |
|  5.378% due 10/15/2034 •  | 7460 | 7471 |
|  |  | 1155565 |
|  Total Asset-Backed Securities (Cost $1,697,105) | Total Asset-Backed Securities (Cost $1,697,105) | 1696664 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 671100 | 117793 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 57650 | 58561 |
|  Israel Government Bonds - Fixed | Israel Government Bonds - Fixed | Israel Government Bonds - Fixed |
|  0.500% due 02/27/2026 | 30800 | 9168 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.475% due 04/06/2026 | 1000 | 663 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.951% (SOFRRATE + 0.770%) due 03/31/2028 ~ | 5200 | 5220 |
|  Total Sovereign Issues<br>(Cost $188,390) | Total Sovereign Issues<br>(Cost $188,390) | 191405 |
| SHORT-TERM INSTRUMENTS 16.6% | SHORT-TERM INSTRUMENTS 16.6% | SHORT-TERM INSTRUMENTS 16.6% |
| COMMERCIAL PAPER 0.7% | COMMERCIAL PAPER 0.7% | COMMERCIAL PAPER 0.7% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/03/2025 | 12600 | 12595 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (b) | 1400 | 1396 |
|  4.610% due 10/23/2025 | 11800 | 11765 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.600% due 10/06/2025 | 6700 | 6695 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.750% due 10/09/2025 | 33650 | 33612 |
|  |  | 66063 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 555856 | $— | 556 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| REPURCHASE AGREEMENTS (g) 2.3% | REPURCHASE AGREEMENTS (g) 2.3% | REPURCHASE AGREEMENTS (g) 2.3% | REPURCHASE AGREEMENTS (g) 2.3% |
|  |  |  | 220875 |
| U.S. TREASURY BILLS 13.6% | U.S. TREASURY BILLS 13.6% | U.S. TREASURY BILLS 13.6% | U.S. TREASURY BILLS 13.6% |
|  3.954% due 10/30/2025 - 01/27/2026 (c)(d)(j)(l) | 1303003 |  | 1290069 |
| Total Short-Term Instruments (Cost $1,577,670) | Total Short-Term Instruments (Cost $1,577,670) |  | 1577563 |
| Total Investments in Securities (Cost $10,950,739) | Total Investments in Securities (Cost $10,950,739) |  | 10962548 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% |
| SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% |
|  PIMCO Short Asset Portfolio | 29289635 |  | 287360 |
|  PIMCO Short-Term Floating NAV Portfolio III | 993 |  | 10 |
| Total Short-Term Instruments (Cost $287,181) | Total Short-Term Instruments (Cost $287,181) |  | 287370 |
| Total Investments in Affiliates (Cost $287,181) | Total Investments in Affiliates (Cost $287,181) |  | 287370 |
| Total Investments 118.3% (Cost $11,237,920) | Total Investments 118.3% (Cost $11,237,920) | $— | 11249918 |
|  Financial Derivative<br>Instruments (i)(k) (0.2)%<br> (Cost or Premiums, net $(4653)) | Financial Derivative<br>Instruments (i)(k) (0.2)%<br> (Cost or Premiums, net $(4653)) |  | (15534) |
| Other Assets and Liabilities, net (18.1)% | Other Assets and Liabilities, net (18.1)% |  | (1725928) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 9508456 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| JPS | 4.100% | 09/30/2025 | 10/01/2025 | $99875 | U.S. Treasury Notes 3.625% due 08/31/2030 | $(99810) | $99875 | $99887 |
| SAL | 4.230 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | U.S. Treasury Notes 4.625% due 02/28/2026 | (123525) | 121000 | 121014 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223335) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220901 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  DEU | 4.400% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | $(1344) |
|  Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(3)</sup> |
|  U.S. Treasury Obligations (1.0)% | U.S. Treasury Obligations (1.0)% | U.S. Treasury Obligations (1.0)% | U.S. Treasury Obligations (1.0)% | U.S. Treasury Obligations (1.0)% | U.S. Treasury Obligations (1.0)% |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625% | 08/31/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $(100111) | $(99810) |
|  Total Short Sales (1.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99810) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  DEU | $0 | $(1344) | $0 | $0 | $(1344) | $1343 | $(1) |
|  JPS | 99887 | 0 | 0 | 0 | 99887 | (99810) | 77 |
|  SAL | 121014 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123525) | (2511) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  SAL | 0 | 0 | 0 | (99810) | (99810) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99810) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99810) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(1344) | $0 | $0 | $0 | $(1344) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(1344) |

---

(h) Securities with an aggregate market value of $1,343 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(236529) at a weighted average interest rate of 4.515%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for short sales includes $(310) of accrued interest. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 9108 | $2184952 | $(40) | $171 | $0 |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 4674 | 330435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1212) | 454 | (91) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 4215 | 349266 | 4423 | 848 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 37234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065778 | 4811 | 1454 | 0 |
|  |  |  |  | $7982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 17041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3551318) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180) | $17 | $(1821) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1986 | (223425) | (1002) | 31 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 948 | (113819) | (2930) | 533 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 744 | (85618) | (392) | 47 | 0 |
|  |  |  |  | $(5504) | $628 | $(1821) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $2478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | EUR | 16100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 165700 | $(753) | $(205) | $(958) | $228 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746200 | 2170 | 417 | 2587 | 0 | (112) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.920 | Annual | 02/27/2026 |  | 11200 | 0 | 24 | 24 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 |  | 256100 | 0 | (3434) | (3434) | 0 | (162) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 332700 | (685) | (2646) | (3331) | 0 | (185) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 573709 | (230) | 896 | 666 | 0 | (290) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 1872173 | (11371) | 11708 | 337 | 0 | (948) |
|  |  |  |  |  |  |  | $(10869) | $6760 | $(4109) | $228 | $(1698) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10775) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1698) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1974) | $(1698) | $(3672) |

---

(j) Securities with an aggregate market value of $65,073 and cash of $85,899 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $38 and liability of $(62) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 320124 | $207108 | $0 | $(4718) |
|  | 10/2025 | 91150 | 106313 | 0 | (702) |
|  | 10/2025 | $8437 | 11737 | 0 | (3) |
|  | 11/2025 | 11719 | $8437 | 3 | 0 |
|  | 11/2025 | $368 | 561 | 3 | 0 |
|  BOA | 10/2025 | 1085 | 1642 | 2 | 0 |
|  BPS | 10/2025 | 186413 | $31097 | 0 | (3929) |
|  | 10/2025 | $34571 | 186413 | 467 | (12) |
|  | 11/2025 | 765 | 4098 | 0 | (1) |
|  | 04/2026 | 98600 | $17261 | 0 | (475) |
|  BRC | 10/2025 | 186 | 233 | 0 | (1) |
|  | 10/2025 | $273 | 219 | 2 | 0 |
|  | 11/2025 | 1004 | 1518 | 1 | 0 |
|  | 11/2025 | 232 | 185 | 1 | 0 |
|  BSH | 10/2025 | 175100 | $32922 | 22 | 0 |
|  | 10/2025 | 24358 | 28300 | 0 | (297) |
|  | 10/2025 | $32199 | 175100 | 701 | 0 |
|  | 04/2026 | 187300 | $32977 | 0 | (714) |
|  CBK | 10/2025 | 6713 | 4854 | 30 | 0 |
|  | 10/2025 | 7707 | 8995 | 0 | (53) |
|  | 10/2025 | $1358 | 2079 | 18 | 0 |
|  | 10/2025 | 10422 | 7718 | 0 | (42) |
|  DUB | 10/2025 | 3065 | $897 | 0 | (28) |
|  | 11/2025 | $897 | 3064 | 28 | 0 |
|  FAR | 10/2025 | 33 | $42 | 0 | 0 |
|  | 10/2025 | $206543 | 316347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 | 0 |
|  | 11/2025 | 316347 | $206644 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2781) |
|  | 11/2025 | $42 | 33 | 0 | 0 |
|  | 12/2025 | 113 | 2145 | 3 | 0 |
|  GLM | 10/2025 | 424600 | $69885 | 0 | (9894) |
|  | 10/2025 | $78428 | 424600 | 1369 | (19) |
|  | 04/2026 | 385200 | $67912 | 8 | (1386) |
|  JPM | 10/2025 | 1999 | 366 | 0 | (9) |
|  | 10/2025 | 10493 | 7593 | 53 | 0 |
|  | 10/2025 | $376 | 1999 | 0 | 0 |
|  | 10/2025 | 1034 | 1434 | 0 | (3) |
|  | 10/2025 | 2418 | 2054 | 0 | (7) |
|  MBC | 10/2025 | 402 | $476 | 4 | 0 |
|  | 10/2025 | $1050 | 1574 | 0 | (8) |
|  | 11/2025 | 3294 | 2450 | 2 | 0 |
|  | 02/2026 | 30954 | $8466 | 0 | (889) |
|  MYI | 10/2025 | 20800 | 3421 | 0 | (488) |
|  | 10/2025 | $3911 | 20800 | 0 | (3) |
|  | 10/2025 | 1761 | 2431 | 0 | (14) |
|  SCX | 10/2025 | 12864 | $2418 | 1 | 0 |
|  | 10/2025 | $2419 | 12864 | 0 | (2) |
|  | 10/2025 | 1179 | 1627 | 0 | (10) |
|  | 10/2025 | 101226 | 75678 | 552 | 0 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 75678 | $101244 | $0 | $(552) |
|  | 12/2025 | $2418 | 13048 | 0 | (1) |
|  SOG | 10/2025 | 18864 | $3547 | 2 | 0 |
|  | 10/2025 | $3535 | 18864 | 10 | 0 |
|  | 10/2025 | 142958 | 121563 | 0 | (237) |
|  | 11/2025 | 121563 | $143245 | 238 | 0 |
|  | 12/2025 | 19132 | 3535 | 0 | (9) |
|  SSB | 10/2025 | 83396 | 112410 | 251 | 0 |
|  UAG | 10/2025 | 10 | 7 | 0 | 0 |
|  | 10/2025 | 308 | 90 | 0 | (3) |
|  | 10/2025 | $1011 | 3373 | 7 | 0 |
|  | 11/2025 | 90 | 308 | 3 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $6565 | $(27290) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 02/13/2026 | 2980000 | $1984 | $765 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 2071000 | 2162 | 2247 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 181500 | 183 | 197 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 1687800 | 1793 | 1832 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $6 | $0 | $0 | $6 | $(5423) | $0 | $0 | $(5423) | $(5417) | $4063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354) |
|  BOA | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  BPS | 467 | 0 | 0 | 467 | (4417) | 0 | 0 | (4417) | (3950) | 3873 | (77) |
|  BRC | 4 | 0 | 0 | 4 | (1) | 0 | 0 | (1) | 3 | 0 | 3 |
|  BSH | 723 | 0 | 0 | 723 | (1011) | 0 | 0 | (1011) | (288) | 373 | 85 |
|  CBK | 48 | 765 | 0 | 813 | (95) | 0 | 0 | (95) | 718 | (692) | 26 |
|  DUB | 28 | 2247 | 0 | 2275 | (28) | 0 | 0 | (28) | 2247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2540) | (293) |
|  FAR | 2787 | 0 | 0 | 2787 | (2781) | 0 | 0 | (2781) | 6 | 0 | 6 |
|  GLM | 1377 | 0 | 0 | 1377 | (11299) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9922) | 9988 | 66 |
|  JPM | 53 | 0 | 0 | 53 | (19) | 0 | 0 | (19) | 34 | 0 | 34 |
|  MBC | 6 | 0 | 0 | 6 | (897) | 0 | 0 | (897) | (891) | 807 | (84) |
|  MYC | 0 | 197 | 0 | 197 | 0 | 0 | 0 | 0 | 197 | 0 | 197 |
|  MYI | 0 | 0 | 0 | 0 | (505) | 0 | 0 | (505) | (505) | 266 | (239) |
|  NGF | 0 | 1832 | 0 | 1832 | 0 | 0 | 0 | 0 | 1832 | (2070) | (238) |
|  SCX | 553 | 0 | 0 | 553 | (565) | 0 | 0 | (565) | (12) | 0 | (12) |
|  SOG | 250 | 0 | 0 | 250 | (246) | 0 | 0 | (246) | 4 | 0 | 4 |
|  SSB | 251 | 0 | 0 | 251 | 0 | 0 | 0 | 0 | 251 | (610) | (359) |
|  UAG | 10 | 0 | 0 | 10 | (3) | 0 | 0 | (3) | 7 | 0 | 7 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27290) |  |  |  |

---

(l) Securities with an aggregate market value of $19,370 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $38 | $0 | $3555 | $3593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 228 | 229 |
|  | $0 | $1 | $38 | $0 | $3783 | $3822 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6565 | $0 | $6565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 5041 | 5041 |
|  | $0 | $0 | $0 | $6565 | $5041 | $11606 |
|  | $0 | $1 | $38 | $6565 | $8824 | $15428 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $62 | $0 | $1912 | $1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1698 | 1698 |
|  | $0 | $0 | $62 | $0 | $3610 | $3672 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $27290 | $0 | $27290 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30962 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $0 | $0 | $0 | $0 | $45117 | $45117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 103 | 0 | 0 | (42879) | (42776) |
|  | $0 | $103 | $0 | $0 | $2238 | $2341 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(32298) | $0 | $(32298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | (4255) | (4255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 310 | 0 | 0 | 0 | 310 |
|  | $0 | $310 | $0 | $(32298) | $(4255) | $(36243) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | $0 | $(32298) | $(2017) | $(33902) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $0 | $0 | $0 | $0 | $(19629) | $(19629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (31) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26526 |
|  | $0 | $(31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $6928 | $6897 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(16752) | $0 | $(16752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | (2359) | (2359) |
|  | $0 | $0 | $0 | $(16752) | $(2359) | $(19111) |
|  | $0 | $(31) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16752) | $4569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12214) |

---

72 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $9033 | $2972004 | $0 | $2981037 |
| &nbsp;&nbsp; Industrials | 0 | 1267142 | 0 | 1267142 |
| &nbsp;&nbsp; Utilities | 0 | 332045 | 0 | 332045 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 29956 | 0 | 29956 |
|  U.S. Government Agencies | 0 | 1924787 | 0 | 1924787 |
|  U.S. Treasury Obligations | 0 | 188331 | 0 | 188331 |
|  Non-Agency Mortgage-Backed Securities | 0 | 773618 | 0 | 773618 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 66593 | 0 | 66593 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 151946 | 0 | 151946 |
| &nbsp;&nbsp; CMBS Other | 0 | 75925 | 0 | 75925 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 50784 | 0 | 50784 |
| &nbsp;&nbsp; Credit Card Other | 0 | 100273 | 0 | 100273 |
| &nbsp;&nbsp; Home Equity Other | 0 | 91292 | 0 | 91292 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 4286 | 0 | 4286 |
| &nbsp;&nbsp; Other ABS | 0 | 1155565 | 0 | 1155565 |
|  Sovereign Issues | 0 | 191405 | 0 | 191405 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 66063 | 0 | 66063 |
| &nbsp;&nbsp; Mutual Funds | 0 | 556 | 0 | 556 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 220875 | 0 | 220875 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1290069 | 0 | 1290069 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10962548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $287370 | $0 | $0 | $287370 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11249918 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Treasury Obligations | $0 | $(99810) | $0 | $(99810) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1302 | 2482 | 0 | 3784 |
|  Over the counter | 0 | 11606 | 0 | 11606 |
|  | $1302 | $14088 | $0 | $15390 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (91) | (3519) | 0 | (3610) |
|  Over the counter | 0 | (27290) | 0 | (27290) |
|  | $(91) | $(30809) | $0 | $(30900) |
|  Total Financial Derivative Instruments | $1211 | $(16721) | $0 | $(15510) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11134598 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class M, I-2, I-3, Administrative Class, Class A, Class C, Class C-2 and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial

statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or

---

| | |
|:---|:---|
| **74** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. Certain Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to

that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Government Money Market Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Fund II |  | Daily |  | Monthly |
|  PIMCO Low Duration ESG Fund |  | Daily |  | Monthly |
|  PIMCO Short Asset Investment Fund |  | Daily |  | Monthly |
|  PIMCO Short-Term Fund |  | Daily |  | Monthly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Notes to Financial Statements (Cont.)

distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11,

2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective 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, each Fund's shares, except for PIMCO Government Money Market Fund, are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). PIMCO Government Money Market Fund shares are valued as of 5:30 p.m., Eastern Time (or an earlier time if the Fund closes earlier) on each day the NYSE is open for trading. Information that becomes known to the Funds or their 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, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each 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, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

Except for the PIMCO Government Money Market Fund, 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 a 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

---

| | |
|:---|:---|
| **76** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 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 has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and

dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

The PIMCO Government Money Market Fund's securities are valued using the amortized cost method of valuation, which involves valuing a security at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a premium to maturity, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Notes to Financial Statements (Cont.)

the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a 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 a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

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

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

<sup>∎</sup> 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. <br>

<sup>∎</sup> 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 each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a 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 each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based

---

| | |
|:---|:---|
| **78** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

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

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.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Notes to Financial Statements (Cont.)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund (except the PIMCO Government Money Market Fund) may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and

Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Low Duration ESG Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Low Duration Fund | $730147 | $18246 | $0 | $0 | $1590 | $749983 | $18246 | $0 |
|  PIMCO Low Duration Fund II | 36989 | 924 | 0 | 0 | 81 | 37994 | 924 | 0 |
|  PIMCO Short Asset Investment Fund | 86520 | 211854 | (144766) | (1) | 0 | 153607 | 2554 | 0 |
|  PIMCO Short-Term Fund | 8316 | 278908 | 0 | 0 | 136 | 287360 | 1872 | 0 |

---

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Low Duration Fund | $173012 | $396929 | $(502292) | $8 | $43 | $67700 | $2672 | $0 |
|  PIMCO Low Duration Fund II | 5468 | 66701 | (67000) | 0 | 1 | 5170 | 101 | 0 |
|  PIMCO Short Asset Investment Fund | 92 | (315) | 0 | 0 | 223 | 0 | 78 | 0 |
|  PIMCO Short-Term Fund | 106 | 2904 | (3000) | 0 | 0 | 10 | 4 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a

realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not

---

| | |
|:---|:---|
| **80** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of

Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

Notes to Financial Statements (Cont.)

securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the

Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprisesare obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

---

| | |
|:---|:---|
| **82** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities.

Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase AgreementsIn a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Notes to Financial Statements (Cont.)

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the

---

| | |
|:---|:---|
| **84** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with

premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreementsare bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Notes to Financial Statements (Cont.)

compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting

arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of

---

| | |
|:---|:---|
| **86** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a

deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | **PIMCO**<br> **Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield |  | X |  | X |  | X |
|  Market | X | X | X | X | X | X |
|  Issuer |  | X | X | X | X | X |
|  Liquidity |  | X | X | X | X | X |
|  Derivatives |  | X | X | X | X | X |
|  Equity |  | X | X | X |  | X |
|  Mortgage-Related and Other Asset-Backed Securities |  | X | X | X | X | X |
|  Collateralized Loan Obligations |  | X |  |  |  | X |
|  Foreign (Non-U.S.) Investment |  | X |  | X | X | X |
|  Emerging Markets |  | X |  | X | X |  |
|  Sovereign Debt |  | X |  | X |  |  |
|  Currency |  | X |  | X |  | X |
|  Leveraging |  | X | X | X | X | X |
|  Management | X | X | X | X | X | X |
|  Reverse Repurchase Agreements and Other Borrowings | X |  |  |  |  |  |
|  Short Exposure |  | X | X | X | X | X |
|  Environmental, Social and Governance |  |  |  | X |  |  |
|  Turnover |  | X | X |  |  |  |

---

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants

---

| | |
|:---|:---|
| **88** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other

asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Notes to Financial Statements (Cont.)

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Reverse Repurchase Agreements and Other Borrowings Risk is the risk that reverse repurchase agreements or other borrowings may increase a Fund's overall investment exposure and that the related transaction costs may detract from Fund performance.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because the Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective.

---

| | |
|:---|:---|
| **90** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Notes to Financial Statements (Cont.)

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

---

| | |
|:---|:---|
| **92** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | Class M | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R |
|  PIMCO Government Money Market Fund | 0.12% | 0.06% | 0.06% | 0.16% | N/A | 0.06% | 0.21% | 0.21% | N/A | N/A |
|  PIMCO Low Duration Fund | 0.25% | 0.21% | N/A | 0.31% | 0.41% <sup>(1)</sup> | 0.21% | 0.25% | 0.30% | 0.30% | 0.30% |
|  PIMCO Low Duration Fund II | 0.25% | 0.25% | N/A | N/A | N/A | 0.25% | N/A | N/A | N/A | N/A |
|  PIMCO Low Duration ESG Fund | 0.25% | 0.25% | N/A | 0.35% | 0.45% \*<sup>(1)</sup> | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Short Asset Investment Fund | 0.20% | 0.14% | 0.14% | 0.24% | 0.34% <sup>(1)</sup> | 0.14% | 0.24% | N/A | N/A | N/A |
|  PIMCO Short-Term Fund | 0.25% | 0.20% | N/A | 0.30% | 0.40% <sup>(1)</sup> | 0.20% | 0.20% | 0.20% | N/A | 0.20% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the period ended September 30, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C, Class C-2 and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C, Class C-2 and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Low Duration Fund Class C shares and PIMCO Short-Term Fund Class C shares, the Distributor received distribution fees from the Trust of up to 0.30%), 0.50% for Class C-2 shares and 0.25% for Class R shares of the Funds (except for the PIMCO Government Money Market Fund), and in connection with personal services rendered to Class A, Class C, Class C-2 and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C, Class C-2 and Class R shares of the Funds (except for the PIMCO Government Money Market Fund) (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares of the Funds (except for the PIMCO Government Money Market Fund).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund |  | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund |  | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Fund and PIMCO Short-Term Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Fund | 0.50% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund | 0.10%<sup>(1)</sup> | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.25% | 0.25% |

---

<sup>(1)</sup> With respect to the PIMCO Government Money Market Fund only, the Trust has suspended payment of distribution and/or service (12b-1) fees at this time. The payment of distribution and/or service (12b-1) fees may only be resumed at such time as the Board of Trustees determines that it is in the best interests of Fund shareholders to do so. 

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Notes to Financial Statements (Cont.)

(d**)** Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The

Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Low Duration Fund, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

To maintain certain net yields for the PIMCO Government Money Market Fund, PIMCO and the Distributor have entered into the Fee and Expense Limitation Agreement, pursuant to which PIMCO or the Distributor may temporarily and voluntarily waive, reduce or reimburse all or any portion of the PIMCO Government Money Market Fund's Supervisory and Administrative Fee, any distribution and/or service (12b-1) fees applicable to a class of such Fund, or the Investment Advisory Fee, each waiver, reduction or reimbursement in an amount and for a period of time as determined by PIMCO or the Distributor.

In any month in which the Investment Advisory Contract or Supervision and Administration Agreement is in effect, PIMCO may recoup from the PIMCO Government Money Market Fund any portion of the Supervisory and Administrative Fee or Investment Advisory Fee waived, reduced or reimbursed pursuant to the Fee and Expense Limitation Agreement (the "Reimbursement Amount") during the previous 36 months, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro

---

| | |
|:---|:---|
| **94** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

rata Trustee Fees pursuant to the Expense Limitation Agreement, exceed the Expense Limit; ii) exceed the total Reimbursement Amount; iii) include any amounts previously reimbursed to PIMCO; or iv) cause any class of the Fund to maintain a net negative yield. The Reimbursement Amount will be reimbursed in the same order that fees were waived as described above, except the Fund will not reimburse PIMCO or the Distributor for any portion of the distribution and/or service (12b-1) fees waived, reduced or reimbursed pursuant to the Agreement. There is no guarantee that the Fund will maintain a positive net yield. The total recoverable amounts to PIMCO (from the Fee and Expense Limitation Agreement) as of September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring Within | Expiring Within | Expiring Within | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Government Money Market Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Government Money Market Fund | $2 |
|  PIMCO Low Duration Fund | 7 |
|  PIMCO Short Asset Investment Fund | 6 |
|  PIMCO Short-Term Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(f) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Low Duration ESG Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Government Money Market Fund | $0 | $0 | $0 | $0 |
|  PIMCO Low Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11492447 | 213398 | 383321 |
|  PIMCO Low Duration Fund II | 459359 | 465000 | 5539 | 11457 |
|  PIMCO Low Duration ESG Fund | 133430 | 145180 | 6511 | 35339 |
|  PIMCO Short Asset Investment Fund | 75746 | 0 | 472770 | 417972 |
|  PIMCO Short-Term Fund | 2530825 | 2150998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299190 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2619154 | $2619155 | 4719768 | $4719767 | 148378 | $1381014 | 327095 | $3026301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 4440051 | 4440051 | 7812072 | 7812073 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 6806 | 6807 | 23159 | 23158 | 8362 | 77922 | 20206 | 186551 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 754 | 7013 | 3163 | 28996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 61318 | 61318 | 131413 | 131414 | 230 | 2149 | 587 | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1608124 | 1608125 | 3031462 | 3031461 | 5039 | 46964 | 9492 | 87561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 13850 | 13849 | 49250 | 49250 | 137 | 1277 | 280 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 2 | 10 | 60 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 657 | 6120 | 1022 | 9449 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 16829 | 16829 | 30616 | 30616 | 11595 | 108112 | 20268 | 187318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 6770 | 6770 | 20722 | 20722 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 274 | 274 | 854 | 854 | 1138 | 10608 | 2343 | 21643 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 61 | 570 | 163 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1551 | 1551 | 2313 | 2313 | 40 | 374 | 84 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 54988 | 54988 | 92608 | 92608 | 982 | 9161 | 2071 | 19135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1086 | 1086 | 2662 | 2662 | 37 | 342 | 83 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 2 | 18 | 4 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 147 | 1370 | 301 | 2777 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2491594) | (2491594) | (3998317) | (3998317) | (244744) | (2281012) | (269265) | (2484257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (4138197) | (4138197) | (7943949) | (7943949) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (14225) | (14225) | (25257) | (25257) | (8892) | (82851) | (31490) | (290795) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (727) | (6756) | (3581) | (33071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (105499) | (105499) | (81620) | (81620) | (409) | (3804) | (720) | (6651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1431259) | (1431259) | (2024655) | (2024655) | (7565) | (70490) | (18343) | (169304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (22069) | (22069) | (55017) | (55017) | (300) | (2789) | (872) | (8057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | (15) | (140) | (39) | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | (1021) | (9495) | (2161) | (19918) |
|  **Net increase (decrease) resulting from Fund share transactions** | 627958 | $627960 | 1788084 | $1788083 | (86112) | $(804313) | 60751 | $568960 |

---

96 PIMCO SHORT DURATION STRATEGY FUNDS

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** |
| | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3353 | $31300 | 3204 | $29567 | 4618 | $42638 | 6206 | $56300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 1079 | 9925 | 1618 | 14684 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 3 | 28 | 255 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 506 | 4720 | 1125 | 10388 | 459 | 4225 | 905 | 8231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 112 | 1029 | 238 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 19 | 181 | 39 | 362 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2550) | (23755) | (10097) | (93149) | (2648) | (24346) | (7902) | (71734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (702) | (6457) | (3222) | (29277) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (17) | (162) | (10) | (90) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 1311 | $12287 | (5711) | $(52667) | 2918 | $27014 | (2157) | $(19631) |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 97

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** |
| **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 70494 | $702461 | 138733 | $1379495 | 144890 | $1399893 | 347850 | $3358732 |
| 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A |
| 7648 | 76140 | 20821 | 207128 | 38562 | 372614 | 89514 | 864423 |
| 2375 | 23614 | 1980 | 19694 | 2477 | 23938 | 6238 | 60233 |
| 1 | 0 | 9 | 85 | 59 | 570 | 124 | 1197 |
| 1595 | 15886 | 2896 | 28807 | 10544 | 101864 | 26892 | 259605 |
| N/A | N/A | N/A | N/A | 1069 | 10331 | 2107 | 20348 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 516 | 4989 | 1584 | 15280 |
| 3604 | 35906 | 11127 | 110675 | 15897 | 153645 | 35628 | 344016 |
| 0 | 0 | 0 | 1 | N/A | N/A | N/A | N/A |
| 394 | 3924 | 799 | 7946 | 4479 | 43294 | 9856 | 95171 |
| 52 | 522 | 73 | 724 | 210 | 2026 | 392 | 3785 |
| 1 | 12 | 2 | 25 | 36 | 349 | 83 | 803 |
| 215 | 2141 | 466 | 4636 | 1634 | 15788 | 3395 | 32786 |
| N/A | N/A | N/A | N/A | 130 | 1256 | 246 | 2378 |
| N/A | N/A | N/A | N/A |  | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 216 | 2088 | 520 | 5018 |
| (53102) | (528790) | (198209) | (1971571) | (189177) | (1827336) | (459353) | (4434306) |
| 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A |
| (13643) | (135825) | (14935) | (148550) | (40144) | (387927) | (109359) | (1056142) |
| (1928) | (19186) | (1575) | (15666) | (2620) | (25312) | (4164) | (40193) |
| (1) | (9) | (4) | (35) | (167) | (1617) | (426) | (4114) |
| (1598) | (15920) | (3803) | (37817) | (16059) | (155178) | (34191) | (329977) |
| N/A | N/A | N/A | N/A | (883) | (8535) | (2017) | (19475) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (1134) | (10956) | (4522) | (43648) |
| 16107 | $160876 | (41620) | $(414423) | (29465) | $(284216) | (89603) | $(864080) |

---

---

| | |
|:---|:---|
| <sup>†</sup> A | zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Government Money Market Fund | 3 | 0 | 54% | 0% |
|  PIMCO Low Duration Fund | 1 | 1 | 19% | 13% |
|  PIMCO Low Duration Fund II | 4 | 0 | 79% | 0% |
|  PIMCO Low Duration ESG Fund | 3 | 0 | 71% | 0% |
|  PIMCO Short Asset Investment Fund | 2 | 0 | 53% | 0% |
|  PIMCO Short-Term Fund | 2 | 0 | 33% | 0% |

---

---

| | |
|:---|:---|
| **98** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each 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.

A 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 Adviser has reviewed the Funds' tax positions for all open tax years. As of September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Government Money Market Fund | $111 | $0 |
|  PIMCO Low Duration Fund | 400355 | 384359 |
|  PIMCO Low Duration Fund II | 10739 | 11001 |
|  PIMCO Low Duration ESG Fund | 9480 | 8736 |
|  PIMCO Short Asset Investment Fund | 16050 | 41548 |
|  PIMCO Short-Term Fund | 122614 | 255996 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO Government Money Market Fund | $7324000 | $0 | $0 | $0 |
|  PIMCO Low Duration Fund | 7076539 | 57662 | (123631) | (65969) |
|  PIMCO Low Duration Fund II | 355819 | 2026 | (4397) | (2371) |
|  PIMCO Low Duration ESG Fund | 422287 | 3548 | (5951) | (2403) |
|  PIMCO Short Asset Investment Fund | 2260139 | 6018 | (10402) | (4384) |
|  PIMCO Short-Term Fund | 11133156 | 82126 | (82452) | (326) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | MYI | Morgan Stanley & Co. International PLC |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| DEU | Deutsche Bank Securities, Inc. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | NZD | New Zealand Dollar |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | SGD | Singapore Dollar |
| CHF | Swiss Franc | JPY | Japanese Yen | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MXN | Mexican Peso | USD (or $) | United States Dollar |
| EUR | Euro | NOK | Norwegian Krone | ZAR | South African Rand |
| GBP | British Pound |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BBSW3M | 3 Month Bank Bill Swap Rate | EUR003M | 3 Month EUR Swap Rate | SOFRINDEX | Secured Overnight Financing Rate Index |
| Bobl | Bundesobligation, the German word for federal government bond | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | SONIO | Sterling Overnight Interbank Average Rate |
| BP0003M | 3 Month GBP-LIBOR | PRIME | Daily US Prime Rate | US0003M | ICE 3-Month USD LIBOR |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| NPFGC | National Public Finance Guarantee Corp. |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate |  |  |

---

---

| | |
|:---|:---|
| **100** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Government Money Market Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  May 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  June 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  July 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  August 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  September 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  May 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  June 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  July 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  August 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  September 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  May 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  June 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
|  July 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  August 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  September 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  May 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  June 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  July 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  August 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  September 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  May 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  June 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |
|  July 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  August 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  September 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
|  May 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  June 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |
|  July 2025 | $0.0035 | $0.0000 | $0.0000 | $0.0035 |
|  August 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  September 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |

---

#### PIMCO Low Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  May 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  June 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  July 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  August 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  September 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  May 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  June 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  July 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  August 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  September 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  May 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  June 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  July 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  August 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  September 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  May 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  June 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  July 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  August 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  September 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  May 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  June 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  July 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  August 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  September 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |

---

---

| | |
|:---|:---|
| **102** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  May 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  June 2025 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
|  July 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  August 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  September 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  May 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
|  June 2025 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  July 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  August 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  September 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0287 |
|  May 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  June 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  July 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  August 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  September 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |

---

#### PIMCO Low Duration Fund II

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  May 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  June 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  July 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  August 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  September 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  May 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  June 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  July 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  August 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  September 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |

---

#### PIMCO Low Duration ESG Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  May 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  June 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  July 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  August 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  September 2025 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  May 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  June 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  July 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  August 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  September 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |

---

#### PIMCO Short Asset Investment Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  May 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  June 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  July 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
|  August 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  September 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  May 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  June 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  July 2025 | $0.0379 | $0.0000 | $0.0000 | $0.0379 |
|  August 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  September 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  May 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
|  June 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  July 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  August 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  September 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  May 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  June 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  July 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  August 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  September 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  May 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  June 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  July 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  August 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  September 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |

---

---

| | |
|:---|:---|
| **104** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  May 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  June 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  July 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  August 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  September 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |

---

#### PIMCO Short-Term Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  May 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  June 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  July 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  August 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  September 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  May 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  June 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
|  July 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  August 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  September 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  May 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  June 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  July 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  August 2025 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  September 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  May 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  June 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  July 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  August 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  September 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  May 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  June 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  July 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  August 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  September 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  May 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  June 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  July 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  August 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  September 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  May 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  June 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  July 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  August 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  September 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **106** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **107** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **108** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **109** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

---

| | |
|:---|:---|
| **110** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays

for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in

---

| | |
|:---|:---|
| **112** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be

competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group,

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | |
|:---|:---|
| **114** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g864736g75h91.jpg)

PIMSSHDURFSTMSAR_093025

------

![LOGO](g96970g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Tax-Efficient Strategy Funds**

PIMCO California Intermediate Municipal Bond Fund

PIMCO California Municipal Bond Fund

PIMCO California Short Duration Municipal Income Fund

PIMCO High Yield Municipal Bond Fund

PIMCO Municipal Bond Fund

PIMCO National Intermediate Municipal Bond Fund

PIMCO New York Municipal Bond Fund

PIMCO Short Duration Municipal Income Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx96970_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx96970_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx96970_3) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx96970_4) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx96970_5) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx96970_6) | 79 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx96970_7) | 94 |
| &nbsp;&nbsp; [Glossary](#tx96970_9) | 100 |
| &nbsp;&nbsp; [Distribution Information](#tx96970_10) | 101 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx96970_12) | 108 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx96970_13) | 109 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx96970_14) | 110 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Intermediate Municipal Bond Fund](#tx96970_15) | 24 |
| &nbsp;&nbsp; [PIMCO California Municipal Bond Fund](#tx96970_16) | 27 |
| &nbsp;&nbsp; [PIMCO California Short Duration Municipal Income Fund](#tx96970_17) | 33 |
| &nbsp;&nbsp; [PIMCO High Yield Municipal Bond Fund](#tx96970_18) | 36 |
| &nbsp;&nbsp; [PIMCO Municipal Bond Fund](#tx96970_19) | 49 |
| &nbsp;&nbsp; [PIMCO National Intermediate Municipal Bond Fund](#tx96970_20) | 61 |
| &nbsp;&nbsp; [PIMCO New York Municipal Bond Fund](#tx96970_21) | 69 |
| &nbsp;&nbsp; [PIMCO Short Duration Municipal Income Fund](#tx96970_22) | 74 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience

increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade

---

| | |
|:---|:---|
| **2** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other

credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Class A | Class C | Class C-2 | Diversification<br>Status |
|  PIMCO California Intermediate Municipal Bond Fund | 08/31/99 | 08/31/99 | 04/30/08 |  | 10/19/99 | 08/31/09 |  | Diversified |
|  PIMCO California Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO California Short Duration Municipal Income Fund | 08/31/06 | 08/31/06 | 05/30/08 |  | 08/31/06 |  |  | Diversified |
|  PIMCO High Yield Municipal Bond Fund | 07/31/06 | 07/31/06 | 04/30/08 | 07/30/21 | 07/31/06 | 12/29/06 |  | Diversified |
|  PIMCO Municipal Bond Fund | 12/31/97 | 12/31/97 | 04/30/08 | 07/30/21 | 04/01/98 | 04/01/98 |  | Diversified |
|  PIMCO National Intermediate Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO New York Municipal Bond Fund | 08/31/99 | 08/31/99 | 11/19/10 | 07/30/21 | 10/19/99 | 08/31/09 |  | Non-Diversified |
|  PIMCO Short Duration Municipal Income Fund | 08/31/99 | 08/31/99 | 04/30/08 | 07/30/21 | 03/28/02 | 03/28/02 | 10/21/20 | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any

shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11,

2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.26 | $0.16 | $0.10 | $0.26 | $(0.16) | $0.00 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.32 | (0.15) | 0.17 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.08 | 0.36 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.24 | (0.15) | 0.09 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.15 | (0.61) | (0.46) | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.21 | 0.25 | 0.46 | (0.21) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.26 | 0.16 | 0.10 | 0.26 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.31 | (0.15) | 0.16 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.07 | 0.35 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.23 | (0.15) | 0.08 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.14 | (0.61) | (0.47) | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.20 | 0.25 | 0.45 | (0.20) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.26 | 0.15 | 0.10 | 0.25 | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.29 | (0.15) | 0.14 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.25 | 0.08 | 0.33 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.21 | (0.15) | 0.06 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.12 | (0.62) | (0.50) | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.18 | 0.25 | 0.43 | (0.18) | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.26 | 0.11 | 0.10 | 0.21 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.22 | (0.15) | 0.07 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.14 | (0.15) | (0.01) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.05 | (0.62) | (0.57) | (0.05) | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.10 | 0.25 | 0.35 | (0.10) | 0.00 | (0.10) |
|  **PIMCO California Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.56 | $0.19 | $0.08 | $0.27 | $(0.19) | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.39 | (0.18) | 0.21 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.39 | 0.22 | 0.61 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.32 | (0.47) | (0.15) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.22 | (0.68) | (0.46) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.22 | 0.48 | 0.70 | (0.22) | 0.00 | (0.22) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.56 | 0.19 | 0.08 | 0.27 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.38 | (0.18) | 0.20 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.38 | 0.22 | 0.60 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.31 | (0.47) | (0.16) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.20 | (0.68) | (0.48) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.20 | 0.49 | 0.69 | (0.21) | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.56 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.35 | (0.18) | 0.17 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.35 | 0.23 | 0.58 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.28 | (0.47) | (0.19) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.18 | (0.69) | (0.51) | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.18 | 0.48 | 0.66 | (0.18) | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.56 | 0.14 | 0.08 | 0.22 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.27 | (0.18) | 0.09 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.27 | 0.23 | 0.50 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.20 | (0.47) | (0.27) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.09 | (0.68) | (0.59) | (0.08) | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.09 | 0.49 | 0.58 | (0.10) | 0.00 | (0.10) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| $9.36 | 2.89% | $146302 | 0.445 | %\* | 0.445 | %\* | 0.445 | %\* | 0.445 | %\* | 3.55 | %\* | 20% |
| 9.26 | 1.81 | 121901 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 3.42 |  | 58 |
| 9.41 | 3.97 | 126420 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 3.09 |  | 25 |
| 9.33 | 0.98 | 84144 | 0.455 |  | 0.455 |  | 0.445 |  | 0.445 |  | 2.57 |  | 69 |
| 9.48 | (4.66) | 142651 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 1.52 |  | 36 |
| 10.10 | 4.70 | 119694 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 2.07 |  | 22 |
| 9.36 | 2.84 | 49744 | 0.545 | \* | 0.545 | \* | 0.545 | \* | 0.545 | \* | 3.45 | \* | 20 |
| 9.26 | 1.71 | 25420 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 3.32 |  | 58 |
| 9.41 | 3.86 | 21662 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 3.00 |  | 25 |
| 9.33 | 0.87 | 13596 | 0.555 |  | 0.555 |  | 0.545 |  | 0.545 |  | 2.46 |  | 69 |
| 9.48 | (4.75) | 18742 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 1.43 |  | 36 |
| 10.10 | 4.59 | 20571 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 1.98 |  | 22 |
| 9.36 | 2.72 | 62535 | 0.775 | \* | 0.775 | \* | 0.775 | \* | 0.775 | \* | 3.22 | \* | 20 |
| 9.26 | 1.47 | 47751 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 3.09 |  | 58 |
| 9.41 | 3.63 | 40582 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 2.75 |  | 25 |
| 9.33 | 0.64 | 42848 | 0.785 |  | 0.785 |  | 0.775 |  | 0.775 |  | 2.22 |  | 69 |
| 9.48 | (4.97) | 55743 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 1.20 |  | 36 |
| 10.10 | 4.35 | 77522 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 1.75 |  | 22 |
| 9.36 | 2.33 | 1597 | 1.525 | \* | 1.525 | \* | 1.525 | \* | 1.525 | \* | 2.47 | \* | 20 |
| 9.26 | 0.72 | 2801 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 2.34 |  | 58 |
| 9.41 | 2.86 | 2678 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 1.99 |  | 25 |
| 9.33 | (0.11) | 3839 | 1.535 |  | 1.535 |  | 1.525 |  | 1.525 |  | 1.50 |  | 69 |
| 9.48 | (5.69) | 3771 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 0.45 |  | 36 |
| 10.10 | 3.57 | 5612 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 1.00 |  | 22 |
| $10.64 | 2.65% | $192283 | 0.44 | %\* | 0.44 | %\* | 0.44 | %\* | 0.44 | %\* | 3.73 | %\* | 12% |
| 10.56 | 1.95 | 148837 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 3.59 |  | 24 |
| 10.74 | 6.00 | 55833 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 3.72 |  | 37 |
| 10.51 | (1.30) | 47877 | 0.45 |  | 0.45 |  | 0.44 |  | 0.44 |  | 3.05 |  | 78 |
| 10.98 | (4.08) | 45274 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 1.85 |  | 31 |
| 11.65 | 6.34 | 43961 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 1.87 |  | 27 |
| 10.64 | 2.60 | 123426 | 0.54 | \* | 0.54 | \* | 0.54 | \* | 0.54 | \* | 3.63 | \* | 12 |
| 10.56 | 1.85 | 74147 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 3.52 |  | 24 |
| 10.74 | 5.90 | 51383 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 3.65 |  | 37 |
| 10.51 | (1.40) | 27685 | 0.55 |  | 0.55 |  | 0.54 |  | 0.54 |  | 2.98 |  | 78 |
| 10.98 | (4.18) | 22215 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 1.75 |  | 31 |
| 11.65 | 6.24 | 21952 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 1.73 |  | 27 |
| 10.64 | 2.47 | 129827 | 0.79 | \* | 0.79 | \* | 0.79 | \* | 0.79 | \* | 3.38 | \* | 12 |
| 10.56 | 1.60 | 110269 | 0.79 |  | 0.79 |  | 0.79 |  | 0.79 |  | 3.26 |  | 24 |
| 10.74 | 5.63 | 61640 | 0.79 |  | 0.79 |  | 0.79 |  | 0.79 |  | 3.38 |  | 37 |
| 10.51 | (1.65) | 45226 | 0.80 |  | 0.80 |  | 0.79 |  | 0.79 |  | 2.70 |  | 78 |
| 10.98 | (4.42) | 44434 | 0.79 |  | 0.79 |  | 0.79 |  | 0.79 |  | 1.50 |  | 31 |
| 11.65 | 5.97 | 47504 | 0.79 |  | 0.79 |  | 0.79 |  | 0.79 |  | 1.54 |  | 27 |
| 10.64 | 2.08 | 2560 | 1.54 | \* | 1.54 | \* | 1.54 | \* | 1.54 | \* | 2.63 | \* | 12 |
| 10.56 | 0.84 | 2427 | 1.54 |  | 1.54 |  | 1.54 |  | 1.54 |  | 2.53 |  | 24 |
| 10.74 | 4.85 | 2702 | 1.54 |  | 1.54 |  | 1.54 |  | 1.54 |  | 2.63 |  | 37 |
| 10.51 | (2.39) | 2104 | 1.55 |  | 1.55 |  | 1.54 |  | 1.54 |  | 1.90 |  | 78 |
| 10.98 | (5.14) | 2895 | 1.54 |  | 1.54 |  | 1.54 |  | 1.54 |  | 0.76 |  | 31 |
| 11.65 | 5.18 | 2797 | 1.54 |  | 1.54 |  | 1.54 |  | 1.54 |  | 0.79 |  | 27 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.62 | $0.14 | $0.11 | $0.25 | $(0.14) | $0.00 | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.28 | (0.01) | 0.27 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.25 | 0.02 | 0.27 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.18 | (0.04) | 0.14 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.10 | (0.31) | (0.21) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.11 | 0.12 | 0.23 | (0.11) | 0.00 | (0.11) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.62 | 0.14 | 0.11 | 0.25 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.27 | (0.01) | 0.26 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.24 | 0.02 | 0.26 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.17 | (0.04) | 0.13 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.09 | (0.31) | (0.22) | (0.09) | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.10 | 0.12 | 0.22 | (0.10) | 0.00 | (0.10) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.62 | 0.12 | 0.11 | 0.23 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.21 | 0.02 | 0.23 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.13 | (0.03) | 0.10 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.06 | (0.31) | (0.25) | (0.06) | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.07 | 0.12 | 0.19 | (0.07) | 0.00 | (0.07) |
|  **PIMCO High Yield Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.40 | $0.19 | $(0.01) | $0.18 | $(0.19) | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.38 | (0.10) | 0.28 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.40 | 0.21 | 0.61 | (0.40) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.77) | (0.39) | (0.38) | (0.01) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.32 | (0.53) | (0.21) | (0.31) | (0.08) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.28 | 0.69 | 0.97 | (0.28) | (0.05) | (0.33) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.40 | 0.19 | (0.02) | 0.17 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.37 | (0.77) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.31 | (0.53) | (0.22) | (0.30) | (0.08) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.27 | 0.69 | 0.96 | (0.27) | (0.05) | (0.32) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.40 | 0.18 | (0.01) | 0.17 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.78) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 10.05 | 0.25 | (0.95) | (0.70) | (0.20) | (0.08) | (0.28) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.40 | 0.18 | (0.02) | 0.16 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.36 | (0.11) | 0.25 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.38 | 0.20 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.35 | (0.77) | (0.42) | (0.35) | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.29 | (0.53) | (0.24) | (0.28) | (0.08) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.25 | 0.69 | 0.94 | (0.25) | (0.05) | (0.30) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.40 | 0.15 | (0.02) | 0.13 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.29 | (0.10) | 0.19 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.31 | 0.21 | 0.52 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.29 | (0.77) | (0.48) | (0.29) | (0.01) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.22 | (0.54) | (0.32) | (0.20) | (0.08) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.18 | 0.69 | 0.87 | (0.18) | (0.05) | (0.23) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| $9.73 | 2.65% | $159031 | 0.33 | %\* | 0.33 | %\* | 0.33 | %\* | 0.33 | %\* | 2.95 | %\* | 20% |
| 9.62 | 2.83 | 102684 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 2.90 |  | 47 |
| 9.63 | 2.87 | 83368 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 2.60 |  | 23 |
| 9.61 | 1.44 | 129990 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 1.85 |  | 57 |
| 9.65 | (2.09) | 102037 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 0.98 |  | 53 |
| 9.96 | 2.39 | 106925 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 1.13 |  | 44 |
| 9.73 | 2.60 | 24409 | 0.43 | \* | 0.43 | \* | 0.43 | \* | 0.43 | \* | 2.85 | \* | 20 |
| 9.62 | 2.73 | 20131 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 2.81 |  | 47 |
| 9.63 | 2.77 | 19955 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 2.50 |  | 23 |
| 9.61 | 1.34 | 31976 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 1.74 |  | 57 |
| 9.65 | (2.18) | 27684 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 0.89 |  | 53 |
| 9.96 | 2.28 | 17686 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 1.03 |  | 44 |
| 9.73 | 2.45 | 18457 | 0.73 | \* | 0.73 | \* | 0.73 | \* | 0.73 | \* | 2.55 | \* | 20 |
| 9.62 | 2.42 | 17091 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 2.51 |  | 47 |
| 9.63 | 2.47 | 19310 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 2.22 |  | 23 |
| 9.61 | 1.03 | 20070 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 1.40 |  | 57 |
| 9.65 | (2.48) | 24755 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 0.59 |  | 53 |
| 9.96 | 1.98 | 37831 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 44 |
| $8.39 | 2.17% | $2675960 | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 4.62 | %\* | 42% |
| 8.40 | 3.31 | 2517725 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 4.48 |  | 21 |
| 8.50 | 7.59 | 1916467 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.86 |  | 34 |
| 8.29 | (4.22) | 1298587 | 0.60 |  | 0.60 |  | 0.55 |  | 0.55 |  | 4.51 |  | 72 |
| 9.07 | (2.39) | 1290792 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 3.28 |  | 34 |
| 9.67 | 10.90 | 1490516 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 2.92 |  | 39 |
| 8.39 | 2.12 | 1610780 | 0.65 | \* | 0.65 | \* | 0.65 | \* | 0.65 | \* | 4.52 | \* | 42 |
| 8.40 | 3.21 | 1530534 | 0.65 |  | 0.65 |  | 0.65 |  | 0.65 |  | 4.39 |  | 21 |
| 8.50 | 7.48 | 1204853 | 0.66 |  | 0.66 |  | 0.65 |  | 0.65 |  | 4.76 |  | 34 |
| 8.29 | (4.32) | 594074 | 0.70 |  | 0.70 |  | 0.65 |  | 0.65 |  | 4.38 |  | 72 |
| 9.07 | (2.49) | 601652 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 3.20 |  | 34 |
| 9.67 | 10.79 | 610083 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 2.86 |  | 39 |
| 8.39 | 2.10 | 56048 | 0.70 | \* | 0.75 | \* | 0.70 | \* | 0.75 | \* | 4.45 | \* | 42 |
| 8.40 | 3.16 | 74339 | 0.70 |  | 0.75 |  | 0.70 |  | 0.75 |  | 4.32 |  | 21 |
| 8.50 | 7.43 | 46414 | 0.71 |  | 0.76 |  | 0.70 |  | 0.75 |  | 4.72 |  | 34 |
| 8.29 | (4.36) | 16569 | 0.75 |  | 0.80 |  | 0.70 |  | 0.75 |  | 4.56 |  | 72 |
| 9.07 | (7.06) | 905 | 0.72 | \* | 0.77 | \* | 0.70 | \* | 0.75 | \* | 3.99 | \* | 34 |
| 8.39 | 2.02 | 1364619 | 0.85 | \* | 0.85 | \* | 0.85 | \* | 0.85 | \* | 4.32 | \* | 42 |
| 8.40 | 3.00 | 1384873 | 0.85 |  | 0.85 |  | 0.85 |  | 0.85 |  | 4.18 |  | 21 |
| 8.50 | 7.27 | 983868 | 0.86 |  | 0.86 |  | 0.85 |  | 0.85 |  | 4.56 |  | 34 |
| 8.29 | (4.51) | 736046 | 0.90 |  | 0.90 |  | 0.85 |  | 0.85 |  | 4.17 |  | 72 |
| 9.07 | (2.69) | 838154 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.99 |  | 34 |
| 9.67 | 10.57 | 912461 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.69 |  | 39 |
| 8.39 | 1.64 | 56065 | 1.60 | \* | 1.60 | \* | 1.60 | \* | 1.60 | \* | 3.56 | \* | 42 |
| 8.40 | 2.24 | 60176 | 1.60 |  | 1.60 |  | 1.60 |  | 1.60 |  | 3.45 |  | 21 |
| 8.50 | 6.48 | 57503 | 1.61 |  | 1.61 |  | 1.60 |  | 1.60 |  | 3.81 |  | 34 |
| 8.29 | (5.23) | 49975 | 1.65 |  | 1.65 |  | 1.60 |  | 1.60 |  | 3.41 |  | 72 |
| 9.07 | (3.42) | 59579 | 1.62 |  | 1.62 |  | 1.60 |  | 1.60 |  | 2.23 |  | 34 |
| 9.67 | 9.75 | 69741 | 1.62 |  | 1.62 |  | 1.60 |  | 1.60 |  | 1.97 |  | 39 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.30 | $0.19 | $0.08 | $0.27 | $(0.19) | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.38 | (0.18) | 0.20 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.21 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.50) | (0.19) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.23 | (0.63) | (0.40) | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.24 | 0.43 | 0.67 | (0.24) | 0.00 | (0.24) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.30 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.37 | (0.18) | 0.19 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.36 | 0.21 | 0.57 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.22 | (0.63) | (0.41) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.23 | 0.43 | 0.66 | (0.23) | 0.00 | (0.23) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.30 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.36 | (0.17) | 0.19 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.19 | 0.56 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 10.64 | 0.16 | (0.90) | (0.74) | (0.14) | 0.00 | (0.14) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.30 | 0.17 | 0.08 | 0.25 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.35 | (0.18) | 0.17 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.34 | 0.21 | 0.55 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.28 | (0.50) | (0.22) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.19 | (0.62) | (0.43) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.20 | 0.44 | 0.64 | (0.21) | 0.00 | (0.21) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.30 | 0.15 | 0.08 | 0.23 | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.30 | (0.17) | 0.13 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.29 | 0.21 | 0.50 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.24 | (0.51) | (0.27) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.14 | (0.62) | (0.48) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.16 | 0.43 | 0.59 | (0.16) | 0.00 | (0.16) |
|  **PIMCO National Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.22 | $0.19 | $0.16 | $0.35 | $(0.19) | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.38 | (0.18) | 0.20 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.13 | 0.49 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.29 | (0.11) | 0.18 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.21 | (0.65) | (0.44) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.22 | 0.40 | 0.62 | (0.22) | 0.00 | (0.22) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.22 | 0.18 | 0.16 | 0.34 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.36 | (0.17) | 0.19 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.12 | 0.48 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.26 | (0.09) | 0.17 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.20 | (0.65) | (0.45) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.21 | 0.40 | 0.61 | (0.21) | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.22 | 0.17 | 0.16 | 0.33 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.34 | (0.18) | 0.16 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.33 | 0.13 | 0.46 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.24 | (0.10) | 0.14 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.17 | (0.65) | (0.48) | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.18 | 0.40 | 0.58 | (0.18) | 0.00 | (0.18) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| $9.38 | 2.93% | $1771728 | 0.44 | %\* | 0.44 | %\* | 0.44 | %\* | 0.44 | %\* | 4.07 | %\* | 42% |
| 9.30 | 2.15 | 1416452 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 3.97 |  | 25 |
| 9.47 | 6.38 | 1095605 | 0.44 |  | 0.44 |  | 0.44 |  | 0.44 |  | 4.00 |  | 59 |
| 9.26 | (1.88) | 659435 | 0.47 |  | 0.47 |  | 0.44 |  | 0.44 |  | 3.35 |  | 85 |
| 9.76 | (3.93) | 736281 | 0.45 |  | 0.45 |  | 0.44 |  | 0.44 |  | 2.17 |  | 41 |
| 10.38 | 6.78 | 537075 | 0.46 |  | 0.46 |  | 0.44 |  | 0.44 |  | 2.31 |  | 37 |
| 9.38 | 2.88 | 1581028 | 0.54 | \* | 0.54 | \* | 0.54 | \* | 0.54 | \* | 3.97 | \* | 42 |
| 9.30 | 2.05 | 1556885 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 3.86 |  | 25 |
| 9.47 | 6.27 | 833426 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 3.89 |  | 59 |
| 9.26 | (1.98) | 695029 | 0.57 |  | 0.57 |  | 0.54 |  | 0.54 |  | 3.29 |  | 85 |
| 9.76 | (4.02) | 516234 | 0.55 |  | 0.55 |  | 0.54 |  | 0.54 |  | 2.07 |  | 41 |
| 10.38 | 6.68 | 492831 | 0.56 |  | 0.56 |  | 0.54 |  | 0.54 |  | 2.21 |  | 37 |
| 9.38 | 2.85 | 34901 | 0.59 | \* | 0.64 | \* | 0.59 | \* | 0.64 | \* | 3.92 | \* | 42 |
| 9.30 | 2.00 | 26800 | 0.59 |  | 0.64 |  | 0.59 |  | 0.64 |  | 3.79 |  | 25 |
| 9.47 | 6.22 | 9865 | 0.59 |  | 0.64 |  | 0.59 |  | 0.64 |  | 3.94 |  | 59 |
| 9.26 | (2.03) | 1643 | 0.62 |  | 0.67 |  | 0.59 |  | 0.64 |  | 3.37 |  | 85 |
| 9.76 | (7.00) | 535 | 0.60 | \* | 0.65 | \* | 0.59 | \* | 0.64 | \* | 2.47 | \* | 41 |
| 9.38 | 2.77 | 822000 | 0.75 | \* | 0.75 | \* | 0.75 | \* | 0.75 | \* | 3.76 | \* | 42 |
| 9.30 | 1.83 | 785436 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 3.66 |  | 25 |
| 9.47 | 6.05 | 645072 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 3.67 |  | 59 |
| 9.26 | (2.19) | 541571 | 0.78 |  | 0.78 |  | 0.75 |  | 0.75 |  | 3.04 |  | 85 |
| 9.76 | (4.23) | 637217 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 1.84 |  | 41 |
| 10.38 | 6.45 | 913874 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 1.98 |  | 37 |
| 9.38 | 2.51 | 30522 | 1.25 | \* | 1.25 | \* | 1.25 | \* | 1.25 | \* | 3.26 | \* | 42 |
| 9.30 | 1.33 | 31606 | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 3.17 |  | 25 |
| 9.47 | 5.53 | 29913 | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 3.17 |  | 59 |
| 9.26 | (2.68) | 30867 | 1.28 |  | 1.28 |  | 1.25 |  | 1.25 |  | 2.53 |  | 85 |
| 9.76 | (4.70) | 37528 | 1.26 |  | 1.26 |  | 1.25 |  | 1.25 |  | 1.35 |  | 41 |
| 10.38 | 5.92 | 46906 | 1.27 |  | 1.27 |  | 1.25 |  | 1.25 |  | 1.52 |  | 37 |
| $10.38 | 3.42% | $750480 | 0.45 | %\* | 0.45 | %\* | 0.45 | %\* | 0.45 | %\* | 3.63 | %\* | 23% |
| 10.22 | 1.90 | 628265 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 3.63 |  | 20 |
| 10.40 | 4.91 | 441816 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 3.57 |  | 47 |
| 10.27 | 1.81 | 332824 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 2.89 |  | 68 |
| 10.36 | (4.06) | 89322 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 1.91 |  | 27 |
| 11.01 | 5.89 | 88749 | 0.45 |  | 0.45 |  | 0.45 |  | 0.45 |  | 2.03 |  | 18 |
| 10.38 | 3.37 | 258929 | 0.55 | \* | 0.55 | \* | 0.55 | \* | 0.55 | \* | 3.53 | \* | 23 |
| 10.22 | 1.80 | 176827 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 3.51 |  | 20 |
| 10.40 | 4.81 | 99845 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 3.49 |  | 47 |
| 10.27 | 1.70 | 48769 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 2.58 |  | 68 |
| 10.36 | (4.16) | 40567 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 1.81 |  | 27 |
| 11.01 | 5.78 | 49769 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 1.92 |  | 18 |
| 10.38 | 3.24 | 134166 | 0.80 | \* | 0.80 | \* | 0.80 | \* | 0.80 | \* | 3.28 | \* | 23 |
| 10.22 | 1.55 | 118602 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 3.28 |  | 20 |
| 10.40 | 4.55 | 92710 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 3.22 |  | 47 |
| 10.27 | 1.45 | 64286 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 2.35 |  | 68 |
| 10.36 | (4.40) | 51778 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 1.57 |  | 27 |
| 11.01 | 5.52 | 47294 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 1.68 |  | 18 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO National Intermediate Municipal Bond Fund (Cont.)** |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.22 | $0.14 | $0.16 | $0.30 | $(0.14) | $0.00 | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.29 | (0.18) | 0.11 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.28 | 0.13 | 0.41 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.19 | (0.10) | 0.09 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.12 | (0.65) | (0.53) | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.13 | 0.40 | 0.53 | (0.13) | 0.00 | (0.13) |
|  **PIMCO New York Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.61 | $0.20 | $0.05 | $0.25 | $(0.20) | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.39 | (0.24) | 0.15 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.39 | 0.16 | 0.55 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.42) | (0.10) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.23 | (0.64) | (0.41) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.23 | 0.34 | 0.57 | (0.23) | 0.00 | (0.23) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.61 | 0.19 | 0.05 | 0.24 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.38 | (0.24) | 0.14 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.16 | 0.54 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.43) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.22 | (0.65) | (0.43) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.22 | 0.34 | 0.56 | (0.22) | 0.00 | (0.22) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.61 | 0.19 | 0.05 | 0.24 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.37 | (0.24) | 0.13 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.15 | 0.53 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.34 | (0.45) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 12.03 | 0.16 | (0.94) | (0.78) | (0.14) | 0.00 | (0.14) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.61 | 0.18 | 0.05 | 0.23 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.35 | (0.24) | 0.11 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.35 | 0.16 | 0.51 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.29 | (0.42) | (0.13) | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.19 | (0.64) | (0.45) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.20 | 0.34 | 0.54 | (0.20) | 0.00 | (0.20) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.61 | 0.14 | 0.05 | 0.19 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.27 | (0.24) | 0.03 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.27 | 0.16 | 0.43 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.21 | (0.42) | (0.21) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.10 | (0.64) | (0.54) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.11 | 0.34 | 0.45 | (0.11) | 0.00 | (0.11) |
|  **PIMCO Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.29 | $0.14 | $0.09 | $0.23 | $(0.14) | $0.00 | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.28 | (0.01) | 0.27 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.03 | 0.29 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.06) | 0.11 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.09 | (0.25) | (0.16) | (0.09) | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.11 | 0.17 | 0.28 | (0.11) | 0.00 | (0.11) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.29 | 0.13 | 0.09 | 0.22 | (0.13) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.27 | (0.01) | 0.26 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.25 | 0.03 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.16 | (0.06) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.08 | (0.25) | (0.17) | (0.08) | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.10 | 0.17 | 0.27 | (0.10) | 0.00 | (0.10) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $10.38 | 2.99% | $4642 | 1.30 | % \* | 1.30 | % \* | 1.30 | % \* | 1.30 | % \* | 2.78 | % \* | 23% |
| 10.22 | 1.04 | 4773 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 2.79 |  | 20 |
| 10.40 | 4.03 | 5009 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 2.74 |  | 47 |
| 10.27 | 0.94 | 2656 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 1.87 |  | 68 |
| 10.36 | (4.87) | 2237 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 1.06 |  | 27 |
| 11.01 | 4.99 | 2369 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 1.19 |  | 18 |
| $10.66 | 2.36% | $297555 | 0.445 | %\* | 0.445 | %\* | 0.445 | %\* | 0.445 | %\* | 3.73 | %\* | 33% |
| 10.61 | 1.34 | 290696 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 3.57 |  | 14 |
| 10.85 | 5.25 | 235716 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 3.69 |  | 18 |
| 10.69 | (0.78) | 142333 | 0.455 |  | 0.455 |  | 0.445 |  | 0.445 |  | 3.03 |  | 64 |
| 11.11 | (3.62) | 190751 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 1.95 |  | 23 |
| 11.75 | 5.08 | 181033 | 0.445 |  | 0.445 |  | 0.445 |  | 0.445 |  | 2.01 |  | 31 |
| 10.66 | 2.31 | 162113 | 0.545 | \* | 0.545 | \* | 0.545 | \* | 0.545 | \* | 3.63 | \* | 33 |
| 10.61 | 1.24 | 149839 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 3.47 |  | 14 |
| 10.85 | 5.14 | 108170 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 3.59 |  | 18 |
| 10.69 | (0.88) | 69923 | 0.555 |  | 0.555 |  | 0.545 |  | 0.545 |  | 2.97 |  | 64 |
| 11.11 | (3.71) | 72230 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 1.84 |  | 23 |
| 11.75 | 4.97 | 73929 | 0.545 |  | 0.545 |  | 0.545 |  | 0.545 |  | 1.91 |  | 31 |
| 10.66 | 2.29 | 1795 | 0.595 | \* | 0.645 | \* | 0.595 | \* | 0.645 | \* | 3.58 | \* | 33 |
| 10.61 | 1.19 | 1554 | 0.595 |  | 0.645 |  | 0.595 |  | 0.645 |  | 3.41 |  | 14 |
| 10.85 | 5.09 | 1183 | 0.595 |  | 0.645 |  | 0.595 |  | 0.645 |  | 3.54 |  | 18 |
| 10.69 | (0.93) | 577 | 0.605 |  | 0.655 |  | 0.595 |  | 0.645 |  | 3.15 |  | 64 |
| 11.11 | (6.54) | 117 | 0.595 | \* | 0.645 | \* | 0.595 | \* | 0.645 | \* | 2.10 | \* | 23 |
| 10.66 | 2.19 | 425269 | 0.775 | \* | 0.775 | \* | 0.775 | \* | 0.775 | \* | 3.40 | \* | 33 |
| 10.61 | 1.01 | 423243 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 3.23 |  | 14 |
| 10.85 | 4.90 | 303563 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 3.34 |  | 18 |
| 10.69 | (1.11) | 254890 | 0.785 |  | 0.785 |  | 0.775 |  | 0.775 |  | 2.72 |  | 64 |
| 11.11 | (3.94) | 321595 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 1.61 |  | 23 |
| 11.75 | 4.73 | 395441 | 0.775 |  | 0.775 |  | 0.775 |  | 0.775 |  | 1.68 |  | 31 |
| 10.66 | 1.81 | 7677 | 1.525 | \* | 1.525 | \* | 1.525 | \* | 1.525 | \* | 2.64 | \* | 33 |
| 10.61 | 0.26 | 10132 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 2.50 |  | 14 |
| 10.85 | 4.12 | 11961 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 2.58 |  | 18 |
| 10.69 | (1.85) | 15638 | 1.535 |  | 1.535 |  | 1.525 |  | 1.525 |  | 1.98 |  | 64 |
| 11.11 | (4.66) | 18104 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 0.86 |  | 23 |
| 11.75 | 3.95 | 22314 | 1.525 |  | 1.525 |  | 1.525 |  | 1.525 |  | 0.93 |  | 31 |
| $8.38 | 2.77% | $194158 | 0.33 | %\* | 0.33 | %\* | 0.33 | %\* | 0.33 | %\* | 3.31 | %\* | 20% |
| 8.29 | 3.25 | 178878 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 3.33 |  | 41 |
| 8.30 | 3.55 | 221663 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 3.15 |  | 49 |
| 8.27 | 1.35 | 194899 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 2.01 |  | 73 |
| 8.33 | (1.90) | 189441 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 1.02 |  | 51 |
| 8.58 | 3.34 | 175556 | 0.33 |  | 0.33 |  | 0.33 |  | 0.33 |  | 1.24 |  | 37 |
| 8.38 | 2.72 | 168865 | 0.43 | \* | 0.43 | \* | 0.43 | \* | 0.43 | \* | 3.20 | \* | 20 |
| 8.29 | 3.15 | 114994 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 3.22 |  | 41 |
| 8.30 | 3.44 | 99771 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 3.02 |  | 49 |
| 8.27 | 1.24 | 113751 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 1.91 |  | 73 |
| 8.33 | (2.00) | 109765 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 0.92 |  | 51 |
| 8.58 | 3.24 | 87070 | 0.43 |  | 0.43 |  | 0.43 |  | 0.43 |  | 1.12 |  | 37 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Short Duration Municipal Income Fund (Cont.)** |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.29 | $0.13 | $0.09 | $0.22 | $(0.13) | $0.00 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.26 | (0.01) | 0.25 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.02 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.07) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 8.61 | 0.05 | (0.28) | (0.23) | (0.05) | 0.00 | (0.05) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.29 | 0.12 | 0.09 | 0.21 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.22 | 0.03 | 0.25 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.13 | (0.05) | 0.08 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.05 | (0.25) | (0.20) | (0.05) | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.07 | 0.18 | 0.25 | (0.08) | 0.00 | (0.08) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.29 | 0.11 | 0.09 | 0.20 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.22 | (0.01) | 0.21 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.20 | 0.03 | 0.23 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.11 | (0.06) | 0.05 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.03 | (0.25) | (0.22) | (0.03) | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.05 | 0.17 | 0.22 | (0.05) | 0.00 | (0.05) |
| Class C-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.29 | 0.10 | 0.09 | 0.19 | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.20 | (0.01) | 0.19 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.18 | 0.03 | 0.21 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.09 | (0.05) | 0.04 | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.01 | (0.25) | (0.24) | (0.01) | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020 - 03/31/2021 | 8.55 | 0.01 | 0.03 | 0.04 | (0.01) | 0.00 | (0.01) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| $8.38 | 2.69% | $13015 | 0.48 | % \* | 0.53 | % \* | 0.48 | % \* | 0.53 | % \* | 3.15 | % \* | 20% |
| 8.29 | 3.10 | 12352 | 0.48 |  | 0.53 |  | 0.48 |  | 0.53 |  | 3.17 |  | 41 |
| 8.30 | 3.40 | 9511 | 0.48 |  | 0.53 |  | 0.48 |  | 0.53 |  | 3.16 |  | 49 |
| 8.27 | 1.18 | 32 | 0.48 |  | 0.53 |  | 0.48 |  | 0.53 |  | 2.11 |  | 73 |
| 8.33 | (2.69) | 10 | 0.48 | \* | 0.53 | \* | 0.48 | \* | 0.53 | \* | 0.85 | \* | 51 |
| 8.38 | 2.56 | 124899 | 0.73 | \* | 0.73 | \* | 0.73 | \* | 0.73 | \* | 2.90 | \* | 20 |
| 8.29 | 2.84 | 111551 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 2.92 |  | 41 |
| 8.30 | 3.14 | 100557 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 2.72 |  | 49 |
| 8.27 | 0.94 | 140520 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 1.60 |  | 73 |
| 8.33 | (2.29) | 191066 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 0.62 |  | 51 |
| 8.58 | 2.93 | 245184 | 0.73 |  | 0.73 |  | 0.73 |  | 0.73 |  | 0.81 |  | 37 |
| 8.38 | 2.41 | 2128 | 1.03 | \* | 1.03 | \* | 1.03 | \* | 1.03 | \* | 2.60 | \* | 20 |
| 8.29 | 2.53 | 2299 | 1.03 |  | 1.03 |  | 1.03 |  | 1.03 |  | 2.63 |  | 41 |
| 8.30 | 2.83 | 3530 | 1.03 |  | 1.03 |  | 1.03 |  | 1.03 |  | 2.43 |  | 49 |
| 8.27 | 0.64 | 4088 | 1.03 |  | 1.03 |  | 1.03 |  | 1.03 |  | 1.33 |  | 73 |
| 8.33 | (2.59) | 4649 | 1.03 |  | 1.03 |  | 1.03 |  | 1.03 |  | 0.33 |  | 51 |
| 8.58 | 2.62 | 4756 | 1.03 |  | 1.03 |  | 1.03 |  | 1.03 |  | 0.60 |  | 37 |
| 8.38 | 2.31 | 235 | 1.23 | \* | 1.23 | \* | 1.23 | \* | 1.23 | \* | 2.40 | \* | 20 |
| 8.29 | 2.33 | 286 | 1.23 |  | 1.23 |  | 1.23 |  | 1.23 |  | 2.43 |  | 41 |
| 8.30 | 2.62 | 154 | 1.23 |  | 1.23 |  | 1.23 |  | 1.23 |  | 2.23 |  | 49 |
| 8.27 | 0.44 | 114 | 1.23 |  | 1.23 |  | 1.23 |  | 1.23 |  | 1.06 |  | 73 |
| 8.33 | (2.78) | 167 | 1.23 |  | 1.23 |  | 1.23 |  | 1.23 |  | 0.13 |  | 51 |
| 8.58 | 0.42 | 35 | 1.23 | \* | 1.23 | \* | 1.23 | \* | 1.23 | \* | 0.19 | \* | 37 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $236203 | $427268 | $176235 | $5465245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 23895 | 15748 | 24352 | 261572 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 20 | 0 | 0 |
|  Cash | 2 | 554 | 1 | 1 |
|  Deposits with counterparty | 0 | 615 | 0 | 0 |
|  Receivable for investments sold | 0 | 0 | 0 | 26452 |
|  Receivable for Fund shares sold | 1096 | 980 | 22 | 8169 |
|  Interest and/or dividends receivable | 2345 | 4482 | 1669 | 66956 |
|  Dividends receivable from Affiliates | 75 | 43 | 89 | 1203 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 2 |
|  **Total Assets** | 263616 | 449710 | 202368 | 5829600 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments purchased | $2928 | $856 | $0 | $42876 |
|  Payable for investments in Affiliates purchased | 78 | 45 | 92 | 1236 |
|  Deposits from counterparty | 0 | 0 | 0 | 3048 |
|  Payable for Fund shares redeemed | 161 | 507 | 278 | 14130 |
|  Distributions payable | 163 | 7 | 41 | 1866 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 |
|  Accrued investment advisory fees | 45 | 72 | 28 | 1348 |
|  Accrued supervisory and administrative fees | 51 | 99 | 28 | 1313 |
|  Accrued distribution fees | 1 | 2 | 0 | 33 |
|  Accrued servicing fees | 11 | 26 | 4 | 278 |
|  **Total Liabilities** | 3438 | 1614 | 471 | 66128 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $260178 | $448096 | $201897 | $5763472 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $267629 | $453873 | $207552 | $6002310 |
|  Distributable earnings (accumulated loss) | (7451) | (5777) | (5655) | (238838) |
|  **Net Assets** | $260178 | $448096 | $201897 | $5763472 |
|  Cost of investments in securities | $232308 | $423491 | $174834 | $5491462 |
|  Cost of investments in Affiliates | $23890 | $15745 | $24341 | $261440 |
|  Cost or premiums of financial derivative instruments, net | $0 | $641 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
| $4055677 | $1066110 | $866461 | $463474 |
| 173057 | 80291 | 17131 | 46930 |
| 191 | 0 | 42 | 0 |
| 0 | 504 | 0 | 0 |
| 8476 | 0 | 1866 | 0 |
| 0 | 0 | 0 | 0 |
| 10258 | 7439 | 1959 | 656 |
| 48008 | 11960 | 9952 | 5335 |
| 518 | 151 | 59 | 149 |
| 2 | 0 | 0 | 1 |
| 4296187 | 1166455 | 897470 | 516545 |
| $44583 | $16273 | $0 | $4812 |
| 541 | 161 | 62 | 154 |
| 0 | 0 | 0 | 0 |
| 8027 | 1262 | 2528 | 8076 |
| 1023 | 82 | 29 | 13 |
| 30 | 0 | 0 | 0 |
| 661 | 196 | 158 | 72 |
| 963 | 235 | 194 | 91 |
| 12 | 2 | 5 | 1 |
| 168 | 27 | 85 | 26 |
| 56008 | 18238 | 3061 | 13245 |
| $4240179 | $1148217 | $894409 | $503300 |
| $4342357 | $1138476 | $932870 | $516330 |
| (102178) | 9741 | (38461) | (13030) |
| $4240179 | $1148217 | $894409 | $503300 |
| $3972593 | $1041640 | $864540 | $456919 |
| $172976 | $80274 | $17129 | $46918 |
| $6248 | $0 | $1382 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $146302 | $192283 | $159031 | $2675960 |
|  I-2 | 49744 | 123426 | 24409 | 1610780 |
|  I-3 | N/A | N/A | N/A | 56048 |
|  Class A | 62535 | 129827 | 18457 | 1364619 |
|  Class C | 1597 | 2560 | N/A | 56065 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 15636 | 18075 | 16343 | 319136 |
|  I-2 | 5316 | 11602 | 2509 | 192102 |
|  I-3 | N/A | N/A | N/A | 6684 |
|  Class A | 6683 | 12204 | 1897 | 162745 |
|  Class C | 171 | 241 | N/A | 6686 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $9.36 | $10.64 | $9.73 | $8.39 |
|  I-2 | 9.36 | 10.64 | 9.73 | 8.39 |
|  I-3 | N/A | N/A | N/A | 8.39 |
|  Class A | 9.36 | 10.64 | 9.73 | 8.39 |
|  Class C | 9.36 | 10.64 | N/A | 8.39 |
|  Class C-2 | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
| $1771728 | $750480 | $297555 | $194158 |
| 1581028 | 258929 | 162113 | 168865 |
| 34901 | N/A | 1795 | 13015 |
| 822000 | 134166 | 425269 | 124899 |
| 30522 | 4642 | 7677 | 2128 |
| N/A | N/A | N/A | 235 |
| 188969 | 72320 | 27912 | 23160 |
| 168631 | 24952 | 15207 | 20143 |
| 3723 | N/A | 168 | 1552 |
| 87673 | 12929 | 39892 | 14898 |
| 3255 | 448 | 720 | 254 |
| N/A | N/A | N/A | 28 |
| $9.38 | $10.38 | $10.66 | $8.38 |
| 9.38 | 10.38 | 10.66 | 8.38 |
| 9.38 | N/A | 10.66 | 8.38 |
| 9.38 | 10.38 | 10.66 | 8.38 |
| 9.38 | 10.38 | 10.66 | 8.38 |
| N/A | N/A | N/A | 8.38 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $4057 | $7875 | $2359 | $133012 |
|  Dividends | 11 | 0 | 12 | 35 |
|  Dividends from Investments in Affiliates | 276 | 310 | 458 | 7848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 4344 | 8185 | 2829 | 140895 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 244 | 411 | 155 | 8175 |
|  Supervisory and administrative fees | 278 | 562 | 154 | 8005 |
|  Distribution and/or servicing fees - Class A | 63 | 149 | 23 | 1671 |
|  Distribution and/or servicing fees - Class C | 10 | 12 | 0 | 281 |
|  Distribution and/or servicing fees - Class C-2 | N/A | N/A | N/A | N/A |
|  Trustee fees | 1 | 1 | 1 | 11 |
|  Interest expense | 0 | 5 | 2 | 0 |
|  Miscellaneous expense | 0 | 0 | 0 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 596 | 1140 | 335 | 18164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 596 | 1140 | 335 | 18146 |
|  **Net Investment Income (Loss)** | 3748 | 7045 | 2494 | 122749 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (654) | (727) | 22 | (63076) |
|  Investments in Affiliates | (2) | 4 | 0 | 57 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | (330) |
|  **Net Realized Gain (Loss)** | (656) | (723) | 22 | (63349) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 3683 | 5410 | 2208 | 49446 |
|  Investments in Affiliates | 5 | 0 | 9 | 123 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | (147) | 0 | 140 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3688 | 5263 | 2217 | 49709 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6780 | $11585 | $4733 | $109109 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
| $87630 | $20247 | $17924 | $7953 |
| 16 | 0 | 15 | 13 |
| 3375 | 827 | 316 | 560 |
| 91021 | 21074 | 18255 | 8526 |
| 4029 | 1135 | 983 | 421 |
| 5916 | 1362 | 1210 | 532 |
| 989 | 157 | 520 | 152 |
| 117 | 17 | 44 | 6 |
| N/A | N/A | N/A | 1 |
| 7 | 2 | 2 | 1 |
| 68 | 0 | 12 | 2 |
| 0 | 0 | 0 | 0 |
| 11126 | 2673 | 2771 | 1115 |
| (8) | 0 | 0 | (3) |
| 11118 | 2673 | 2771 | 1112 |
| 79903 | 18401 | 15484 | 7414 |
| (40249) | (3119) | (5882) | (5) |
| 127 | 8 | 18 | 5 |
| (246) | (6) | 0 | 0 |
| (40368) | (3117) | (5864) | 0 |
| 78826 | 20954 | 10644 | 5483 |
| 34 | 10 | (11) | 9 |
| (1350) | 21 | (318) | 0 |
| 77510 | 20985 | 10315 | 5492 |
| $117045 | $36269 | $19935 | $12906 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>California Intermediate<br>Municipal Bond Fund** | **PIMCO<br>California Intermediate<br>Municipal Bond Fund** | **PIMCO<br>California<br>Municipal Bond Fund** | **PIMCO<br>California<br>Municipal Bond Fund** | **PIMCO<br>California Short Duration<br>Municipal Income Fund** | **PIMCO<br>California Short Duration<br>Municipal Income Fund** | **PIMCO<br>High Yield<br>Municipal Bond Fund** | **PIMCO<br>High Yield<br>Municipal Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $3748 | $6216 | $7045 | $9132 | $2494 | $3662 | $122749 | $219241 |
|  Net realized gain (loss) | (656) | (279) | (723) | (377) | 22 | (81) | (63349) | 2676 |
|  Net change in unrealized appreciation (depreciation) | 3688 | (3026) | 5263 | (5409) | 2217 | (172) | 49709 | (76986) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6780 | 2911 | 11585 | 3346 | 4733 | 3409 | 109109 | 144931 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2255) | (4003) | (3136) | (3716) | (1947) | (2605) | (55376) | (101146) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (646) | (787) | (1838) | (2129) | (315) | (575) | (34329) | (61878) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | (1578) | (2582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (816) | (1332) | (2015) | (3195) | (239) | (475) | (28316) | (49150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (24) | (61) | (32) | (70) | N/A | N/A | (980) | (2032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (3741) | (6183) | (7021) | (9110) | (2501) | (3655) | (120579) | (216788) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 59266 | 9803 | 107852 | 169886 | 59759 | 17519 | 207295 | 1430399 |
|  **Total Increase (Decrease) in Net Assets** | 62305 | 6531 | 112416 | 164122 | 61991 | 17273 | 195825 | 1358542 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 197873 | 191342 | 335680 | 171558 | 139906 | 122633 | 5567647 | 4209105 |
|  End of period | $260178 | $197873 | $448096 | $335680 | $201897 | $139906 | $5763472 | $5567647 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Municipal Bond Fund** | **PIMCO<br>Municipal Bond Fund** | **PIMCO<br>National Intermediate<br>Municipal Bond Fund** | **PIMCO<br>National Intermediate<br>Municipal Bond Fund** | **PIMCO<br>New York<br>Municipal Bond Fund** | **PIMCO<br>New York<br>Municipal Bond Fund** | **PIMCO<br>Short Duration<br>Municipal Income Fund** | **PIMCO<br>Short Duration<br>Municipal Income Fund** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |
| $79903 | $119841 | $18401 | $27624 | $15484 | $26134 | $7414 | $12985 |
| (40368) | (1292) | (3117) | (1619) | (5864) | (896) | 0 | (212) |
| 77510 | (64236) | 20985 | (13228) | 10315 | (18866) | 5492 | (193) |
| 117045 | 54313 | 36269 | 12777 | 19935 | 6372 | 12906 | 12580 |
| (32063) | (50024) | (12342) | (19393) | (5446) | (9489) | (3013) | (6354) |
| (31704) | (40515) | (3928) | (4639) | (2816) | (4604) | (2393) | (3184) |
| (640) | (689) | N/A | N/A | (30) | (47) | (201) | (359) |
| (14847) | (26391) | (2065) | (3409) | (7076) | (11691) | (1771) | (2996) |
| (507) | (961) | (64) | (138) | (117) | (281) | (29) | (75) |
| N/A | N/A | N/A | N/A | N/A | N/A | (3) | (4) |
| (79761) | (118580) | (18399) | (27579) | (15485) | (26112) | (7410) | (12972) |
| 385716 | 1267565 | 201880 | 303889 | 14495 | 234611 | 77444 | (14434) |
| 423000 | 1203298 | 219750 | 289087 | 18945 | 214871 | 82940 | (14826) |
| 3817179 | 2613881 | 928467 | 639380 | 875464 | 660593 | 420360 | 435186 |
| $4240179 | $3817179 | $1148217 | $928467 | $894409 | $875464 | $503300 | $420360 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 90.8% | INVESTMENTS IN SECURITIES 90.8% | INVESTMENTS IN SECURITIES 90.8% |
| MUNICIPAL BONDS & NOTES 86.4% | MUNICIPAL BONDS & NOTES 86.4% | MUNICIPAL BONDS & NOTES 86.4% |
| ALABAMA 0.9% | ALABAMA 0.9% | ALABAMA 0.9% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 1500 | 1551 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 800 | 885 |
|  |  | 2436 |
| ARIZONA 0.3% | ARIZONA 0.3% | ARIZONA 0.3% |
|  Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2041 | 725 | 778 |
| CALIFORNIA 75.4% | CALIFORNIA 75.4% | CALIFORNIA 75.4% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  5.300% due 10/01/2047 (c) | 2000 | 1166 |
|  Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 | Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 | Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 |
|  5.000% due 12/01/2032 | 1000 | 1169 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2037 (b) | 1150 | 695 |
|  0.000% due 08/01/2038 (b) | 1755 | 995 |
|  0.000% due 08/01/2039 (b) | 1750 | 932 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.340% (MUNIPSA) due 04/01/2056 ~ | 1200 | 1194 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.000% due 04/01/2055 | 3400 | 3400 |
|  3.300% due 04/01/2055 | 2500 | 2500 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  3.300% due 04/01/2059 | 2000 | 2000 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.250% due 07/01/2043 | 2000 | 1905 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2000 | 2051 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 3800 | 4090 |
|  5.250% due 01/01/2054 | 1000 | 1067 |
|  5.250% due 11/01/2054 | 1750 | 1898 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1082 |
|  5.000% due 02/01/2055 | 3300 | 3609 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2000 | 2153 |
|  5.000% due 01/01/2056 | 4365 | 4678 |
|  5.000% due 03/01/2056 | 2000 | 2195 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2038 | 1000 | 1130 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 | 1500 | 1506 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2038 | 1500 | 1493 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2039 | 1110 | 1110 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2036 | 1650 | 1669 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2032 | 1000 | 1077 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2040 | 2500 | 2656 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2035 | 2000 | 2405 |
|  5.000% due 12/01/2035 | 1000 | 1102 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 |
|  3.750% due 03/25/2035 | 1888 | 1902 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 2000 | 2022 |
|  California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 |
|  3.500% due 11/20/2035 | 3395 | 3317 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.250% due 06/01/2055 | 2000 | 2013 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  2.000% due 12/01/2027 | 1900 | 1900 |
|  California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 |
|  2.350% due 12/01/2035 | 2484 | 2168 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1750 | 1745 |
|  6.000% due 03/01/2053 | 2000 | 2041 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2036 | 1100 | 1182 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 | 1250 | 1239 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 07/01/2041 | 1200 | 1236 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 1800 | 1818 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 2000 | 1997 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  3.800% due 10/01/2045 | 1200 | 1200 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 1000 | 940 |
|  4.000% due 09/01/2040 (e) | 1500 | 1342 |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1000 | 1047 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 500 | 511 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.536% due 02/20/2041 | 1993 | 1731 |
|  California Municipal Finance Authority Revenue Notes, Series 2024 | California Municipal Finance Authority Revenue Notes, Series 2024 | California Municipal Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 270 | 279 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2044 | 625 | 635 |
|  California Municipal Finance Authority Special Tax Notes, Series 2025 | California Municipal Finance Authority Special Tax Notes, Series 2025 | California Municipal Finance Authority Special Tax Notes, Series 2025 |
|  4.625% due 09/01/2035 | 500 | 505 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1000 | 999 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 |
|  3.850% due 11/01/2042 | 3000 | 3000 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 11/01/2042 | 1000 | 1000 |
|  California Pollution Control Financing Authority Revenue Notes, Series 2019 | California Pollution Control Financing Authority Revenue Notes, Series 2019 | California Pollution Control Financing Authority Revenue Notes, Series 2019 |
|  5.000% due 07/01/2029 | 855 | 887 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  4.000% due 07/15/2038 | 1500 | 1532 |
|  California School Finance Authority Revenue Notes, Series 2016 | California School Finance Authority Revenue Notes, Series 2016 | California School Finance Authority Revenue Notes, Series 2016 |
|  5.000% due 06/01/2026 | 120 | 120 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1500 | 1500 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  4.000% due 09/01/2034 | 1800 | 1807 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1000 | 975 |
|  California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2042 | 500 | 554 |
|  5.250% due 11/01/2050 | 500 | 544 |
|  California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.250% due 09/01/2067 | 1750 | 1793 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2027 | 1000 | 1013 |
|  5.000% due 05/15/2032 | 500 | 506 |
|  5.250% due 12/01/2056 | 1100 | 1062 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.500% due 12/01/2058 | 975 | 973 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2016 | California Statewide Communities Development Authority Revenue Notes, Series 2016 | California Statewide Communities Development Authority Revenue Notes, Series 2016 |
|  5.000% due 05/15/2026 | 1000 | 1012 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 2100 | 2413 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 1175 | 1209 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2040 (b) | 3475 | 1825 |
|  Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 |
|  0.000% due 06/01/2037 (b) | 3515 | 2169 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2035 | 100 | 107 |
|  Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2032 | 135 | 146 |
|  5.000% due 09/01/2033 | 155 | 168 |
|  5.000% due 09/01/2034 | 100 | 108 |
|  Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 |
|  4.000% due 10/01/2044 | 1000 | 974 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 | 1000 | 852 |
|  3.714% due 06/01/2041 | 1000 | 785 |
|  3.850% due 06/01/2050 | 930 | 848 |
|  Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 |
|  0.000% due 09/01/2032 (b) | 1565 | 1281 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 |
|  5.000% due 09/01/2033 | 500 | 583 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 2000 | 2000 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (b) | 1750 | 1061 |
|  Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1036 |
|  Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 |
|  5.000% due 06/01/2036 | 1000 | 1112 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 900 | 912 |
|  Los Angeles County, California Housing Development Authority, Revenue Bonds, (HUD Insured), Series 2023 | Los Angeles County, California Housing Development Authority, Revenue Bonds, (HUD Insured), Series 2023 | Los Angeles County, California Housing Development Authority, Revenue Bonds, (HUD Insured), Series 2023 |
|  3.375% due 01/01/2046 | 1000 | 1000 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1500 | 1588 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 1000 | 1003 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2031 | 1500 | 1599 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2041 | 2000 | 1910 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2017 | Los Angeles Department of Airports, California Revenue Notes, Series 2017 | Los Angeles Department of Airports, California Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1015 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1200 | 1175 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2038 | 1000 | 1135 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 |
|  5.000% due 07/01/2031 | 1410 | 1630 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 1500 | 1531 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2044 | 1000 | 982 |
|  Mountain House Community Facilities District, California Special Tax Notes, Series 2025 | Mountain House Community Facilities District, California Special Tax Notes, Series 2025 | Mountain House Community Facilities District, California Special Tax Notes, Series 2025 |
|  4.250% due 09/01/2035 | 400 | 401 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 09/01/2039 | 1000 | 1024 |
|  Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 |
|  4.500% due 08/01/2055 | 1000 | 1000 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.770% (TSFR3M) due 07/01/2027 ~ | 615 | 615 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2035 | 500 | 571 |
|  Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 |
|  5.000% due 08/01/2031 | 1000 | 1116 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 |
|  3.100% due 05/15/2045 | 3255 | 3255 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 |
|  5.000% due 09/01/2034 | 500 | 549 |
|  River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 |
|  5.000% due 09/01/2032 | 535 | 593 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 315 | 328 |
|  5.000% due 09/01/2044 | 480 | 489 |
|  Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2026 | 1000 | 1001 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 2500 | 2627 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2034 | 2750 | 2963 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2039 | 1500 | 1603 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1130 | 1174 |
|  San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2480 | 2466 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2038 | 1610 | 1661 |
|  4.000% due 08/01/2045 | 1375 | 1341 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2025 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2025 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2025 |
|  5.000% due 10/15/2036 (a) | 2500 | 2944 |
|  San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2041 | 2000 | 2230 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2038 | 1065 | 1097 |
|  5.000% due 05/01/2049 | 1040 | 1046 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 |
|  5.000% due 05/01/2032 | 1000 | 1107 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2035 | 1560 | 1742 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 |
|  4.000% due 04/01/2034 | 1000 | 1036 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 | 1250 | 1307 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 995 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 3300 | 3790 |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2030 | 1800 | 1800 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2041 | 700 | 779 |
|  Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 08/01/2026 (b) | 380 | 372 |
|  Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 564 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1500 | 1475 |
|  Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 |
|  0.500% due 03/01/2026 | 2500 | 2475 |
|  Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1845 | 1803 |
|  State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2040 | 500 | 548 |
|  Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 |
|  5.000% due 10/01/2029 | 1000 | 1077 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 500 | 523 |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  3.250% due 05/15/2048 | 3000 | 3000 |
|  Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 05/01/2033 | 500 | 580 |
|  |  | 196198 |
| COLORADO 1.0% | COLORADO 1.0% | COLORADO 1.0% |
|  Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2049 | 2500 | 2613 |
| FLORIDA 0.6% | FLORIDA 0.6% | FLORIDA 0.6% |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2035 | 1100 | 1097 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2034 (b) | 650 | 460 |
|  |  | 1557 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 700 | 755 |
| MICHIGAN 1.6% | MICHIGAN 1.6% | MICHIGAN 1.6% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due<br>07/01/2032 ~ | 1500 | 1488 |
|  Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2046 | 2500 | 2511 |
|  |  | 3999 |
| MULTI-STATE 1.6% | MULTI-STATE 1.6% | MULTI-STATE 1.6% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  2.250% due 09/25/2037 | 1461 | 1235 |
|  4.033% due 12/25/2036 | 1265 | 1269 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  3.541% due 11/25/2038 | 1781 | 1680 |
|  |  | 4184 |
| NEW HAMPSHIRE 0.6% | NEW HAMPSHIRE 0.6% | NEW HAMPSHIRE 0.6% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  3.925% due 07/20/2039 | 1590 | 1527 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 25

------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NEW YORK 1.0% | NEW YORK 1.0% | NEW YORK 1.0% |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2049 | 2500 | 2600 |
| OHIO 0.5% | OHIO 0.5% | OHIO 0.5% |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 200 | 208 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 1000 | 1043 |
|  |  | 1251 |
| PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/30/2037 | 1000 | 1079 |
| PUERTO RICO 1.8% | PUERTO RICO 1.8% | PUERTO RICO 1.8% |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 525 | 505 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (b) | 2000 | 1639 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 07/01/2046 (b) | 1300 | 444 |
|  5.000% due 07/01/2058 | 1250 | 1208 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 1000 | 978 |
|  |  | 4774 |
| TEXAS 0.4% | TEXAS 0.4% | TEXAS 0.4% |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1000 | 1093 |
|  Total Municipal Bonds & Notes (Cost $221,211) | Total Municipal Bonds & Notes (Cost $221,211) | 224844 |
| U.S. GOVERNMENT AGENCIES 4.2% | U.S. GOVERNMENT AGENCIES 4.2% | U.S. GOVERNMENT AGENCIES 4.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 | 1966 | 1804 |
|  3.660% due 01/01/2039 | 1949 | 1841 |
|  3.720% due 01/01/2041 | 1968 | 1832 |
|  3.850% due 02/01/2038 - 07/01/2041 | 4547 | 4292 |
|  4.850% due 08/01/2038 | 979 | 1022 |
|  Total U.S. Government Agencies (Cost $10,529) | Total U.S. Government Agencies (Cost $10,529) | 10791 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (d) | 567843 | $— | 568 |
| Total Short-Term Instruments<br>(Cost $568) | Total Short-Term Instruments<br>(Cost $568) |  | 568 |
| Total Investments in Securities<br>(Cost $232,308) | Total Investments in Securities<br>(Cost $232,308) |  | 236203 |
| INVESTMENTS IN AFFILIATES 9.2% | INVESTMENTS IN AFFILIATES 9.2% | INVESTMENTS IN AFFILIATES 9.2% | INVESTMENTS IN AFFILIATES 9.2% |
| SHORT-TERM INSTRUMENTS 9.2% | SHORT-TERM INSTRUMENTS 9.2% | SHORT-TERM INSTRUMENTS 9.2% | SHORT-TERM INSTRUMENTS 9.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2453513 |  | 23895 |
| Total Short-Term Instruments<br>(Cost $23,890) | Total Short-Term Instruments<br>(Cost $23,890) |  | 23895 |
| Total Investments in Affiliates<br>(Cost $23,890) | Total Investments in Affiliates<br>(Cost $23,890) |  | 23895 |
| Total Investments 100.0%<br>(Cost $256,198) | Total Investments 100.0%<br>(Cost $256,198) | $— | 260098 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | 80 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 260178 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | 0.52% |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $2436 | $0 | $2436 |
| &nbsp;&nbsp; Arizona | 0 | 778 | 0 | 778 |
| &nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196198 |
| &nbsp;&nbsp; Colorado | 0 | 2613 | 0 | 2613 |
| &nbsp;&nbsp; Florida | 0 | 1557 | 0 | 1557 |
| &nbsp;&nbsp; Georgia | 0 | 755 | 0 | 755 |
| &nbsp;&nbsp; Michigan | 0 | 3999 | 0 | 3999 |
| &nbsp;&nbsp; Multi-State | 0 | 4184 | 0 | 4184 |
| &nbsp;&nbsp; New Hampshire | 0 | 1527 | 0 | 1527 |
| &nbsp;&nbsp; New York | 0 | 2600 | 0 | 2600 |
| &nbsp;&nbsp; Ohio | 0 | 1251 | 0 | 1251 |
| &nbsp;&nbsp; Pennsylvania | 0 | 1079 | 0 | 1079 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Puerto Rico | $0 | $4774 | $0 | $4774 |
| &nbsp;&nbsp; Texas | 0 | 1093 | 0 | 1093 |
|  U.S. Government Agencies | 0 | 10791 | 0 | 10791 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 568 | 0 | 568 |
|  | $0 | $236203 | $0 | $236203 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $23895 | $0 | $0 | $23895 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260098 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% |
|  Bonnie Brae | Bonnie Brae | Bonnie Brae |
|  7.095% due 06/02/2059 « | 2800 | 2874 |
|  Total Loan Participations and Assignments (Cost $2,800) | Total Loan Participations and Assignments (Cost $2,800) | 2874 |
| MUNICIPAL BONDS & NOTES 91.0% | MUNICIPAL BONDS & NOTES 91.0% | MUNICIPAL BONDS & NOTES 91.0% |
| ARIZONA 0.4% | ARIZONA 0.4% | ARIZONA 0.4% |
|  Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2042 | 750 | 797 |
|  5.000% due 07/01/2044 | 1100 | 1155 |
|  |  | 1952 |
| CALIFORNIA 84.6% | CALIFORNIA 84.6% | CALIFORNIA 84.6% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 |
|  0.000% due 10/01/2053 (c) | 3800 | 993 |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  5.400% due 10/01/2050 (d) | 3000 | 1725 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 1000 | 1061 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  3.150% due 10/01/2054 | 3500 | 3500 |
|  Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2047 | 4000 | 4017 |
|  Antelope Valley Union High School, California General Obligation Bonds, Series 2025 | Antelope Valley Union High School, California General Obligation Bonds, Series 2025 | Antelope Valley Union High School, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2054 | 4000 | 4235 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 |
|  2.950% due 04/01/2047 | 100 | 100 |
|  5.000% due 04/01/2056 | 250 | 260 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.300% due 04/01/2055 | 6000 | 6000 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.125% due 07/01/2041 | 2000 | 1909 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2000 | 2051 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 600 | 646 |
|  5.250% due 01/01/2054 | 750 | 801 |
|  5.250% due 11/01/2054 | 1500 | 1627 |
|  5.500% due 10/01/2054 | 995 | 1090 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 5000 | 5407 |
|  5.000% due 01/01/2055 | 4000 | 4238 |
|  5.000% due 02/01/2055 | 5500 | 6015 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 4000 | 4305 |
|  5.000% due 01/01/2056 | 4120 | 4416 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 1500 | 738 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 250 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2049 | 1000 | 856 |
|  5.000% due 06/01/2050 | 1020 | 950 |
|  California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2042 | 300 | 301 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2039 | 1500 | 1677 |
|  5.000% due 04/01/2041 | 760 | 832 |
|  5.000% due 10/01/2055 | 1500 | 1577 |
|  California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 4700 | 4910 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 08/15/2054 | 200 | 200 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 | 1250 | 1255 |
|  4.000% due 10/01/2036 | 1000 | 1000 |
|  4.000% due 11/15/2041 | 100 | 96 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2038 | 2500 | 2488 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2040 | 1000 | 963 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2033 | 1000 | 1064 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  3.000% due 03/01/2041 | 2500 | 2500 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2044 | 1500 | 1597 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 4000 | 4459 |
|  5.250% due 08/15/2050 | 2500 | 2702 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 |
|  4.100% due 07/01/2040 | 1900 | 1857 |
|  California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.250% due 08/01/2041 | 2980 | 2945 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 1750 | 1769 |
|  California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 |
|  3.500% due 11/20/2035 | 4362 | 4262 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.250% due 06/01/2055 | 4000 | 4026 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  2.000% due 12/01/2027 | 3000 | 3000 |
|  California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 |
|  2.350% due 12/01/2035 | 226 | 197 |
|  California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 |
|  4.000% due 03/20/2033 | 644 | 657 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1750 | 1745 |
|  6.000% due 03/01/2053 | 1500 | 1531 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (c) | 4000 | 364 |
|  4.000% due 07/01/2050 | 1000 | 943 |
|  4.125% due 01/01/2035 | 430 | 411 |
|  5.000% due 01/01/2055 | 480 | 411 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 2500 | 2794 |
|  5.125% due 07/01/2054 | 1000 | 916 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2042 | 2240 | 2438 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2035 | 1175 | 1273 |
|  California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 |
|  4.000% due 05/15/2046 | 300 | 280 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 | 2000 | 1982 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 07/01/2041 | 2300 | 2369 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 1900 | 1919 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2042 | 1750 | 1751 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  4.000% due 12/31/2047 | 350 | 301 |
|  5.000% due 12/31/2043 | 1000 | 1002 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 1495 | 1405 |
|  4.000% due 09/01/2040 (e) | 2610 | 2336 |
|  4.000% due 09/01/2050 (e) | 1110 | 917 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 2000 | 2043 |
|  6.000% due 01/01/2039 | 1000 | 1027 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.536% due 02/20/2041 | 3488 | 3030 |
|  5.125% due 11/01/2040 | 1350 | 1383 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2048 | 400 | 405 |
|  5.125% due 09/01/2054 | 500 | 503 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 |
|  5.375% due 09/01/2050 | 920 | 947 |
|  5.375% due 09/01/2055 | 3680 | 3771 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 130 | 127 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 11/01/2042 | 4000 | 4000 |
|  California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 |
|  6.250% due 07/01/2054 | 1750 | 1798 |
|  California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2054 | 2000 | 1978 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 ^(b) | 250 | 150 |
|  5.000% due 06/01/2046 | 300 | 277 |
|  5.000% due 08/01/2046 | 1825 | 1747 |
|  California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1115 | 1104 |
|  California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2064 | 1000 | 955 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1000 | 1000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  4.000% due 09/01/2034 | 2905 | 2916 |
|  California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 |
|  4.000% due 11/01/2047 | 275 | 262 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2043 | 500 | 495 |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  5.000% due 03/01/2049 | 3800 | 4038 |
|  California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2046 | 3000 | 3187 |
|  California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2050 | 6000 | 6529 |
|  California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.375% due 08/15/2057 | 700 | 721 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 |
|  4.000% due 11/01/2051 | 2250 | 2071 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 2965 | 3069 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 2000 | 2193 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2033 | 1500 | 1516 |
|  5.000% due 06/01/2046 | 100 | 95 |
|  5.000% due 12/01/2046 | 550 | 521 |
|  5.250% due 12/01/2056 | 1000 | 965 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1100 | 1107 |
|  5.000% due 12/01/2057 | 100 | 101 |
|  5.500% due 12/01/2058 | 1000 | 998 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 1460 | 1266 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2044 | 2000 | 2138 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 2000 | 2058 |
|  California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 |
|  4.500% due 09/02/2045 | 1050 | 1022 |
|  4.750% due 09/02/2040 | 1285 | 1305 |
|  Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 |
|  5.250% due 08/01/2054 | 2100 | 2198 |
|  Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 |
|  0.000% due 08/01/2034 (c) | 265 | 195 |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 1000 | 1065 |
|  Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 | Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 | Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 1200 | 1116 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 |
|  5.000% due 08/01/2055 | 1000 | 1026 |
|  Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3167 |
|  Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2041 | 600 | 643 |
|  Clovis Unified School District, California General Obligation Bonds, Series 2025 | Clovis Unified School District, California General Obligation Bonds, Series 2025 | Clovis Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 4000 | 4195 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2047 | 435 | 392 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 1235 | 1071 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 500 | 529 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.000% due 02/01/2057 | 500 | 339 |
|  3.400% due 10/01/2046 | 495 | 385 |
|  4.000% due 02/01/2057 | 500 | 368 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  4.750% due 09/01/2062 (d) | 1000 | 640 |
|  Dublin Unified School District, California General Obligation Bonds, Series 2023 | Dublin Unified School District, California General Obligation Bonds, Series 2023 | Dublin Unified School District, California General Obligation Bonds, Series 2023 |
|  4.125% due 08/01/2049 | 3965 | 3857 |
|  East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2045 | 1000 | 1091 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 3500 | 3674 |
|  Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 |
|  3.150% due 07/01/2046 | 2500 | 2500 |
|  Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 1000 | 1002 |
|  Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2045 | 1750 | 1895 |
|  Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1575 | 1465 |
|  Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 04/01/2049 | 2500 | 2586 |
|  Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 |
|  4.000% due 08/01/2050 | 880 | 810 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 200 | 215 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 7500 | 799 |
|  2.746% due 06/01/2034 | 1000 | 888 |
|  3.487% due 06/01/2036 | 1625 | 1384 |
|  3.714% due 06/01/2041 | 1500 | 1178 |
|  3.850% due 06/01/2050 | 435 | 397 |
|  4.214% due 06/01/2050 | 200 | 148 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 1000 | 987 |
|  Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 |
|  0.000% due 08/01/2031 (c) | 500 | 415 |
|  Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3185 |
|  Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 250 | 244 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 350 | 330 |
|  5.000% due 07/01/2061 | 1500 | 1336 |
|  Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2041 | 150 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 |
|  4.500% due 11/01/2052 | 750 | 758 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 235 | 226 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 1000 | 906 |
|  Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 |
|  4.000% due 09/01/2045 | 250 | 241 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 3500 | 3500 |
|  Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 |
|  5.000% due 09/02/2026 | 100 | 101 |
|  Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 |
|  5.000% due 09/02/2026 | 1495 | 1528 |
|  Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2048 | 1000 | 1011 |
|  Lompoc Unified School District, California General Obligation Bonds, Series 2025 | Lompoc Unified School District, California General Obligation Bonds, Series 2025 | Lompoc Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 825 | 893 |
|  5.250% due 08/01/2054 | 1050 | 1132 |
|  Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2050 | 1500 | 1419 |
|  Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|  5.000% due 11/15/2035 | 120 | 131 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (c) | 1620 | 983 |
|  Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2037 | 200 | 201 |
|  Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 |
|  5.000% due 08/01/2032 | 2000 | 2357 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 1700 | 1722 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2046 | 1385 | 1287 |
|  Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 10/01/2042 | 250 | 242 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 750 | 753 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 |
|  5.000% due 05/15/2037 | 690 | 738 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2048 | 1000 | 940 |
|  5.500% due 05/15/2035 | 2000 | 2229 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2036 | 2000 | 2233 |
|  5.000% due 05/15/2050 | 3500 | 3683 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1800 | 1763 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 07/01/2041 | 1000 | 1090 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 2500 | 2973 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 1015 | 1121 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2034 | 1500 | 1793 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.125% due 11/01/2029 | 40 | 42 |
|  7.000% due 11/01/2034 | 200 | 243 |
|  Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 250 | 256 |
|  Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2046 | 1000 | 969 |
|  Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 |
|  5.000% due 10/01/2027 | 1230 | 1233 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2045 | 1355 | 1325 |
|  Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2051 | 1000 | 931 |
|  Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2041 | 1000 | 982 |
|  Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 | Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 | Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2042 | 750 | 825 |
|  Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2550 | 2355 |
|  Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 |
|  4.000% due 08/01/2043 | 200 | 196 |
|  Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2055 | 2000 | 1990 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 09/01/2034 | 200 | 224 |
|  Napa Valley Community College District, California General Obligation Bonds, Series 2018 | Napa Valley Community College District, California General Obligation Bonds, Series 2018 | Napa Valley Community College District, California General Obligation Bonds, Series 2018 |
|  4.000% due 08/01/2032 | 250 | 251 |
|  Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 |
|  4.500% due 08/01/2055 | 2000 | 2001 |
|  Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 |
|  5.200% due 11/01/2040 | 250 | 257 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.770% (TSFR3M) due 07/01/2027 ~ | 135 | 135 |
|  Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 |
|  4.000% due 05/15/2036 | 1050 | 1046 |
|  4.000% due 05/15/2051 | 1500 | 1386 |
|  Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 |
|  5.000% due 08/15/2047 | 1090 | 1112 |
|  Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1000 | 953 |
|  Rancho Cordova, California Special Tax Bonds, Series 2025 | Rancho Cordova, California Special Tax Bonds, Series 2025 | Rancho Cordova, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2050 (a) | 850 | 855 |
|  Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 | Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 | Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 2250 | 2379 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2025 | Rio Hondo Community College District, California General Obligation Bonds, Series 2025 | Rio Hondo Community College District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2055 | 2250 | 2217 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 |
|  4.250% due 09/01/2047 | 1000 | 975 |
|  River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 1500 | 1492 |
|  Riverside County Transportation Commission Sales Tax Revenue Bonds, Series 2017 | Riverside County Transportation Commission Sales Tax Revenue Bonds, Series 2017 | Riverside County Transportation Commission Sales Tax Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2035 | 215 | 225 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 730 | 739 |
|  Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 |
|  4.000% due 08/01/2038 | 250 | 252 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 500 | 514 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2040 | 1600 | 1759 |
|  5.000% due 07/01/2041 | 500 | 545 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 1000 | 1005 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.520% (US0003M + 0.550%) due 06/01/2034 ~ | 480 | 469 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2035 | 600 | 606 |
|  4.000% due 09/01/2050 | 750 | 644 |
|  San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 |
|  5.000% due 10/01/2048 | 1500 | 1574 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 1000 | 945 |
|  5.000% due 07/01/2056 | 3100 | 3125 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 1700 | 1760 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1500 | 1559 |
|  San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2480 | 2466 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2045 | 1625 | 1585 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 |
|  0.000% due 07/01/2034 (c) | 550 | 397 |
|  4.000% due 07/01/2047 | 400 | 376 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 1000 | 1055 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 | 2500 | 2344 |
|  5.000% due 07/01/2041 | 1000 | 1108 |
|  San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2042 | 3505 | 3875 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.650% due 05/01/2058 | 3000 | 3000 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2049 | 960 | 966 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2040 | 2000 | 2199 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 2000 | 2223 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2035 | 3000 | 3349 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 | 1000 | 1046 |
|  San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 |
|  5.000% due 08/01/2027 | 105 | 107 |
|  San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 | San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 | San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 |
|  5.000% due 02/01/2046 | 3000 | 3090 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 995 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 |
|  5.000% due 11/01/2050 | 1000 | 1032 |
|  San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 |
|  4.000% due 09/01/2031 | 150 | 154 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 5100 | 5857 |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2030 | 200 | 200 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2038 | 500 | 502 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2044 | 650 | 704 |
|  5.000% due 08/01/2045 | 885 | 954 |
|  San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 |
|  3.150% due 06/01/2049 | 3350 | 3350 |
|  San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2047 | 615 | 590 |
|  Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2041 | 200 | 199 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1910 | 1878 |
|  South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2048 | 1000 | 953 |
|  Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 370 | 387 |
|  5.000% due 09/01/2049 | 525 | 535 |
|  Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 |
|  6.170% due 08/01/2036 | 200 | 217 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (c) | 8720 | 1342 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (c) | 4000 | 812 |
|  University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2046 | 250 | 238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 |
|  4.000% due 05/15/2043 | 265 | 259 |
|  University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 3100 | 3525 |
|  Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 |
|  4.000% due 01/01/2042 | 250 | 226 |
|  Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 08/01/2046 | 1575 | 1508 |
|  |  | 379145 |
| GEORGIA 0.1% | GEORGIA 0.1% | GEORGIA 0.1% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 647 |
| IOWA 0.1% | IOWA 0.1% | IOWA 0.1% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 250 | 272 |
| MULTI-STATE 1.4% | MULTI-STATE 1.4% | MULTI-STATE 1.4% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  2.250% due 09/25/2037 | 1461 | 1235 |
|  4.033% due 12/25/2036 | 973 | 976 |
|  4.553% due 08/25/2040 | 1185 | 1206 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  3.541% due 11/25/2038 | 2770 | 2613 |
|  |  | 6030 |
| NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  3.925% due 07/20/2039 | 2484 | 2385 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 0.1% | NEW YORK 0.1% | NEW YORK 0.1% |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 200 | 204 |
| PUERTO RICO 2.9% | PUERTO RICO 2.9% | PUERTO RICO 2.9% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 868 | 575 |
|  0.000% due 11/01/2051 | 1339 | 905 |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2041 | 4250 | 3810 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 90 | 87 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (c) | 9500 | 3244 |
|  0.000% due 07/01/2051 (c) | 12000 | 3018 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 1500 | 1437 |
|  |  | 13076 |
| TENNESSEE 0.2% | TENNESSEE 0.2% | TENNESSEE 0.2% |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1000 | 1076 |
| TEXAS 0.7% | TEXAS 0.7% | TEXAS 0.7% |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2041 | 1450 | 1545 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 900 | 930 |
|  5.000% due 10/15/2058 | 600 | 622 |
|  |  | 3097 |
|  Total Municipal Bonds & Notes (Cost $404,650) | Total Municipal Bonds & Notes (Cost $404,650) | 407884 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 3.7% | U.S. GOVERNMENT AGENCIES 3.7% | U.S. GOVERNMENT AGENCIES 3.7% | U.S. GOVERNMENT AGENCIES 3.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 | 1966 | $— | 1804 |
|  3.660% due 01/01/2039 | 1462 |  | 1380 |
|  3.720% due 01/01/2041 | 1476 |  | 1374 |
|  3.750% due 07/01/2042 | 4394 |  | 4298 |
|  3.850% due 02/01/2038 - 07/01/2041 | 5936 |  | 5586 |
|  4.850% due 08/01/2038 | 979 |  | 1022 |
|  5.210% due 08/01/2040 | 691 |  | 746 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 •  | 293 |  | 300 |
| Total U.S. Government Agencies<br>(Cost $16,041) | Total U.S. Government Agencies<br>(Cost $16,041) |  | 16510 |
| Total Investments in Securities (Cost $423,491) | Total Investments in Securities (Cost $423,491) |  | 427268 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% |
| SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1617044 |  | 15748 |
| Total Short-Term Instruments<br>(Cost $15,745) | Total Short-Term Instruments<br>(Cost $15,745) |  | 15748 |
| Total Investments in Affiliates<br>(Cost $15,745) | Total Investments in Affiliates<br>(Cost $15,745) |  | 15748 |
| Total Investments 98.9%<br>(Cost $439,236) | Total Investments 98.9%<br>(Cost $439,236) | $— | 443016 |
|  Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $641) | Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $641) |  | 20 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% |  | 5060 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 448096 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

(a) When-issued security.

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

(c) Zero coupon security.

(d) Security becomes interest bearing at a future date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $2369 | $2336 | 0.52% |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000 | 09/01/2050 | 11/22/2022 | 899 | 917 | 0.21 |
|  |  |  |  | $3268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253 | 0.73% |

---

30 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 09/17/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | $641 | $(147) | $494 | $20 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $615 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | $2874 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1952 | 0 | 1952 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379145 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379145 |
| &nbsp;&nbsp; Georgia | 0 | 647 | 0 | 647 |
| &nbsp;&nbsp; Iowa | 0 | 272 | 0 | 272 |
| &nbsp;&nbsp; Multi-State | 0 | 6030 | 0 | 6030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; New Hampshire | $0 | $2385 | $0 | $2385 |
| &nbsp;&nbsp; New York | 0 | 204 | 0 | 204 |
| &nbsp;&nbsp; Puerto Rico | 0 | 13076 | 0 | 13076 |
| &nbsp;&nbsp; Tennessee | 0 | 1076 | 0 | 1076 |
| &nbsp;&nbsp; Texas | 0 | 3097 | 0 | 3097 |
|  U.S. Government Agencies | 0 | 16510 | 0 | 16510 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427268 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 31

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15748 | $0 | $0 | $15748 |
|  Total Investments | $15748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443016 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $20 | $0 | $20 |
|  Total Financial Derivative Instruments | $0 | $20 | $0 | $20 |
|  Totals | $15748 | $424414 | $2874 | $443036 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO California Short Duration Municipal Income Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 87.3% | INVESTMENTS IN SECURITIES 87.3% | INVESTMENTS IN SECURITIES 87.3% |
| MUNICIPAL BONDS & NOTES 81.1% | MUNICIPAL BONDS & NOTES 81.1% | MUNICIPAL BONDS & NOTES 81.1% |
| ALABAMA 0.6% | ALABAMA 0.6% | ALABAMA 0.6% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 600 | 664 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 600 | 642 |
|  |  | 1306 |
| CALIFORNIA 76.2% | CALIFORNIA 76.2% | CALIFORNIA 76.2% |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  3.150% due 10/01/2054 | 1500 | 1500 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2034 (a) | 600 | 439 |
|  Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 | Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 | Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2055 | 3500 | 3631 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 |
|  4.140% (MUNIPSA + 1.250%) due 04/01/2036 ~ | 1000 | 994 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2018 | Bay Area Toll Authority, California Revenue Bonds, Series 2018 | Bay Area Toll Authority, California Revenue Bonds, Series 2018 |
|  2.625% due 04/01/2045 | 680 | 679 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.300% (MUNIPSA) due 04/01/2056 ~ | 500 | 484 |
|  3.340% (MUNIPSA) due 04/01/2056 ~ | 1000 | 995 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.300% due 04/01/2055 | 3000 | 3000 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  3.300% due 04/01/2059 | 4500 | 4500 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2350 | 2410 |
|  4.000% due 10/01/2052 | 2000 | 2046 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 700 | 753 |
|  5.250% due 01/01/2054 | 1150 | 1227 |
|  5.500% due 10/01/2054 | 995 | 1090 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1081 |
|  5.000% due 01/01/2055 | 1000 | 1060 |
|  5.000% due 02/01/2055 | 2700 | 2956 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 1500 | 1608 |
|  5.000% due 03/01/2056 | 1700 | 1866 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2031 | 250 | 267 |
|  5.000% due 06/01/2032 | 300 | 318 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 |
|  2.600% due 09/01/2028 | 800 | 800 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2039 | 3500 | 3500 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/01/2040 | 605 | 631 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  3.000% due 03/01/2041 | 1500 | 1500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 1700 | 1859 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2021 | California Health Facilities Financing Authority Revenue Notes, Series 2021 | California Health Facilities Financing Authority Revenue Notes, Series 2021 |
|  5.000% due 11/01/2031 | 550 | 632 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2031 | 2000 | 2179 |
|  5.000% due 08/15/2033 | 1500 | 1781 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 |
|  3.750% due 03/25/2035 | 1888 | 1902 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 1250 | 1264 |
|  California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 |
|  3.500% due 11/20/2035 | 2283 | 2231 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.250% due 06/01/2055 | 1500 | 1510 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  2.000% due 12/01/2027 | 1320 | 1320 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1000 | 997 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.590% (MUNIPSA) due 12/01/2050 ~ | 1000 | 996 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 1000 | 1118 |
|  California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 |
|  5.000% due 10/01/2025 | 2500 | 2500 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 1500 | 1497 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  3.800% due 10/01/2045 | 1175 | 1175 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2056 | 1125 | 1195 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.375% due 09/01/2050 | 1500 | 1492 |
|  3.536% due 02/20/2041 | 498 | 433 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 |
|  3.850% due 11/01/2042 | 4000 | 4000 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 |
|  3.800% due 07/01/2043 | 4000 | 3997 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  3.050% due 07/15/2062 | 2500 | 2500 |
|  California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 |
|  5.250% due 08/01/2032 | 2500 | 2896 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  5.000% due 09/01/2031 | 3000 | 3065 |
|  California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 |
|  5.000% due 11/01/2027 | 1500 | 1584 |
|  California State General Obligation Notes, Series 2022 | California State General Obligation Notes, Series 2022 | California State General Obligation Notes, Series 2022 |
|  5.000% due 11/01/2026 | 1820 | 1873 |
|  California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 |
|  5.000% due 05/01/2028 | 1500 | 1503 |
|  California State Public Works Board Revenue Notes, Series 2024 | California State Public Works Board Revenue Notes, Series 2024 | California State Public Works Board Revenue Notes, Series 2024 |
|  5.000% due 09/01/2031 | 1000 | 1144 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.250% due 09/01/2067 | 1750 | 1793 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  1.450% due 04/01/2028 | 1000 | 953 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 |
|  2.600% due 08/15/2047 | 2245 | 2245 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 1000 | 1097 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2027 | 500 | 507 |
|  California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2025 |
|  5.000% due 07/01/2028 | 370 | 395 |
|  5.000% due 07/01/2029 | 430 | 471 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 1800 | 2068 |
|  Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2029 | 25 | 27 |
|  5.000% due 09/01/2030 | 50 | 54 |
|  5.000% due 09/01/2031 | 115 | 125 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2028 | 2000 | 2159 |
|  East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 |
|  5.000% due 09/01/2026 | 1000 | 1017 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.850% due 06/01/2050 | 470 | 428 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.687% due 06/01/2030 | 1500 | 1381 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 1500 | 1500 |
|  Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1036 |
|  Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 |
|  5.000% due 08/01/2031 | 1500 | 1744 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 500 | 506 |
|  Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2051 | 2630 | 2851 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2034 | 1000 | 1035 |
|  Los Angeles Housing Authority, California Revenue Notes, Series 2024 | Los Angeles Housing Authority, California Revenue Notes, Series 2024 | Los Angeles Housing Authority, California Revenue Notes, Series 2024 |
|  3.250% due 02/01/2029 | 1750 | 1768 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 1100 | 1308 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 |
|  5.000% due 07/01/2028 | 1000 | 1080 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2027 | 1000 | 1051 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 1000 | 1021 |
|  Mount Diablo Unified School District, California General Obligation Notes, Series 2025 | Mount Diablo Unified School District, California General Obligation Notes, Series 2025 | Mount Diablo Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1000 | 1110 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO California Short Duration Municipal Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2029 | 1730 | 1777 |
|  Napa Valley Unified School District, California General Obligation Notes, Series 2025 | Napa Valley Unified School District, California General Obligation Notes, Series 2025 | Napa Valley Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2026 | 1000 | 1023 |
|  Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 |
|  5.000% due 08/01/2028 | 1000 | 1062 |
|  Rialto Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2031 | 250 | 283 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 965 | 991 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 | 1120 | 1165 |
|  Sacramento County, California Airport System Revenue Notes, Series 2024 | Sacramento County, California Airport System Revenue Notes, Series 2024 | Sacramento County, California Airport System Revenue Notes, Series 2024 |
|  5.000% due 07/01/2032 | 1750 | 2013 |
|  Sacramento County, California Special Tax Notes, Series 2022 | Sacramento County, California Special Tax Notes, Series 2022 | Sacramento County, California Special Tax Notes, Series 2022 |
|  5.000% due 09/01/2029 | 1000 | 1065 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.520% (US0003M + 0.550%) due 06/01/2034 ~ | 955 | 932 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1124 |
|  San Diego Unified School District, California General Obligation Notes, Series 2023 | San Diego Unified School District, California General Obligation Notes, Series 2023 | San Diego Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2028 | 1000 | 1080 |
|  San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2034 | 1050 | 1260 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.650% due 05/01/2058 | 2500 | 2500 |
|  San Francisco, California City & County General Obligation Notes, Series 2024 | San Francisco, California City & County General Obligation Notes, Series 2024 | San Francisco, California City & County General Obligation Notes, Series 2024 |
|  5.000% due 06/15/2027 | 1300 | 1366 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 995 |
|  San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 | San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 | San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 |
|  0.000% due 08/01/2030 (a) | 2520 | 2252 |
|  Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 564 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1000 | 983 |
|  Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 |
|  0.500% due 03/01/2026 | 3000 | 2970 |
|  South Placer Wastewater Authority, California Revenue Notes, Series 2020 | South Placer Wastewater Authority, California Revenue Notes, Series 2020 | South Placer Wastewater Authority, California Revenue Notes, Series 2020 |
|  5.000% due 11/01/2029 | 250 | 276 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 |
|  5.000% due 06/01/2026 | 1000 | 1014 |
|  5.000% due 06/01/2029 | 500 | 536 |
|  Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 | Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 | Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 03/15/2030 | 1500 | 1693 |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  3.250% due 05/15/2048 | 3000 | 3000 |
|  Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 05/01/2027 | 650 | 676 |
|  Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/01/2026 (a) | 1000 | 980 |
|  West Contra Costa Unified School District, California General Obligation Notes, Series 2025 | West Contra Costa Unified School District, California General Obligation Notes, Series 2025 | West Contra Costa Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1500 | 1643 |
|  |  | 153931 |
| DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% |
|  District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 1500 | 1564 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 647 |
| MICHIGAN 0.2% | MICHIGAN 0.2% | MICHIGAN 0.2% |
|  Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 |
|  1.200% due 10/15/2030 | 500 | 476 |
| MISSOURI 0.6% | MISSOURI 0.6% | MISSOURI 0.6% |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 05/01/2056 | 1000 | 1112 |
| OHIO 0.6% | OHIO 0.6% | OHIO 0.6% |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 1100 | 1147 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 |
|  5.000% due 10/01/2027 | 300 | 310 |
| PUERTO RICO 1.6% | PUERTO RICO 1.6% | PUERTO RICO 1.6% |
|  Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 | Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 | Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 |
|  5.000% due 03/01/2027 | 1000 | 1008 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 2223 | 2223 |
|  |  | 3231 |
|  Total Municipal Bonds & Notes (Cost $162,371) | Total Municipal Bonds & Notes (Cost $162,371) | 163724 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b) | 270406 | 270 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| MUNICIPAL BONDS & NOTES 6.1% | MUNICIPAL BONDS & NOTES 6.1% | MUNICIPAL BONDS & NOTES 6.1% |
|  California School Cash Reserve Program Authority Revenue Notes, Series 2025 | California School Cash Reserve Program Authority Revenue Notes, Series 2025 | California School Cash Reserve Program Authority Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 3500 | 3566 |
|  Los Angeles County, California Revenue Notes, Series 2025 | Los Angeles County, California Revenue Notes, Series 2025 | Los Angeles County, California Revenue Notes, Series 2025 |
|  5.000% due 06/25/2026 | 1500 | 1529 |
|  5.000% due 06/30/2026 | 2000 | 2042 |
|  Riverside County, California Revenue Notes, Series 2025 | Riverside County, California Revenue Notes, Series 2025 | Riverside County, California Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 1500 | 1533 |
|  San Diego County, California Revenue Notes, Series 2025 | San Diego County, California Revenue Notes, Series 2025 | San Diego County, California Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 3500 | 3571 |
|  Total Municipal Bonds & Notes<br>(Cost $12,193) | Total Municipal Bonds & Notes<br>(Cost $12,193) | 12241 |
| Total Short-Term Instruments<br>(Cost $12,463) | Total Short-Term Instruments<br>(Cost $12,463) | 12511 |
| Total Investments in Securities<br>(Cost $174,834) | Total Investments in Securities<br>(Cost $174,834) | 176235 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 12.1% | INVESTMENTS IN AFFILIATES 12.1% | INVESTMENTS IN AFFILIATES 12.1% |
| SHORT-TERM INSTRUMENTS 12.1% | SHORT-TERM INSTRUMENTS 12.1% | SHORT-TERM INSTRUMENTS 12.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2500411 | 24352 |
| Total Short-Term Instruments<br>(Cost $24,341) | Total Short-Term Instruments<br>(Cost $24,341) | 24352 |
| Total Investments in Affiliates<br>(Cost $24,341) | Total Investments in Affiliates<br>(Cost $24,341) | 24352 |
| Total Investments 99.4%<br>(Cost $199,175) | Total Investments 99.4%<br>(Cost $199,175) | 200587 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% | 1310 |
| Net Assets 100.0% | Net Assets 100.0% | 201897 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1306 | $0 | $1306 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153931 |
| &nbsp;&nbsp; District of Columbia | 0 | 1564 | 0 | 1564 |
| &nbsp;&nbsp; Georgia | 0 | 647 | 0 | 647 |
| &nbsp;&nbsp; Michigan | 0 | 476 | 0 | 476 |
| &nbsp;&nbsp; Missouri | 0 | 1112 | 0 | 1112 |
| &nbsp;&nbsp; Ohio | 0 | 1147 | 0 | 1147 |
| &nbsp;&nbsp; Oregon | 0 | 310 | 0 | 310 |
| &nbsp;&nbsp; Puerto Rico | 0 | 3231 | 0 | 3231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $270 | $0 | $270 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 12241 | 0 | 12241 |
|  | $0 | $176235 | $0 | $176235 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $24352 | $0 | $0 | $24352 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200587 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 94.8% | INVESTMENTS IN SECURITIES 94.8% | INVESTMENTS IN SECURITIES 94.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% |
|  Bluehouse Commons Apartments | Bluehouse Commons Apartments | Bluehouse Commons Apartments |
|  4.120% due 12/01/2042 «(g) | 13030 | 11546 |
|  Bonnie Brae | Bonnie Brae | Bonnie Brae |
|  7.095% due 06/01/2059 « | 12600 | 12946 |
|  7.095% due 06/02/2059 « | 43300 | 44443 |
|  City of Salinas | City of Salinas | City of Salinas |
|  4.020% due 09/01/2033 «(g) | 7142 | 6712 |
|  Gladieux Metals Recycling LLC | Gladieux Metals Recycling LLC | Gladieux Metals Recycling LLC |
|  14.107% (TSFR3M + 10.000%) due 10/19/2025 «~(g) | 29441 | 14495 |
|  Groves Seniors Apartments 2 | Groves Seniors Apartments 2 | Groves Seniors Apartments 2 |
|  4.000% due 07/01/2038 «(g) | 1286 | 1223 |
|  4.170% due 06/01/2041 «(g) | 7971 | 7210 |
|  Mangini Place Apartments | Mangini Place Apartments | Mangini Place Apartments |
|  3.910% due 11/01/2042 «(g) | 19081 | 16686 |
|  Northlake Senior Apartments | Northlake Senior Apartments | Northlake Senior Apartments |
|  3.990% due 10/01/2041 «(g) | 20311 | 17971 |
|  Pine Grove Powers Avenue | Pine Grove Powers Avenue | Pine Grove Powers Avenue |
|  5.000% due 10/01/2042 «(g) | 17809 | 17376 |
|  Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento |
|  4.310% due 09/01/2035 « | 8564 | 8219 |
|  Valencia Garden | Valencia Garden | Valencia Garden |
|  4.020% due 11/01/2041 «(g) | 11995 | 10648 |
|  Total Loan Participations and Assignments (Cost $170,185) | Total Loan Participations and Assignments (Cost $170,185) | 169475 |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 18000 | 13553 |
|  VM Fund I LLC | VM Fund I LLC | VM Fund I LLC |
|  8.625% due 02/28/2031 « | 3750 | 3819 |
|  |  | 17372 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
|  2.510% due 05/15/2031 | 15168 | 12760 |
|  Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP |
|  0.000% due 02/15/2043 (d) | 21987 | 7671 |
|  Wild Rivers Water Park | Wild Rivers Water Park | Wild Rivers Water Park |
|  8.500% due 11/01/2051 | 7500 | 4664 |
|  |  | 25095 |
|  Total Corporate Bonds & Notes (Cost $48,588) | Total Corporate Bonds & Notes (Cost $48,588) | 42467 |
| MUNICIPAL BONDS & NOTES 87.9% | MUNICIPAL BONDS & NOTES 87.9% | MUNICIPAL BONDS & NOTES 87.9% |
| ALABAMA 3.8% | ALABAMA 3.8% | ALABAMA 3.8% |
|  Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 |
|  5.750% due 06/01/2045 | 800 | 729 |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 6000 | 6018 |
|  5.000% due 06/01/2055 | 21000 | 21497 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 5785 | 5983 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 13600 | 15046 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 22300 | 24334 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 20150 | 21734 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3600 | 4035 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 14000 | 15348 |
|  Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  5.750% due 10/01/2049 | 1500 | 1516 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 21860 | 21053 |
|  Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 |
|  5.000% due 03/01/2027 ^(c) | 4030 | 1209 |
|  5.000% due 03/01/2029 ^(c) | 4570 | 1371 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 12500 | 13559 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 6015 | 6167 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2053 | 3500 | 3673 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 26700 | 28165 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 20500 | 21659 |
|  5.250% due 11/01/2055 | 5000 | 5557 |
|  |  | 218653 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 8795 | 9039 |
| ARIZONA 0.6% | ARIZONA 0.6% | ARIZONA 0.6% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
|  7.750% due 07/01/2050 ^(c) | 4030 | 123 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/15/2051 | 700 | 535 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2059 (e) | 7130 | 3889 |
|  5.125% due 01/01/2059 | 19174 | 17018 |
|  6.750% due 12/01/2055 | 3750 | 3812 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 2000 | 1874 |
|  Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2049 ^(c) | 3500 | 2800 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 6000 | 6401 |
|  |  | 36452 |
| ARKANSAS 0.9% | ARKANSAS 0.9% | ARKANSAS 0.9% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 |
|  4.500% due 09/01/2049 | 30310 | 29079 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 |
|  4.750% due 09/01/2049 | 2800 | 2708 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 17500 | 18990 |
|  |  | 50777 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CALIFORNIA 6.1% | CALIFORNIA 6.1% | CALIFORNIA 6.1% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  5.350% due 10/01/2048 (e) | 3000 | 1740 |
|  Antelope Valley Healthcare District, California Revenue Notes, Series 2016 | Antelope Valley Healthcare District, California Revenue Notes, Series 2016 | Antelope Valley Healthcare District, California Revenue Notes, Series 2016 |
|  5.000% due 03/01/2026 | 340 | 341 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 8000 | 8204 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 4775 | 5231 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 18800 | 20332 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 14700 | 15821 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 22300 | 10967 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 2900 | 2234 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 250 | 250 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2055 (d) | 10445 | 1949 |
|  5.000% due 06/01/2049 | 130 | 129 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2041 | 2750 | 2896 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 7310 | 8150 |
|  5.250% due 10/01/2050 | 3935 | 4432 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 15500 | 15669 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 26000 | 25919 |
|  6.000% due 03/01/2053 | 33650 | 34345 |
|  7.000% due 03/01/2053 | 9100 | 8896 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (d) | 1255 | 742 |
|  4.125% due 01/01/2035 | 430 | 411 |
|  5.000% due 01/01/2055 | 960 | 823 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (d) | 42665 | 3619 |
|  4.000% due 05/01/2051 | 5000 | 4469 |
|  5.000% due 01/01/2056 | 2200 | 1880 |
|  California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2046 | 1000 | 946 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 4500 | 4507 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2052 | 1070 | 928 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2036 | 175 | 181 |
|  5.000% due 12/01/2054 | 1000 | 937 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 15500 | 15916 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  5.375% due 01/01/2055 | 4000 | 3851 |
|  5.500% due 01/01/2060 | 2850 | 2771 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 |
|  3.637% due 07/01/2030 | 3415 | 3098 |
|  5.000% due 12/01/2030 | 105 | 112 |
|  California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 01/01/2032 | 1320 | 1386 |
|  5.000% due 01/01/2033 | 1385 | 1448 |
|  5.000% due 01/01/2034 | 1455 | 1513 |
|  5.000% due 01/01/2035 | 750 | 775 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1000 | 999 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  7.500% due 12/01/2039 ^(c) | 5883 | 0 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 ^(c) | 750 | 450 |
|  5.000% due 06/01/2046 | 1265 | 1168 |
|  5.000% due 06/01/2046 ^(c) | 1325 | 795 |
|  5.000% due 06/01/2051 ^(c) | 1000 | 600 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2046 | 1900 | 1797 |
|  5.250% due 12/01/2056 | 4600 | 4440 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.500% due 12/01/2058 | 2200 | 2195 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 7535 | 6532 |
|  California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 |
|  6.000% due 05/01/2037 | 3760 | 3842 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 6185 | 5365 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2046 | 1985 | 1545 |
|  4.000% due 02/01/2057 | 1000 | 735 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  4.750% due 09/01/2062 (e) | 23500 | 15043 |
|  5.000% due 09/01/2037 | 3100 | 3122 |
|  Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 1210 | 1046 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (d) | 237215 | 25265 |
|  3.714% due 06/01/2041 | 12550 | 9858 |
|  3.850% due 06/01/2050 | 3590 | 3273 |
|  4.214% due 06/01/2050 | 3700 | 2746 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 3000 | 2961 |
|  Grossmont Union High School District, California General Obligation Bonds, Series 2021 | Grossmont Union High School District, California General Obligation Bonds, Series 2021 | Grossmont Union High School District, California General Obligation Bonds, Series 2021 |
|  0.000% due 08/01/2044 (d) | 4295 | 1726 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 6000 | 5653 |
|  5.000% due 07/01/2061 | 5010 | 4461 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.500% due 11/01/2039 | 1500 | 1840 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2047 (d) | 4500 | 1552 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 5900 | 5928 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2050 | 1000 | 859 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2036 (d) | 5000 | 2767 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (d) | 69995 | 10776 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (d) | 16635 | 3377 |
|  |  | 350534 |
| COLORADO 3.7% | COLORADO 3.7% | COLORADO 3.7% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2044 | 8500 | 8325 |
|  5.750% due 12/01/2054 | 14250 | 14080 |
|  Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 |
|  5.750% due 12/01/2051 | 6000 | 5673 |
|  Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 |
|  6.750% due 12/15/2054 | 1500 | 1522 |
|  Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2043 | 1300 | 1381 |
|  5.000% due 11/01/2044 | 1300 | 1376 |
|  Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 |
|  6.500% due 12/15/2054 | 2000 | 2011 |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 |
|  5.250% due 12/01/2048 | 4050 | 4050 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 12/01/2054 | 12500 | 13231 |
|  Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2047 | 6300 | 5958 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 8935 | 8165 |
|  4.000% due 08/01/2049 | 5960 | 5093 |
|  5.000% due 08/01/2044 | 7000 | 7064 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 | 5000 | 5023 |
|  Colorado Housing and Finance Authority Revenue Notes, Series 2024 | Colorado Housing and Finance Authority Revenue Notes, Series 2024 | Colorado Housing and Finance Authority Revenue Notes, Series 2024 |
|  6.000% due 06/01/2028 | 12300 | 12455 |
|  Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 (e) | 4955 | 4025 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 3500 | 3598 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 |
|  4.000% due 03/15/2046 | 10515 | 9827 |
|  Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2049 | 3865 | 4040 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 |
|  6.125% due 12/15/2054 | 2000 | 1929 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 41600 | 42264 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 2700 | 2781 |
|  Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 |
|  7.250% due 12/01/2052 | 2913 | 2935 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2050 | 2500 | 2233 |
|  Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 3000 | 2880 |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.250% due 11/15/2028 | 1840 | 1926 |
|  Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2036 | 1000 | 952 |
|  Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 4650 | 4361 |
|  Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 1750 | 1744 |
|  6.125% due 12/01/2039 | 550 | 569 |
|  6.500% due 12/01/2054 | 1250 | 1286 |
|  Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 |
|  5.625% due 12/01/2043 | 2929 | 2964 |
|  Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 2000 | 1526 |
|  Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 | Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 | Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 |
|  6.000% due 10/01/2064 | 6250 | 6330 |
|  Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 |
|  6.000% due 12/01/2050 (e) | 11100 | 9455 |
|  Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2049 | 1200 | 1198 |
|  Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 |
|  5.000% due 12/01/2039 | 4751 | 4734 |
|  5.000% due 12/01/2049 | 6375 | 5876 |
|  |  | 214840 |
| DELAWARE 0.7% | DELAWARE 0.7% | DELAWARE 0.7% |
|  Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 |
|  3.461% due 10/01/2038 | 34425 | 30500 |
|  7.120% due 10/01/2038 | 6075 | 5772 |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.250% due 10/01/2045 | 2500 | 2500 |
|  |  | 38772 |
| DISTRICT OF COLUMBIA 1.4% | DISTRICT OF COLUMBIA 1.4% | DISTRICT OF COLUMBIA 1.4% |
|  District of Columbia General Obligation Bonds, Series 2021 | District of Columbia General Obligation Bonds, Series 2021 | District of Columbia General Obligation Bonds, Series 2021 |
|  4.000% due 02/01/2046 | 4660 | 4432 |
|  District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2044 | 11510 | 12254 |
|  District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2052 | 1000 | 911 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 4389 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2049 | 10000 | 10398 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2048 | 27000 | 27987 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 |
|  5.250% due 07/15/2050 | 8675 | 9199 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 07/15/2055 | 9870 | 10416 |
|  |  | 79986 |
| FLORIDA 6.3% | FLORIDA 6.3% | FLORIDA 6.3% |
|  Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 |
|  6.300% due 07/01/2055 | 3250 | 3344 |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 1000 | 1009 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 |
|  3.200% due 05/01/2041 | 4510 | 3673 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 |
|  5.375% due 05/01/2043 | 3640 | 3683 |
|  5.625% due 05/01/2054 | 5445 | 5500 |
|  Avenir Community Development District, Florida Special Assessment Notes, Series 2023 | Avenir Community Development District, Florida Special Assessment Notes, Series 2023 | Avenir Community Development District, Florida Special Assessment Notes, Series 2023 |
|  4.500% due 05/01/2030 | 1845 | 1895 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1370 | 1348 |
|  5.250% due 05/01/2055 | 2000 | 1979 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 |
|  4.250% due 05/01/2032 | 1500 | 1528 |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2055 | 915 | 898 |
|  Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.450% due 05/01/2054 | 1000 | 965 |
|  Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2056 | 5200 | 4350 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 |
|  7.000% due 07/01/2052 ^(c) | 4365 | 53 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 ^(c) | 1500 | 345 |
|  5.000% due 07/01/2043 ^(c) | 950 | 21 |
|  5.250% due 07/01/2048 ^(c) | 900 | 20 |
|  7.500% due 07/01/2053 ^(c) | 1000 | 23 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (d) | 22070 | 1911 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.250% due 06/15/2053 | 4250 | 4315 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 1250 | 1202 |
|  5.250% due 07/01/2055 | 500 | 478 |
|  5.375% due 07/01/2065 | 4250 | 4076 |
|  Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 4094 |
|  Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 |
|  5.875% due 10/01/2045 | 1750 | 1805 |
|  6.125% due 10/01/2055 | 6550 | 6759 |
|  Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2054 | 1250 | 1258 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 484 |
|  5.500% due 05/01/2054 | 2500 | 2393 |
|  Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 4500 | 4648 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 4000 | 3768 |
|  4.000% due 07/01/2054 | 12500 | 11706 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 9800 | 9648 |
|  5.250% due 07/01/2053 | 24600 | 24060 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 |
|  6.125% due 06/15/2047 | 5300 | 5179 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.250% due 08/01/2049 | 5250 | 5367 |
|  Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 |
|  6.250% due 07/01/2055 | 19300 | 19192 |
|  Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 |
|  6.750% due 11/15/2055 | 2165 | 2231 |
|  6.875% due 11/15/2064 | 6335 | 6540 |
|  Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.000% due 05/01/2057 | 2400 | 2432 |
|  GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2055 | 1750 | 1688 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.700% due 05/01/2044 | 1995 | 2000 |
|  6.000% due 05/01/2055 | 4000 | 4029 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 3625 | 3624 |
|  Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 1000 | 1001 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.850% due 05/01/2044 | 875 | 881 |
|  6.150% due 05/01/2054 | 1000 | 1011 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.550% due 05/01/2045 | 1000 | 1005 |
|  5.750% due 05/01/2055 | 1000 | 1002 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 3600 | 3735 |
|  Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.150% due 05/01/2044 | 1000 | 978 |
|  5.450% due 05/01/2055 | 750 | 726 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 397 | 5 |
|  Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2055 | 2500 | 2536 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 |
|  5.250% due 05/01/2034 | 1700 | 1735 |
|  Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.875% due 06/15/2055 | 800 | 814 |
|  Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 | 400 | 398 |
|  5.700% due 05/01/2055 | 765 | 755 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.600% due 05/01/2055 | 685 | 671 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.250% due 05/01/2034 | 2325 | 2372 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2055 | 765 | 761 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 |
|  5.900% due 05/01/2055 | 1000 | 1021 |
|  6.000% due 05/01/2056 | 7230 | 7381 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2044 | 4500 | 4690 |
|  5.250% due 10/01/2049 | 10000 | 10297 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2044 | 530 | 517 |
|  5.650% due 05/01/2054 | 1250 | 1221 |
|  5.750% due 05/01/2044 | 1140 | 1148 |
|  6.050% due 05/01/2054 | 1365 | 1376 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 | 435 | 444 |
|  Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2055 | 1000 | 990 |
|  Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2046 | 13000 | 11815 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2049 | 4275 | 4286 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2036 | 7500 | 8200 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 11600 | 12997 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 | 3100 | 3097 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2051 | 7000 | 7191 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 6785 | 6213 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 | 2075 | 1941 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2050 | 10000 | 8590 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 1490 | 1491 |
|  Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.900% due 05/01/2056 | 2920 | 2964 |
|  Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.200% due 05/01/2054 | 2535 | 2423 |
|  Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2044 | 1500 | 1451 |
|  5.550% due 05/01/2054 | 1750 | 1678 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 810 | 822 |
|  6.000% due 05/01/2054 | 1300 | 1320 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2053 | 4915 | 5013 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 2110 | 2010 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2047 | 1240 | 1210 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 |
|  4.500% due 10/01/2056 | 10000 | 9421 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2031 (d) | 1330 | 1054 |
|  Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 695 | 694 |
|  5.800% due 05/01/2054 | 1850 | 1848 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.050% due 05/01/2044 | 1000 | 970 |
|  5.375% due 05/01/2055 | 1275 | 1232 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2055 | 980 | 927 |
|  Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  5.875% due 01/01/2033 ^(c) | 9040 | 4972 |
|  Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 |
|  4.000% due 09/01/2050 | 8750 | 7045 |
|  Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 |
|  5.000% due 03/15/2042 | 7000 | 7100 |
|  Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.875% due 05/01/2055 | 1200 | 1212 |
|  Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.000% due 05/01/2056 | 1000 | 1022 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.350% due 05/01/2055 | 1500 | 1434 |
|  St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2055 | 6500 | 5181 |
|  Tampa, Florida Revenue Bonds, Series 2016 | Tampa, Florida Revenue Bonds, Series 2016 | Tampa, Florida Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 4710 | 4350 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2042 (d) | 1000 | 437 |
|  0.000% due 09/01/2045 (d) | 1000 | 362 |
|  Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2042 | 4800 | 4638 |
|  Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 |
|  5.400% due 05/01/2045 | 710 | 702 |
|  5.650% due 05/01/2056 | 880 | 871 |
|  Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 1000 | 1016 |
|  V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.375% due 05/01/2045 | 900 | 895 |
|  5.550% due 05/01/2055 | 1250 | 1236 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 |
|  4.550% due 05/01/2044 | 1000 | 952 |
|  Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 1190 | 1204 |
|  6.000% due 05/01/2054 | 1590 | 1612 |
|  Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.200% due 05/01/2055 | 3000 | 3091 |
|  |  | 365182 |
| GEORGIA 2.2% | GEORGIA 2.2% | GEORGIA 2.2% |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 |
|  7.000% due 01/01/2040 ^(c) | 1600 | 912 |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 |
|  6.500% due 12/15/2048 (e) | 16100 | 14142 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 |
|  5.000% due 04/01/2034 | 1950 | 1978 |
|  Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2053 | 6500 | 6649 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 6000 | 5404 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2053 | 7500 | 8038 |
|  Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  5.000% due 03/01/2047 ^(c) | 1500 | 750 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2055 | 2900 | 3172 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 28900 | 31408 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 |
|  5.000% due 01/01/2049 | 3790 | 3799 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 01/01/2041 | 1150 | 1248 |
|  5.250% due 01/01/2044 | 1100 | 1167 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 10900 | 10886 |
|  5.000% due 01/01/2056 | 10000 | 9994 |
|  5.000% due 01/01/2059 | 7600 | 7583 |
|  5.000% due 01/01/2063 | 3340 | 3332 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 1000 | 878 |
|  5.000% due 01/01/2056 | 1100 | 1102 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 5000 | 4770 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2064 | 7000 | 7215 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2042 | 1200 | 1249 |
|  5.000% due 01/01/2043 | 1050 | 1083 |
|  |  | 126759 |
| GUAM 0.0% | GUAM 0.0% | GUAM 0.0% |
|  Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 |
|  5.000% due 02/01/2040 | 1500 | 1496 |
| HAWAII 0.3% | HAWAII 0.3% | HAWAII 0.3% |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2037 | 6520 | 6318 |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 |
|  3.200% due 07/01/2039 | 3725 | 3234 |
|  3.500% due 10/01/2049 | 2000 | 1574 |
|  Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 | Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 | Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 |
|  3.100% due 05/01/2026 | 6990 | 6927 |
|  |  | 18053 |
| IDAHO 0.5% | IDAHO 0.5% | IDAHO 0.5% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 03/01/2053 | 4800 | 4941 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  4.650% due 01/01/2054 | 4175 | 4152 |
|  Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 |
|  5.000% due 03/01/2052 | 2750 | 2800 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 17549 | 16470 |
|  |  | 28363 |
| ILLINOIS 4.9% | ILLINOIS 4.9% | ILLINOIS 4.9% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 |
|  4.000% due 12/01/2035 | 8360 | 7850 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2016 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2016 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2016 |
|  7.000% due 12/01/2044 | 6250 | 6252 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.750% due 12/01/2050 | 34300 | 33746 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2042 | 1470 | 1560 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2052 | 1000 | 1002 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2044 | 3000 | 2776 |
|  5.000% due 01/01/2048 | 9000 | 9076 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2056 | 1000 | 1026 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 1000 | 1100 |
|  5.000% due 01/01/2037 | 2500 | 2703 |
|  5.000% due 01/01/2038 | 2250 | 2427 |
|  5.250% due 01/01/2040 | 1500 | 1626 |
|  5.250% due 01/01/2042 | 2450 | 2591 |
|  5.250% due 01/01/2043 | 2625 | 2760 |
|  Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 |
|  5.500% due 01/01/2039 | 8200 | 8400 |
|  Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 01/15/2039 | 9590 | 10523 |
|  Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 |
|  4.000% due 12/01/2036 | 680 | 683 |
|  Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 |
|  6.000% due 03/01/2048 | 7827 | 7602 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 6500 | 6677 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 2500 | 2543 |
|  Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2037 ^(c) | 2426 | 25 |
|  5.125% due 02/15/2045 ^(c) | 2675 | 28 |
|  5.250% due 05/15/2054 | 5655 | 4191 |
|  5.500% due 05/15/2054 | 11100 | 8563 |
|  Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2049 ^(c) | 4900 | 3393 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 3375 | 3128 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2035 | 1410 | 1404 |
|  4.000% due 05/01/2040 | 2830 | 2617 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  3.400% due 08/15/2057 | 5100 | 5100 |
|  Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 2785 | 2627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2038 | 4000 | 4394 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  3.500% due 06/01/2029 | 2000 | 2004 |
|  Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2038 | 1000 | 1018 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  4.625% due 05/01/2037 | 4000 | 4052 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.125% due 10/01/2036 | 2000 | 1996 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2036 | 2250 | 2403 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2046 | 17500 | 17797 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  4.250% due 05/01/2046 | 9500 | 8705 |
|  5.000% due 02/01/2036 | 12000 | 13271 |
|  5.000% due 05/01/2039 | 5000 | 5338 |
|  5.250% due 05/01/2044 | 4000 | 4188 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2041 | 25000 | 26278 |
|  5.000% due 09/01/2042 | 19100 | 19899 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 12/15/2037 (d) | 5000 | 2990 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 19500 | 16604 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 8500 | 7538 |
|  Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 |
|  5.350% due 03/01/2031 | 1175 | 875 |
|  |  | 283349 |
| INDIANA 1.8% | INDIANA 1.8% | INDIANA 1.8% |
|  Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 |
|  5.450% due 01/01/2038 | 7975 | 7436 |
|  Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 |
|  5.000% due 08/01/2041 | 4055 | 3403 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  4.250% due 11/01/2030 | 20440 | 20949 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 ^(c) | 27720 | 1386 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1000 | 992 |
|  5.250% due 07/01/2064 | 1500 | 1507 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2057 | 7000 | 7832 |
|  Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 |
|  1.400% due 08/01/2029 | 1000 | 915 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  5.750% due 01/01/2036 | 1600 | 1575 |
|  6.250% due 07/01/2056 | 9660 | 9200 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  6.000% due 02/01/2048 | 7000 | 7786 |
|  6.000% due 03/01/2053 | 12985 | 13474 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 9660 | 9233 |
|  Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 |
|  5.375% due 01/01/2038 | 5590 | 5356 |
|  Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 |
|  5.375% due 12/01/2041 | 5350 | 4741 |
|  Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 |
|  6.250% due 10/01/2050 | 1750 | 1758 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 5000 | 5335 |
|  |  | 102878 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| IOWA 0.5% | IOWA 0.5% | IOWA 0.5% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 |
|  4.750% due 08/01/2042 | 6200 | 6139 |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 2850 | 3098 |
|  5.000% due 12/01/2050 | 6680 | 7696 |
|  Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 |
|  8.000% due 01/01/2042 | 9500 | 8241 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2065 (d) | 26980 | 3985 |
|  |  | 29159 |
| KANSAS 0.2% | KANSAS 0.2% | KANSAS 0.2% |
|  Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 |
|  5.500% due 07/01/2026 | 9700 | 9714 |
|  Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 |
|  6.000% due 04/01/2027 ^(c) | 3143 | 283 |
|  Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 |
|  4.500% due 06/01/2040 | 725 | 709 |
|  |  | 10706 |
| KENTUCKY 0.3% | KENTUCKY 0.3% | KENTUCKY 0.3% |
|  Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2044 | 2000 | 2093 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 |
|  6.000% due 11/15/2036 | 2350 | 1889 |
|  6.250% due 11/15/2046 | 1150 | 821 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  4.750% due 07/01/2040 | 3750 | 3323 |
|  5.125% due 07/01/2055 | 4660 | 3815 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 5700 | 6179 |
|  |  | 18120 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2045 | 7000 | 6608 |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.250% due 07/01/2050 | 2000 | 2081 |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 2565 | 2685 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2039 | 8000 | 8439 |
|  5.250% due 01/01/2044 | 22000 | 23018 |
|  |  | 42831 |
| MAINE 0.1% | MAINE 0.1% | MAINE 0.1% |
|  Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 |
|  4.625% due 12/01/2047 | 3000 | 2957 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 11500 | 11880 |
|  Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 |
|  4.000% due 09/01/2040 | 2000 | 1841 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  3.762% due 01/01/2043 | 3205 | 2393 |
|  |  | 16114 |
| MASSACHUSETTS 1.8% | MASSACHUSETTS 1.8% | MASSACHUSETTS 1.8% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 3580 | 3537 |
|  4.000% due 05/01/2041 | 9305 | 9061 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 |
|  5.000% due 07/01/2048 | 15300 | 15759 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 11/01/2052 | 5600 | 5778 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 |
|  5.000% due 10/01/2046 | 5500 | 5775 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 17000 | 17939 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 15400 | 15676 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2048 | 5360 | 5003 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 10500 | 10588 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1200 | 1128 |
|  5.000% due 07/01/2060 | 1100 | 1019 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2045 | 2000 | 2022 |
|  5.250% due 07/01/2050 | 2000 | 2006 |
|  5.250% due 07/01/2055 | 8500 | 8428 |
|  |  | 103719 |
| MICHIGAN 1.9% | MICHIGAN 1.9% | MICHIGAN 1.9% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 32007 | 25217 |
|  Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 |
|  5.000% due 04/01/2050 | 1600 | 1599 |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  6.000% due 05/01/2039 | 1300 | 1461 |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  6.844% due 05/01/2028 | 515 | 530 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due 07/01/2032 ~ | 3750 | 3720 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2047 | 17410 | 15464 |
|  4.000% due 02/15/2050 | 4540 | 3944 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2045 (d) | 15000 | 4126 |
|  0.000% due 06/01/2065 (d) | 55000 | 5436 |
|  4.800% due 09/01/2040 | 235 | 197 |
|  5.000% due 06/01/2040 | 3750 | 3804 |
|  5.000% due 09/01/2050 | 380 | 294 |
|  Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2046 | 1435 | 1076 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  4.125% due 02/29/2044 | 700 | 663 |
|  4.375% due 02/28/2054 | 4335 | 4078 |
|  5.250% due 02/28/2043 | 1375 | 1448 |
|  Michigan Finance Authority Revenue Notes, Series 2020 | Michigan Finance Authority Revenue Notes, Series 2020 | Michigan Finance Authority Revenue Notes, Series 2020 |
|  4.300% due 09/01/2030 | 100 | 95 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 |
|  5.000% due 11/15/2047 | 1000 | 1014 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 5500 | 6069 |
|  Michigan Strategic Fund Revenue Bonds, Series 2018 | Michigan Strategic Fund Revenue Bonds, Series 2018 | Michigan Strategic Fund Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 5000 | 5008 |
|  Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
|  0.000% due 06/01/2046 (d) | 78000 | 10385 |
|  0.000% due 06/01/2058 (d) | 145250 | 3591 |
|  Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2047 | 2000 | 2119 |
|  5.500% due 06/01/2055 | 4250 | 4546 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2033 | 1380 | 1533 |
|  |  | 107417 |
| MINNESOTA 0.3% | MINNESOTA 0.3% | MINNESOTA 0.3% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 5000 | 5032 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2041 | 750 | 754 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2034 | 1645 | 1788 |
|  5.000% due 01/01/2037 | 2100 | 2234 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 4930 | 5540 |
|  |  | 15348 |
| MISSISSIPPI 0.0% | MISSISSIPPI 0.0% | MISSISSIPPI 0.0% |
|  Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2034 | 500 | 463 |
|  4.000% due 10/01/2035 | 300 | 273 |
|  |  | 736 |
| MISSOURI 0.2% | MISSOURI 0.2% | MISSOURI 0.2% |
|  Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 |
|  5.500% due 10/01/2031 | 250 | 250 |
|  5.550% due 10/01/2036 | 45 | 44 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2044 | 2200 | 2015 |
|  Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2051 | 1450 | 1208 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 7000 | 7389 |
|  St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 |
|  5.125% due 06/01/2046 | 2195 | 2124 |
|  |  | 13030 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MONTANA 0.0% | MONTANA 0.0% | MONTANA 0.0% |
|  Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 |
|  6.250% due 09/01/2031 ^ | 830 | 100 |
| MULTI-STATE 2.2% | MULTI-STATE 2.2% | MULTI-STATE 2.2% |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.497% due 06/25/2042 | 7400 | 7493 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 |
|  2.875% due 07/25/2036 (g) | 2319 | 2157 |
|  3.125% due 09/25/2036 | 951 | 886 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 26755 | 26846 |
|  4.140% due 01/25/2040 | 21508 | 21137 |
|  4.553% due 08/25/2040 | 27856 | 28338 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.615% due 08/25/2041 ~(g) | 20185 | 20552 |
|  4.685% due 10/25/2040 | 19305 | 19831 |
|  |  | 127240 |
| NEBRASKA 0.2% | NEBRASKA 0.2% | NEBRASKA 0.2% |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2051 | 8000 | 7305 |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2043 | 3500 | 3724 |
|  |  | 11029 |
| NEVADA 0.2% | NEVADA 0.2% | NEVADA 0.2% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 3540 | 3464 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 |
|  5.125% due 12/15/2037 ^(c) | 1754 | 0 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 |
|  6.950% due 02/15/2038 ^(c) | 3695 | 0 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (d) | 39000 | 5610 |
|  |  | 9074 |
| NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 2250 | 1783 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.777% due 08/20/2034 | 13464 | 12840 |
|  3.875% due 01/20/2038 | 7911 | 7349 |
|  3.967% due 06/20/2034 | 9976 | 9658 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.596% due 08/20/2039 (a) | 23999 | 949 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 ~ | 21408 | 20513 |
|  4.216% due 11/20/2042 | 24081 | 22866 |
|  5.625% due 06/01/2039 | 5200 | 5230 |
|  |  | 81188 |
| NEW JERSEY 0.9% | NEW JERSEY 0.9% | NEW JERSEY 0.9% |
|  Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 |
|  6.375% due 03/01/2030 | 815 | 817 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2052 | 20000 | 20478 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 |
|  5.750% due 04/01/2031 | 5000 | 5049 |
|  6.500% due 04/01/2028 | 2523 | 2602 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 |
|  5.250% due 12/20/2065 | 2250 | 2427 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2039 | 2000 | 1978 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/15/2050 | 3500 | 4161 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  4.250% due 06/15/2040 | 10500 | 10500 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2046 | 940 | 919 |
|  Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 | Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 | Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 |
|  8.500% due 06/01/2041 | 6000 | 4118 |
|  |  | 53049 |
| NEW YORK 8.9% | NEW YORK 8.9% | NEW YORK 8.9% |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 8905 | 7576 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2022 | Build NYC Resource Corp. New York Revenue Bonds, Series 2022 | Build NYC Resource Corp. New York Revenue Bonds, Series 2022 |
|  5.750% due 06/01/2052 | 1250 | 1228 |
|  5.750% due 06/01/2062 | 3250 | 3138 |
|  Huntington Local Development Corp. New York Revenue Notes, Series 2021 | Huntington Local Development Corp. New York Revenue Notes, Series 2021 | Huntington Local Development Corp. New York Revenue Notes, Series 2021 |
|  4.000% due 07/01/2027 | 1690 | 1662 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 4700 | 4782 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.650% due 11/01/2049 | 3000 | 3015 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.750% due 11/01/2052 | 4000 | 3471 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2043 | 14260 | 15343 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2040 | 5000 | 4911 |
|  4.000% due 11/01/2043 | 4000 | 3820 |
|  4.000% due 05/01/2047 | 6030 | 5602 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 4000 | 3971 |
|  4.000% due 02/01/2049 | 4000 | 3708 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 | 11000 | 11564 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2049 | 1000 | 1041 |
|  5.000% due 05/01/2050 | 3000 | 3118 |
|  5.250% due 05/01/2048 | 15000 | 15952 |
|  5.250% due 02/01/2053 | 2000 | 2105 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2042 | 12000 | 12949 |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2050 (d) | 43000 | 9047 |
|  0.000% due 06/01/2055 (d) | 133600 | 10724 |
|  0.000% due 06/01/2060 (d) | 210000 | 8490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 15800 | 16894 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 19260 | 19260 |
|  5.150% due 11/15/2034 | 2600 | 2603 |
|  5.375% due 11/15/2040 | 6500 | 6501 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  4.000% due 11/15/2047 | 7300 | 6827 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2053 | 5000 | 5181 |
|  5.125% due 11/15/2063 | 10000 | 10405 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2060 | 8760 | 7759 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2050 | 10175 | 8974 |
|  New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2040 | 8730 | 8666 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2039 | 3500 | 3419 |
|  4.000% due 03/15/2054 | 14250 | 13027 |
|  5.000% due 03/15/2052 | 5615 | 5806 |
|  New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2047 | 2665 | 2467 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 11600 | 12498 |
|  5.000% due 03/15/2055 | 11800 | 12237 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2053 | 14500 | 14983 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 33100 | 33746 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 | 12000 | 12012 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 14800 | 15314 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 6800 | 7014 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2031 | 2280 | 2351 |
|  5.000% due 01/01/2033 | 6750 | 6918 |
|  5.000% due 01/01/2036 | 1500 | 1524 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.375% due 10/01/2045 | 8290 | 7640 |
|  5.000% due 10/01/2035 | 6715 | 7018 |
|  5.000% due 10/01/2040 | 3560 | 3599 |
|  5.250% due 08/01/2031 | 5930 | 6157 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 |
|  4.000% due 04/30/2053 | 1250 | 1041 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  5.625% due 04/01/2040 | 8750 | 9147 |
|  6.000% due 04/01/2035 | 17550 | 19302 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.250% due 06/30/2043 | 3560 | 3643 |
|  5.250% due 06/30/2044 | 4000 | 4074 |
|  5.500% due 06/30/2060 | 2500 | 2524 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2044 | 2475 | 2681 |
|  6.000% due 06/30/2059 | 17750 | 18809 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2028 | 1000 | 1035 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 2000 | 2029 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.125% due 08/01/2044 | 1000 | 842 |
|  5.375% due 08/01/2054 | 340 | 282 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 1994 | Port Authority of New York & New Jersey Revenue Bonds, Series 1994 | Port Authority of New York & New Jersey Revenue Bonds, Series 1994 |
|  6.125% due 06/01/2094 | 4000 | 4007 |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.375% due 11/01/2054 | 4000 | 3195 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (d) | 67080 | 5830 |
|  Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 |
|  5.693% due 01/01/2028 | 8370 | 8152 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2042 | 2000 | 2140 |
|  5.000% due 12/01/2043 | 1250 | 1326 |
|  5.000% due 12/01/2044 | 2000 | 2109 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 4500 | 3956 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2047 | 1000 | 819 |
|  5.250% due 09/15/2053 | 2500 | 1966 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  6.500% due 11/01/2055 (g) | 4000 | 4500 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 |
|  7.500% due 11/01/2055 (g) | 11000 | 11776 |
|  |  | 513202 |
| NORTH CAROLINA 0.1% | NORTH CAROLINA 0.1% | NORTH CAROLINA 0.1% |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 5635 | 6311 |
|  North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2051 | 1500 | 1212 |
|  North Carolina Medical Care Commission Revenue Notes, Series 2021 | North Carolina Medical Care Commission Revenue Notes, Series 2021 | North Carolina Medical Care Commission Revenue Notes, Series 2021 |
|  4.000% due 03/01/2030 | 285 | 288 |
|  4.000% due 03/01/2031 | 290 | 292 |
|  |  | 8103 |
| NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% |
|  Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 |
|  7.000% due 12/15/2043 ^(c) | 7940 | 0 |
| OHIO 3.8% | OHIO 3.8% | OHIO 3.8% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2042 | 3085 | 3123 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (d) | 279880 | 26250 |
|  5.000% due 06/01/2055 | 112600 | 96247 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2037 | 6500 | 7029 |
|  Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 | Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 | Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 |
|  4.000% due 12/01/2044 | 6355 | 5761 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 5000 | 4550 |
|  5.500% due 02/15/2057 | 1000 | 998 |
|  Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 |
|  6.625% due 01/01/2045 | 4300 | 4423 |
|  Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2033 | 1170 | 1183 |
|  5.000% due 12/01/2035 | 1200 | 1208 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 2080 | 1877 |
|  Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 2369 | 30 |
|  6.250% due 04/01/2049 ^(c) | 5176 | 65 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2017 | Ohio Air Quality Development Authority Revenue Bonds, Series 2017 | Ohio Air Quality Development Authority Revenue Bonds, Series 2017 |
|  4.250% due 01/15/2038 | 1075 | 1070 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 33960 | 31121 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2045 | 4230 | 4163 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.250% due 01/01/2045 | 7775 | 7867 |
|  6.375% due 01/01/2045 | 2115 | 2158 |
|  6.500% due 01/01/2045 | 3465 | 3508 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2038 | 1280 | 1222 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 |
|  6.500% due 01/01/2045 | 4400 | 4501 |
|  University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2043 | 3250 | 3491 |
|  5.250% due 06/01/2044 | 3350 | 3583 |
|  5.250% due 06/01/2045 | 2850 | 3036 |
|  |  | 218464 |
| OKLAHOMA 0.6% | OKLAHOMA 0.6% | OKLAHOMA 0.6% |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 5000 | 5018 |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  4.500% due 01/01/2053 | 5750 | 5752 |
|  5.500% due 01/01/2053 | 2750 | 2913 |
|  Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 |
|  6.625% due 11/01/2036 ^(c) | 526 | 2 |
|  6.875% due 11/01/2046 ^(c) | 1081 | 5 |
|  7.000% due 11/01/2051 ^(c) | 2163 | 9 |
|  Tulsa Municipal Airport Trust Trustees, Oklahoma Revenue Bonds, Series 2025 | Tulsa Municipal Airport Trust Trustees, Oklahoma Revenue Bonds, Series 2025 | Tulsa Municipal Airport Trust Trustees, Oklahoma Revenue Bonds, Series 2025 |
|  6.250% due 12/01/2035 | 19000 | 21747 |
|  |  | 35446 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2047 | 875 | 718 |
|  4.000% due 05/15/2057 | 1000 | 765 |
|  University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 |
|  5.000% due 04/01/2050 | 5705 | 5798 |
|  |  | 7281 |
| PENNSYLVANIA 3.2% | PENNSYLVANIA 3.2% | PENNSYLVANIA 3.2% |
|  Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2042 | 12355 | 12622 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 |
|  6.000% due 05/01/2042 | 1800 | 1902 |
|  Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 |
|  4.750% due 01/01/2035 | 7000 | 7315 |
|  Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 |
|  7.000% due 06/30/2039 | 18807 | 15537 |
|  Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 |
|  6.000% due 06/30/2034 | 1850 | 1936 |
|  8.000% due 06/30/2034 | 3693 | 3648 |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 6500 | 7052 |
|  Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 2500 | 2507 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.375% due 07/01/2039 | 2575 | 2793 |
|  Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1650 | 1404 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 14750 | 13102 |
|  General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 |
|  6.500% due 07/15/2048 | 4200 | 4255 |
|  Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1000 | 1007 |
|  5.000% due 05/01/2049 | 750 | 740 |
|  Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 |
|  6.125% due 10/01/2050 | 4935 | 3506 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2044 | 4300 | 4087 |
|  Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 |
|  4.000% due 09/01/2049 | 2200 | 1896 |
|  Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 |
|  6.000% due 07/01/2045 | 21300 | 20274 |
|  6.125% due 07/01/2050 | 4500 | 4240 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 5000 | 5040 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.000% due 04/01/2039 | 3000 | 2610 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/30/2053 | 7635 | 7674 |
|  6.000% due 06/30/2061 | 6000 | 6300 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2046 | 2200 | 2213 |
|  5.250% due 07/01/2049 | 2000 | 1994 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2051 | 5250 | 5475 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 |
|  5.000% due 12/31/2032 | 3070 | 3373 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 08/15/2049 | 12200 | 12386 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 6260 | 6811 |
|  6.250% due 10/01/2054 | 3400 | 3733 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2044 | 6000 | 6094 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2052 | 3000 | 3134 |
|  Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 |
|  5.500% due 12/01/2058 | 3500 | 3610 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2043 | 5000 | 5324 |
|  Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 |
|  5.000% due 07/01/2035 | 750 | 751 |
|  |  | 186345 |
| PUERTO RICO 6.8% | PUERTO RICO 6.8% | PUERTO RICO 6.8% |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 |
|  0.000% due 05/15/2057 (d) | 194500 | 7823 |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 43493 | 28814 |
|  0.000% due 11/01/2051 | 79251 | 53593 |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2041 | 1500 | 1345 |
|  4.000% due 07/01/2046 | 13434 | 11611 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 41134 | 40001 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 6715 | 6464 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 |
|  5.950% due 07/01/2030 ^(c) | 2500 | 1694 |
|  6.250% due 07/01/2040 ^(c) | 400 | 271 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 |
|  4.625% due 07/01/2030 ^(c) | 10 | 7 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 |
|  1.000% (US0003M) due 07/01/2031 ^~(c) | 2500 | 1694 |
|  5.000% due 07/01/2026 ^(c) | 4525 | 3055 |
|  5.000% due 07/01/2037 ^(c) | 555 | 376 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  4.625% due 07/01/2026 ^(c) | 35 | 24 |
|  4.750% due 07/01/2026 ^(c) | 245 | 166 |
|  4.750% due 07/01/2027 ^(c) | 50 | 34 |
|  5.000% due 07/01/2026 ^(c) | 930 | 627 |
|  5.250% due 07/01/2026 ^(c) | 695 | 471 |
|  5.250% due 07/01/2027 ^(c) | 390 | 264 |
|  5.250% due 07/01/2030 ^(c) | 1625 | 1101 |
|  5.250% due 07/01/2031 ^(c) | 30 | 20 |
|  5.250% due 07/01/2040 ^(c) | 23175 | 15701 |
|  5.400% due 07/01/2028 ^(c) | 2610 | 1768 |
|  5.750% due 07/01/2036 ^(c) | 23620 | 16002 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 |
|  5.000% due 07/01/2042 ^(c) | 3125 | 2117 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 |
|  7.000% due 07/01/2033 ^(c) | 4900 | 3320 |
|  7.000% due 07/01/2040 ^(c) | 20 | 13 |
|  7.000% due 07/01/2043 ^(c) | 2600 | 1761 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (d) | 70794 | 24175 |
|  0.000% due 07/01/2051 (d) | 244313 | 61456 |
|  4.750% due 07/01/2053 | 25325 | 23835 |
|  5.000% due 07/01/2058 | 45177 | 43668 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 16030 | 15355 |
|  4.550% due 07/01/2040 | 21414 | 20945 |
|  |  | 389571 |
| RHODE ISLAND 0.4% | RHODE ISLAND 0.4% | RHODE ISLAND 0.4% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2038 | 1000 | 1071 |
|  5.000% due 05/15/2042 | 1000 | 1024 |
|  5.250% due 05/15/2049 | 3650 | 3695 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2052 (d) | 12580 | 1789 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 4500 | 4500 |
|  5.000% due 06/01/2050 | 14280 | 14021 |
|  |  | 26100 |
| SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% |
|  County of Lancaster, Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, Special Assessment Revenue Bonds, Series 2025 |
|  6.200% due 06/01/2055 | 1500 | 1529 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 7700 | 8408 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2043 | 4500 | 4841 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 3500 | 3578 |
|  5.250% due 12/01/2049 | 4500 | 4703 |
|  5.500% due 12/01/2054 | 12525 | 13328 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2046 | 6750 | 6976 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 6800 | 6845 |
|  |  | 50208 |
| TENNESSEE 1.1% | TENNESSEE 1.1% | TENNESSEE 1.1% |
|  Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 |
|  5.625% due 06/01/2035 | 2000 | 1772 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 |
|  5.625% due 01/01/2046 | 850 | 577 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2440 | 2538 |
|  5.000% due 07/01/2056 | 6630 | 6822 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 10305 | 10579 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4000 | 2989 |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 6250 | 6447 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 9805 | 10586 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 17750 | 19104 |
|  |  | 61414 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| TEXAS 9.6% | TEXAS 9.6% | TEXAS 9.6% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  7.500% due 12/01/2045 ^(c) | 7060 | 710 |
|  12.000% due 12/01/2045 ^(c) | 9525 | 1128 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.250% due 06/15/2059 | 850 | 793 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2051 | 2710 | 2606 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.750% due 06/15/2055 | 3500 | 3521 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 |
|  5.875% due 06/15/2065 | 7750 | 7807 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 03/01/2043 | 2575 | 2552 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 5200 | 5239 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 |
|  10.000% due 06/01/2042 | 4687 | 1078 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 |
|  12.000% due 06/01/2043 | 7904 | 1818 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 7000 | 6800 |
|  6.500% due 07/01/2026 | 12750 | 12252 |
|  Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 |
|  5.000% due 09/01/2039 | 750 | 792 |
|  5.000% due 09/01/2045 | 1750 | 1784 |
|  Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 |
|  5.125% due 09/01/2044 | 1800 | 1735 |
|  5.375% due 09/01/2053 | 226 | 223 |
|  5.500% due 09/01/2054 | 1000 | 1000 |
|  Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 |
|  5.500% due 09/01/2045 | 300 | 299 |
|  5.625% due 09/01/2055 | 600 | 591 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2040 | 1500 | 1610 |
|  5.000% due 08/15/2041 | 1500 | 1598 |
|  City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 |
|  6.000% due 09/15/2054 | 1125 | 1150 |
|  Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 |
|  5.100% due 09/01/2044 | 650 | 637 |
|  5.375% due 09/01/2055 | 1047 | 1034 |
|  Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2050 | 7000 | 7319 |
|  Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 13000 | 11936 |
|  Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 |
|  5.250% due 09/15/2045 | 540 | 526 |
|  5.500% due 09/15/2055 | 1250 | 1223 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 |
|  4.000% due 02/15/2043 | 2500 | 2432 |
|  Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 21180 | 19025 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 |
|  6.000% due 12/01/2062 | 3425 | 3131 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 |
|  4.500% due 12/31/2035 | 1000 | 1024 |
|  5.000% due 12/31/2035 | 1000 | 1024 |
|  5.375% due 12/31/2045 | 1750 | 1788 |
|  5.875% due 12/31/2045 | 1500 | 1530 |
|  6.125% due 12/31/2055 | 8000 | 8183 |
|  Denton County, Texas Special Assessment Notes, Series 2025 | Denton County, Texas Special Assessment Notes, Series 2025 | Denton County, Texas Special Assessment Notes, Series 2025 |
|  4.250% due 12/31/2030 | 700 | 707 |
|  4.750% due 12/31/2030 | 650 | 656 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 14210 | 14674 |
|  Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.250% due 02/15/2053 | 8075 | 7630 |
|  Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 4640 | 4355 |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 |
|  4.250% due 02/15/2053 | 2000 | 1927 |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  4.250% due 02/15/2053 | 6940 | 6550 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2049 | 14235 | 12700 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2042 | 5000 | 4701 |
|  Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 09/15/2049 | 5000 | 4693 |
|  Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 |
|  4.000% due 08/15/2049 | 6500 | 5975 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2035 | 14500 | 15936 |
|  5.500% due 07/15/2036 | 17850 | 19405 |
|  5.500% due 07/15/2037 | 22500 | 24308 |
|  5.500% due 07/15/2039 | 4000 | 4263 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 8700 | 9323 |
|  Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  4.000% due 02/15/2052 | 5010 | 4644 |
|  La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.125% due 02/15/2054 | 6000 | 5536 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 02/15/2048 | 9000 | 8249 |
|  Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 | Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 | Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 |
|  4.000% due 03/01/2044 | 3480 | 3274 |
|  Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2055 | 14575 | 15158 |
|  Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2055 | 6450 | 6702 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1800 | 1723 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 |
|  5.250% due 05/15/2048 | 3000 | 3131 |
|  Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/01/2049 | 5000 | 4653 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2026 | 50 | 39 |
|  4.000% due 07/01/2031 ^(c) | 1180 | 920 |
|  4.000% due 07/01/2036 ^ | 2700 | 2437 |
|  4.250% due 07/01/2031 | 670 | 605 |
|  4.250% due 07/01/2036 ^(c) | 1950 | 1521 |
|  4.750% due 07/01/2051 ^ | 6730 | 5249 |
|  5.000% due 07/01/2031 ^(c) | 905 | 817 |
|  5.000% due 07/01/2046 ^ | 19400 | 15853 |
|  5.000% due 07/01/2051 ^ | 9370 | 8456 |
|  5.250% due 07/01/2036 ^(c) | 400 | 200 |
|  5.500% due 07/01/2046 ^(c) | 2520 | 1260 |
|  5.750% due 07/01/2051 ^(c) | 1000 | 500 |
|  7.000% due 07/01/2051 ^(c) | 1450 | 290 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2042 | 500 | 500 |
|  5.000% due 01/01/2047 | 1500 | 1444 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2054 | 250 | 217 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2055 | 1200 | 1128 |
|  5.000% due 11/01/2060 | 2800 | 2594 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 |
|  4.000% due 07/01/2026 | 25 | 19 |
|  6.000% due 07/01/2026 ^(c) | 80 | 16 |
|  North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 | North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 | North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 |
|  4.000% due 12/15/2044 | 7335 | 6759 |
|  North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 |
|  5.000% due 09/01/2044 | 2700 | 2864 |
|  5.000% due 09/01/2045 | 5000 | 5287 |
|  5.000% due 09/01/2046 | 4505 | 4744 |
|  5.000% due 09/01/2051 | 10000 | 10434 |
|  Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 7225 | 6673 |
|  Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 5000 | 5203 |
|  Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 |
|  6.375% due 09/15/2055 | 2800 | 2860 |
|  7.125% due 09/15/2055 | 2142 | 2189 |
|  Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 |
|  5.250% due 09/01/2054 | 750 | 738 |
|  Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 |
|  5.625% due 09/01/2055 | 700 | 704 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 100 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 2100 | 2174 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2015 | San Antonio Water System, Texas Revenue Bonds, Series 2015 | San Antonio Water System, Texas Revenue Bonds, Series 2015 |
|  4.000% due 05/15/2045 | 6845 | 6420 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.250% due 02/01/2049 | 16215 | 17142 |
|  Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.000% due 02/01/2043 | 6000 | 5850 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 |
|  6.750% due 11/15/2052 | 3000 | 3020 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 |
|  6.875% due 11/15/2055 | 2400 | 2143 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 10000 | 11211 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 |
|  5.500% due 09/01/2055 | 3000 | 3179 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
|  5.000% due 06/30/2058 | 7450 | 7328 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2044 | 3000 | 3151 |
|  Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 |
|  0.000% due 08/01/2047 (d) | 5575 | 1893 |
|  0.000% due 08/01/2051 (d) | 3450 | 939 |
|  Texas Water Development Board Revenue Bonds, Series 2017 | Texas Water Development Board Revenue Bonds, Series 2017 | Texas Water Development Board Revenue Bonds, Series 2017 |
|  4.000% due 10/15/2047 | 5700 | 5262 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 10800 | 11031 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 6800 | 7029 |
|  5.000% due 10/15/2058 | 4500 | 4668 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.250% due 10/15/2051 | 10000 | 9456 |
|  4.375% due 10/15/2054 | 12250 | 11786 |
|  4.375% due 10/15/2059 | 13800 | 13215 |
|  Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 |
|  4.500% due 10/15/2045 (b) | 15830 | 16003 |
|  4.750% due 10/15/2055 (b) | 3000 | 3023 |
|  Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 6500 | 6056 |
|  |  | 553370 |
| UTAH 0.8% | UTAH 0.8% | UTAH 0.8% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 06/01/2045 | 4700 | 5016 |
|  Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 | Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 | Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 |
|  6.250% due 06/01/2055 | 1700 | 1773 |
|  6.750% due 06/01/2055 (e) | 4500 | 3744 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.125% due 06/15/2054 | 5940 | 5728 |
|  6.000% due 06/15/2054 | 7500 | 7626 |
|  Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 |
|  4.000% due 07/01/2051 | 5500 | 4890 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 3430 | 3443 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 10000 | 10088 |
|  UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 |
|  4.375% due 06/01/2052 | 3500 | 3142 |
|  |  | 45450 |
| VERMONT 0.0% | VERMONT 0.0% | VERMONT 0.0% |
|  Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 |
|  4.375% due 06/01/2052 | 2000 | 1993 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VIRGINIA 1.0% | VIRGINIA 1.0% | VIRGINIA 1.0% |
|  Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 |
|  3.750% due 03/01/2036 | 4025 | 3874 |
|  Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2057 | 13000 | 11879 |
|  Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2048 | 5000 | 5141 |
|  Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 |
|  6.050% due 03/01/2044 ^(c) | 164 | 113 |
|  6.050% due 03/01/2044 | 154 | 130 |
|  6.050% due 03/01/2054 ^(c) | 584 | 263 |
|  Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 |
|  5.000% due 09/01/2045 | 2250 | 2186 |
|  Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 |
|  7.000% due 09/01/2059 | 4000 | 4363 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 3000 | 3092 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 12625 | 10570 |
|  7.500% due 07/01/2052 ^(c) | 5569 | 3341 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 2000 | 2093 |
|  5.500% due 12/01/2054 | 2500 | 2539 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2044 | 2500 | 2567 |
|  5.000% due 06/15/2045 | 2500 | 2554 |
|  5.250% due 06/15/2055 | 4000 | 4138 |
|  |  | 58843 |
| WASHINGTON 1.8% | WASHINGTON 1.8% | WASHINGTON 1.8% |
|  Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 7000 | 7561 |
|  Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 | Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 | Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 |
|  4.000% due 09/01/2047 | 3135 | 2929 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 (b) | 18400 | 20669 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 03/01/2043 | 13685 | 13463 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 2925 | 2062 |
|  5.000% due 07/01/2053 | 3945 | 2665 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 12665 | 11776 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  4.220% due 03/01/2050 | 14466 | 13918 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.078% due 11/20/2041 | 25381 | 23832 |
|  6.000% due 07/01/2060 | 1000 | 1003 |
|  7.000% due 07/01/2064 | 2200 | 2260 |
|  |  | 102138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WEST VIRGINIA 0.9% | WEST VIRGINIA 0.9% | WEST VIRGINIA 0.9% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2047 (d) | 144415 | 13497 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.006% due 06/01/2040 | 3000 | 2471 |
|  4.875% due 06/01/2049 | 9885 | 9020 |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 04/15/2055 | 9000 | 9103 |
|  5.450% due 01/01/2055 | 10120 | 10561 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2053 | 8600 | 9277 |
|  |  | 53929 |
| WISCONSIN 3.3% | WISCONSIN 3.3% | WISCONSIN 3.3% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|  6.750% due 08/01/2031 | 20000 | 15400 |
|  7.000% due 11/01/2046 ^(c) | 3500 | 1925 |
|  7.000% due 01/01/2050 | 4750 | 4932 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 |
|  5.000% due 03/01/2048 | 5000 | 4194 |
|  6.375% due 01/01/2048 ^(c) | 8930 | 4019 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 |
|  5.875% due 10/01/2054 ^(c) | 5230 | 3235 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (d) | 3480 | 2029 |
|  0.000% due 01/01/2060 (d) | 43000 | 3722 |
|  5.000% due 01/01/2055 | 3500 | 2938 |
|  5.250% due 03/01/2055 | 2500 | 2193 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 09/30/2051 | 9475 | 7758 |
|  5.000% due 07/01/2037 | 500 | 509 |
|  5.000% due 07/01/2039 | 500 | 503 |
|  5.000% due 07/01/2041 | 500 | 491 |
|  5.625% due 06/01/2050 | 5185 | 5187 |
|  6.500% due 06/01/2045 | 1400 | 1254 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2052 | 5360 | 4743 |
|  5.000% due 10/01/2052 | 13120 | 13327 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  0.000% due 07/01/2062 | 1360 | 1024 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2039 | 700 | 694 |
|  5.000% due 12/15/2044 | 400 | 376 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2042 | 750 | 767 |
|  5.250% due 06/01/2045 | 370 | 372 |
|  5.250% due 06/15/2055 | 1000 | 1016 |
|  5.250% due 11/15/2061 | 3000 | 3012 |
|  5.500% due 06/15/2045 | 725 | 716 |
|  5.500% due 06/01/2055 | 600 | 606 |
|  5.500% due 06/15/2055 | 750 | 763 |
|  5.750% due 06/15/2055 | 1000 | 985 |
|  5.750% due 12/31/2065 | 46000 | 47332 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2016 | Public Finance Authority, Wisconsin Revenue Notes, Series 2016 | Public Finance Authority, Wisconsin Revenue Notes, Series 2016 |
|  5.000% due 12/01/2025 | 2000 | 2002 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 |
|  0.000% due 09/01/2029 (d) | 1835 | 1385 |
|  6.125% due 12/15/2029 | 4406 | 4466 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2025 | Public Finance Authority, Wisconsin Revenue Notes, Series 2025 | Public Finance Authority, Wisconsin Revenue Notes, Series 2025 | Public Finance Authority, Wisconsin Revenue Notes, Series 2025 |
|  5.000% due 06/01/2030 | 750 | $— | 787 |
|  5.000% due 06/01/2035 | 1175 |  | 1245 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2050 (d) | 25410 |  | 7465 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/15/2048 | 10000 |  | 10367 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 2095 |  | 1917 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2047 | 3500 |  | 3192 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2043 | 2350 |  | 2002 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  4.000% due 08/15/2041 | 4000 |  | 3837 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.875% due 07/01/2055 | 8000 |  | 7926 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 |
|  6.625% due 07/01/2060 | 4800 |  | 4964 |
|  |  |  | 187577 |
|  Total Municipal Bonds & Notes (Cost $5,089,910) | Total Municipal Bonds & Notes (Cost $5,089,910) |  | 5066384 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 3.2% | U.S. GOVERNMENT AGENCIES 3.2% | U.S. GOVERNMENT AGENCIES 3.2% | U.S. GOVERNMENT AGENCIES 3.2% | U.S. GOVERNMENT AGENCIES 3.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 - 06/01/2043 | $— | 15042 | $— | 13716 |
|  3.700% due 09/01/2038 |  | 10446 |  | 9878 |
|  3.720% due 01/01/2041 |  | 13875 |  | 12920 |
|  3.790% due 07/01/2040 |  | 3902 |  | 3664 |
|  3.800% due 12/01/2038 - 01/01/2040 |  | 15162 |  | 14403 |
|  3.850% due 04/01/2039 |  | 3982 |  | 3798 |
|  4.000% due 01/01/2039 |  | 3500 |  | 3413 |
|  4.100% due 05/01/2038 |  | 6757 |  | 6630 |
|  4.250% due 08/01/2038 |  | 4951 |  | 4926 |
|  4.400% due 11/01/2040 |  | 9888 |  | 9869 |
|  4.500% due 12/01/2040 |  | 10000 |  | 10010 |
|  4.600% due 03/01/2041 |  | 7657 |  | 7774 |
|  4.900% due 02/01/2040 |  | 5925 |  | 6214 |
|  5.210% due 08/01/2040 |  | 15832 |  | 17083 |
|  5.360% due 06/01/2039 |  | 7518 |  | 8192 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  3.084% due 04/25/2043 ~ |  | 8062 |  | 7040 |
|  3.260% due 01/25/2039 ~ |  | 24503 |  | 16430 |
|  3.541% due 01/25/2043 ~ |  | 12177 |  | 8188 |
|  4.300% due 05/25/2041 ~(g) |  | 5885 |  | 5750 |
|  5.469% due 01/25/2042 ~ |  | 12474 |  | 10258 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 •  |  | 4888 |  | 5006 |
|  Total U.S. Government Agencies (Cost $181,022) | Total U.S. Government Agencies (Cost $181,022) | Total U.S. Government Agencies (Cost $181,022) |  | 185162 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 1757184 | $— | 1757 |
| Total Short-Term Instruments<br>(Cost $1,757) | Total Short-Term Instruments<br>(Cost $1,757) |  | 1757 |
| Total Investments in Securities<br>(Cost $5,491,462) | Total Investments in Securities<br>(Cost $5,491,462) |  | 5465245 |
| INVESTMENTS IN AFFILIATES 4.6% | INVESTMENTS IN AFFILIATES 4.6% | INVESTMENTS IN AFFILIATES 4.6% | INVESTMENTS IN AFFILIATES 4.6% |
| SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 26858150 |  | 261572 |
| Total Short-Term Instruments<br>(Cost $261,440) | Total Short-Term Instruments<br>(Cost $261,440) |  | 261572 |
| Total Investments in Affiliates<br>(Cost $261,440) | Total Investments in Affiliates<br>(Cost $261,440) |  | 261572 |
| Total Investments 99.4%<br>(Cost $5,752,902) | Total Investments 99.4%<br>(Cost $5,752,902) | $— | 5726817 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 36655 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 5763472 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Security becomes interest bearing at a future date.

(f) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Bluehouse Commons Apartments | 4.120% | 12/01/2042 | 01/09/2025 | $11152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11546 | 0.20% |
|  City of Salinas | 4.020 | 09/01/2033 | 07/26/2023 | 6872 | 6712 | 0.12 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | 4.300 | 05/25/2041 | 03/06/2025 | 5818 | 5750 | 0.10 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | 2.875 | 07/25/2036 | 11/17/2022 | 2059 | 2157 | 0.04 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615 | 08/25/2041 | 03/19/2024 | 20331 | 20552 | 0.36 |
|  Gladieux Metals Recycling LLC | 14.107 | 10/19/2025 | 08/20/2025 - 09/30/2025 | 19476 | 14495 | 0.25 |
|  Groves Seniors Apartments 2 | 4.000 | 07/01/2038 | 01/09/2025 | 1175 | 1223 | 0.02 |
|  Groves Seniors Apartments 2 | 4.170 | 06/01/2041 | 01/09/2025 | 6941 | 7210 | 0.13 |
|  Mangini Place Apartments | 3.910 | 11/01/2042 | 01/09/2025 | 16107 | 16686 | 0.29 |
|  Northlake Senior Apartments | 3.990 | 10/01/2041 | 01/09/2025 | 17309 | 17971 | 0.31 |
|  Pine Grove Powers Avenue | 5.000 | 10/01/2042 | 01/09/2025 | 16769 | 17376 | 0.30 |
|  Valencia Garden | 4.020 | 11/01/2041 | 01/09/2025 | 10258 | 10648 | 0.18 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | 6.500 | 11/01/2055 | 08/25/2025 | 4000 | 4500 | 0.08 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | 7.500% | 11/01/2055 | 08/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | $11776 | 0.20% |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148602 | 2.58% |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $140 | $140 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169475 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 17372 | 17372 |
| &nbsp;&nbsp; Industrials | 0 | 25095 | 0 | 25095 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218653 | 0 | 218653 |
| &nbsp;&nbsp; Alaska | 0 | 9039 | 0 | 9039 |
| &nbsp;&nbsp; Arizona | 0 | 36452 | 0 | 36452 |
| &nbsp;&nbsp; Arkansas | 0 | 50777 | 0 | 50777 |
| &nbsp;&nbsp; California | 0 | 350534 | 0 | 350534 |
| &nbsp;&nbsp; Colorado | 0 | 214840 | 0 | 214840 |
| &nbsp;&nbsp; Delaware | 0 | 38772 | 0 | 38772 |
| &nbsp;&nbsp; District of Columbia | 0 | 79986 | 0 | 79986 |
| &nbsp;&nbsp; Florida | 0 | 365182 | 0 | 365182 |
| &nbsp;&nbsp; Georgia | 0 | 126759 | 0 | 126759 |
| &nbsp;&nbsp; Guam | 0 | 1496 | 0 | 1496 |
| &nbsp;&nbsp; Hawaii | 0 | 18053 | 0 | 18053 |
| &nbsp;&nbsp; Idaho | 0 | 28363 | 0 | 28363 |
| &nbsp;&nbsp; Illinois | 0 | 283349 | 0 | 283349 |
| &nbsp;&nbsp; Indiana | 0 | 102878 | 0 | 102878 |
| &nbsp;&nbsp; Iowa | 0 | 29159 | 0 | 29159 |
| &nbsp;&nbsp; Kansas | 0 | 10706 | 0 | 10706 |
| &nbsp;&nbsp; Kentucky | 0 | 18120 | 0 | 18120 |
| &nbsp;&nbsp; Louisiana | 0 | 42831 | 0 | 42831 |
| &nbsp;&nbsp; Maine | 0 | 2957 | 0 | 2957 |
| &nbsp;&nbsp; Maryland | 0 | 16114 | 0 | 16114 |
| &nbsp;&nbsp; Massachusetts | 0 | 103719 | 0 | 103719 |
| &nbsp;&nbsp; Michigan | 0 | 107417 | 0 | 107417 |
| &nbsp;&nbsp; Minnesota | 0 | 15348 | 0 | 15348 |
| &nbsp;&nbsp; Mississippi | 0 | 736 | 0 | 736 |
| &nbsp;&nbsp; Missouri | 0 | 13030 | 0 | 13030 |
| &nbsp;&nbsp; Montana | 0 | 100 | 0 | 100 |
| &nbsp;&nbsp; Multi-State | 0 | 127240 | 0 | 127240 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Nebraska | $0 | $11029 | $0 | $11029 |
| &nbsp;&nbsp; Nevada | 0 | 9074 | 0 | 9074 |
| &nbsp;&nbsp; New Hampshire | 0 | 81188 | 0 | 81188 |
| &nbsp;&nbsp; New Jersey | 0 | 53049 | 0 | 53049 |
| &nbsp;&nbsp; New York | 0 | 513202 | 0 | 513202 |
| &nbsp;&nbsp; North Carolina | 0 | 8103 | 0 | 8103 |
| &nbsp;&nbsp; Ohio | 0 | 218464 | 0 | 218464 |
| &nbsp;&nbsp; Oklahoma | 0 | 35446 | 0 | 35446 |
| &nbsp;&nbsp; Oregon | 0 | 7281 | 0 | 7281 |
| &nbsp;&nbsp; Pennsylvania | 0 | 186345 | 0 | 186345 |
| &nbsp;&nbsp; Puerto Rico | 0 | 389571 | 0 | 389571 |
| &nbsp;&nbsp; Rhode Island | 0 | 26100 | 0 | 26100 |
| &nbsp;&nbsp; South Carolina | 0 | 50208 | 0 | 50208 |
| &nbsp;&nbsp; Tennessee | 0 | 61414 | 0 | 61414 |
| &nbsp;&nbsp; Texas | 0 | 553370 | 0 | 553370 |
| &nbsp;&nbsp; Utah | 0 | 45450 | 0 | 45450 |
| &nbsp;&nbsp; Vermont | 0 | 1993 | 0 | 1993 |
| &nbsp;&nbsp; Virginia | 0 | 58843 | 0 | 58843 |
| &nbsp;&nbsp; Washington | 0 | 102138 | 0 | 102138 |
| &nbsp;&nbsp; West Virginia | 0 | 53929 | 0 | 53929 |
| &nbsp;&nbsp; Wisconsin | 0 | 187577 | 0 | 187577 |
|  U.S. Government Agencies | 0 | 185162 | 0 | 185162 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1757 | 0 | 1757 |
|  | $0 | $5278398 | $186847 | $5465245 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $261572 | $0 | $0 | $261572 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726817 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 47

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $98439 | $75376 | $(673) | $393 | $87 | $(4147) | $0 | $0 | $169475 | $(4125) |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 18237 | 0 | 0 | 4 | 0 | (869) | 0 | 0 | 17372 | (869) |
|  Totals | $116676 | $75376 | $(673) | $397 | $87 | $(5016) | $0 | $0 | $186847 | $(4994) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s)<br>(% Unless<br>Noted<br>Otherwise) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $154981 | Discounted Cash Flow | Discount Rate | 4.900-8.090 | 5.811 |
|  | 14494 | Recent Transaction | Purchase Price | 100.000 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 17372 | Discounted Cash Flow | Discount Rate | 7.160-22.288 | 18.963 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186847 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Municipal Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% |
|  Bonnie Brae | Bonnie Brae | Bonnie Brae |
|  7.095% due 06/02/2059 « | 31400 | 32229 |
|  Total Loan Participations and Assignments (Cost $31,400) | Total Loan Participations and Assignments (Cost $31,400) | 32229 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 4800 | 3614 |
|  Total Corporate Bonds & Notes (Cost $4,690) | Total Corporate Bonds & Notes (Cost $4,690) | 3614 |
| MUNICIPAL BONDS & NOTES 91.8% | MUNICIPAL BONDS & NOTES 91.8% | MUNICIPAL BONDS & NOTES 91.8% |
| ALABAMA 4.0% | ALABAMA 4.0% | ALABAMA 4.0% |
|  Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 |
|  4.000% due 09/15/2033 | 550 | 550 |
|  Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 | Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 | Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 11/01/2027 | 2750 | 2809 |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 4400 | 4413 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  3.240% (MUNIPSA) due 10/01/2052 ~ | 3500 | 3456 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 9700 | 10731 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 14000 | 15277 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 15450 | 16664 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3000 | 3363 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 8700 | 9538 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 14605 | 14066 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 8200 | 8895 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 10150 | 10406 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3000 | 3210 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 16700 | 17616 |
|  5.000% due 10/01/2055 | 1250 | 1364 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 12700 | 13418 |
|  5.250% due 03/01/2055 | 26900 | 28773 |
|  5.250% due 11/01/2055 | 3700 | 4112 |
|  |  | 168661 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 7575 | 7785 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ARIZONA 1.1% | ARIZONA 1.1% | ARIZONA 1.1% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.125% due 01/01/2059 | 14675 | 13581 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 14200 | 14501 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 |
|  4.000% due 01/01/2041 | 5000 | 4670 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|  4.125% due 09/01/2042 | 2500 | 2359 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2038 | 1250 | 1226 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2042 | 8000 | 8696 |
|  |  | 45033 |
| ARKANSAS 0.2% | ARKANSAS 0.2% | ARKANSAS 0.2% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 |
|  4.500% due 09/01/2049 | 3200 | 3070 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 5000 | 5426 |
|  |  | 8496 |
| CALIFORNIA 6.0% | CALIFORNIA 6.0% | CALIFORNIA 6.0% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  5.350% due 10/01/2048 (e) | 5000 | 2900 |
|  Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2046 | 3000 | 3019 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.500% due 07/01/2054 | 5500 | 5233 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 3480 | 3813 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 11600 | 12545 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 10700 | 11516 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 250 | 250 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  4.000% due 11/01/2040 | 3500 | 3511 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2035 | 1750 | 1779 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 6400 | 7135 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 9600 | 9705 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 20500 | 20923 |
|  California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 |
|  5.870% due 04/01/2029 | 15000 | 15037 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2051 | 5000 | 4469 |
|  5.000% due 01/01/2056 | 1250 | 1068 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.875% due 11/01/2043 | 2000 | 2076 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 2100 | 2121 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 2000 | 2003 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 2125 | 1998 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1400 | 1399 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 1870 | 1821 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 3000 | 3000 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 6800 | 7093 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 5400 | 4681 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 2725 | 2364 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 5650 | 5931 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.714% due 06/01/2041 | 4000 | 3142 |
|  3.850% due 06/01/2050 | 2815 | 2566 |
|  4.214% due 06/01/2050 | 2320 | 1722 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 780 | 752 |
|  Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 |
|  5.250% due 06/01/2047 | 2000 | 2045 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 |
|  4.000% due 05/15/2049 | 4430 | 3985 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  5.500% due 05/15/2039 | 5000 | 5422 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2037 | 20000 | 22105 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 3425 | 3744 |
|  5.000% due 05/15/2035 | 1250 | 1411 |
|  Merced City School District, California General Obligation Bonds, Series 2025 | Merced City School District, California General Obligation Bonds, Series 2025 | Merced City School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 2500 | 2613 |
|  5.000% due 08/01/2054 | 4740 | 4925 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2046 (d) | 5000 | 1816 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 1050 | 1063 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 4500 | 4544 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 17810 | 18435 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 | 3565 | 3343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Francisco Unified School District, California General Obligation Bonds, Series 2025 | San Francisco Unified School District, California General Obligation Bonds, Series 2025 | San Francisco Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 06/15/2042 | 2675 | 2880 |
|  5.000% due 06/15/2043 | 1855 | 1985 |
|  5.000% due 06/15/2044 | 1250 | 1331 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 5560 | 6124 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2034 | 7700 | 8596 |
|  University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2052 | 13000 | 13555 |
|  |  | 255494 |
| COLORADO 2.5% | COLORADO 2.5% | COLORADO 2.5% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2045 | 5000 | 4595 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 12/01/2050 | 5500 | 5836 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 12/01/2049 | 3500 | 3722 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 13000 | 11879 |
|  4.000% due 08/01/2044 | 4915 | 4391 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2040 | 3925 | 4103 |
|  5.250% due 11/01/2039 | 2000 | 2143 |
|  Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 |
|  6.350% due 06/01/2054 | 7500 | 7268 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 7000 | 7196 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 |
|  4.000% due 03/15/2043 | 5515 | 5301 |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 15500 | 14955 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 12/01/2044 | 1250 | 1278 |
|  Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 | 1000 | 1010 |
|  6.000% due 12/01/2055 | 2500 | 2681 |
|  Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 | Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 | Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 10/01/2042 | 2000 | 2073 |
|  Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 | Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 | Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 |
|  4.000% due 08/01/2046 | 8435 | 7689 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 10000 | 10160 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2035 | 1250 | 1352 |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.500% due 11/15/2038 | 6930 | 8383 |
|  Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 |
|  4.000% due 07/15/2040 | 1300 | 1230 |
|  |  | 107245 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONNECTICUT 0.2% | CONNECTICUT 0.2% | CONNECTICUT 0.2% |
|  Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 |
|  5.000% due 05/01/2031 | 3500 | 3880 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  4.000% due 06/15/2037 | 1875 | 1886 |
|  Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 |
|  4.000% due 04/15/2038 | 2000 | 2005 |
|  University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 |
|  5.250% due 11/15/2048 | 1710 | 1834 |
|  |  | 9605 |
| DELAWARE 0.2% | DELAWARE 0.2% | DELAWARE 0.2% |
|  Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 |
|  3.301% due 12/01/2039 | 1008 | 862 |
|  3.401% due 12/01/2039 | 8000 | 6848 |
|  7.120% due 12/01/2039 | 1415 | 1321 |
|  7.650% due 12/01/2039 | 180 | 175 |
|  |  | 9206 |
| DISTRICT OF COLUMBIA 2.2% | DISTRICT OF COLUMBIA 2.2% | DISTRICT OF COLUMBIA 2.2% |
|  District of Columbia General Obligation Bonds, Series 2016 | District of Columbia General Obligation Bonds, Series 2016 | District of Columbia General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2041 | 11665 | 11393 |
|  District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2041 | 5000 | 5443 |
|  5.000% due 06/01/2043 | 9000 | 9636 |
|  5.000% due 06/01/2045 | 10000 | 10610 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2043 | 8300 | 8370 |
|  5.000% due 10/01/2048 | 4050 | 4075 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2039 | 2500 | 2648 |
|  5.250% due 10/01/2041 | 2000 | 2127 |
|  5.250% due 10/01/2045 | 4375 | 4568 |
|  5.250% due 10/01/2046 | 2000 | 2081 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  4.125% due 07/15/2047 | 1790 | 1684 |
|  5.000% due 07/15/2048 | 5025 | 5209 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 07/15/2054 | 14900 | 15355 |
|  5.000% due 07/15/2056 | 10250 | 10541 |
|  |  | 93740 |
| FLORIDA 3.8% | FLORIDA 3.8% | FLORIDA 3.8% |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 1235 | 1202 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1250 | 1276 |
|  Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1500 | 1547 |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 2000 | 1884 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 5000 | 4922 |
|  5.250% due 07/01/2053 | 18650 | 18241 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2035 | 1850 | 1862 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 4275 | 4274 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2033 | 2000 | 2178 |
|  5.000% due 10/01/2036 | 5235 | 5585 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 2000 | 2075 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2059 | 7000 | 7825 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  3.650% due 11/15/2054 | 2600 | 2600 |
|  3.700% due 11/15/2054 | 7950 | 7950 |
|  Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2043 | 5000 | 5341 |
|  Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2041 | 7000 | 7102 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2038 | 1000 | 1095 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 1265 | 1285 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2035 | 11000 | 12172 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 | 1900 | 1898 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2051 | 2605 | 2676 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 2500 | 2289 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 | 1300 | 1216 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2035 | 1650 | 1787 |
|  Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 |
|  5.000% due 10/01/2049 | 2800 | 2890 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2041 | 1000 | 1056 |
|  5.000% due 10/01/2053 | 4000 | 4079 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 1650 | 1572 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 3300 | 2859 |
|  Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 |
|  5.000% due 08/01/2034 | 9005 | 10301 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2030 (d) | 1200 | 996 |
|  0.000% due 10/01/2033 (d) | 1680 | 1202 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.000% due 03/15/2052 | 5000 | 5182 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 24700 | 24202 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 | South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 | South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2042 | 2040 | 1860 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2035 (d) | 750 | 505 |
|  0.000% due 09/01/2036 (d) | 800 | 509 |
|  0.000% due 09/01/2038 (d) | 1000 | 565 |
|  0.000% due 09/01/2045 (d) | 850 | 308 |
|  4.000% due 07/01/2039 | 1200 | 1154 |
|  Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2042 | 2250 | 2174 |
|  |  | 161696 |
| GEORGIA 2.2% | GEORGIA 2.2% | GEORGIA 2.2% |
|  Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1270 | 1293 |
|  Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.370% due 05/01/2044 | 6450 | 6334 |
|  Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1072 |
|  5.000% due 07/01/2037 | 500 | 529 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 901 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2048 | 10000 | 10291 |
|  DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 7800 | 8109 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 5000 | 5329 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 3700 | 4007 |
|  5.000% due 12/01/2054 | 3600 | 3922 |
|  5.000% due 05/01/2055 | 1800 | 1969 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 17500 | 19019 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2060 | 6000 | 5986 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 10000 | 9987 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2000 | 2031 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 5000 | 4770 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2039 | 1000 | 1073 |
|  5.250% due 01/01/2049 | 5000 | 5204 |
|  |  | 91826 |
| HAWAII 0.0% | HAWAII 0.0% | HAWAII 0.0% |
|  Hawaii Airports System State Revenue Bonds, Series 2018 | Hawaii Airports System State Revenue Bonds, Series 2018 | Hawaii Airports System State Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 1500 | 1509 |
| IDAHO 0.1% | IDAHO 0.1% | IDAHO 0.1% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2040 | 2000 | 2152 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ILLINOIS 6.7% | ILLINOIS 6.7% | ILLINOIS 6.7% |
|  Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 12/01/2036 | 2000 | 1921 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  6.250% due 12/01/2050 | 22500 | 23455 |
|  Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 3500 | 3733 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 15000 | 14944 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2053 | 5000 | 5079 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2048 | 4500 | 4646 |
|  5.250% due 01/01/2041 | 1000 | 1073 |
|  5.250% due 01/01/2042 | 1000 | 1063 |
|  5.250% due 01/01/2048 | 1470 | 1527 |
|  Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 |
|  5.000% due 01/01/2033 | 5405 | 5987 |
|  Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 8000 | 8171 |
|  Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 |
|  5.500% due 01/01/2035 | 1610 | 1671 |
|  DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 |
|  5.000% due 01/01/2041 | 1530 | 1589 |
|  Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 01/15/2040 | 6000 | 6506 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 4800 | 4931 |
|  Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 |
|  4.000% due 08/01/2038 | 3090 | 2974 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 3290 | 3346 |
|  5.000% due 02/15/2029 | 4500 | 4635 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 7600 | 7665 |
|  Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2035 ^(c) | 2800 | 1939 |
|  5.000% due 11/01/2049 ^(c) | 2500 | 1731 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 5000 | 4634 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  3.650% due 07/15/2055 | 10300 | 10300 |
|  4.000% due 05/01/2045 | 3830 | 3319 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2039 | 3000 | 3237 |
|  5.000% due 08/15/2040 | 2000 | 2139 |
|  5.000% due 08/15/2041 | 2500 | 2639 |
|  5.000% due 08/15/2043 | 6500 | 7020 |
|  Illinois Finance Authority Revenue Notes, Series 2024 | Illinois Finance Authority Revenue Notes, Series 2024 | Illinois Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2034 | 4000 | 4415 |
|  Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 1000 | 943 |
|  Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2038 | 12500 | 13730 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2037 | 3300 | 3240 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  4.625% due 05/01/2037 | 890 | 902 |
|  5.000% due 10/01/2033 | 1610 | 1689 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.000% due 10/01/2034 | 1350 | 1366 |
|  4.000% due 10/01/2035 | 8000 | 7976 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 10450 | 10765 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 6000 | 6674 |
|  5.000% due 05/01/2036 | 12850 | 14136 |
|  5.000% due 05/01/2037 | 2900 | 3156 |
|  5.000% due 02/01/2039 | 5000 | 5355 |
|  5.250% due 05/01/2042 | 12000 | 12727 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 14800 | 15419 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 4280 | 4282 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2340 | 2415 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 12/15/2037 (d) | 4500 | 2691 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 15480 | 13181 |
|  Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 |
|  5.000% due 06/01/2028 | 2250 | 2286 |
|  Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2039 | 3200 | 3522 |
|  5.000% due 06/01/2040 | 3885 | 4227 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 4350 | 3858 |
|  5.000% due 01/01/2037 | 1150 | 1183 |
|  Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 |
|  5.000% due 01/01/2030 | 2250 | 2448 |
|  |  | 284460 |
| INDIANA 1.7% | INDIANA 1.7% | INDIANA 1.7% |
|  Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  6.028% due 07/01/2060 | 8150 | 7987 |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 2240 | 2136 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 4385 | 4292 |
|  4.250% due 11/01/2030 | 15835 | 16229 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 ^(c) | 5595 | 280 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2036 | 2200 | 2479 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 1500 | 1503 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 6500 | 7245 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2048 | 2150 | 2238 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  5.500% due 03/01/2038 | 2150 | 2299 |
|  6.000% due 03/01/2053 | 5000 | 5188 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2036 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2036 |
|  Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 3980 | 4166 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 10500 | 11203 |
|  |  | 71317 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 7000 | 7610 |
|  5.000% due 12/01/2050 | 1700 | 1958 |
|  |  | 9568 |
| KENTUCKY 0.9% | KENTUCKY 0.9% | KENTUCKY 0.9% |
|  Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2049 | 5000 | 5187 |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 8350 | 9212 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2050 | 1670 | 1367 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 3600 | 3903 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 3200 | 3433 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2035 | 1000 | 1009 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 4610 | 4838 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 7000 | 7076 |
|  Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 |
|  5.250% due 04/01/2054 | 2000 | 2059 |
|  |  | 38084 |
| LOUISIANA 0.9% | LOUISIANA 0.9% | LOUISIANA 0.9% |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 9100 | 9861 |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2041 | 1500 | 1585 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2041 | 7500 | 8000 |
|  5.250% due 01/01/2042 | 17180 | 18170 |
|  |  | 37616 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  3.750% due 12/01/2033 | 1560 | 1528 |
|  4.000% due 12/01/2034 | 1580 | 1548 |
|  4.000% due 12/01/2035 | 1395 | 1349 |
|  4.000% due 12/01/2036 | 1460 | 1393 |
|  4.250% due 12/01/2037 | 1440 | 1406 |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2032 | 1670 | 1794 |
|  |  | 9018 |
| MARYLAND 0.5% | MARYLAND 0.5% | MARYLAND 0.5% |
|  Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 |
|  4.000% due 08/01/2051 | 4580 | 4010 |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 8000 | 8264 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2043 | 2000 | 2107 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 07/01/2044 | 3500 | 3657 |
|  5.000% due 07/01/2045 | 2545 | 2648 |
|  |  | 20686 |
| MASSACHUSETTS 2.1% | MASSACHUSETTS 2.1% | MASSACHUSETTS 2.1% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2017 | Commonwealth of Massachusetts General Obligation Bonds, Series 2017 | Commonwealth of Massachusetts General Obligation Bonds, Series 2017 |
|  4.000% due 02/01/2041 | 3435 | 3346 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 2000 | 1976 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2052 | 5000 | 5157 |
|  5.000% due 11/01/2052 | 4200 | 4333 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 04/01/2046 | 2010 | 2134 |
|  5.000% due 04/01/2047 | 8000 | 8472 |
|  5.000% due 08/01/2048 | 12900 | 13613 |
|  Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2050 | 15000 | 15424 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 11600 | 11808 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2047 | 2500 | 2412 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.490% (MUNIPSA) due 07/01/2049 ~ | 1000 | 1000 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  4.000% due 03/01/2054 | 4000 | 3647 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2055 | 4000 | 3962 |
|  5.500% due 07/01/2045 | 2250 | 2323 |
|  Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2035 | 1350 | 1465 |
|  University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2036 | 6300 | 6515 |
|  |  | 87587 |
| MICHIGAN 1.8% | MICHIGAN 1.8% | MICHIGAN 1.8% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 12628 | 9949 |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  5.250% due 05/01/2033 | 800 | 896 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due 07/01/2032 ~ | 3750 | 3720 |
|  Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2041 | 1420 | 1437 |
|  Grand Rapids, Michigan General Obligation Bonds, Series 2025 | Grand Rapids, Michigan General Obligation Bonds, Series 2025 | Grand Rapids, Michigan General Obligation Bonds, Series 2025 |
|  5.000% due 04/01/2050 | 3435 | 3578 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2050 | 8125 | 7059 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2065 (d) | 26500 | 2619 |
|  5.000% due 06/01/2040 | 2500 | 2536 |
|  Michigan State Building Authority Revenue Bonds, Series 2022 | Michigan State Building Authority Revenue Bonds, Series 2022 | Michigan State Building Authority Revenue Bonds, Series 2022 |
|  5.000% due 10/15/2047 | 3500 | 3628 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2047 | 2185 | 1977 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 17150 | 18937 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 3400 | 3751 |
|  Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2046 | 5320 | 4933 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.250% due 12/01/2035 | 1625 | 1814 |
|  5.250% due 12/01/2036 | 1710 | 1892 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2029 | 1265 | 1368 |
|  5.000% due 12/01/2032 | 1405 | 1560 |
|  Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 11/15/2049 | 1000 | 1057 |
|  5.250% due 11/15/2054 | 3750 | 3937 |
|  |  | 76648 |
| MINNESOTA 1.0% | MINNESOTA 1.0% | MINNESOTA 1.0% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 4600 | 4630 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2029 | 4000 | 4315 |
|  5.000% due 07/01/2032 | 3000 | 3346 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2049 | 5060 | 5070 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2035 | 1350 | 1457 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 |
|  5.000% due 01/01/2032 | 1075 | 1188 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 3060 | 3439 |
|  6.500% due 01/01/2055 | 9875 | 11172 |
|  Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 |
|  4.000% due 11/15/2039 | 5440 | 5487 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 3700 | 3743 |
|  |  | 43847 |
| MISSISSIPPI 0.1% | MISSISSIPPI 0.1% | MISSISSIPPI 0.1% |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2041 | 1000 | 1056 |
|  5.000% due 03/01/2042 | 1000 | 1051 |
|  5.000% due 03/01/2043 | 1000 | 1045 |
|  5.000% due 03/01/2044 | 1000 | 1040 |
|  5.000% due 03/01/2045 | 1000 | 1038 |
|  |  | 5230 |
| MISSOURI 0.8% | MISSOURI 0.8% | MISSOURI 0.8% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 5500 | 5114 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2033 | 2440 | 2489 |
|  4.000% due 02/15/2049 | 1000 | 878 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2041 (b) | 800 | 849 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 11/15/2042 (b) | 700 | 736 |
|  5.000% due 11/15/2043 (b) | 820 | 856 |
|  5.000% due 11/15/2044 (b) | 2850 | 2959 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2032 | 4630 | 4865 |
|  5.000% due 03/01/2054 | 7000 | 6913 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 3000 | 3166 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 3500 | 3934 |
|  |  | 32759 |
| MULTI-STATE 2.7% | MULTI-STATE 2.7% | MULTI-STATE 2.7% |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 04/01/2043 | 3000 | 2971 |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.497% due 06/25/2042 | 5300 | 5367 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.869% due 01/25/2043 | 19857 | 20561 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 |
|  2.875% due 07/25/2036 (g) | 1855 | 1726 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 18485 | 18548 |
|  4.140% due 01/25/2040 | 9776 | 9608 |
|  4.553% due 08/25/2040 | 19065 | 19394 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.615% due 08/25/2041 ~(g) | 17997 | 18325 |
|  4.685% due 10/25/2040 | 11979 | 12305 |
|  4.700% due 04/25/2042 ~ | 6278 | 6366 |
|  |  | 115171 |
| NEBRASKA 0.1% | NEBRASKA 0.1% | NEBRASKA 0.1% |
|  Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2050 | 1000 | 880 |
|  Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  5.000% due 03/01/2049 | 2250 | 2302 |
|  |  | 3182 |
| NEVADA 0.1% | NEVADA 0.1% | NEVADA 0.1% |
|  Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 |
|  4.000% due 06/01/2047 | 2000 | 1864 |
|  Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2048 | 1000 | 920 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2532 |
|  |  | 5316 |
| NEW HAMPSHIRE 2.0% | NEW HAMPSHIRE 2.0% | NEW HAMPSHIRE 2.0% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 |
|  4.150% due 10/20/2040 | 9765 | 9541 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2022 | New Hampshire Business Finance Authority Revenue Bonds, Series 2022 | New Hampshire Business Finance Authority Revenue Bonds, Series 2022 |
|  4.375% due 09/20/2036 | 2871 | 2840 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.787% due 09/20/2034 | 3836 | 3662 |
|  3.875% due 01/20/2038 | 9743 | 9051 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.596% due 08/20/2039 (a) | 14776 | 584 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 ~ | 18520 | 17856 |
|  4.216% due 11/20/2042 | 18085 | 17173 |
|  New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 |
|  5.000% due 08/01/2036 | 3255 | 3646 |
|  5.000% due 08/01/2037 | 2500 | 2771 |
|  5.250% due 08/01/2055 | 5000 | 5194 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 9880 | 11192 |
|  |  | 83510 |
| NEW JERSEY 0.8% | NEW JERSEY 0.8% | NEW JERSEY 0.8% |
|  Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 |
|  5.000% due 03/01/2037 | 1000 | 1021 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 |
|  6.500% due 04/01/2031 | 300 | 302 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2041 | 1000 | 956 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 4600 | 5215 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2032 (d) | 4550 | 3614 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2038 | 2000 | 1985 |
|  4.000% due 06/15/2050 | 1000 | 896 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2035 | 3250 | 3319 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2038 | 5000 | 5431 |
|  New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 |
|  5.000% due 12/15/2028 | 2155 | 2319 |
|  New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 |
|  5.000% due 12/15/2028 | 1100 | 1184 |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2025 | New Jersey Turnpike Authority Revenue Bonds, Series 2025 | New Jersey Turnpike Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2043 | 3000 | 3226 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4260 | 4463 |
|  5.000% due 06/01/2046 | 2000 | 1955 |
|  |  | 35886 |
| NEW MEXICO 0.3% | NEW MEXICO 0.3% | NEW MEXICO 0.3% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 8000 | 7576 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 4350 | 4424 |
|  |  | 12000 |
| NEW YORK 14.4% | NEW YORK 14.4% | NEW YORK 14.4% |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2038 | 3750 | 3990 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 3205 | 2727 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2037 | 1475 | 1566 |
|  Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2034 | 1550 | 1682 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2048 | 3700 | 3851 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 3600 | 3663 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.900% due 04/01/2042 | 5000 | 5000 |
|  New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 |
|  3.850% due 06/01/2044 | 40 | 40 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |
|  3.850% due 12/01/2047 | 15000 | 15000 |
|  New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 |
|  4.000% due 08/01/2041 | 4000 | 3912 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.750% due 11/01/2054 | 3700 | 3751 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.700% due 11/01/2047 | 3500 | 3098 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  4.600% due 11/01/2045 | 2425 | 2436 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 |
|  3.700% due 06/15/2044 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  3.450% due 06/15/2044 | 11800 | 11800 |
|  5.250% due 06/15/2052 | 1250 | 1310 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 5425 | 5748 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.250% due 06/15/2054 | 3500 | 3715 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 |
|  4.000% due 07/15/2036 | 5000 | 5092 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.520% due 02/01/2044 | 10000 | 10000 |
|  3.850% due 11/01/2042 | 12040 | 12040 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  3.700% due 08/01/2045 | 13900 | 13900 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2039 | 8000 | 7954 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 05/01/2045 | 8250 | 7761 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  4.000% due 02/01/2051 | 2435 | 2257 |
|  5.000% due 02/01/2040 | 5000 | 5322 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2053 | 11900 | 12245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2038 | 2400 | 2642 |
|  5.250% due 05/01/2048 | 4000 | 4220 |
|  5.250% due 05/01/2050 | 2000 | 2103 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.250% due 05/01/2054 | 6800 | 6519 |
|  5.000% due 05/01/2043 | 5185 | 5525 |
|  5.000% due 05/01/2044 | 3220 | 3408 |
|  5.000% due 05/01/2046 | 7125 | 7465 |
|  5.000% due 05/01/2047 | 5000 | 5214 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2036 | 15000 | 17082 |
|  5.000% due 11/01/2041 | 5405 | 5898 |
|  5.000% due 11/01/2042 | 3000 | 3237 |
|  New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 | New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 | New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 |
|  3.585% due 03/01/2026 ~ | 2000 | 1999 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 11400 | 12190 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 16500 | 16500 |
|  5.375% due 11/15/2040 | 8005 | 8006 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2048 | 7500 | 7811 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 | 6600 | 6191 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2895 | 2940 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 1000 | 1031 |
|  4.000% due 02/15/2047 | 9085 | 8511 |
|  5.000% due 02/15/2048 | 3300 | 3364 |
|  5.000% due 07/01/2050 | 3500 | 3574 |
|  New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 1440 | 1470 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 03/15/2039 | 2000 | 2003 |
|  4.000% due 05/01/2041 | 5350 | 5066 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2038 | 3750 | 3711 |
|  5.000% due 03/15/2055 | 20950 | 21616 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2043 | 3190 | 3296 |
|  5.000% due 07/01/2044 | 3595 | 3685 |
|  5.000% due 07/01/2045 | 3000 | 3062 |
|  5.250% due 07/01/2054 | 3000 | 3173 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 3700 | 4183 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (g) | 2600 | 2437 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 | 5000 | 5128 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 8400 | 9050 |
|  5.000% due 03/15/2055 | 8600 | 8919 |
|  5.000% due 03/15/2059 | 30090 | 31107 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  4.000% due 03/15/2047 | 6100 | 5667 |
|  5.000% due 03/15/2039 | 2875 | 2970 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2038 | 7300 | 7332 |
|  5.000% due 03/15/2044 | 2500 | 2577 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2043 | 10000 | 10579 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2048 | 4000 | 4166 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 26400 | 26915 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2043 | 2250 | 2330 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 26410 | 27328 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 5135 | 5297 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 5900 | 5849 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2031 | 800 | 825 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2040 | 3000 | 3033 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2033 | 8000 | 8658 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 | 12300 | 13528 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.500% due 06/30/2060 | 2000 | 2020 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2042 | 1875 | 2054 |
|  6.000% due 06/30/2059 | 16500 | 17484 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 8495 | 8618 |
|  Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 | 1190 | 1173 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 |
|  4.500% due 12/01/2050 | 11000 | 10964 |
|  5.250% due 12/01/2044 | 1325 | 1449 |
|  5.250% due 12/01/2045 | 1150 | 1253 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2037 | 5000 | 5369 |
|  5.000% due 12/01/2038 | 1400 | 1489 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 |
|  5.000% due 01/15/2042 | 2500 | 2725 |
|  5.000% due 01/15/2043 | 2775 | 2994 |
|  5.000% due 01/15/2050 | 7000 | 7328 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 3020 | 2924 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 3750 | 3917 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2049 | 1500 | 1568 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1550 | 1696 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 12/01/2041 | 1250 | 1353 |
|  5.000% due 12/01/2050 | 5000 | 5174 |
|  |  | 609802 |
| NORTH CAROLINA 1.1% | NORTH CAROLINA 1.1% | NORTH CAROLINA 1.1% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  3.700% due 01/15/2037 | 10000 | 10000 |
|  Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 06/01/2041 | 3625 | 3684 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 3560 | 3987 |
|  6.250% due 07/01/2055 | 6485 | 7172 |
|  North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2035 | 12230 | 12595 |
|  North Carolina State Revenue Bonds, Series 2025 | North Carolina State Revenue Bonds, Series 2025 | North Carolina State Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2038 | 3000 | 3361 |
|  5.000% due 03/01/2039 | 3500 | 3884 |
|  5.000% due 03/01/2040 | 2980 | 3264 |
|  |  | 47947 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2053 | 2250 | 2281 |
| OHIO 4.1% | OHIO 4.1% | OHIO 4.1% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2040 | 16500 | 17842 |
|  5.000% due 11/01/2041 | 6250 | 6687 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (d) | 63000 | 5909 |
|  4.000% due 06/01/2048 | 13560 | 11407 |
|  5.000% due 06/01/2036 | 2000 | 2084 |
|  5.000% due 06/01/2055 | 41595 | 35554 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2038 | 4400 | 4711 |
|  5.000% due 01/01/2039 | 9000 | 9543 |
|  5.500% due 01/01/2055 | 4500 | 4718 |
|  Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.820% due 11/01/2043 | 3000 | 3125 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 3300 | 3003 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 7500 | 6767 |
|  Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 | Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 | Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2046 | 5500 | 5025 |
|  Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 |
|  3.850% due 11/15/2045 | 15735 | 15735 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 4715 | 4495 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 14275 | 13082 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 17995 | 19869 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.150% due 09/01/2040 | 2700 | 2700 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2036 | 1000 | 979 |
|  |  | 173235 |

---

54 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OKLAHOMA 0.4% | OKLAHOMA 0.4% | OKLAHOMA 0.4% |
|  Oklahama Water Resources Board Revenue Bonds, Series 2025 | Oklahama Water Resources Board Revenue Bonds, Series 2025 | Oklahama Water Resources Board Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2050 | 3400 | 3639 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 2605 | 2614 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2036 | 1750 | 1681 |
|  Oklahoma Development Finance Authority Revenue Notes, Series 2019 | Oklahoma Development Finance Authority Revenue Notes, Series 2019 | Oklahoma Development Finance Authority Revenue Notes, Series 2019 |
|  5.000% due 08/01/2028 | 715 | 743 |
|  5.000% due 08/01/2029 | 755 | 793 |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2053 | 6300 | 6673 |
|  |  | 16143 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2052 | 1500 | 1351 |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2039 | 1000 | 960 |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2036 (d) | 1500 | 978 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2047 | 4290 | 3863 |
|  |  | 7152 |
| PENNSYLVANIA 3.5% | PENNSYLVANIA 3.5% | PENNSYLVANIA 3.5% |
|  Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2049 | 2500 | 2309 |
|  5.000% due 12/01/2043 | 1000 | 1059 |
|  Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 |
|  4.750% due 01/01/2035 | 6000 | 6270 |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 435 | 472 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 11200 | 11003 |
|  Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2046 | 11205 | 11295 |
|  Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 |
|  4.000% due 07/01/2049 | 2500 | 2226 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  3.990% (MUNIPSA) due 08/15/2038 ~(g) | 3045 | 3005 |
|  Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 |
|  2.450% due 12/01/2039 | 2250 | 2080 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 04/01/2049 | 12600 | 12599 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2041 | 3575 | 3363 |
|  5.250% due 06/30/2053 | 500 | 503 |
|  5.500% due 06/30/2037 | 1850 | 1996 |
|  5.500% due 06/30/2038 | 2000 | 2133 |
|  5.500% due 06/30/2039 | 5500 | 5792 |
|  6.000% due 06/30/2061 | 7000 | 7350 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 | 13100 | 14469 |
|  5.450% due 01/01/2051 | 225 | 235 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 |
|  4.000% due 07/01/2026 | 1500 | 1505 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 |
|  5.000% due 12/31/2032 | 2500 | 2747 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 6900 | 6159 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.250% due 11/01/2038 | 7000 | 7757 |
|  5.250% due 11/01/2041 | 5000 | 5379 |
|  5.250% due 11/01/2044 | 3000 | 3147 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 3875 | 4216 |
|  6.250% due 10/01/2054 | 2200 | 2416 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2500 | 2238 |
|  Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2500 | 2282 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2044 | 4365 | 4433 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2043 | 2000 | 1892 |
|  5.000% due 12/01/2046 | 11000 | 11325 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2047 | 1275 | 1338 |
|  Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2042 | 3000 | 3182 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2042 | 1000 | 1075 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 |
|  5.000% due 07/01/2030 | 700 | 743 |
|  |  | 149993 |
| PUERTO RICO 2.6% | PUERTO RICO 2.6% | PUERTO RICO 2.6% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 19007 | 12592 |
|  Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 |
|  5.625% due 07/01/2027 | 1725 | 1786 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 9009 | 8760 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 5800 | 5583 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (d) | 52194 | 17823 |
|  0.000% due 07/01/2051 (d) | 84762 | 21322 |
|  4.500% due 07/01/2034 | 2456 | 2457 |
|  4.750% due 07/01/2053 | 11570 | 10889 |
|  5.000% due 07/01/2058 | 8500 | 8216 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 10800 | 10346 |
|  4.550% due 07/01/2040 | 10167 | 9944 |
|  |  | 109718 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| RHODE ISLAND 0.7% | RHODE ISLAND 0.7% | RHODE ISLAND 0.7% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 5350 | 5404 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 5000 | 5003 |
|  5.000% due 06/01/2040 | 6770 | 6770 |
|  5.000% due 06/01/2050 | 13800 | 13549 |
|  |  | 30726 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 3750 | 3860 |
|  Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 |
|  4.250% due 02/01/2042 | 650 | 652 |
|  4.250% due 02/01/2043 | 675 | 673 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 5500 | 6006 |
|  South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 | South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 | South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 |
|  4.000% due 12/01/2049 | 1000 | 921 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2021 | South Carolina Public Service Authority Revenue Bonds, Series 2021 | South Carolina Public Service Authority Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 3500 | 3550 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 6500 | 6644 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2044 | 4000 | 4165 |
|  5.000% due 12/01/2047 | 3500 | 3595 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 11265 | 11339 |
|  |  | 41405 |
| SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 6600 | 6600 |
| TENNESSEE 1.3% | TENNESSEE 1.3% | TENNESSEE 1.3% |
|  Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 7000 | 7294 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 |
|  4.750% due 07/01/2027 | 150 | 140 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2000 | 2080 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 |
|  4.000% due 01/01/2042 | 5000 | 4890 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 |
|  5.150% due 08/01/2043 | 12500 | 12969 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 6730 | 6909 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 1000 | 747 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 |
|  5.250% due 07/01/2032 | 1205 | 1354 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 9065 | 9290 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 6000 | 6478 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1685 | 1814 |
|  |  | 53965 |
| TEXAS 10.2% | TEXAS 10.2% | TEXAS 10.2% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  7.500% due 12/01/2045 ^(c) | 1000 | 101 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2044 | 3420 | 3228 |
|  4.125% due 08/15/2054 | 2400 | 2168 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 2500 | 2453 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 3200 | 3224 |
|  Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2049 | 5000 | 5231 |
|  Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.250% due 02/15/2054 | 3900 | 3722 |
|  Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 |
|  3.020% due 05/10/2045 | 4000 | 4008 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 2000 | 1943 |
|  Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2040 | 800 | 780 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2039 | 3500 | 3786 |
|  City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/15/2050 | 2785 | 2872 |
|  5.000% due 08/15/2055 | 5170 | 5318 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.375% due 02/15/2042 | 3675 | 3670 |
|  5.250% due 02/15/2043 | 3900 | 4130 |
|  5.250% due 02/15/2045 | 1925 | 2025 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2045 | 8855 | 8370 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2039 | 6000 | 6430 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 (b) | 10500 | 11353 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 7000 | 7730 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 16500 | 17039 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2040 | 7450 | 8031 |
|  5.000% due 02/15/2042 | 8450 | 8966 |
|  Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 8000 | 7399 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 7500 | 7598 |
|  Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  5.000% due 08/15/2038 | 5000 | 5387 |
|  Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 |
|  5.000% due 02/15/2049 | 3395 | 3537 |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 2193 | 2207 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
|  4.500% due 10/01/2049 | 4000 | 4005 |
|  Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 02/15/2049 | 2000 | 1828 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 07/01/2034 | 7890 | 9061 |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2042 | 9000 | 9497 |
|  Houston, Texas Airport System Revenue Bonds, Series 2015 | Houston, Texas Airport System Revenue Bonds, Series 2015 | Houston, Texas Airport System Revenue Bonds, Series 2015 |
|  5.000% due 07/15/2030 | 5000 | 5001 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2036 | 22500 | 24460 |
|  Houston, Texas Airport System Revenue Bonds, Series 2025 | Houston, Texas Airport System Revenue Bonds, Series 2025 | Houston, Texas Airport System Revenue Bonds, Series 2025 |
|  5.500% due 07/01/2055 | 2500 | 2654 |
|  Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 2000 | 2145 |
|  Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2044 | 1500 | 1406 |
|  Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2050 | 5000 | 4588 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 5000 | 5121 |
|  Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2055 | 10000 | 10390 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1250 | 1196 |
|  Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2029 | 1250 | 1276 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 05/15/2051 | 6000 | 6071 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 7900 | 8681 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 5000 | 5043 |
|  Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.500% due 02/15/2047 | 8250 | 8302 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.125% due 05/15/2049 | 3170 | 3013 |
|  Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 8000 | 8051 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 3000 | 2833 |
|  5.000% due 01/01/2047 | 2000 | 1925 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.250% due 08/15/2044 | 9190 | 9917 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.250% due 08/15/2060 | 3780 | 3945 |
|  Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2038 | 7400 | 8275 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 100 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 5680 | 5881 |
|  San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2048 | 7700 | 7165 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2044 | 8750 | 9177 |
|  San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 |
|  5.000% due 02/15/2044 | 1010 | 1035 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2051 | 5000 | 5101 |
|  5.000% due 11/15/2052 | 2800 | 3061 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2049 | 5000 | 5194 |
|  5.500% due 11/15/2052 | 4200 | 4523 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 13000 | 14574 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.331% (TSFR3M) due 12/15/2026 ~ | 4000 | 4001 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
|  5.000% due 06/30/2058 | 7970 | 7839 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 |
|  4.000% due 12/31/2037 | 1875 | 1828 |
|  Texas Water Development Board Revenue Bonds, Series 2021 | Texas Water Development Board Revenue Bonds, Series 2021 | Texas Water Development Board Revenue Bonds, Series 2021 |
|  4.000% due 10/15/2046 | 4975 | 4624 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 7200 | 7354 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 19825 | 20491 |
|  5.000% due 10/15/2058 | 4000 | 4149 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 13900 | 13217 |
|  Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 |
|  4.500% due 10/15/2043 (b) | 9000 | 9200 |
|  4.750% due 10/15/2055 (b) | 4000 | 4031 |
|  Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 |
|  4.125% due 06/01/2045 | 2000 | 2004 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2043 | 4335 | 4610 |
|  5.000% due 02/15/2044 | 2200 | 2330 |
|  |  | 432879 |

---

56 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UTAH 1.3% | UTAH 1.3% | UTAH 1.3% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 06/01/2044 | 4000 | 4295 |
|  Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 |
|  4.000% due 07/01/2051 | 3500 | 3112 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2042 | 3000 | 3010 |
|  5.000% due 07/01/2047 | 6750 | 6751 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2043 | 1000 | 1039 |
|  5.250% due 07/01/2053 | 2000 | 2053 |
|  Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2047 | 2500 | 2314 |
|  Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 |
|  4.000% due 05/15/2043 | 2750 | 2587 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 6845 | 7727 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 7400 | 8495 |
|  Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 11000 | 11932 |
|  |  | 53315 |
| VIRGINIA 0.8% | VIRGINIA 0.8% | VIRGINIA 0.8% |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.250% due 07/01/2043 | 3500 | 3688 |
|  Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2038 | 1100 | 1092 |
|  Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2051 | 10725 | 9793 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 2345 | 2417 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 7375 | 6175 |
|  5.500% due 07/01/2049 | 2500 | 2012 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2049 | 3250 | 2904 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/15/2050 | 7000 | 7288 |
|  |  | 35369 |
| WASHINGTON 2.0% | WASHINGTON 2.0% | WASHINGTON 2.0% |
|  Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2043 | 6250 | 6695 |
|  Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 |
|  4.000% due 09/01/2051 | 2000 | 1835 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 2000 | 2057 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 (b) | 13300 | 14940 |
|  Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2048 | 10000 | 10454 |
|  Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 1360 | 1575 |
|  5.000% due 07/01/2036 | 2995 | 3433 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2038 | 1500 | 1588 |
|  5.000% due 07/01/2039 | 1500 | 1576 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 9818 | 9129 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  4.220% due 03/01/2050 | 8846 | 8511 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.078% due 11/20/2041 | 20185 | 19061 |
|  Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2033 | 1000 | 1097 |
|  5.000% due 07/01/2034 | 1000 | 1091 |
|  |  | 83042 |
| WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 8525 | 8897 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2048 | 6300 | 6838 |
|  West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 08/01/2027 | 3000 | 3094 |
|  |  | 18829 |
| WISCONSIN 2.0% | WISCONSIN 2.0% | WISCONSIN 2.0% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 2195 | 2136 |
|  5.250% due 03/01/2045 | 1825 | 1681 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 09/30/2051 | 1040 | 852 |
|  4.000% due 03/31/2056 | 4690 | 3753 |
|  4.500% due 06/01/2056 | 2500 | 1825 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2052 | 9000 | 9142 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2040 | 500 | 522 |
|  5.000% due 11/15/2041 | 715 | 737 |
|  5.000% due 11/15/2045 | 1150 | 1156 |
|  5.250% due 06/15/2045 | 1000 | 1032 |
|  5.250% due 06/15/2050 | 500 | 510 |
|  5.250% due 11/15/2055 | 1700 | 1714 |
|  5.750% due 12/31/2065 | 34600 | 35602 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2016 | Public Finance Authority, Wisconsin Revenue Notes, Series 2016 | Public Finance Authority, Wisconsin Revenue Notes, Series 2016 |
|  2.625% due 11/01/2025 | 1500 | 1498 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2037 (d) | 3200 | 1964 |
|  0.000% due 12/15/2039 (d) | 3250 | 1766 |
|  0.000% due 12/15/2050 (d) | 15000 | 4407 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 |
|  4.500% due 02/15/2054 | 5000 | 4752 |
|  5.250% due 02/15/2054 | 2500 | 2636 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 585 | 536 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  3.550% due 04/01/2048 | 5100 | 5100 |
|  4.000% due 10/15/2036 | 2375 | 2395 |
|  |  | 85716 |
|  Total Municipal Bonds & Notes (Cost $3,813,313) | Total Municipal Bonds & Notes (Cost $3,813,313) | 3892450 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 06/01/2043 | 5505 | 5001 |
|  3.660% due 01/01/2039 | 3360 | 3172 |
|  3.720% due 01/01/2041 | 8214 | 7649 |
|  3.790% due 07/01/2040 | 3902 | 3664 |
|  3.800% due 01/01/2040 | 9849 | 9284 |
|  3.850% due 02/01/2038 - 07/01/2039 | 5916 | 5593 |
|  4.000% due 01/01/2039 | 2000 | 1950 |
|  4.250% due 08/01/2038 - 06/01/2041 | 15956 | 15641 |
|  4.300% due 10/01/2038 | 10088 | 10077 |
|  4.370% due 03/01/2040 | 3815 | 3812 |
|  4.400% due 11/01/2040 | 4798 | 4788 |
|  4.600% due 03/01/2041 | 4700 | 4772 |
|  4.900% due 02/01/2040 | 4064 | 4263 |
|  5.210% due 08/01/2040 | 11943 | 12887 |
|  5.360% due 06/01/2039 | 7412 | 8076 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  3.084% due 04/25/2043 ~ | 8554 | 7469 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 •  | 6868 | 7033 |
|  Total U.S. Government Agencies (Cost $111,161) | Total U.S. Government Agencies (Cost $111,161) | 115131 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority |
|  4.600% due 01/01/2042 | 4770 | 4870 |
|  Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities |
|  4.500% due 08/01/2041 | 2482 | 2518 |
|  4.800% due 07/01/2045 | 4200 | 4288 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $11,452) | Total Non-Agency Mortgage-Backed Securities (Cost $11,452) | 11676 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 576937 | 577 |
| Total Short-Term Instruments<br>(Cost $577) | Total Short-Term Instruments<br>(Cost $577) | 577 |
| Total Investments in Securities (Cost $3,972,593) | Total Investments in Securities (Cost $3,972,593) | 4055677 |
| INVESTMENTS IN AFFILIATES 4.1% | INVESTMENTS IN AFFILIATES 4.1% | INVESTMENTS IN AFFILIATES 4.1% |
| SHORT-TERM INSTRUMENTS 4.1% | SHORT-TERM INSTRUMENTS 4.1% | SHORT-TERM INSTRUMENTS 4.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 17769487 | 173057 |
| Total Short-Term Instruments (Cost $172,976) | Total Short-Term Instruments (Cost $172,976) | 173057 |
| Total Investments in Affiliates (Cost $172,976) | Total Investments in Affiliates (Cost $172,976) | 173057 |
| Total Investments 99.7% (Cost $4,145,569) | Total Investments 99.7% (Cost $4,145,569) | 4228734 |
|  Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $6,248) | Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $6,248) | 191 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% | 11254 |
| Net Assets 100.0% | Net Assets 100.0% | 4240179 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Security becomes interest bearing at a future date.

(f) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | 2.875% | 07/25/2036 | 11/17/2022 | $1648 | $1726 | 0.04% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615 | 08/25/2041 | 03/19/2024 - 01/22/2025 | 18039 | 18325 | 0.43 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 3.990 | 08/15/2038 | 09/14/2021 | 3085 | 3005 | 0.07 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 12/12/2023 | 2413 | 2437 | 0.06 |
|  |  |  |  | $25185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25493 | 0.60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | **Variation Margin** | **Variation Margin** |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 09/17/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62400 | $6248 | $(1437) | $4811 | $191 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1437) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $8,476 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(245) | $(245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1) | (1) |
|  | $0 | $0 | $0 | $0 | $(246) | $(246) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $87 | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1437) | (1437) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32229 | $32229 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 3614 | 3614 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168661 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168661 |
| &nbsp;&nbsp; Alaska | 0 | 7785 | 0 | 7785 |
| &nbsp;&nbsp; Arizona | 0 | 45033 | 0 | 45033 |
| &nbsp;&nbsp; Arkansas | 0 | 8496 | 0 | 8496 |
| &nbsp;&nbsp; California | 0 | 255494 | 0 | 255494 |
| &nbsp;&nbsp; Colorado | 0 | 107245 | 0 | 107245 |
| &nbsp;&nbsp; Connecticut | 0 | 9605 | 0 | 9605 |
| &nbsp;&nbsp; Delaware | 0 | 9206 | 0 | 9206 |
| &nbsp;&nbsp; District of Columbia | 0 | 93740 | 0 | 93740 |
| &nbsp;&nbsp; Florida | 0 | 161696 | 0 | 161696 |
| &nbsp;&nbsp; Georgia | 0 | 91826 | 0 | 91826 |
| &nbsp;&nbsp; Hawaii | 0 | 1509 | 0 | 1509 |
| &nbsp;&nbsp; Idaho | 0 | 2152 | 0 | 2152 |
| &nbsp;&nbsp; Illinois | 0 | 284460 | 0 | 284460 |
| &nbsp;&nbsp; Indiana | 0 | 71317 | 0 | 71317 |
| &nbsp;&nbsp; Iowa | 0 | 9568 | 0 | 9568 |
| &nbsp;&nbsp; Kentucky | 0 | 38084 | 0 | 38084 |
| &nbsp;&nbsp; Louisiana | 0 | 37616 | 0 | 37616 |
| &nbsp;&nbsp; Maine | 0 | 9018 | 0 | 9018 |
| &nbsp;&nbsp; Maryland | 0 | 20686 | 0 | 20686 |
| &nbsp;&nbsp; Massachusetts | 0 | 87587 | 0 | 87587 |
| &nbsp;&nbsp; Michigan | 0 | 76648 | 0 | 76648 |
| &nbsp;&nbsp; Minnesota | 0 | 43847 | 0 | 43847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Mississippi | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5230 |
| &nbsp;&nbsp; Missouri | 0 | 32759 | 0 | 32759 |
| &nbsp;&nbsp; Multi-State | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115171 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115171 |
| &nbsp;&nbsp; Nebraska | 0 | 3182 | 0 | 3182 |
| &nbsp;&nbsp; Nevada | 0 | 5316 | 0 | 5316 |
| &nbsp;&nbsp; New Hampshire | 0 | 83510 | 0 | 83510 |
| &nbsp;&nbsp; New Jersey | 0 | 35886 | 0 | 35886 |
| &nbsp;&nbsp; New Mexico | 0 | 12000 | 0 | 12000 |
| &nbsp;&nbsp; New York | 0 | 609802 | 0 | 609802 |
| &nbsp;&nbsp; North Carolina | 0 | 47947 | 0 | 47947 |
| &nbsp;&nbsp; North Dakota | 0 | 2281 | 0 | 2281 |
| &nbsp;&nbsp; Ohio | 0 | 173235 | 0 | 173235 |
| &nbsp;&nbsp; Oklahoma | 0 | 16143 | 0 | 16143 |
| &nbsp;&nbsp; Oregon | 0 | 7152 | 0 | 7152 |
| &nbsp;&nbsp; Pennsylvania | 0 | 149993 | 0 | 149993 |
| &nbsp;&nbsp; Puerto Rico | 0 | 109718 | 0 | 109718 |
| &nbsp;&nbsp; Rhode Island | 0 | 30726 | 0 | 30726 |
| &nbsp;&nbsp; South Carolina | 0 | 41405 | 0 | 41405 |
| &nbsp;&nbsp; South Dakota | 0 | 6600 | 0 | 6600 |
| &nbsp;&nbsp; Tennessee | 0 | 53965 | 0 | 53965 |
| &nbsp;&nbsp; Texas | 0 | 432879 | 0 | 432879 |
| &nbsp;&nbsp; Utah | 0 | 53315 | 0 | 53315 |
| &nbsp;&nbsp; Virginia | 0 | 35369 | 0 | 35369 |
| &nbsp;&nbsp; Washington | 0 | 83042 | 0 | 83042 |
| &nbsp;&nbsp; West Virginia | 0 | 18829 | 0 | 18829 |
| &nbsp;&nbsp; Wisconsin | 0 | 85716 | 0 | 85716 |
|  U.S. Government Agencies | 0 | 115131 | 0 | 115131 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11676 | 0 | 11676 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $577 | $0 | $577 |
|  | $0 | $4019834 | $35843 | $4055677 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $173057 | $0 | $0 | $173057 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228734 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $191 | $0 | $191 |
|  Total Financial Derivative Instruments | $0 | $191 | $0 | $191 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228925 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.8% | INVESTMENTS IN SECURITIES 92.8% | INVESTMENTS IN SECURITIES 92.8% |
| MUNICIPAL BONDS & NOTES 89.7% | MUNICIPAL BONDS & NOTES 89.7% | MUNICIPAL BONDS & NOTES 89.7% |
| ALABAMA 3.6% | ALABAMA 3.6% | ALABAMA 3.6% |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 1200 | 1204 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 2000 | 2068 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1440 | 1544 |
|  5.500% due 10/01/2054 | 3400 | 3761 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 3500 | 3819 |
|  5.000% due 10/01/2055 | 2300 | 2488 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 1700 | 1834 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 800 | 897 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 2100 | 2302 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 900 | 906 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1900 | 2061 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.500% due 01/01/2053 | 2500 | 2716 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3050 | 3263 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 4100 | 4325 |
|  5.000% due 10/01/2055 | 300 | 327 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 1200 | 1297 |
|  5.000% due 01/01/2056 | 3200 | 3381 |
|  5.250% due 11/01/2055 | 1000 | 1111 |
|  West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 |
|  3.650% due 06/01/2028 | 1800 | 1833 |
|  |  | 41137 |
| ARIZONA 2.0% | ARIZONA 2.0% | ARIZONA 2.0% |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1000 | 1006 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 5000 | 5106 |
|  Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 |
|  4.125% due 09/01/2032 | 2500 | 2509 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2029 | 300 | 311 |
|  5.000% due 07/01/2030 | 350 | 363 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 1400 | 1556 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 4500 | 4720 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 |
|  5.000% due 01/01/2031 | 2505 | 2776 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2039 | 2500 | 2431 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2041 | 2400 | 2634 |
|  |  | 23412 |
| CALIFORNIA 6.4% | CALIFORNIA 6.4% | CALIFORNIA 6.4% |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.340% (MUNIPSA) due 04/01/2056 ~ | 1000 | 995 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.000% due 07/01/2039 | 4250 | 4158 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2400 | 2583 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 2900 | 3136 |
|  5.000% due 02/01/2055 | 3900 | 4250 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2800 | 3014 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 4300 | 4794 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2035 | 3800 | 4188 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 5500 | 5614 |
|  California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 |
|  5.870% due 04/01/2029 | 3500 | 3509 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 500 | 505 |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1250 | 1308 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 4000 | 4107 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 11/01/2042 | 2000 | 2000 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1625 | 1584 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 1700 | 1773 |
|  Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 |
|  1.313% due 08/01/2028 | 4000 | 3726 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.850% due 06/01/2050 | 1815 | 1655 |
|  Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2036 | 1700 | 1762 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2037 | 3520 | 3609 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 |
|  5.000% due 05/15/2033 | 3000 | 3370 |
|  5.000% due 05/15/2034 | 1000 | 1128 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 3000 | 3312 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2039 | 3500 | 3741 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1124 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 1600 | 1838 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 1250 | 1310 |
|  |  | 74093 |
| COLORADO 3.3% | COLORADO 3.3% | COLORADO 3.3% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  2.900% due 03/01/2055 | 10000 | 10000 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 |
|  4.000% due 11/15/2048 | 2000 | 1826 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 1385 | 1184 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2034 | 1000 | 1120 |
|  5.250% due 11/01/2036 | 1000 | 1095 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 |
|  5.000% due 05/15/2033 | 2060 | 2312 |
|  5.000% due 05/15/2034 | 1600 | 1836 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 | 2800 | 3073 |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 2000 | 1930 |
|  Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 |
|  4.000% due 12/15/2036 | 1700 | 1720 |
|  Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2027 | 1000 | 1018 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2032 | 2000 | 2095 |
|  Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 |
|  5.000% due 11/15/2030 | 1500 | 1644 |
|  Denver, Colorado City & County Revenue Bonds, Series 2017 | Denver, Colorado City & County Revenue Bonds, Series 2017 | Denver, Colorado City & County Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2032 | 1000 | 1000 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.537% (SOFRRATE) due 09/01/2039 ~ | 1600 | 1597 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 1700 | 1751 |
|  Regional Transportation District, Colorado Revenue Notes, Series 2020 | Regional Transportation District, Colorado Revenue Notes, Series 2020 | Regional Transportation District, Colorado Revenue Notes, Series 2020 |
|  5.000% due 01/15/2031 | 1140 | 1237 |
|  University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2031 | 1600 | 1810 |
|  |  | 38248 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 61

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CONNECTICUT 0.2% | CONNECTICUT 0.2% | CONNECTICUT 0.2% |
|  Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 |
|  5.000% due 08/15/2027 | 895 | 934 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  5.000% due 09/15/2030 | 1000 | 1072 |
|  |  | 2006 |
| DISTRICT OF COLUMBIA 1.9% | DISTRICT OF COLUMBIA 1.9% | DISTRICT OF COLUMBIA 1.9% |
|  District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2040 | 5000 | 5466 |
|  District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2060 | 7000 | 7837 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2038 | 2730 | 2790 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2037 | 2500 | 2691 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 |
|  5.000% due 10/01/2029 | 3000 | 3240 |
|  |  | 22024 |
| FLORIDA 5.7% | FLORIDA 5.7% | FLORIDA 5.7% |
|  Antillia Community Development District, Florida Special Assessment Notes, Series 2024 | Antillia Community Development District, Florida Special Assessment Notes, Series 2024 | Antillia Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.000% due 05/01/2031 | 220 | 225 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 |
|  2.875% due 05/01/2031 | 1000 | 949 |
|  Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.250% due 05/01/2031 | 590 | 599 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1350 | 1378 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  4.750% due 07/01/2040 | 1250 | 1233 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 5000 | 4922 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 |
|  3.400% due 09/01/2050 | 9000 | 9000 |
|  Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 |
|  5.000% due 09/01/2026 | 1450 | 1464 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 |
|  3.500% due 11/01/2042 | 1000 | 1012 |
|  Florida Municipal Power Agency Revenue Bonds, Series 2015 | Florida Municipal Power Agency Revenue Bonds, Series 2015 | Florida Municipal Power Agency Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2027 | 500 | 500 |
|  Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2048 | 2500 | 2374 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  3.700% due 10/01/2042 | 7520 | 7520 |
|  Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.150% due 05/01/2031 | 535 | 551 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2040 | 1000 | 1000 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2034 | 2400 | 2597 |
|  Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.000% due 05/01/2031 | 300 | 307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2034 | 3000 | 3447 |
|  Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 |
|  4.750% due 05/01/2031 | 885 | 923 |
|  Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 |
|  5.000% due 02/01/2034 | 1000 | 1074 |
|  JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2035 | 2000 | 2294 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 1150 | 1169 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 3800 | 4258 |
|  Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2038 | 3000 | 3375 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2034 | 3400 | 3707 |
|  5.000% due 10/01/2036 | 1300 | 1398 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 610 | 610 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 | 280 | 286 |
|  Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 |
|  1.250% due 10/01/2046 | 1000 | 910 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2032 (b) | 1000 | 752 |
|  Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 |
|  0.000% due 10/01/2026 (b) | 275 | 265 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.200% due 05/01/2031 | 360 | 363 |
|  Rookery Community Development District, Florida Special Assessment Notes, Series 2024 | Rookery Community Development District, Florida Special Assessment Notes, Series 2024 | Rookery Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.250% due 05/01/2031 | 300 | 303 |
|  Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.800% due 05/01/2031 | 220 | 225 |
|  University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2035 | 2000 | 2055 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  4.850% due 05/01/2038 | 990 | 1011 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 |
|  4.000% due 05/01/2034 | 700 | 703 |
|  Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 | 440 | 451 |
|  |  | 65210 |
| GEORGIA 2.4% | GEORGIA 2.4% | GEORGIA 2.4% |
|  Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2035 | 4000 | 4029 |
|  4.000% due 07/01/2036 | 2000 | 2005 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 901 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 |
|  5.000% due 04/01/2041 | 3125 | 3307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 250 | 255 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 2400 | 2587 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 900 | 980 |
|  5.000% due 05/01/2055 | 1600 | 1750 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 8200 | 8912 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2034 | 500 | 524 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 1000 | 954 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 1340 | 1474 |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | Municipal Electric Authority of Georgia Revenue Notes, Series 2021 |
|  5.000% due 01/01/2028 | 175 | 182 |
|  |  | 27860 |
| IDAHO 0.2% | IDAHO 0.2% | IDAHO 0.2% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 1800 | 1972 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 860 | 807 |
|  |  | 2779 |
| ILLINOIS 4.4% | ILLINOIS 4.4% | ILLINOIS 4.4% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2036 | 4100 | 4068 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2041 | 1945 | 2080 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2038 | 1900 | 1923 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2035 | 715 | 772 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 1800 | 1981 |
|  Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 |
|  5.000% due 06/01/2027 | 2640 | 2721 |
|  5.000% due 06/01/2028 | 1875 | 1976 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 1200 | 1233 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2041 | 1250 | 1278 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  5.000% due 08/15/2033 | 1750 | 1909 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  3.400% due 08/15/2057 | 1000 | 1000 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2038 | 1000 | 1087 |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2032 | 5000 | 5548 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2033 | 750 | 751 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2035 | 2470 | 2658 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 3055 | 3147 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 4850 | 5395 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 3900 | 4063 |
|  Illinois State General Obligation Notes, Series 2022 | Illinois State General Obligation Notes, Series 2022 | Illinois State General Obligation Notes, Series 2022 |
|  5.000% due 03/01/2026 | 1000 | 1010 |
|  Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 |
|  5.000% due 02/01/2033 | 1100 | 1233 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2030 | 1000 | 1078 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 |
|  5.000% due 01/01/2037 | 3350 | 3530 |
|  |  | 50441 |
| INDIANA 1.7% | INDIANA 1.7% | INDIANA 1.7% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  3.000% due 11/01/2030 | 3000 | 2937 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 1900 | 1860 |
|  4.250% due 11/01/2030 | 1000 | 1025 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2037 | 1225 | 1368 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2057 | 1500 | 1678 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 |
|  5.000% due 03/01/2033 | 1100 | 1176 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2544 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2544 |
|  Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 1900 | 1989 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 2000 | 2134 |
|  |  | 19255 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 900 | 978 |
|  5.000% due 12/01/2050 | 400 | 461 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2038 | 1000 | 974 |
|  |  | 2413 |
| KENTUCKY 1.0% | KENTUCKY 1.0% | KENTUCKY 1.0% |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 2300 | 2538 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 900 | 976 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 800 | 858 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2035 | 3000 | 3328 |
|  5.250% due 06/01/2039 | 1250 | 1354 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2039 | 1000 | 1069 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1600 | 1617 |
|  |  | 11740 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOUISIANA 0.8% | LOUISIANA 0.8% | LOUISIANA 0.8% |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 01/01/2038 | 1000 | 1104 |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 2200 | 2384 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 2000 | 2167 |
|  New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 |
|  5.000% due 01/01/2035 | 3200 | 3501 |
|  |  | 9156 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2035 | 2000 | 2035 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  5.000% due 06/01/2033 | 445 | 471 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 1100 | 1205 |
|  Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 |
|  5.000% due 06/01/2037 | 1510 | 1663 |
|  |  | 3339 |
| MASSACHUSETTS 1.1% | MASSACHUSETTS 1.1% | MASSACHUSETTS 1.1% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2037 | 1600 | 1768 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2037 | 1500 | 1718 |
|  5.000% due 04/01/2041 | 5000 | 5487 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 3000 | 3054 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 500 | 530 |
|  |  | 12557 |
| MICHIGAN 4.1% | MICHIGAN 4.1% | MICHIGAN 4.1% |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  5.250% due 05/01/2028 | 300 | 316 |
|  5.250% due 05/01/2029 | 500 | 537 |
|  5.250% due 05/01/2030 | 700 | 764 |
|  5.250% due 05/01/2031 | 600 | 663 |
|  5.250% due 05/01/2032 | 600 | 668 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due 07/01/2032 ~ | 1000 | 992 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 |
|  5.500% due 07/01/2029 | 1360 | 1418 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/31/2035 | 1190 | 1324 |
|  5.000% due 02/28/2037 | 1935 | 2126 |
|  Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/29/2032 | 1205 | 1320 |
|  5.000% due 08/31/2033 | 1950 | 2147 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2035 | 2400 | 2738 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 900 | 993 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 |
|  6.000% due 06/01/2056 (a) | 10100 | 11268 |
|  Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 |
|  4.125% due 08/01/2027 | 3500 | 3527 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2038 | 1000 | 1113 |
|  Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2045 | 850 | 906 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2034 | 1640 | 1806 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2028 | 7210 | 7673 |
|  5.000% due 12/01/2032 | 1470 | 1633 |
|  Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2035 | 800 | 913 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2032 | 1600 | 1817 |
|  |  | 46662 |
| MINNESOTA 1.0% | MINNESOTA 1.0% | MINNESOTA 1.0% |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2029 | 3300 | 3560 |
|  5.000% due 07/01/2031 | 2000 | 2217 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2036 | 2000 | 2049 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2052 | 1000 | 1057 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 990 | 1113 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 1000 | 1012 |
|  |  | 11008 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 |
|  3.200% due 09/01/2028 | 750 | 750 |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2038 | 1000 | 1083 |
|  |  | 1833 |
| MISSOURI 0.5% | MISSOURI 0.5% | MISSOURI 0.5% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 1300 | 1209 |
|  Missouri Development Finance Board Revenue Notes, Series 2022 | Missouri Development Finance Board Revenue Notes, Series 2022 | Missouri Development Finance Board Revenue Notes, Series 2022 |
|  5.000% due 05/01/2031 | 1190 | 1323 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 900 | 1011 |
|  St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.910% due 01/01/2042 | 1935 | 2011 |
|  |  | 5554 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 63

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MULTI-STATE 3.2% | MULTI-STATE 3.2% | MULTI-STATE 3.2% |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.497% due 06/25/2042 | 1400 | 1418 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.869% due 01/25/2043 | 10377 | 10745 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 |
|  3.400% due 01/25/2036 | 2691 | 2555 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 4086 | 4100 |
|  4.553% due 08/25/2040 | 4445 | 4522 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.615% due 08/25/2041 ~(c) | 9943 | 10124 |
|  4.685% due 10/25/2040 | 2970 | 3051 |
|  |  | 36515 |
| NEVADA 0.3% | NEVADA 0.3% | NEVADA 0.3% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 1070 | 1047 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (b) | 1500 | 236 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2531 |
|  |  | 3814 |
| NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 |
|  4.150% due 10/20/2040 | 2392 | 2338 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.875% due 01/20/2038 | 2436 | 2263 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 ~ | 3186 | 3072 |
|  4.216% due 11/20/2042 | 4796 | 4554 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 2475 | 2803 |
|  |  | 15030 |
| NEW JERSEY 1.8% | NEW JERSEY 1.8% | NEW JERSEY 1.8% |
|  New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 |
|  5.185% due 03/01/2030 | 1000 | 1034 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 1200 | 1360 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 |
|  0.000% due 12/15/2037 (b) | 2250 | 1393 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 |
|  0.000% due 12/15/2034 (b) | 1500 | 1087 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2037 (b) | 1560 | 965 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2036 | 3500 | 3872 |
|  5.000% due 06/15/2037 | 4000 | 4381 |
|  South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2035 | 290 | 291 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4500 | 4715 |
|  5.000% due 06/01/2046 | 1760 | 1720 |
|  |  | 20818 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW MEXICO 0.7% | NEW MEXICO 0.7% | NEW MEXICO 0.7% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 3000 | 2841 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 3000 | 3051 |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2039 | 1700 | 1625 |
|  |  | 7517 |
| NEW YORK 7.8% | NEW YORK 7.8% | NEW YORK 7.8% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 2500 | 2520 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2042 | 2375 | 2525 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|  3.850% due 11/15/2050 | 1000 | 1000 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 700 | 712 |
|  New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 |
|  3.700% due 10/01/2046 | 3500 | 3500 |
|  New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2037 | 1750 | 1926 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.700% due 06/15/2048 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  3.700% due 06/15/2033 | 6440 | 6440 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2031 | 1000 | 1064 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2040 | 1000 | 1064 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2036 | 1750 | 1963 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2046 | 1000 | 1048 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2037 | 2250 | 2524 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 3000 | 3208 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 2000 | 2000 |
|  5.150% due 11/15/2034 | 2500 | 2503 |
|  5.375% due 11/15/2040 | 2400 | 2400 |
|  New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 |
|  5.000% due 03/15/2030 | 2000 | 2002 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2036 | 6000 | 6102 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 1500 | 1546 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 2900 | 3279 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 1000 | 1001 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  5.125% due 09/01/2050 | 1150 | 1199 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 2200 | 2370 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2037 | 2200 | 2466 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 |
|  4.000% due 07/01/2035 | 3255 | 3237 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2042 | 2000 | 2080 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 06/30/2039 | 1400 | 1496 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  6.000% due 06/30/2043 | 3075 | 3411 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 | 2500 | 2750 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 2000 | 2039 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 5000 | 5073 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2039 | 1500 | 1572 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2036 | 1500 | 1624 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 | 835 | 972 |
|  TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 |
|  5.000% due 06/01/2026 | 750 | 759 |
|  5.000% due 06/01/2027 | 750 | 773 |
|  |  | 90148 |
| NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1595 | 1764 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 2000 | 2296 |
|  |  | 4060 |
| NORTH DAKOTA 0.2% | NORTH DAKOTA 0.2% | NORTH DAKOTA 0.2% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2035 | 300 | 328 |
|  5.000% due 12/01/2039 | 225 | 238 |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 1300 | 1440 |
|  |  | 2006 |
| OHIO 2.6% | OHIO 2.6% | OHIO 2.6% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 |
|  5.000% due 02/15/2031 | 320 | 343 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2034 | 1000 | 1057 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 |
|  5.000% due 01/01/2035 | 2500 | 2743 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  3.375% due 08/01/2029 | 1200 | 1185 |
|  4.750% due 06/01/2033 | 4400 | 4587 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2291 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 5285 | 5396 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 |
|  5.000% due 02/01/2040 | 1250 | 1358 |
|  5.000% due 02/01/2041 | 1400 | 1507 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 3965 | 4378 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 2500 | 2606 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2037 | 375 | 411 |
|  5.000% due 12/01/2043 | 435 | 451 |
|  University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2040 | 1150 | 1249 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2030 (b) | 700 | 595 |
|  |  | 30157 |
| OKLAHOMA 0.6% | OKLAHOMA 0.6% | OKLAHOMA 0.6% |
|  Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2037 | 2090 | 2323 |
|  Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 09/01/2056 | 3495 | 4002 |
|  Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2033 | 500 | 570 |
|  |  | 6895 |
| OREGON 1.3% | OREGON 1.3% | OREGON 1.3% |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  5.000% due 08/15/2038 | 5195 | 5434 |
|  Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2037 | 1300 | 1463 |
|  Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 |
|  5.000% due 10/01/2030 | 600 | 644 |
|  Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2037 | 1950 | 2226 |
|  Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 |
|  5.000% due 04/01/2034 | 500 | 582 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2023 | Port of Portland, Oregon Airport Revenue Bonds, Series 2023 | Port of Portland, Oregon Airport Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2036 | 4400 | 4778 |
|  |  | 15127 |
| PENNSYLVANIA 3.9% | PENNSYLVANIA 3.9% | PENNSYLVANIA 3.9% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.590% (MUNIPSA) due 11/15/2047 ~ | 4350 | 4314 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 2250 | 2211 |
|  Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 |
|  3.720% (TSFR3M) due 06/01/2037 ~ | 2000 | 1871 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 |
|  5.000% due 07/01/2031 | 1475 | 1573 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 2250 | 1999 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 2000 | 2079 |
|  Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 |
|  3.900% due 08/15/2054 | 8350 | 8350 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 1000 | 1008 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 860 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 04/01/2049 | 3400 | 3400 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/30/2038 | 1350 | 1440 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  3.800% due 06/01/2049 | 4000 | 3999 |
|  5.000% due 03/15/2060 | 3600 | 3976 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 |
|  5.000% due 06/30/2032 | 2770 | 3038 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.250% due 10/01/2054 | 500 | 549 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 1000 | 1093 |
|  Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 |
|  5.000% due 10/01/2026 | 660 | 675 |
|  Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 |
|  4.000% due 05/01/2037 | 1415 | 1427 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2037 | 700 | 665 |
|  |  | 44527 |
| PUERTO RICO 2.1% | PUERTO RICO 2.1% | PUERTO RICO 2.1% |
|  Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 |
|  5.625% due 07/01/2027 | 2928 | 3031 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 1954 | 1900 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 250 | 241 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (b) | 1682 | 1378 |
|  0.000% due 07/01/2046 (b) | 12700 | 4337 |
|  4.500% due 07/01/2034 | 1500 | 1500 |
|  5.000% due 07/01/2058 | 9327 | 9015 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 3200 | 3130 |
|  |  | 24532 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| RHODE ISLAND 0.7% | RHODE ISLAND 0.7% | RHODE ISLAND 0.7% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2036 | 1000 | 1088 |
|  Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 |
|  5.000% due 05/15/2034 | 3000 | 3316 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 2950 | 2952 |
|  5.000% due 06/01/2040 | 1205 | 1205 |
|  |  | 8561 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 |
|  5.000% due 07/01/2034 | 810 | 929 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1400 | 1528 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2049 | 4000 | 4449 |
|  South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 |
|  4.000% due 04/01/2033 | 1000 | 1005 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2041 | 1500 | 1599 |
|  5.000% due 12/01/2043 | 1500 | 1571 |
|  |  | 11081 |
| SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% |
|  South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 |
|  5.000% due 11/01/2027 | 535 | 536 |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 1700 | 1700 |
|  |  | 2236 |
| TENNESSEE 1.1% | TENNESSEE 1.1% | TENNESSEE 1.1% |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2037 | 715 | 797 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 1785 | 1833 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2000 | 2050 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 2000 | 2159 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 5000 | 5381 |
|  |  | 12220 |
| TEXAS 14.3% | TEXAS 14.3% | TEXAS 14.3% |
|  Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2041 | 1200 | 1286 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 800 | 806 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2037 | 2000 | 2131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2036 | 2500 | 2885 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1750 | 1891 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.250% due 02/15/2045 | 2300 | 2420 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2038 | 3000 | 3288 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 (a) | 3000 | 3244 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 8000 | 8835 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2036 | 3000 | 3369 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 7400 | 7496 |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 12250 | 12570 |
|  Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 |
|  5.000% due 02/15/2047 | 3095 | 3233 |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 498 | 501 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2043 | 5500 | 5620 |
|  Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 |
|  3.700% due 11/01/2041 | 8000 | 8000 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 1000 | 1120 |
|  5.000% due 07/01/2034 | 2200 | 2527 |
|  Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 09/15/2040 | 3500 | 3800 |
|  5.000% due 09/15/2041 | 3000 | 3226 |
|  Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2037 | 1100 | 1198 |
|  5.000% due 02/15/2038 | 1265 | 1369 |
|  5.000% due 02/15/2039 | 3000 | 3218 |
|  Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 1000 | 1061 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 6000 | 6430 |
|  Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 |
|  4.000% due 02/15/2039 | 1750 | 1764 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2036 | 2545 | 2827 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 8500 | 8674 |
|  Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 |
|  5.000% due 11/01/2032 | 2000 | 2186 |
|  Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 05/15/2040 | 1250 | 1337 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 2100 | 2308 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 1300 | 1311 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.000% due 05/15/2043 | 825 | 787 |
|  5.000% due 05/15/2037 | 950 | 1052 |
|  Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2050 | 145 | 154 |
|  Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 3000 | 3019 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2036 | 600 | 674 |
|  North Texas Tollway Authority Revenue Bonds, Series 2016 | North Texas Tollway Authority Revenue Bonds, Series 2016 | North Texas Tollway Authority Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2028 | 515 | 518 |
|  North Texas Tollway Authority Revenue Bonds, Series 2019 | North Texas Tollway Authority Revenue Bonds, Series 2019 | North Texas Tollway Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2044 | 5000 | 4676 |
|  North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2036 | 1250 | 1369 |
|  North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 |
|  5.000% due 01/01/2031 | 2500 | 2793 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 2050 | 2267 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2035 | 2250 | 2535 |
|  5.000% due 02/01/2040 | 3500 | 3758 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 4965 | 4997 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2064 | 3300 | 3674 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 3000 | 3363 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.331% (TSFR3M) due 12/15/2026 ~ | 750 | 750 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2044 | 3500 | 3708 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 1800 | 1838 |
|  5.000% due 10/15/2047 | 5860 | 6085 |
|  Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 |
|  5.000% due 09/01/2030 | 500 | 532 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2042 | 3000 | 3221 |
|  |  | 163701 |
| UTAH 0.4% | UTAH 0.4% | UTAH 0.4% |
|  Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 |
|  4.000% due 08/01/2028 | 1120 | 1129 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1485 | 1676 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 1900 | 2182 |
|  |  | 4987 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VIRGINIA 0.9% | VIRGINIA 0.9% | VIRGINIA 0.9% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1600 | 1747 |
|  Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 2000 | 2265 |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 500 | 549 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1420 | 1422 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2060 | 3500 | 3852 |
|  |  | 9835 |
| WASHINGTON 2.6% | WASHINGTON 2.6% | WASHINGTON 2.6% |
|  King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2044 | 3190 | 3408 |
|  Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 | Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 | Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 |
|  4.000% due 12/01/2040 | 4000 | 4019 |
|  Port of Seattle, Washington Revenue Bonds, Series 2019 | Port of Seattle, Washington Revenue Bonds, Series 2019 | Port of Seattle, Washington Revenue Bonds, Series 2019 |
|  4.000% due 04/01/2044 | 5000 | 4540 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2030 (a) | 1600 | 1755 |
|  Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2037 | 1500 | 1500 |
|  Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 |
|  5.000% due 07/01/2033 | 2000 | 2011 |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2036 | 1160 | 1250 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 03/01/2043 | 2100 | 2066 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 2798 | 2602 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  4.220% due 03/01/2050 | 2187 | 2104 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.078% due 11/20/2041 | 5296 | 5001 |
|  |  | 30256 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  5.750% due 09/01/2041 | 1100 | 1186 |
| WISCONSIN 1.1% | WISCONSIN 1.1% | WISCONSIN 1.1% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2041 | 2500 | 2630 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2046 | 4250 | 4379 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2024 | Public Finance Authority, Wisconsin Revenue Notes, Series 2024 | Public Finance Authority, Wisconsin Revenue Notes, Series 2024 |
|  5.000% due 12/15/2034 | 825 | 849 |
|  Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2029 (b) | 2105 | 1860 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 2000 | 1922 |
|  Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 |
|  5.000% due 04/01/2028 | 900 | 951 |
|  |  | 12591 |
|  Total Municipal Bonds & Notes<br>(Cost $1,006,980) | Total Municipal Bonds & Notes<br>(Cost $1,006,980) | 1030562 |
| U.S. GOVERNMENT AGENCIES 3.0% | U.S. GOVERNMENT AGENCIES 3.0% | U.S. GOVERNMENT AGENCIES 3.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 06/01/2043 | 1376 | 1250 |
|  3.720% due 01/01/2041 | 1771 | 1649 |
|  3.800% due 01/01/2040 | 5909 | 5570 |
|  3.850% due 01/01/2040 | 1300 | 1230 |
|  4.250% due 06/01/2041 | 2190 | 2120 |
|  4.300% due 10/01/2038 | 2972 | 2968 |
|  4.370% due 03/01/2040 | 983 | 982 |
|  4.400% due 11/01/2040 | 4944 | 4934 |
|  4.600% due 03/01/2041 | 1000 | 1015 |
|  4.850% due 08/01/2038 | 2224 | 2322 |
|  4.900% due 02/01/2040 | 987 | 1036 |
|  5.210% due 08/01/2040 | 2665 | 2876 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.360% due 06/01/2039 | 2471 | 2692 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  3.084% due 04/25/2043 ~ | 1475 | 1288 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 •  | 1955 | 2002 |
|  Total U.S. Government Agencies<br>(Cost $33,050) | Total U.S. Government Agencies<br>(Cost $33,050) | 33934 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 1600 | 1614 |
| Total Municipal Bonds & Notes<br>(Cost $1,610) | Total Municipal Bonds & Notes<br>(Cost $1,610) | 1614 |
| Total Short-Term Instruments<br>(Cost $1,610) | Total Short-Term Instruments<br>(Cost $1,610) | 1614 |
| Total Investments in Securities<br>(Cost $1,041,640) | Total Investments in Securities<br>(Cost $1,041,640) | 1066110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% |
| SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 8244248 | $— | 80291 |
| Total Short-Term Instruments<br>(Cost $80,274) | Total Short-Term Instruments<br>(Cost $80,274) |  | 80291 |
| Total Investments in Affiliates<br>(Cost $80,274) | Total Investments in Affiliates<br>(Cost $80,274) |  | 80291 |
| Total Investments 99.8%<br>(Cost $1,121,914) |  | $— | 1146401 |
| Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% |  | 1816 |
| Net Assets 100.0% |  | $— | 1148217 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) When-issued security.

(b) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615% | 08/25/2041 | 03/19/2024 - 01/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10124 | 0.88% |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(6) | $(6) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 67

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $41137 | $0 | $41137 |
| &nbsp;&nbsp; Arizona | 0 | 23412 | 0 | 23412 |
| &nbsp;&nbsp; California | 0 | 74093 | 0 | 74093 |
| &nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 38248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 38248 |
| &nbsp;&nbsp; Connecticut | 0 | 2006 | 0 | 2006 |
| &nbsp;&nbsp; District of Columbia | 0 | 22024 | 0 | 22024 |
| &nbsp;&nbsp; Florida | 0 | 65210 | 0 | 65210 |
| &nbsp;&nbsp; Georgia | 0 | 27860 | 0 | 27860 |
| &nbsp;&nbsp; Idaho | 0 | 2779 | 0 | 2779 |
| &nbsp;&nbsp; Illinois | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50441 | 0 | 50441 |
| &nbsp;&nbsp; Indiana | 0 | 19255 | 0 | 19255 |
| &nbsp;&nbsp; Iowa | 0 | 2413 | 0 | 2413 |
| &nbsp;&nbsp; Kentucky | 0 | 11740 | 0 | 11740 |
| &nbsp;&nbsp; Louisiana | 0 | 9156 | 0 | 9156 |
| &nbsp;&nbsp; Maine | 0 | 2035 | 0 | 2035 |
| &nbsp;&nbsp; Maryland | 0 | 3339 | 0 | 3339 |
| &nbsp;&nbsp; Massachusetts | 0 | 12557 | 0 | 12557 |
| &nbsp;&nbsp; Michigan | 0 | 46662 | 0 | 46662 |
| &nbsp;&nbsp; Minnesota | 0 | 11008 | 0 | 11008 |
| &nbsp;&nbsp; Mississippi | 0 | 1833 | 0 | 1833 |
| &nbsp;&nbsp; Missouri | 0 | 5554 | 0 | 5554 |
| &nbsp;&nbsp; Multi-State | 0 | 36515 | 0 | 36515 |
| &nbsp;&nbsp; Nevada | 0 | 3814 | 0 | 3814 |
| &nbsp;&nbsp; New Hampshire | 0 | 15030 | 0 | 15030 |
| &nbsp;&nbsp; New Jersey | 0 | 20818 | 0 | 20818 |
| &nbsp;&nbsp; New Mexico | 0 | 7517 | 0 | 7517 |
| &nbsp;&nbsp; New York | 0 | 90148 | 0 | 90148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; North Carolina | $0 | $4060 | $0 | $4060 |
| &nbsp;&nbsp; North Dakota | 0 | 2006 | 0 | 2006 |
| &nbsp;&nbsp; Ohio | 0 | 30157 | 0 | 30157 |
| &nbsp;&nbsp; Oklahoma | 0 | 6895 | 0 | 6895 |
| &nbsp;&nbsp; Oregon | 0 | 15127 | 0 | 15127 |
| &nbsp;&nbsp; Pennsylvania | 0 | 44527 | 0 | 44527 |
| &nbsp;&nbsp; Puerto Rico | 0 | 24532 | 0 | 24532 |
| &nbsp;&nbsp; Rhode Island | 0 | 8561 | 0 | 8561 |
| &nbsp;&nbsp; South Carolina | 0 | 11081 | 0 | 11081 |
| &nbsp;&nbsp; South Dakota | 0 | 2236 | 0 | 2236 |
| &nbsp;&nbsp; Tennessee | 0 | 12220 | 0 | 12220 |
| &nbsp;&nbsp; Texas | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163701 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163701 |
| &nbsp;&nbsp; Utah | 0 | 4987 | 0 | 4987 |
| &nbsp;&nbsp; Virginia | 0 | 9835 | 0 | 9835 |
| &nbsp;&nbsp; Washington | 0 | 30256 | 0 | 30256 |
| &nbsp;&nbsp; West Virginia | 0 | 1186 | 0 | 1186 |
| &nbsp;&nbsp; Wisconsin | 0 | 12591 | 0 | 12591 |
|  U.S. Government Agencies | 0 | 33934 | 0 | 33934 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 1614 | 0 | 1614 |
|  | $0 | $1066110 | $0 | $1066110 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $80291 | $0 | $0 | $80291 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146401 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO New York Municipal Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.9% | INVESTMENTS IN SECURITIES 96.9% | INVESTMENTS IN SECURITIES 96.9% |
| MUNICIPAL BONDS & NOTES 93.7% | MUNICIPAL BONDS & NOTES 93.7% | MUNICIPAL BONDS & NOTES 93.7% |
| ALABAMA 1.7% | ALABAMA 1.7% | ALABAMA 1.7% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 2400 | 2655 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 6800 | 7334 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2170 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 3100 | 3275 |
|  |  | 15434 |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2300 | 2475 |
| CONNECTICUT 0.3% | CONNECTICUT 0.3% | CONNECTICUT 0.3% |
|  Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 09/01/2042 | 2585 | 2573 |
| GEORGIA 2.1% | GEORGIA 2.1% | GEORGIA 2.1% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 2000 | 2132 |
|  5.000% due 12/01/2053 | 3400 | 3665 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 12100 | 13150 |
|  |  | 18947 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 1400 | 1522 |
| MICHIGAN 0.3% | MICHIGAN 0.3% | MICHIGAN 0.3% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due 07/01/2032 ~ | 2500 | 2480 |
| MULTI-STATE 1.0% | MULTI-STATE 1.0% | MULTI-STATE 1.0% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 3989 | 4003 |
|  4.553% due 08/25/2040 | 4643 | 4723 |
|  |  | 8726 |
| NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 ~ | 3087 | 2976 |
| NEW JERSEY 0.2% | NEW JERSEY 0.2% | NEW JERSEY 0.2% |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 1750 | 1796 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 81.0% | NEW YORK 81.0% | NEW YORK 81.0% |
|  Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2064 | 2600 | 2446 |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 9000 | 9072 |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2040 | 1000 | 1056 |
|  Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4950 | 4049 |
|  Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 04/01/2034 | 1000 | 1021 |
|  4.000% due 04/01/2050 | 1000 | 891 |
|  5.000% due 04/01/2033 | 1100 | 1180 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2016 | Build NYC Resource Corp. New York Revenue Bonds, Series 2016 | Build NYC Resource Corp. New York Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2041 | 1500 | 1440 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2017 | Build NYC Resource Corp. New York Revenue Bonds, Series 2017 | Build NYC Resource Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2035 | 400 | 403 |
|  5.000% due 08/01/2036 | 500 | 502 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 4765 | 4054 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 |
|  4.000% due 09/01/2040 | 1700 | 1632 |
|  5.000% due 09/01/2035 | 1200 | 1292 |
|  5.000% due 09/01/2036 | 1660 | 1774 |
|  Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2033 | 1000 | 1092 |
|  Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2035 | 1100 | 1133 |
|  Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1000 | 1004 |
|  Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2042 | 2100 | 2129 |
|  Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 |
|  4.000% due 02/15/2039 | 3250 | 3272 |
|  Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/30/2026 | 4100 | 4140 |
|  Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 | Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 | Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2053 | 3575 | 3707 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2048 | 5500 | 5724 |
|  Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2040 | 750 | 834 |
|  5.000% due 07/01/2043 | 550 | 591 |
|  Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2054 | 5000 | 4526 |
|  5.000% due 11/15/2045 | 4650 | 4903 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.587% (SOFRRATE) due 11/01/2032 ~ | 1500 | 1501 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 | Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 | Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 |
|  5.000% due 11/15/2056 | 3300 | 3310 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 |
|  3.650% due 11/01/2031 | 6000 | 6000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2046 | 2270 | 2340 |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 |
|  4.000% due 10/01/2047 | 2130 | 1778 |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2039 | 1300 | 1240 |
|  4.000% due 12/01/2046 | 5000 | 4295 |
|  4.000% due 07/01/2050 | 5000 | 4546 |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1000 | 1026 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 800 | 814 |
|  Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 |
|  5.000% due 04/01/2045 | 3195 | 3379 |
|  Nassau County, New York General Obligation Notes, Series 2017 | Nassau County, New York General Obligation Notes, Series 2017 | Nassau County, New York General Obligation Notes, Series 2017 |
|  5.000% due 10/01/2027 | 2500 | 2635 |
|  New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2031 | 2775 | 2792 |
|  4.000% due 12/01/2043 | 1000 | 925 |
|  New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 |
|  5.250% due 10/01/2043 | 2500 | 2668 |
|  New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 |
|  5.250% due 03/01/2053 | 10750 | 11322 |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  5.250% due 02/01/2046 | 5000 | 5362 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.850% due 11/01/2059 | 2750 | 2777 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 |
|  4.350% due 11/01/2048 | 1000 | 963 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.750% due 11/01/2052 | 1000 | 868 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 |
|  4.550% due 11/01/2054 | 5000 | 4934 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2065 | 4000 | 4073 |
|  4.750% due 11/01/2050 | 3365 | 3397 |
|  5.250% due 11/01/2055 | 750 | 775 |
|  New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 |
|  4.000% due 12/15/2031 | 1250 | 1293 |
|  4.375% due 12/15/2031 | 2375 | 2444 |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 03/01/2045 | 1500 | 1393 |
|  New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 |
|  4.000% due 03/01/2045 | 5600 | 5077 |
|  New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 |
|  5.000% due 01/01/2028 | 1150 | 1210 |
|  5.000% due 01/01/2029 | 1250 | 1341 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.700% due 06/15/2050 | 10000 | 10000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 06/15/2049 | 4645 | 4732 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 155 | 143 |
|  5.000% due 06/15/2050 | 3135 | 3210 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 1300 | 1377 |
|  5.250% due 06/15/2053 | 2400 | 2532 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2048 | 5000 | 5250 |
|  5.000% due 06/15/2051 | 9000 | 9404 |
|  5.250% due 06/15/2053 | 6140 | 6535 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2043 | 8000 | 8607 |
|  5.250% due 06/15/2055 | 1100 | 1172 |
|  New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 |
|  5.000% due 06/15/2030 | 3360 | 3756 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  4.000% due 07/15/2045 | 5000 | 4815 |
|  5.000% due 07/15/2035 | 2500 | 2624 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.850% due 11/01/2042 | 10000 | 10000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2032 | 1000 | 1017 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 2545 | 2415 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  5.000% due 05/01/2037 | 2500 | 2601 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2039 | 7000 | 6960 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 3000 | 2978 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2040 | 10000 | 10846 |
|  5.250% due 11/01/2048 | 9000 | 9446 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2053 | 2645 | 2722 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 | 2000 | 2102 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.000% due 11/01/2042 | 2275 | 2189 |
|  5.000% due 05/01/2044 | 5480 | 5800 |
|  5.000% due 05/01/2048 | 3000 | 3128 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2039 | 12520 | 13861 |
|  5.000% due 11/01/2050 | 3200 | 3331 |
|  New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|  4.000% due 11/15/2045 | 500 | 464 |
|  5.000% due 11/15/2029 | 1000 | 1002 |
|  5.000% due 11/15/2045 | 2000 | 2000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2050 (a) | 5000 | 1052 |
|  0.000% due 06/01/2055 (a) | 16875 | 1355 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 2500 | 2673 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 9250 | 9250 |
|  5.150% due 11/15/2034 | 2000 | 2002 |
|  5.375% due 11/15/2040 | 4000 | 4001 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 |
|  2.625% due 09/15/2069 | 2100 | 1964 |
|  2.800% due 09/15/2069 | 2000 | 1857 |
|  New York Liberty Development Corp. Revenue Notes, Series 2021 | New York Liberty Development Corp. Revenue Notes, Series 2021 | New York Liberty Development Corp. Revenue Notes, Series 2021 |
|  1.900% due 11/15/2031 | 2000 | 1772 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 |
|  3.800% due 04/01/2028 | 2550 | 2550 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 |
|  4.650% due 10/01/2050 | 3000 | 2970 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 | 10900 | 10225 |
|  New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2049 | 3250 | 2990 |
|  New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 10/01/2038 | 6050 | 6707 |
|  New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2038 | 2220 | 2404 |
|  5.000% due 10/01/2039 | 1000 | 1076 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2043 | 1380 | 1324 |
|  5.000% due 07/01/2046 | 6000 | 6012 |
|  New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2027 | 1100 | 1111 |
|  5.000% due 02/15/2038 | 1600 | 1626 |
|  5.000% due 07/01/2038 | 1000 | 1026 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2041 | 2000 | 1962 |
|  5.000% due 03/15/2044 | 2625 | 2677 |
|  5.000% due 07/01/2048 | 955 | 968 |
|  5.000% due 10/01/2048 | 1500 | 1661 |
|  5.250% due 03/15/2038 | 3500 | 3694 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 03/15/2038 | 11450 | 11994 |
|  5.000% due 03/15/2043 | 3275 | 3364 |
|  5.000% due 03/15/2047 | 4500 | 4586 |
|  5.000% due 07/01/2049 | 4085 | 4136 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 3000 | 3092 |
|  4.000% due 03/15/2035 | 5000 | 5119 |
|  4.000% due 02/15/2039 | 1635 | 1637 |
|  4.000% due 03/15/2044 | 1000 | 940 |
|  4.000% due 07/01/2050 | 3500 | 3103 |
|  4.000% due 07/01/2053 | 1670 | 1456 |
|  5.000% due 07/01/2050 | 5000 | 5105 |
|  5.000% due 07/01/2053 | 3000 | 3049 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2045 | 5000 | 4547 |
|  4.000% due 07/01/2049 | 1250 | 1099 |
|  4.000% due 07/01/2051 | 13000 | 11888 |
|  5.000% due 07/01/2042 | 750 | 788 |
|  5.000% due 07/15/2042 | 1000 | 1001 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2042 | 5000 | 5326 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 5050 | 5395 |
|  5.000% due 03/15/2043 | 4225 | 4490 |
|  5.000% due 03/15/2049 | 8000 | 8318 |
|  5.000% due 03/15/2054 | 4300 | 4440 |
|  5.000% due 03/15/2055 | 1300 | 1341 |
|  5.250% due 10/01/2049 | 4900 | 4946 |
|  5.250% due 05/01/2054 | 5000 | 5153 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  4.250% due 07/01/2050 | 3000 | 2716 |
|  5.000% due 07/01/2037 | 1765 | 1940 |
|  5.000% due 07/01/2042 | 1000 | 1069 |
|  5.000% due 03/15/2052 | 6000 | 6219 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 5000 | 5653 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 4000 | 4006 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 |
|  3.850% due 05/01/2030 | 1000 | 1000 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/15/2043 | 2500 | 2558 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  4.250% due 09/01/2050 | 3375 | 3408 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/15/2048 | 3250 | 3378 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (c) | 3000 | 2812 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.600% due 11/01/2064 | 4400 | 4448 |
|  New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2036 | 1000 | 1004 |
|  New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2041 | 5000 | 4885 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 | 3000 | 3077 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2055 | 13000 | 13482 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  4.000% due 03/15/2045 | 3100 | 2925 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2049 | 2000 | 1845 |
|  5.000% due 03/15/2041 | 5000 | 5210 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2047 | 1000 | 1039 |
|  5.000% due 03/15/2053 | 3000 | 3100 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 10500 | 10705 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 | 5000 | 5005 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 4900 | 5070 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 1100 | 1135 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 5010 | 4967 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 12/01/2031 | 1385 | 1491 |
|  5.000% due 10/01/2035 | 2020 | 2111 |
|  5.000% due 10/01/2040 | 1885 | 1906 |
|  5.250% due 08/01/2031 | 1855 | 1926 |
|  5.375% due 08/01/2036 | 1500 | 1560 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 |
|  4.000% due 04/30/2053 | 3000 | 2498 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2032 | 4000 | 4376 |
|  5.000% due 12/01/2033 | 2000 | 2164 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.250% due 06/30/2043 | 4000 | 4093 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 2500 | 2536 |
|  Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 | 670 | 660 |
|  5.250% due 05/15/2034 | 1000 | 1000 |
|  Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2000 | 1799 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.125% due 08/01/2044 | 1000 | 842 |
|  5.375% due 08/01/2054 | 1000 | 830 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 |
|  5.500% due 12/01/2056 | 3250 | 3544 |
|  Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 |
|  4.000% due 12/01/2047 | 2000 | 1861 |
|  4.000% due 12/01/2049 | 2015 | 1850 |
|  5.000% due 12/01/2043 | 1500 | 1554 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 11/15/2041 | 1620 | 1633 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2038 | 4000 | 4172 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 |
|  5.000% due 09/01/2033 | 3150 | 3392 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 4800 | 4986 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2037 | 2000 | 2146 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2040 | 2000 | 2094 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 |
|  5.000% due 01/15/2041 | 2290 | 2512 |
|  5.000% due 01/15/2044 | 3000 | 3207 |
|  Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.500% due 02/01/2041 | 1379 | 1403 |
|  Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/26/2026 | 3000 | 3022 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.125% due 11/01/2041 | 1015 | 878 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (a) | 27290 | 2372 |
|  4.000% due 06/01/2050 | 2500 | 2090 |
|  The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2052 | 3125 | 3137 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 6000 | 5810 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 6250 | 6527 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 |
|  5.000% due 05/15/2042 | 2545 | 2705 |
|  5.250% due 05/15/2058 | 4000 | 4196 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2064 | 5000 | 5264 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/15/2043 | 4000 | 4117 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 |
|  5.000% due 11/15/2054 | 4000 | 4079 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2052 | 2500 | 2614 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 2000 | 2113 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 8000 | 8476 |
|  Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2033 | 2500 | 2696 |
|  Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2038 | 1500 | 1562 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 2000 | 1758 |
|  TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2041 | 1940 | 1941 |
|  TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 |
|  5.000% due 06/01/2027 | 3000 | 3094 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2053 | 1000 | 786 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 |
|  5.000% due 12/15/2032 | 2500 | 2510 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 5000 | 5492 |
|  |  | 724627 |
| OHIO 0.7% | OHIO 0.7% | OHIO 0.7% |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2036 | 2000 | 2185 |
|  5.000% due 01/01/2038 | 3400 | 3640 |
|  |  | 5825 |
| PUERTO RICO 3.7% | PUERTO RICO 3.7% | PUERTO RICO 3.7% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 6290 | 4167 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2037 | 5500 | 5225 |
|  4.000% due 07/01/2041 | 3400 | 3048 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 1430 | 1377 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (a) | 5400 | 1844 |
|  0.000% due 07/01/2051 (a) | 30365 | 7638 |
|  4.550% due 07/01/2040 | 1000 | 978 |
|  4.750% due 07/01/2053 | 9752 | 9178 |
|  |  | 33455 |
| TENNESSEE 0.6% | TENNESSEE 0.6% | TENNESSEE 0.6% |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 2000 | 2159 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 3000 | 3229 |
|  |  | 5388 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 03/01/2043 | 1000 | 991 |
|  Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 |
|  4.750% due 05/01/2038 | 3500 | 3500 |
|  |  | 4491 |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  4.220% due 03/01/2050 | 1789 | 1721 |
| WISCONSIN 0.6% | WISCONSIN 0.6% | WISCONSIN 0.6% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.750% due 12/31/2065  | 5200 | 5351 |
|  Total Municipal Bonds & Notes<br>(Cost $836,118) | Total Municipal Bonds & Notes<br>(Cost $836,118) | 837787 |
| U.S. GOVERNMENT AGENCIES 1.2% | U.S. GOVERNMENT AGENCIES 1.2% | U.S. GOVERNMENT AGENCIES 1.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.600% due 03/01/2041  | 1200 | 1218 |
|  5.210% due 08/01/2040  | 2665 | 2876 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  4.300% due 05/25/2041 ~(c)  | 4945 | 4832 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 • | 1955 | 2002 |
|  Total U.S. Government Agencies<br>(Cost $10,711) | Total U.S. Government Agencies<br>(Cost $10,711) | 10928 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.0% | SHORT-TERM INSTRUMENTS 2.0% | SHORT-TERM INSTRUMENTS 2.0% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (b)  | 598193 | 598 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| MUNICIPAL BONDS & NOTES 1.9% | MUNICIPAL BONDS & NOTES 1.9% | MUNICIPAL BONDS & NOTES 1.9% |
|  Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 07/07/2026  | 5000 | 5049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026  | $— | 9000 | $— | 9067 |
|  North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 07/31/2026 |  | 3000 |  | 3032 |
|  Total Municipal Bonds & Notes<br>(Cost $17,113) | Total Municipal Bonds & Notes<br>(Cost $17,113) | Total Municipal Bonds & Notes<br>(Cost $17,113) |  | 17148 |
| Total Short-Term Instruments<br>(Cost $17,711) | Total Short-Term Instruments<br>(Cost $17,711) | Total Short-Term Instruments<br>(Cost $17,711) |  | 17746 |
| Total Investments in Securities<br>(Cost $864,540) | Total Investments in Securities<br>(Cost $864,540) | Total Investments in Securities<br>(Cost $864,540) |  | 866461 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% |
| SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1759034 | $— | 17131 |
| Total Short-Term Instruments<br>(Cost $17,129) | Total Short-Term Instruments<br>(Cost $17,129) |  | 17131 |
| Total Investments in Affiliates<br> (Cost $17,129) | Total Investments in Affiliates<br> (Cost $17,129) |  | 17131 |
| Total Investments 98.8%<br>(Cost $881,669) | Total Investments 98.8%<br>(Cost $881,669) | $— | 883592 |
|  Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $1,382) |  |  | 42 |
| Other Assets and Liabilities, net 1.2% | Other Assets and Liabilities, net 1.2% |  | 10775 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 894409 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(c) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | 4.300% | 05/25/2041 | 03/06/2025 | $4889 | $4832 | 0.54% |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 12/12/2023 | 2784 | 2812 | 0.31 |
|  |  |  |  | $7673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7644 | 0.85% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | | | | | Variation Margin | Variation Margin |
| Pay/ <br>Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 09/17/2055 | $— | 13800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $1382 | $(318) | 1064 | $42 | $0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

72 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

Cash of $1,866 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  | **Derivatives not accounted for as hedging instruments**  |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $15434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $15434 |
| &nbsp;&nbsp; California | 0 | 2475 | 0 | 2475 |
| &nbsp;&nbsp; Connecticut | 0 | 2573 | 0 | 2573 |
| &nbsp;&nbsp; Georgia | 0 | 18947 | 0 | 18947 |
| &nbsp;&nbsp; Iowa | 0 | 1522 | 0 | 1522 |
| &nbsp;&nbsp; Michigan | 0 | 2480 | 0 | 2480 |
| &nbsp;&nbsp; Multi-State | 0 | 8726 | 0 | 8726 |
| &nbsp;&nbsp; New Hampshire | 0 | 2976 | 0 | 2976 |
| &nbsp;&nbsp; New Jersey | 0 | 1796 | 0 | 1796 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724627 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724627 |
| &nbsp;&nbsp; Ohio | 0 | 5825 | 0 | 5825 |
| &nbsp;&nbsp; Puerto Rico | 0 | 33455 | 0 | 33455 |
| &nbsp;&nbsp; Tennessee | 0 | 5388 | 0 | 5388 |
| &nbsp;&nbsp; Texas | 0 | 4491 | 0 | 4491 |
| &nbsp;&nbsp; Washington | 0 | 1721 | 0 | 1721 |
| &nbsp;&nbsp; Wisconsin | 0 | 5351 | 0 | 5351 |
|  U.S. Government Agencies | 0 | 10928 | 0 | 10928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $598 | $0 | $598 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 17148 | 0 | 17148 |
|  | $0 | $866461 | $0 | $866461 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $17131 | $0 | $0 | $17131 |
|  Total Investments | $17131 | $866461 | $0 | $883592 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $42 | $0 | $42 |
|  Total Financial Derivative Instruments | $0 | $42 | $0 | $42 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883634 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.1% | INVESTMENTS IN SECURITIES 92.1% | INVESTMENTS IN SECURITIES 92.1% |
| MUNICIPAL BONDS & NOTES 90.8% | MUNICIPAL BONDS & NOTES 90.8% | MUNICIPAL BONDS & NOTES 90.8% |
| ALABAMA 3.4% | ALABAMA 3.4% | ALABAMA 3.4% |
|  Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 524 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  3.240% (MUNIPSA) due 10/01/2052 ~ | 2000 | 1975 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1200 | 1286 |
|  5.500% due 10/01/2054 | 1900 | 2102 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2055 | 1100 | 1190 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 1000 | 1121 |
|  Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 2500 | 2788 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 500 | 503 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2053 | 1400 | 1469 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 1900 | 2033 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 2000 | 2110 |
|  5.000% due 10/01/2055 | 150 | 164 |
|  |  | 17265 |
| ARIZONA 2.5% | ARIZONA 2.5% | ARIZONA 2.5% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  3.140% (MUNIPSA) due 01/01/2046 ~ | 1125 | 1119 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1000 | 1006 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 3000 | 3064 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 600 | 667 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 3000 | 3089 |
|  Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 |
|  3.875% due 01/01/2038 | 2000 | 2040 |
|  Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 |
|  5.000% due 07/01/2026 | 1360 | 1386 |
|  |  | 12371 |
| CALIFORNIA 5.9% | CALIFORNIA 5.9% | CALIFORNIA 5.9% |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.300% (MUNIPSA) due 04/01/2056 ~ | 1000 | 968 |
|  3.340% (MUNIPSA) due 04/01/2056 ~ | 2500 | 2487 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2000 | 2153 |
|  5.250% due 11/01/2054 | 3100 | 3363 |
|  5.500% due 10/01/2054 | 995 | 1090 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 1400 | 1531 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 1500 | 1516 |
|  California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 |
|  3.500% due 11/20/2035 | 1023 | 1000 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 2900 | 2891 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.590% (MUNIPSA) due 12/01/2050 ~ | 2000 | 1992 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 1300 | 1356 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 1400 | 1349 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 1700 | 1735 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 3250 | 3653 |
|  Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 | Silicon Valley Clean Water, California Revenue Notes, Series 2021 |
|  0.500% due 03/01/2026 | 2500 | 2475 |
|  |  | 29559 |
| COLORADO 3.9% | COLORADO 3.9% | COLORADO 3.9% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  2.900% due 03/01/2055 | 5000 | 5000 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  3.440% (MUNIPSA) due 05/15/2061 ~ | 4000 | 3976 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2058 | 1000 | 1060 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2034 | 2000 | 2224 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2020 | Colorado Health Facilities Authority Revenue Notes, Series 2020 | Colorado Health Facilities Authority Revenue Notes, Series 2020 |
|  2.800% due 12/01/2026 | 460 | 452 |
|  Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 |
|  5.000% due 11/15/2027 | 1000 | 1045 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.537% (SOFRRATE) due 09/01/2039 ~ | 2100 | 2096 |
|  University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 3500 | 3766 |
|  |  | 19619 |
| CONNECTICUT 1.3% | CONNECTICUT 1.3% | CONNECTICUT 1.3% |
|  Connecticut State General Obligation Notes, Series 2025 | Connecticut State General Obligation Notes, Series 2025 | Connecticut State General Obligation Notes, Series 2025 |
|  5.000% due 12/01/2032 | 5500 | 6320 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| DISTRICT OF COLUMBIA 2.2% | DISTRICT OF COLUMBIA 2.2% | DISTRICT OF COLUMBIA 2.2% |
|  District of Columbia General Obligation Bonds, Series 2018 | District of Columbia General Obligation Bonds, Series 2018 | District of Columbia General Obligation Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 1250 | 1333 |
|  District of Columbia Housing Finance Agency Revenue Bonds, Series 2022 | District of Columbia Housing Finance Agency Revenue Bonds, Series 2022 | District of Columbia Housing Finance Agency Revenue Bonds, Series 2022 |
|  2.950% due 09/01/2040 | 1800 | 1799 |
|  District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 4500 | 4693 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2023 |
|  5.000% due 10/01/2025 | 1750 | 1750 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2024 |
|  5.000% due 10/01/2025 | 1750 | 1750 |
|  |  | 11325 |
| FLORIDA 3.9% | FLORIDA 3.9% | FLORIDA 3.9% |
|  Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 | Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 | Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 |
|  5.000% due 10/01/2027 | 1250 | 1291 |
|  Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2027 | 2850 | 2977 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  3.700% due 10/01/2042 | 4000 | 4000 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 2500 | 2656 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 |
|  2.950% due 09/01/2029 | 2700 | 2697 |
|  Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2035 | 3000 | 3000 |
|  Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 10/01/2026 | 1000 | 1022 |
|  Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1665 | 1819 |
|  |  | 19462 |
| GEORGIA 2.3% | GEORGIA 2.3% | GEORGIA 2.3% |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 |
|  5.000% due 04/01/2028 | 1400 | 1480 |
|  College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 |
|  3.450% due 04/01/2044 | 1800 | 1819 |
|  Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 |
|  5.000% due 04/01/2028 | 400 | 412 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 |
|  3.375% due 11/01/2053 | 3400 | 3421 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 1900 | 2048 |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 |
|  5.000% due 01/01/2027 | 1000 | 1032 |
|  5.000% due 01/01/2028 | 800 | 843 |
|  Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 525 |
|  |  | 11580 |

---

74 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| IDAHO 0.4% | IDAHO 0.4% | IDAHO 0.4% |
|  Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 |
|  3.350% due 06/10/2050 | 1900 | 1915 |
| ILLINOIS 5.8% | ILLINOIS 5.8% | ILLINOIS 5.8% |
|  Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 |
|  5.000% due 01/01/2027 | 1000 | 1033 |
|  Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 |
|  3.200% due 10/01/2028 | 1700 | 1713 |
|  Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 |
|  5.000% due 11/15/2033 | 1100 | 1100 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  3.590% (MUNIPSA) due 05/01/2042 ~ | 1500 | 1492 |
|  Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 |
|  4.600% due 10/01/2053 | 5000 | 5022 |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2030 | 3400 | 3709 |
|  Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 |
|  5.500% due 05/01/2030 | 7750 | 8370 |
|  Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 |
|  5.000% due 05/01/2028 | 1615 | 1708 |
|  5.000% due 02/01/2032 | 3000 | 3345 |
|  Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 |
|  5.000% due 01/01/2029 | 1400 | 1498 |
|  |  | 28990 |
| INDIANA 2.6% | INDIANA 2.6% | INDIANA 2.6% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 3350 | 3194 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 2800 | 2741 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2062 | 2000 | 2110 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 1000 | 1115 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2036 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2035 |
|  |  | 13231 |
| KANSAS 1.2% | KANSAS 1.2% | KANSAS 1.2% |
|  Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 |
|  4.300% due 03/01/2045 | 4500 | 4518 |
|  Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 |
|  3.010% due 11/01/2027 | 1600 | 1602 |
|  |  | 6120 |
| KENTUCKY 0.4% | KENTUCKY 0.4% | KENTUCKY 0.4% |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 450 | 488 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1400 | 1415 |
|  |  | 1903 |
| LOUISIANA 0.2% | LOUISIANA 0.2% | LOUISIANA 0.2% |
|  Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 |
|  5.000% due 04/01/2028 | 1220 | 1258 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1000 | 1035 |
| MASSACHUSETTS 2.3% | MASSACHUSETTS 2.3% | MASSACHUSETTS 2.3% |
|  Commonwealth of Massachusetts General Obligation Notes, Series 2025 | Commonwealth of Massachusetts General Obligation Notes, Series 2025 | Commonwealth of Massachusetts General Obligation Notes, Series 2025 |
|  5.000% due 07/01/2034 | 3000 | 3506 |
|  Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 |
|  5.500% due 01/01/2034 | 5000 | 5751 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.490% (MUNIPSA) due 07/01/2049 ~ | 2500 | 2500 |
|  |  | 11757 |
| MICHIGAN 4.4% | MICHIGAN 4.4% | MICHIGAN 4.4% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.650% (TSFR3M) due 07/01/2032 ~ | 2500 | 2480 |
|  Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 |
|  3.640% (MUNIPSA) due 04/15/2047 ~ | 2500 | 2493 |
|  Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/29/2028 | 535 | 559 |
|  5.000% due 02/28/2031 | 950 | 1034 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 400 | 441 |
|  Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 |
|  4.125% due 08/01/2027 | 2500 | 2520 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1100 | 1149 |
|  5.000% due 12/01/2028 | 6655 | 7082 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2029 | 4000 | 4372 |
|  |  | 22130 |
| MINNESOTA 0.4% | MINNESOTA 0.4% | MINNESOTA 0.4% |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2030 | 650 | 673 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 07/01/2055 | 1250 | 1418 |
|  |  | 2091 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2039 | 1000 | 1074 |
| MISSOURI 1.4% | MISSOURI 1.4% | MISSOURI 1.4% |
|  Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 |
|  3.150% due 04/01/2046 | 700 | 703 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 4500 | 5057 |
|  St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 04/01/2034 | 1000 | 1114 |
|  |  | 6874 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MULTI-STATE 0.7% | MULTI-STATE 0.7% | MULTI-STATE 0.7% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.553% due 08/25/2040 | 3457 | 3517 |
| NEBRASKA 0.3% | NEBRASKA 0.3% | NEBRASKA 0.3% |
|  Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 |
|  5.000% due 07/01/2028 | 1500 | 1583 |
| NEVADA 0.5% | NEVADA 0.5% | NEVADA 0.5% |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2532 |
| NEW JERSEY 1.5% | NEW JERSEY 1.5% | NEW JERSEY 1.5% |
|  New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 |
|  5.000% due 03/01/2028 | 2000 | 2117 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 600 | 680 |
|  New Jersey Turnpike Authority Revenue Notes, Series 2020 | New Jersey Turnpike Authority Revenue Notes, Series 2020 | New Jersey Turnpike Authority Revenue Notes, Series 2020 |
|  5.000% due 01/01/2028 | 4525 | 4652 |
|  |  | 7449 |
| NEW MEXICO 0.4% | NEW MEXICO 0.4% | NEW MEXICO 0.4% |
|  New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 |
|  2.970% due 02/01/2042 | 2095 | 2093 |
| NEW YORK 10.1% | NEW YORK 10.1% | NEW YORK 10.1% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 2500 | 2520 |
|  Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 |
|  4.250% due 04/01/2042 | 2500 | 2533 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 |
|  3.000% due 09/01/2055 | 2100 | 2090 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.587% (SOFRRATE) due 11/01/2032 ~ | 2000 | 2002 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.900% due 04/01/2042 | 4000 | 4000 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2065 | 2100 | 2139 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.700% due 06/15/2050 | 3900 | 3900 |
|  New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 |
|  5.000% due 06/15/2027 | 1250 | 1256 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2036 | 1500 | 1689 |
|  New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2027 | 1300 | 1377 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2035 | 2500 | 2546 |
|  5.000% due 03/15/2036 | 1000 | 1017 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 2500 | 2504 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.600% due 11/01/2064 | 2300 | 2325 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 4000 | 4078 |
|  Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/26/2026 | 5000 | 5037 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 4000 | 4238 |
|  5.000% due 03/15/2029 | 5000 | 5453 |
|  |  | 50704 |
| NORTH CAROLINA 3.3% | NORTH CAROLINA 3.3% | NORTH CAROLINA 3.3% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  3.700% due 01/15/2037 | 3655 | 3655 |
|  Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 |
|  3.625% due 04/01/2029 | 1250 | 1271 |
|  Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 |
|  3.300% due 11/10/2043 | 1400 | 1415 |
|  3.625% due 11/01/2058 | 3700 | 3749 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 815 | 901 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 900 | 1033 |
|  North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 |
|  5.000% due 03/01/2030 | 2000 | 2213 |
|  Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 |
|  2.950% due 09/01/2059 | 2150 | 2146 |
|  |  | 16383 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 600 | 664 |
| OHIO 4.2% | OHIO 4.2% | OHIO 4.2% |
|  Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 |
|  3.950% due 08/15/2051 | 4760 | 4760 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 500 | 521 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 800 | 763 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 2000 | 2042 |
|  Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 |
|  4.000% due 09/01/2030 | 2900 | 2958 |
|  Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 |
|  5.000% due 11/01/2028 | 4000 | 4319 |
|  Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2033 | 2415 | 2704 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 2000 | 2085 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2031 | 535 | 594 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2028 (b) | 500 | 455 |
|  |  | 21201 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OKLAHOMA 0.1% | OKLAHOMA 0.1% | OKLAHOMA 0.1% |
|  Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 |
|  3.200% due 10/01/2042 | 500 | 501 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 |
|  0.000% due 06/15/2026 (b) | 275 | 269 |
|  Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 |
|  5.000% due 10/01/2025 | 450 | 450 |
|  |  | 719 |
| PENNSYLVANIA 5.9% | PENNSYLVANIA 5.9% | PENNSYLVANIA 5.9% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.590% (MUNIPSA) due 11/15/2047 ~ | 4000 | 3967 |
|  Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021 | Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021 | Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021 |
|  3.137% (SOFRRATE) due 01/01/2032 ~ | 4480 | 4478 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 3500 | 3639 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 860 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 |
|  3.875% due 08/01/2037 | 5000 | 5006 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.850% due 04/01/2034 | 5000 | 5000 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  3.800% due 06/01/2049 | 1000 | 1000 |
|  Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 |
|  5.000% due 06/01/2031 | 1325 | 1491 |
|  Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 |
|  5.000% due 07/01/2027 | 4000 | 4143 |
|  |  | 29584 |
| PUERTO RICO 1.3% | PUERTO RICO 1.3% | PUERTO RICO 1.3% |
|  Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 | Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 | Puerto Rico Housing Finance Authority Revenue Notes, (HUD Insured), Series 2023 |
|  5.000% due 03/01/2027 | 2000 | 2016 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 4750 | 4751 |
|  |  | 6767 |
| SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1100 | 1201 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 |
|  5.000% due 12/01/2048 | 2250 | 2250 |
|  South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2028 | 1650 | 1776 |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 |
|  3.000% due 04/01/2043 | 1300 | 1302 |
|  |  | 6529 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TENNESSEE 0.9% | TENNESSEE 0.9% | TENNESSEE 0.9% |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 10/01/2028 | 500 | 519 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 3000 | 3075 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 1000 | 1080 |
|  |  | 4674 |
| TEXAS 10.9% | TEXAS 10.9% | TEXAS 10.9% |
|  Austin, Texas Electric Utility Revenue Notes, Series 2023 | Austin, Texas Electric Utility Revenue Notes, Series 2023 | Austin, Texas Electric Utility Revenue Notes, Series 2023 |
|  5.000% due 11/15/2026 | 1750 | 1800 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1000 | 1080 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 (a) | 1500 | 1622 |
|  5.250% due 11/01/2043 (a) | 2200 | 2326 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 4250 | 4565 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 |
|  4.000% due 12/01/2033 | 2000 | 1997 |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 8000 | 8209 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 2000 | 2095 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2566 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1500 | 1607 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 07/01/2033 | 4100 | 4687 |
|  Harris County, Texas Toll Road Revenue Notes, Series 2024 | Harris County, Texas Toll Road Revenue Notes, Series 2024 | Harris County, Texas Toll Road Revenue Notes, Series 2024 |
|  5.000% due 08/15/2026 | 2380 | 2432 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 4000 | 4082 |
|  Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 |
|  2.600% due 11/01/2029 | 1500 | 1457 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 |
|  3.800% due 05/01/2046 | 1000 | 1000 |
|  Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 |
|  5.000% due 03/01/2034 | 1005 | 1046 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  2.000% due 06/01/2052 | 1300 | 1282 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1600 | 1614 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2064 | 1500 | 1670 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 1000 | 1121 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.331% (TSFR3M) due 12/15/2026 ~ | 1500 | 1500 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  3.340% due 02/01/2044 | 800 | 808 |
|  Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 |
|  1.286% due 02/15/2029 | 4700 | 4329 |
|  |  | 54895 |
| UTAH 0.2% | UTAH 0.2% | UTAH 0.2% |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 900 | 1033 |
| VIRGINIA 1.1% | VIRGINIA 1.1% | VIRGINIA 1.1% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1300 | 1420 |
|  Virginia College Building Authority Revenue Notes, Series 2021 | Virginia College Building Authority Revenue Notes, Series 2021 | Virginia College Building Authority Revenue Notes, Series 2021 |
|  0.770% due 09/01/2026 | 3000 | 2920 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1100 | 1101 |
|  |  | 5441 |
| WASHINGTON 1.3% | WASHINGTON 1.3% | WASHINGTON 1.3% |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 |
|  3.090% (MUNIPSA) due 11/01/2045 ~ | 4500 | 4471 |
|  Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 |
|  5.000% due 07/01/2027 | 1000 | 1046 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2030 (a) | 800 | 878 |
|  |  | 6395 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 |
|  3.375% due 03/01/2040 | 2250 | 2288 |
| WISCONSIN 1.2% | WISCONSIN 1.2% | WISCONSIN 1.2% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  3.700% due 10/01/2046 | 2500 | 2557 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2020 | Public Finance Authority, Wisconsin Revenue Notes, Series 2020 | Public Finance Authority, Wisconsin Revenue Notes, Series 2020 |
|  5.000% due 06/01/2026 | 550 | 558 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | Public Finance Authority, Wisconsin Revenue Notes, Series 2021 |
|  4.000% due 10/01/2025 | 290 | 290 |
|  4.000% due 10/01/2027 | 195 | 196 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  3.070% (MUNIPSA) due 08/15/2054 ~ | 2500 | 2485 |
|  |  | 6086 |
|  Total Municipal Bonds & Notes<br>(Cost $450,417) | Total Municipal Bonds & Notes<br>(Cost $450,417) | 456917 |
| U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.955% due 07/15/2040 •  | 1955 | 2002 |
|  Total U.S. Government Agencies<br>(Cost $1,955) | Total U.S. Government Agencies<br>(Cost $1,955) | 2002 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (c) | 524561 | 524 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% |
|  Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 3000 | $— | 3022 |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 1000 |  | 1009 |
|  Total Municipal Bonds & Notes<br>(Cost $4,023) | Total Municipal Bonds & Notes<br>(Cost $4,023) |  | 4031 |
| Total Short-Term Instruments<br>(Cost $4,547) | Total Short-Term Instruments<br>(Cost $4,547) |  | 4555 |
| Total Investments in Securities<br>(Cost $456,919) | Total Investments in Securities<br>(Cost $456,919) |  | 463474 |
| INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% |
| SHORT-TERM INSTRUMENTS 9.3% | SHORT-TERM INSTRUMENTS 9.3% | SHORT-TERM INSTRUMENTS 9.3% | SHORT-TERM INSTRUMENTS 9.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 4818753 |  | 46930 |
| Total Short-Term Instruments<br>(Cost $46,918) | Total Short-Term Instruments<br>(Cost $46,918) |  | 46930 |
| Total Investments in Affiliates<br>(Cost $46,918) | Total Investments in Affiliates<br>(Cost $46,918) |  | 46930 |
| Total Investments 101.4%<br>(Cost $503,837) | Total Investments 101.4%<br>(Cost $503,837) | $— | 510404 |
| Other Assets and Liabilities, net (1.4)% | Other Assets and Liabilities, net (1.4)% |  | (7104) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 503300 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $17265 | $0 | $17265 |
| &nbsp;&nbsp; Arizona | 0 | 12371 | 0 | 12371 |
| &nbsp;&nbsp; California | 0 | 29559 | 0 | 29559 |
| &nbsp;&nbsp; Colorado | 0 | 19619 | 0 | 19619 |
| &nbsp;&nbsp; Connecticut | 0 | 6320 | 0 | 6320 |
| &nbsp;&nbsp; District of Columbia | 0 | 11325 | 0 | 11325 |
| &nbsp;&nbsp; Florida | 0 | 19462 | 0 | 19462 |
| &nbsp;&nbsp; Georgia | 0 | 11580 | 0 | 11580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Idaho | $0 | $1915 | $0 | $1915 |
| &nbsp;&nbsp; Illinois | 0 | 28990 | 0 | 28990 |
| &nbsp;&nbsp; Indiana | 0 | 13231 | 0 | 13231 |
| &nbsp;&nbsp; Kansas | 0 | 6120 | 0 | 6120 |
| &nbsp;&nbsp; Kentucky | 0 | 1903 | 0 | 1903 |
| &nbsp;&nbsp; Louisiana | 0 | 1258 | 0 | 1258 |
| &nbsp;&nbsp; Maine | 0 | 1035 | 0 | 1035 |
| &nbsp;&nbsp; Massachusetts | 0 | 11757 | 0 | 11757 |
| &nbsp;&nbsp; Michigan | 0 | 22130 | 0 | 22130 |
| &nbsp;&nbsp; Minnesota | 0 | 2091 | 0 | 2091 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Mississippi | $0 | $1074 | $0 | $1074 |
| &nbsp;&nbsp; Missouri | 0 | 6874 | 0 | 6874 |
| &nbsp;&nbsp; Multi-State | 0 | 3517 | 0 | 3517 |
| &nbsp;&nbsp; Nebraska | 0 | 1583 | 0 | 1583 |
| &nbsp;&nbsp; Nevada | 0 | 2532 | 0 | 2532 |
| &nbsp;&nbsp; New Jersey | 0 | 7449 | 0 | 7449 |
| &nbsp;&nbsp; New Mexico | 0 | 2093 | 0 | 2093 |
| &nbsp;&nbsp; New York | 0 | 50704 | 0 | 50704 |
| &nbsp;&nbsp; North Carolina | 0 | 16383 | 0 | 16383 |
| &nbsp;&nbsp; North Dakota | 0 | 664 | 0 | 664 |
| &nbsp;&nbsp; Ohio | 0 | 21201 | 0 | 21201 |
| &nbsp;&nbsp; Oklahoma | 0 | 501 | 0 | 501 |
| &nbsp;&nbsp; Oregon | 0 | 719 | 0 | 719 |
| &nbsp;&nbsp; Pennsylvania | 0 | 29584 | 0 | 29584 |
| &nbsp;&nbsp; Puerto Rico | 0 | 6767 | 0 | 6767 |
| &nbsp;&nbsp; South Carolina | 0 | 6529 | 0 | 6529 |
| &nbsp;&nbsp; Tennessee | 0 | 4674 | 0 | 4674 |
| &nbsp;&nbsp; Texas | 0 | 54895 | 0 | 54895 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Utah | $0 | $1033 | $0 | $1033 |
| &nbsp;&nbsp; Virginia | 0 | 5441 | 0 | 5441 |
| &nbsp;&nbsp; Washington | 0 | 6395 | 0 | 6395 |
| &nbsp;&nbsp; West Virginia | 0 | 2288 | 0 | 2288 |
| &nbsp;&nbsp; Wisconsin | 0 | 6086 | 0 | 6086 |
|  U.S. Government Agencies | 0 | 2002 | 0 | 2002 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 524 | 0 | 524 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 4031 | 0 | 4031 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463474 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $46930 | $0 | $0 | $46930 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510404 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014.The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Class A, Class C and Class C-2 shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted

in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Notes to Financial Statements (Cont.)

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Short Duration Municipal Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO National Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO New York Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Short Duration Municipal Income Fund |  | Daily |  | Monthly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is

paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments

---

| | |
|:---|:---|
| **80** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective 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, each 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 Funds or their 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, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each 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, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each 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 a 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 Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the

NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 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 has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

Notes to Financial Statements (Cont.)

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

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

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a 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 a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

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

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

---

| | |
|:---|:---|
| <sup>∎</sup> | 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. |

---

<sup>∎</sup> 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 each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for

---

| | |
|:---|:---|
| **82** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a 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 each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Notes to Financial Statements (Cont.)

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Bond Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized<br>Net Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $4014 | $95978 | $(76100) | $(2) | $5 | $23895 | $276 | $0 |
|  PIMCO California Municipal Bond Fund | 10834 | 148410 | (143500) | 4 | 0 | 15748 | 310 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 4983 | 83860 | (64500) | 0 | 9 | 24352 | 458 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 41513 | 1566779 | (1346900) | 57 | 123 | 261572 | 7848 | 0 |
|  PIMCO Municipal Bond Fund | 281101 | 1391095 | (1499300) | 127 | 34 | 173057 | 3375 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 30240 | 333533 | (283500) | 8 | 10 | 80291 | 827 | 0 |
|  PIMCO New York Municipal Bond Fund | 31110 | 216915 | (230901) | 18 | (11) | 17131 | 316 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 9752 | 184464 | (147300) | 5 | 9 | 46930 | 560 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | |
|:---|:---|
| **84** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a

borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Notes to Financial Statements (Cont.)

that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's share. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment

of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be

---

| | |
|:---|:---|
| **86** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Notes to Financial Statements (Cont.)

Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund | PIMCO<br>High Yield<br>Municipal<br>Bond Fund | PIMCO<br>Municipal<br>Bond Fund | PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>New York<br>Municipal<br>Bond Fund | **PIMCO**<br> **Short Duration<br>Municipal**<br> **Income Fund** |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |

---

---

| | |
|:---|:---|
| **88** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** | **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO**<br> **Short Duration<br>Municipal**<br> **Income Fund** |
|  Equity | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  |  |  | X |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Municipal Bond | X | X | X | X | X | X | X | X |
|  California State-Specific | X | X | X | X | X | X |  | X |
|  New York State-Specific |  |  |  | X | X | X | X | X |
|  Puerto Rico-Specific |  |  |  | X |  |  | X |  |
|  AMT Bonds | X | X | X | X | X | X | X | X |
|  Municipal Project-Specific | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |

---

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount

of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate , sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Notes to Financial Statements (Cont.)

over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Bond Risk is the risk that a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax to pay interest or repay principal.

California State-Specific Risk is the risk that by focusing its investments in California municipal bonds, a Fund may be affected significantly by economic, regulatory, social, environmental or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by focusing its investments in New York municipal bonds, a Fund may be affected significantly by economic, regulatory, social or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

---

| | |
|:---|:---|
| **90** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can

expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Notes to Financial Statements (Cont.)

in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with

counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized

---

| | |
|:---|:---|
| **92** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA

Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Class A | Class C | Class C-2 |
|  PIMCO California Intermediate Municipal Bond Fund | 0.225% | 0.22% | 0.32% | N/A | 0.30% | 0.30% | N/A |
|  PIMCO California Municipal Bond Fund | 0.21% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO California Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | N/A | 0.30% | N/A | N/A |
|  PIMCO High Yield Municipal Bond Fund | 0.30% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Municipal Bond Fund | 0.20% | 0.24% | 0.34% | 0.44%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO National Intermediate Municipal Bond Fund | 0.22% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO New York Municipal Bond Fund | 0.225% | 0.22% | 0.32% | 0.42%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | 0.35%<sup>(1)</sup> | 0.30% | 0.30% | 0.30% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class C-2 shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class C-2 shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C

shares (for PIMCO Municipal Bond Fund Class C shares and PIMCO National Intermediate Bond Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%; for PIMCO Short Duration Municipal Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%) and, up to 0.50% for Class C-2 shares, and in connection with personal services rendered to Class A, Class C and Class C-2 shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A,

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Notes to Financial Statements (Cont.)

Class C and Class C-2 shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Municipal Bond Fund and PIMCO National Intermediate Municipal Bond Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.50% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A, Class C and Class C-2 shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and

indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to

---

| | |
|:---|:---|
| **94** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

I-3 shares of each of the PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO High Yield Municipal Bond Fund | $18 |
|  PIMCO Municipal Bond Fund | 8 |
|  PIMCO New York Municipal Bond Fund | 0 |
|  PIMCO Short Duration Municipal Income Fund | 3 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund to waive its Management fees in an amount equal to the expenses attributable

to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO California Intermediate Municipal Bond Fund | $7955 | $7100 | $(433) |
|  PIMCO California Municipal Bond Fund | 4212 | 4519 | (239) |
|  PIMCO California Short Duration Municipal Income Fund | 428 | 457 | 8 |
|  PIMCO High Yield Municipal Bond Fund | 451198 | 463844 | (27371) |
|  PIMCO Municipal Bond Fund | 408506 | 413937 | (21025) |
|  PIMCO National Intermediate Municipal Bond Fund | 58959 | 48967 | (2374) |
|  PIMCO New York Municipal Bond Fund | 64742 | 58760 | (2999) |
|  PIMCO Short Duration Municipal Income Fund | 4092 | 3908 | (116) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out

of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Notes to Financial Statements (Cont.)

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO California Intermediate Municipal Bond Fund | $0 | $0 | $79973 | $41421 |
|  PIMCO California Municipal Bond Fund | 0 | 0 | 148247 | 46588 |
|  PIMCO California Short Duration Municipal Income Fund | 0 | 0 | 71803 | 31140 |
|  PIMCO High Yield Municipal Bond Fund | 0 | 17566 | 2189368 | 2190730 |
|  PIMCO Municipal Bond Fund | 25525 | 10293 | 1952843 | 1628348 |
|  PIMCO National Intermediate Municipal Bond Fund | 11947 | 547 | 367988 | 231556 |
|  PIMCO New York Municipal Bond Fund | 6 | 0 | 285764 | 278963 |
|  PIMCO Short Duration Municipal Income Fund | 0 | 0 | 142021 | 87453 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4788 | $44015 | 3998 | $37427 | 7792 | $81265 | 10459 | $112499 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3189 | 29269 | 1145 | 10726 | 6861 | 71203 | 4087 | 43795 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2032 | 18849 | 1608 | 15107 | 3609 | 37556 | 7066 | 75870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 27 | 251 | 70 | 656 | 37 | 386 | 88 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 133 | 1222 | 191 | 1788 | 301 | 3134 | 346 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 70 | 645 | 84 | 786 | 176 | 1838 | 199 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 86 | 790 | 137 | 1283 | 190 | 1981 | 290 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 3 | 24 | 7 | 61 | 3 | 29 | 6 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2456) | (22498) | (4457) | (41717) | (4106) | (42646) | (1917) | (20545) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (690) | (6336) | (785) | (7337) | (2453) | (25438) | (2053) | (21937) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (594) | (5481) | (900) | (8428) | (2033) | (21156) | (2659) | (28513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (162) | (1484) | (59) | (549) | (29) | (300) | (116) | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 6426 | $59266 | 1039 | $9803 | 10348 | $107852 | 15796 | $169886 |

---

---

| | |
|:---|:---|
| **96** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** |
|  | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6982 | $67257 | 5403 | $52173 | 101153 | $830460 | 156428 | $1335678 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 864 | 8321 | 984 | 9487 | 70440 | 579611 | 87561 | 746828 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 2732 | 22487 | 5675 | 48493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 615 | 5901 | 671 | 6475 | 20906 | 171904 | 75410 | 644819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 615 | 5057 | 2344 | 20011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 184 | 1773 | 246 | 2372 | 6518 | 53625 | 11407 | 97239 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 33 | 315 | 60 | 574 | 3388 | 27864 | 5856 | 49923 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 192 | 1578 | 303 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 23 | 220 | 46 | 439 | 3095 | 25460 | 5142 | 43834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 113 | 930 | 223 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1496) | (14407) | (3630) | (35012) | (88170) | (722834) | (93797) | (798798) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (480) | (4629) | (1023) | (9869) | (63876) | (523343) | (53096) | (452679) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (5087) | (41752) | (2595) | (22123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (518) | (4992) | (944) | (9120) | (26072) | (213854) | (31553) | (268766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (1204) | (9898) | (2174) | (18545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 6207 | $59759 | 1813 | $17519 | 24743 | $207295 | 167134 | $1430399 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** |
| | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 92074 | $843082 | 67086 | $634465 | 18724 | $190375 | 24755 | $256091 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 62237 | 571223 | 117716 | 1106677 | 11054 | 112398 | 11123 | 115195 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 2309 | 21250 | 2751 | 25953 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 15517 | 142514 | 32067 | &nbsp;&nbsp;&nbsp;&nbsp;303728 | 2917 | 29642 | 4618 | 47844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 402 | 3693 | 1204 | 11398 | 90 | 920 | 85 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3331 | 30644 | 5080 | 47994 | 1174 | 11984 | 1858 | 19202 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3078 | 28294 | 3673 | 34701 | 380 | 3876 | 447 | 4614 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 70 | 640 | 73 | 688 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1500 | 13799 | 2562 | 24207 | 200 | 2041 | 327 | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 50 | 455 | 91 | 855 | 6 | 63 | 13 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (58745) | (536631) | (35488) | (335450) | (9029) | (91685) | (7643) | (78888) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (64096) | (587078) | (41938) | (396053) | (3778) | (38342) | (3874) | (40016) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1538) | (14085) | (983) | (9286) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (13802) | (126610) | (18253) | (172351) | (1788) | (18213) | (2259) | (23377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (595) | (5474) | (1054) | (9961) | (115) | (1179) | (113) | (1171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 41792 | $385716 | 134587 | $21267565 | 19835 | $201880 | 29337 | $303889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** |
| | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8753 | $91463 | 10216 | $110422 | 6588 | $54885 | 8978 | $74554 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 4645 | 48503 | 6173 | 66697 | 8440 | 69984 | 8015 | 66646 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 79 | 841 | 118 | 1277 | 196 | 1635 | 553 | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 4601 | 48140 | 17700 | 192096 | 3871 | 32083 | 5107 | 42528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 92 | 951 | 200 | 2169 | 16 | 124 | 27 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 1 | 6 | 23 | 195 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 496 | 5187 | 819 | 8849 | 357 | 2972 | 722 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 269 | 2811 | 426 | 4596 | 287 | 2392 | 383 | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 3 | 30 | 4 | 47 | 24 | 201 | 43 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 671 | 7021 | 1072 | 11583 | 209 | 1738 | 354 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 11 | 117 | 26 | 281 | 3 | 28 | 9 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | 3 | 1 | 4 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (8743) | (90949) | (5364) | (57938) | (5361) | (44570) | (14835) | (123318) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (3833) | (40178) | (2446) | (26473) | (2455) | (20380) | (6550) | (54426) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (61) | (638) | (85) | (915) | (158) | (1315) | (252) | (2096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5281) | (55279) | (6861) | (74042) | (2637) | (21931) | (4123) | (34281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (338) | (3525) | (374) | (4038) | (42) | (347) | (184) | (1531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | (8) | (64) | (8) | (68) |
|  **Net increase (decrease) resulting from Fund share transactions** | 1364 | $14495 | 21624 | $234611 | 9331 | $77444 | (1737) | $(14434) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Intermediate Municipal Bond Fund | 3 | 0 | 53% | 0% |
|  PIMCO California Municipal Bond Fund | 4 | 0 | 66% | 0% |
|  PIMCO California Short Duration Municipal Income Fund | 1 | 0 | 50% | 0% |
|  PIMCO High Yield Municipal Bond Fund | 2 | 0 | 31% | 0% |
|  PIMCO Municipal Bond Fund | 2 | 0 | 29% | 0% |
|  PIMCO National Intermediate Municipal Bond Fund | 2 | 0 | 41% | 0% |
|  PIMCO New York Municipal Bond Fund | 4 | 0 | 64% | 0% |
|  PIMCO Short Duration Municipal Income Fund | 3 | 0 | 42% | 0% |

---

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

Each 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.

---

| | |
|:---|:---|
| **98** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

A 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 Adviser has reviewed the Funds' tax positions for all open tax years. As of September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO California Intermediate Municipal Bond Fund | $6860 | $3973 |
|  PIMCO California Municipal Bond Fund | 4808 | 3935 |
|  PIMCO California Short Duration Municipal Income Fund | 5064 | 2055 |
|  PIMCO High Yield Municipal Bond Fund | 56889 | 108611 |
|  PIMCO Municipal Bond Fund | 71943 | 75872 |
|  PIMCO National Intermediate Municipal Bond Fund | 4808 | 6691 |
|  PIMCO New York Municipal Bond Fund | 15156 | 19019 |
|  PIMCO Short Duration Municipal Income Fund | 12635 | 7151 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br> **Tax Cost** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> (Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $256198 | $5203 | $(1303) | $3900 |
|  PIMCO California Municipal Bond Fund | 439877 | 8879 | (5247) | 3632 |
|  PIMCO California Short Duration Municipal Income Fund | 199175 | 2278 | (866) | 1412 |
|  PIMCO High Yield Municipal Bond Fund | 5752902 | 203190 | (229275) | (26085) |
|  PIMCO Municipal Bond Fund | 4151817 | 112027 | (30299) | 81728 |
|  PIMCO National Intermediate Municipal Bond Fund | 1121914 | 26106 | (1619) | 24487 |
|  PIMCO New York Municipal Bond Fund | 883051 | 15464 | (13859) | 1605 |
|  PIMCO Short Duration Municipal Income Fund | 503837 | 7377 | (810) | 6567 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index | TSFR3M | Term SOFR 3-Month | US0003M | ICE 3-Month USD LIBOR |
| SOFR | Secured Overnight Financing Rate |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGC | Assured Guaranty Corp. | FGIC | Financial Guaranty Insurance Co. | HUD | U.S. Department of Housing and Urban Development |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | NPFGC | National Public Finance Guarantee Corp. |
| BAM | Build America Mutual Assurance | FHLMC | Federal Home Loan Mortgage Corp. | PSF | Public School Fund |
| CM | California Mortgage Insurance | FNMA | Federal National Mortgage Association | SGI | Syncora Guarantee, Inc. |
| CR | Custodial Receipts | GNMA | Government National Mortgage Association |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| BABs | Build America Bonds | OIS | Overnight Index Swap | TBA | To-Be-Announced |

---

---

| | |
|:---|:---|
| **100** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO California Intermediate Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  May 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  June 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  July 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  August 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  September 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  May 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  June 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  July 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  August 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  September 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  May 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  June 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  July 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  August 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  September 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0190 | $0.0000 | $0.0000 | $0.0190 |
|  May 2025 | $0.0191 | $0.0000 | $0.0000 | $0.0191 |
|  June 2025 | $0.0181 | $0.0000 | $0.0000 | $0.0181 |
|  July 2025 | $0.0190 | $0.0000 | $0.0000 | $0.0190 |
|  August 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
|  September 2025 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Distribution Information (Cont.)

PIMCO California Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  May 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  June 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  July 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  August 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  September 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  May 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  June 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  July 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  August 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  September 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  May 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  June 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  July 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  August 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  September 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  May 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  June 2025 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  July 2025 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  August 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  September 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |

---

PIMCO California Short Duration Municipal Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  May 2025 | $0.0246 | $0.0000 | $0.0000 | $0.0246 |
|  June 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  July 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  August 2025 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
|  September 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |

---

---

| | |
|:---|:---|
| **102** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  May 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
|  June 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  July 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  August 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
|  September 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  May 2025 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
|  June 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
|  July 2025 | $0.0199 | $0.0000 | $0.0000 | $0.0199 |
|  August 2025 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
|  September 2025 | $0.0200 | $0.0000 | $0.0000 | $0.0200 |

---

PIMCO High Yield Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  May 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  June 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  July 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  August 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  September 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  May 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  June 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  July 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  August 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  September 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  May 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  June 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  July 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  August 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  September 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  May 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  June 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  July 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  August 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  September 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized Capital<br>Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common<br>share)** |
|  April 2025 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |
|  May 2025 | $0.0246 | $0.0000 | $0.0000 | $0.0246 |
|  June 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  July 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
|  August 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  September 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |

---

PIMCO Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  May 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  June 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  July 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  August 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  September 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  May 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  June 2025 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  July 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  August 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  September 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  May 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  June 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  July 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  August 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  September 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  May 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  June 2025 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  July 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  August 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  September 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  May 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  June 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  July 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  August 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  September 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |

---

---

| | |
|:---|:---|
| **104** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

PIMCO National Intermediate Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  May 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  June 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  July 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  August 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  September 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  May 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  June 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  July 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  August 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  September 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  May 2025 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  June 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
|  July 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  August 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  September 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  May 2025 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |
|  June 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  July 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  August 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  September 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |

---

PIMCO New York Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital<br>Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  May 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  June 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  July 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  August 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  September 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital<br>Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  May 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  June 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  July 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  August 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  September 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  May 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  June 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  July 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  August 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  September 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  May 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  June 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  July 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  August 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  September 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
|  May 2025 | $0.0227 | $0.0000 | $0.0000 | $0.0227 |
|  June 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  July 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  August 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  September 2025 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |

---

PIMCO Short Duration Municipal Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  May 2025 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  June 2025 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  July 2025 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  August 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  September 2025 | $0.0227 | $0.0000 | $0.0000 | $0.0227 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  May 2025 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  June 2025 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
|  July 2025 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  August 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  September 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  May 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  June 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  July 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  August 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  September 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |

---

---

| | |
|:---|:---|
| **106** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  May 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
|  June 2025 | $0.0195 | $0.0000 | $0.0000 | $0.0195 |
|  July 2025 | $0.0200 | $0.0000 | $0.0000 | $0.0200 |
|  August 2025 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  September 2025 | $0.0200 | $0.0000 | $0.0000 | $0.0200 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0184 | $0.0000 | $0.0000 | $0.0184 |
|  May 2025 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  June 2025 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
|  July 2025 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  August 2025 | $0.0188 | $0.0000 | $0.0000 | $0.0188 |
|  September 2025 | $0.0180 | $0.0000 | $0.0000 | $0.0180 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0170 | $0.0000 | $0.0000 | $0.0170 |
|  May 2025 | $0.0164 | $0.0000 | $0.0000 | $0.0164 |
|  June 2025 | $0.0162 | $0.0000 | $0.0000 | $0.0162 |
|  July 2025 | $0.0165 | $0.0000 | $0.0000 | $0.0165 |
|  August 2025 | $0.0173 | $0.0000 | $0.0000 | $0.0173 |
|  September 2025 | $0.0166 | $0.0000 | $0.0000 | $0.0166 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **107** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **108** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **109** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The

---

| | |
|:---|:---|
| **110** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by

---

| | |
|:---|:---|
| **112** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various

third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies"

of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

---

| | |
|:---|:---|
| **114** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **115** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g96970g75h91.jpg)

PIMSTAXEFFSTMSAR_093025

------

**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** <br>

------

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d51753dex99cert.htm)

------

(a)(4) Not applicable to the Registrant.

(a)(5) There was no change in the Registrant's independent public accountant for the period covered by the report.

(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d51753dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: December 4, 2025 | Date: December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: December 4, 2025 | Date: December 4, 2025 |
| By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: December 4, 2025 | Date: December 4, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | December 4, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  Signature:  | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | December 4, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  Signature:  | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Name: | Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Date: | December 4, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | December 4, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.