# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-136139
**Filing Date:** 2025-6
**Character Count:** 2798729
**Document Hash:** 2bf71b2f19fc8910601dfada08bc9110
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136139.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136139

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250606

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251028728

**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 International Bond Fund (U.S. Dollar-Hedged) (Series ID: S000009678)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026516 | Institutional  | PFORX           |
| C000026517 | Administrative | PFRAX           |
| C000026518 | A              | PFOAX           |
| C000026520 | C              | PFOCX           |
| C000026522 | R              | PFRRX           |
| C000064132 | I-2            | PFBPX           |
| C000200438 | I-3            | PFONX           |

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

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

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

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

### 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 |  |

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

#### 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: March 31, 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 six (6) 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 #0001193125-25-135849), the immediately following companion submission (the "first companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136038) and the immediately following companion submission (the "second companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136096) provide the information required by Item 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 "third 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, *the* Registrant's first companion submission, the Registrant's second companion submission and in the immediately following companion submissions (the "fourth companion submission" and the "fifth 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 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

● 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 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<sup>®</sup> Strategy Bond Fund Class A

● PIMCO Global Advantage<sup>®</sup> 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

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<sup>®</sup> Absolute Return Fund Class A

● PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund Class C

------

● PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund Institutional Class

● PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund I-2

● PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund I-3

● PIMCO StocksPLUS<sup>®</sup> Fund Class A

● PIMCO StocksPLUS<sup>®</sup> Fund Class C

● PIMCO StocksPLUS<sup>®</sup> Fund Institutional Class

● PIMCO StocksPLUS<sup>®</sup> Fund I-2

● PIMCO StocksPLUS<sup>®</sup> Fund Class R

● PIMCO StocksPLUS<sup>®</sup> Fund I-3

● PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) Class A

● PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) Class C

● PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) Institutional Class

● PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) I-2

● PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) I-3

● PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) Class A

● PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) Class C

● PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) Institutional Class

● PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) I-2

● PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) I-3

● PIMCO StocksPLUS<sup>®</sup> Long Duration Fund Institutional Class

● PIMCO StocksPLUS<sup>®</sup> Short Fund Class A

● PIMCO StocksPLUS<sup>®</sup> Short Fund Class C

● PIMCO StocksPLUS<sup>®</sup> Short Fund Institutional Class

● PIMCO StocksPLUS<sup>®</sup> Short Fund I-2

● PIMCO StocksPLUS<sup>®</sup> Short Fund I-3

● PIMCO StocksPLUS<sup>®</sup> Small Fund Class A

● PIMCO StocksPLUS<sup>®</sup> Small Fund Class C

● PIMCO StocksPLUS<sup>®</sup> Small Fund Institutional Class

● PIMCO StocksPLUS<sup>®</sup> Small Fund I-2

● PIMCO StocksPLUS<sup>®</sup> Small Fund I-3

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

● 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

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

● 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 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

To be filed under the immediately following fourth companion submission on Form N-CSR:

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● 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 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 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

To be filed under the immediately following fifth companion submission on Form N-CSR:

● 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 CommoditiesPLUS<sup>®</sup> Strategy Fund Class A

● PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund Class C

● PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund Institutional Class

● PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund I-2

● PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund I-3

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> Class A

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> Administrative Class

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> Class C

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> Institutional Class

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> I-2

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> Class R

● PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> 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 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

# PIMCO ABS and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO ABS and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $10 | 0.10% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to non-agency residential mortgage-backed securities ("MBS") contributed to performance, as securities posted positive returns.

* Underweight exposure to the 30-year portion of the curve contributed to performance, as 30-year rates rose.

* Exposure to collateralized loan obligations contributed to performance, as spreads tightened.

* Underweight exposure to asset backed securities detracted from performance, as spreads tightened.

* Exposure to agency MBS detracted from performance, as the sector underperformed the asset backed securities index.

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i7b7a376394c9bee9c41f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO ABS and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Asset-Backed Securities Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10032 | $9964 | $10008 | $10000 |
| **5/31/15** | $10057 | $9940 | $10023 | $10000 |
| **6/30/15** | $10086 | $9832 | $10017 | $10000 |
| **7/31/15** | $10094 | $9900 | $10036 | $10001 |
| **8/31/15** | $10110 | $9886 | $10046 | $10001 |
| **9/30/15** | $10123 | $9953 | $10092 | $10001 |
| **10/31/15** | $10140 | $9954 | $10069 | $10001 |
| **11/30/15** | $10156 | $9928 | $10054 | $10002 |
| **12/31/15** | $10158 | $9896 | $10035 | $10002 |
| **1/31/16** | $10166 | $10032 | $10137 | $10004 |
| **2/29/16** | $10133 | $10103 | $10159 | $10005 |
| **3/31/16** | $10159 | $10196 | $10171 | $10008 |
| **4/30/16** | $10267 | $10235 | $10196 | $10010 |
| **5/31/16** | $10292 | $10238 | $10205 | $10012 |
| **6/30/16** | $10353 | $10422 | $10290 | $10014 |
| **7/31/16** | $10445 | $10488 | $10281 | $10016 |
| **8/31/16** | $10495 | $10476 | $10283 | $10019 |
| **9/30/16** | $10565 | $10470 | $10310 | $10021 |
| **10/31/16** | $10599 | $10389 | $10306 | $10024 |
| **11/30/16** | $10582 | $10144 | $10253 | $10026 |
| **12/31/16** | $10625 | $10158 | $10238 | $10029 |
| **1/31/17** | $10677 | $10178 | $10260 | $10033 |
| **2/28/17** | $10746 | $10246 | $10274 | $10037 |
| **3/31/17** | $10806 | $10241 | $10293 | $10042 |
| **4/30/17** | $10850 | $10320 | $10325 | $10047 |
| **5/31/17** | $10936 | $10399 | $10362 | $10053 |
| **6/30/17** | $10983 | $10389 | $10355 | $10060 |
| **7/31/17** | $11053 | $10434 | $10383 | $10068 |
| **8/31/17** | $11166 | $10527 | $10422 | $10077 |
| **9/30/17** | $11203 | $10477 | $10398 | $10086 |
| **10/31/17** | $11229 | $10483 | $10404 | $10095 |
| **11/30/17** | $11256 | $10470 | $10395 | $10104 |
| **12/31/17** | $11288 | $10518 | $10397 | $10114 |
| **1/31/18** | $11314 | $10397 | $10367 | $10125 |
| **2/28/18** | $11332 | $10298 | $10339 | $10136 |
| **3/31/18** | $11364 | $10364 | $10357 | $10149 |
| **4/30/18** | $11391 | $10287 | $10353 | $10163 |
| **5/31/18** | $11454 | $10360 | $10395 | $10178 |
| **6/30/18** | $11481 | $10348 | $10400 | $10193 |
| **7/31/18** | $11517 | $10350 | $10410 | $10210 |
| **8/31/18** | $11553 | $10417 | $10455 | $10227 |
| **9/30/18** | $11588 | $10350 | $10451 | $10244 |
| **10/31/18** | $11606 | $10268 | $10459 | $10263 |
| **11/30/18** | $11606 | $10329 | $10498 | $10282 |
| **12/31/18** | $11634 | $10519 | $10581 | $10302 |
| **1/31/19** | $11700 | $10631 | $10631 | $10323 |
| **2/28/19** | $11737 | $10625 | $10661 | $10342 |
| **3/31/19** | $11807 | $10829 | $10738 | $10364 |
| **4/30/19** | $11863 | $10831 | $10766 | $10385 |
| **5/31/19** | $11919 | $11024 | $10871 | $10406 |
| **6/30/19** | $11973 | $11162 | $10917 | $10427 |
| **7/31/19** | $12011 | $11187 | $10915 | $10448 |
| **8/31/19** | $12039 | $11476 | $11034 | $10468 |
| **9/30/19** | $12080 | $11415 | $11018 | $10486 |
| **10/31/19** | $12118 | $11450 | $11048 | $10504 |
| **11/30/19** | $12156 | $11444 | $11049 | $10519 |
| **12/31/19** | $12190 | $11436 | $11061 | $10534 |
| **1/31/20** | $12248 | $11656 | $11171 | $10548 |
| **2/29/20** | $12277 | $11866 | $11271 | $10562 |
| **3/31/20** | $11604 | $11796 | $11037 | $10575 |
| **4/30/20** | $11827 | $12006 | $11185 | $10584 |
| **5/31/20** | $11973 | $12062 | $11307 | $10588 |
| **6/30/20** | $12077 | $12137 | $11428 | $10589 |
| **7/31/20** | $12175 | $12319 | $11476 | $10591 |
| **8/31/20** | $12282 | $12219 | $11504 | $10592 |
| **9/30/20** | $12334 | $12213 | $11519 | $10593 |
| **10/31/20** | $12373 | $12158 | $11520 | $10594 |
| **11/30/20** | $12442 | $12277 | $11538 | $10595 |
| **12/31/20** | $12517 | $12294 | $11560 | $10595 |
| **1/31/21** | $12628 | $12206 | $11577 | $10596 |
| **2/28/21** | $12678 | $12030 | $11561 | $10597 |
| **3/31/21** | $12688 | $11880 | $11542 | $10597 |
| **4/30/21** | $12728 | $11974 | $11558 | $10598 |
| **5/31/21** | $12728 | $12013 | $11584 | $10598 |
| **6/30/21** | $12740 | $12097 | $11581 | $10598 |
| **7/31/21** | $12781 | $12232 | $11605 | $10598 |
| **8/31/21** | $12811 | $12209 | $11604 | $10599 |
| **9/30/21** | $12869 | $12103 | $11587 | $10599 |
| **10/31/21** | $12869 | $12100 | $11547 | $10599 |
| **11/30/21** | $12849 | $12136 | $11540 | $10600 |
| **12/31/21** | $12871 | $12105 | $11521 | $10600 |
| **1/31/22** | $12850 | $11844 | $11456 | $10601 |
| **2/28/22** | $12757 | $11712 | $11384 | $10602 |
| **3/31/22** | $12591 | $11386 | $11189 | $10603 |
| **4/30/22** | $12498 | $10954 | $11104 | $10606 |
| **5/31/22** | $12446 | $11025 | $11138 | $10611 |
| **6/30/22** | $12309 | $10852 | $11087 | $10619 |
| **7/31/22** | $12403 | $11117 | $11140 | $10630 |
| **8/31/22** | $12382 | $10803 | $11067 | $10645 |
| **9/30/22** | $12170 | $10336 | $10938 | $10666 |
| **10/31/22** | $12055 | $10202 | $10846 | $10693 |
| **11/30/22** | $12139 | $10578 | $10954 | $10723 |
| **12/31/22** | $12270 | $10530 | $11026 | $10759 |
| **1/31/23** | $12497 | $10854 | $11182 | $10799 |
| **2/28/23** | $12486 | $10573 | $11087 | $10837 |
| **3/31/23** | $12447 | $10842 | $11231 | $10880 |
| **4/30/23** | $12523 | $10908 | $11287 | $10923 |
| **5/31/23** | $12577 | $10789 | $11249 | $10970 |
| **6/30/23** | $12632 | $10750 | $11218 | $11016 |
| **7/31/23** | $12720 | $10743 | $11265 | $11067 |
| **8/31/23** | $12742 | $10674 | $11294 | $11118 |
| **9/30/23** | $12712 | $10403 | $11245 | $11168 |
| **10/31/23** | $12612 | $10239 | $11227 | $11221 |
| **11/30/23** | $12844 | $10702 | $11419 | $11272 |
| **12/31/23** | $13074 | $11112 | $11637 | $11325 |
| **1/31/24** | $13176 | $11082 | $11691 | $11378 |
| **2/29/24** | $13188 | $10925 | $11658 | $11428 |
| **3/31/24** | $13327 | $11026 | $11716 | $11480 |
| **4/30/24** | $13281 | $10747 | $11644 | $11532 |
| **5/31/24** | $13407 | $10930 | $11752 | $11586 |
| **6/30/24** | $13477 | $11033 | $11830 | $11638 |
| **7/31/24** | $13674 | $11291 | $11992 | $11692 |
| **8/31/24** | $13801 | $11453 | $12108 | $11746 |
| **9/30/24** | $13912 | $11606 | $12227 | $11797 |
| **10/31/24** | $13865 | $11319 | $12141 | $11848 |
| **11/30/24** | $14018 | $11438 | $12227 | $11895 |
| **12/31/24** | $14039 | $11251 | $12220 | $11942 |
| **1/31/25** | $14148 | $11311 | $12260 | $11988 |
| **2/28/25** | $14293 | $11560 | $12379 | $12029 |
| **3/31/25** | $14350 | $11564 | $12407 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO ABS and Short-Term Investments Portfolio | 7.68% | 4.34% | 3.68% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg Asset-Backed Securities Index | 5.90% | 2.37% | 2.18% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $7419457 |
| # of Portfolio Holdings | 2131 |
| Portfolio Turnover Rate | 683% |
| Total Net Advisory Fees Paid During the Reporting Period | $1328 |

---

---

| | |
|:---|:---|
| 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 | 63.2% |
| Asset-Backed Securities | 59.3% |
| Non-Agency Mortgage-Backed Securities | 24.1% |
| U.S. Treasury Obligations | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 9.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (57.3%) |
| 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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.12% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS0460TSRAR_033125

# PIMCO EM Bond and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO EM Bond and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $25 | 0.24% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Within local debt, long exposure to the Turkish lira contributed to absolute performance, as the currency was supported by a positive carry.

* Within local debt, long exposure to the South African rand contributed to absolute performance, as the currency appreciated.

* Within local debt, long exposure to the Mexican peso detracted from absolute performance, as the currency depreciated.

* Within local debt, long exposure to Brazilian local duration detracted from absolute performance, as local rates rose.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg Global Aggregate (USD Hedged) Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i9330c22749070e996a2e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO EM Bond and Short-Term Investments Portfolio** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Custom JPM ELMI + Benchmark** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10143 | $9944 | $10458 | $10000 |
| **5/31/15** | $10184 | $9903 | $10277 | $10000 |
| **6/30/15** | $10096 | $9780 | $10212 | $10000 |
| **7/31/15** | $10138 | $9877 | $9883 | $10001 |
| **8/31/15** | $10075 | $9851 | $9461 | $10001 |
| **9/30/15** | $9787 | $9909 | $9341 | $10001 |
| **10/31/15** | $10093 | $9941 | $9572 | $10001 |
| **11/30/15** | $10103 | $9946 | $9472 | $10002 |
| **12/31/15** | $9939 | $9919 | $9330 | $10002 |
| **1/31/16** | $10168 | $10064 | $9268 | $10004 |
| **2/29/16** | $10179 | $10161 | $9334 | $10005 |
| **3/31/16** | $10671 | $10244 | $10019 | $10008 |
| **4/30/16** | $10854 | $10262 | $10119 | $10010 |
| **5/31/16** | $10808 | $10305 | $9854 | $10012 |
| **6/30/16** | $11003 | $10501 | $10201 | $10014 |
| **7/31/16** | $10946 | $10564 | $10185 | $10016 |
| **8/31/16** | $11094 | $10559 | $10232 | $10019 |
| **9/30/16** | $11106 | $10557 | $10272 | $10021 |
| **10/31/16** | $11300 | $10455 | $10238 | $10024 |
| **11/30/16** | $11323 | $10282 | $9880 | $10026 |
| **12/31/16** | $11511 | $10311 | $10018 | $10029 |
| **1/31/17** | $11316 | $10273 | $10205 | $10033 |
| **2/28/17** | $11328 | $10361 | $10348 | $10037 |
| **3/31/17** | $11316 | $10356 | $10476 | $10042 |
| **4/30/17** | $11396 | $10426 | $10521 | $10047 |
| **5/31/17** | $11350 | $10487 | $10642 | $10053 |
| **6/30/17** | $11454 | $10458 | $10580 | $10060 |
| **7/31/17** | $11499 | $10492 | $10759 | $10068 |
| **8/31/17** | $11557 | $10588 | $10855 | $10077 |
| **9/30/17** | $11728 | $10539 | $10867 | $10086 |
| **10/31/17** | $11511 | $10583 | $10778 | $10095 |
| **11/30/17** | $11511 | $10600 | $10970 | $10104 |
| **12/31/17** | $11630 | $10624 | $11064 | $10114 |
| **1/31/18** | $11860 | $10548 | $11354 | $10125 |
| **2/28/18** | $11986 | $10524 | $11245 | $10136 |
| **3/31/18** | $11979 | $10611 | $11277 | $10149 |
| **4/30/18** | $11875 | $10572 | $11025 | $10163 |
| **5/31/18** | $11460 | $10611 | $10806 | $10178 |
| **6/30/18** | $11252 | $10631 | $10648 | $10193 |
| **7/31/18** | $11648 | $10634 | $10746 | $10210 |
| **8/31/18** | $10845 | $10667 | $10402 | $10227 |
| **9/30/18** | $11183 | $10626 | $10523 | $10244 |
| **10/31/18** | $11718 | $10605 | $10543 | $10263 |
| **11/30/18** | $11764 | $10657 | $10622 | $10282 |
| **12/31/18** | $11742 | $10811 | $10651 | $10302 |
| **1/31/19** | $11976 | $10925 | $10983 | $10323 |
| **2/28/19** | $12026 | $10938 | $10949 | $10342 |
| **3/31/19** | $12038 | $11134 | $10868 | $10364 |
| **4/30/19** | $12088 | $11141 | $10887 | $10385 |
| **5/31/19** | $12112 | $11301 | $10846 | $10406 |
| **6/30/19** | $12285 | $11460 | $11124 | $10427 |
| **7/31/19** | $12347 | $11550 | $11158 | $10448 |
| **8/31/19** | $12162 | $11812 | $10784 | $10468 |
| **9/30/19** | $12297 | $11757 | $10898 | $10486 |
| **10/31/19** | $12260 | $11737 | $11127 | $10504 |
| **11/30/19** | $12260 | $11723 | $11042 | $10519 |
| **12/31/19** | $12305 | $11699 | $11329 | $10534 |
| **1/31/20** | $12305 | $11910 | $11146 | $10548 |
| **2/29/20** | $12181 | $12056 | $10865 | $10562 |
| **3/31/20** | $11419 | $11868 | $10260 | $10575 |
| **4/30/20** | $11618 | $12060 | $10386 | $10584 |
| **5/31/20** | $11953 | $12095 | $10498 | $10588 |
| **6/30/20** | $12090 | $12155 | $10577 | $10589 |
| **7/31/20** | $12264 | $12288 | $10738 | $10591 |
| **8/31/20** | $12289 | $12199 | $10776 | $10592 |
| **9/30/20** | $12252 | $12243 | $10652 | $10593 |
| **10/31/20** | $12289 | $12244 | $10634 | $10594 |
| **11/30/20** | $12588 | $12314 | $10986 | $10595 |
| **12/31/20** | $12872 | $12352 | $11214 | $10595 |
| **1/31/21** | $12723 | $12286 | $11103 | $10596 |
| **2/28/21** | $12437 | $12095 | $11050 | $10597 |
| **3/31/21** | $12349 | $12047 | $10917 | $10597 |
| **4/30/21** | $12486 | $12078 | $11097 | $10598 |
| **5/31/21** | $12698 | $12105 | $11276 | $10598 |
| **6/30/21** | $12766 | $12164 | $11223 | $10598 |
| **7/31/21** | $12616 | $12316 | $11125 | $10598 |
| **8/31/21** | $12578 | $12291 | $11215 | $10599 |
| **9/30/21** | $12281 | $12175 | $11021 | $10599 |
| **10/31/21** | $12293 | $12143 | $11080 | $10599 |
| **11/30/21** | $12242 | $12230 | $10865 | $10600 |
| **12/31/21** | $12317 | $12180 | $10979 | $10600 |
| **1/31/22** | $12175 | $11989 | $11020 | $10601 |
| **2/28/22** | $11866 | $11829 | $10635 | $10602 |
| **3/31/22** | $11860 | $11574 | $9463 | $10603 |
| **4/30/22** | $11471 | $11263 | $9204 | $10606 |
| **5/31/22** | $11588 | $11248 | $9311 | $10611 |
| **6/30/22** | $11223 | $11077 | $9035 | $10619 |
| **7/31/22** | $11484 | $11359 | $9005 | $10630 |
| **8/31/22** | $11510 | $11063 | $8988 | $10645 |
| **9/30/22** | $11210 | $10707 | $8708 | $10666 |
| **10/31/22** | $11290 | $10671 | $8786 | $10693 |
| **11/30/22** | $11488 | $10943 | $9148 | $10723 |
| **12/31/22** | $11533 | $10814 | $9322 | $10759 |
| **1/31/23** | $11725 | $11063 | $9605 | $10799 |
| **2/28/23** | $11547 | $10886 | $9408 | $10837 |
| **3/31/23** | $11837 | $11128 | $9618 | $10880 |
| **4/30/23** | $11892 | $11185 | $9641 | $10923 |
| **5/31/23** | $11864 | $11141 | $9529 | $10970 |
| **6/30/23** | $12087 | $11134 | $9685 | $11016 |
| **7/31/23** | $12240 | $11138 | $9884 | $11067 |
| **8/31/23** | $12226 | $11124 | $9706 | $11118 |
| **9/30/23** | $12033 | $10932 | $9617 | $11168 |
| **10/31/23** | $12004 | $10854 | $9612 | $11221 |
| **11/30/23** | $12243 | $11228 | $9920 | $11272 |
| **12/31/23** | $12596 | $11586 | $10087 | $11325 |
| **1/31/24** | $12582 | $11564 | $9937 | $11378 |
| **2/29/24** | $12668 | $11484 | $9962 | $11428 |
| **3/31/24** | $12877 | $11588 | $9968 | $11480 |
| **4/30/24** | $12746 | $11401 | $9867 | $11532 |
| **5/31/24** | $13037 | $11502 | $9957 | $11586 |
| **6/30/24** | $12950 | $11602 | $9861 | $11638 |
| **7/31/24** | $13066 | $11826 | $9958 | $11692 |
| **8/31/24** | $12935 | $11956 | $10241 | $11746 |
| **9/30/24** | $13167 | $12094 | $10490 | $11797 |
| **10/31/24** | $13298 | $11931 | $10159 | $11848 |
| **11/30/24** | $13573 | $12072 | $10054 | $11895 |
| **12/31/24** | $13537 | $11980 | $9928 | $11942 |
| **1/31/25** | $13829 | $12026 | $10109 | $11988 |
| **2/28/25** | $14092 | $12171 | $10153 | $12029 |
| **3/31/25** | $14231 | $12120 | $10297 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO EM Bond and Short-Term Investments Portfolio | 10.52% | 4.50% | 3.59% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Custom JPM ELMI + Benchmark | 3.30% | 0.07% | 0.29% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $432926 |
| # of Portfolio Holdings | 682 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $87 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| South Africa | 12.2% |
| Mexico | 11.5% |
| Saudi Arabia | 9.7% |
| Peru | 9.6% |
| Colombia | 7.2% |
| Brazil | 6.3% |
| United States | 5.3% |
| Luxembourg | 5.2% |
| Qatar | 4.3% |
| Romania | 4.3% |
| Other Countries | 20.2% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 0.8% |
| Other Assets and Liabilities, Net | (3.2%) |
| 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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.08% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS0138TSRAR_033125

# PIMCO High Yield and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO High Yield and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $9 | 0.09% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within the cable and satellite sector, specifically exposure to restructure equity of a satellite operator, contributed to performance, as prices rose.

* Security selection within the transportation sector, specifically overweight exposure to a domestic low-cost airline carrier, contributed to performance, as spreads tightened amid a debt restructuring.

* Security selection within the finance and brokerage sector, specifically overweight exposure to a private mortgage originator, contributed to performance, as spreads tightened.

* Underweight exposure to the wirelines sector detracted from performance, as the sector outperformed.

* Security selection within the automotive sector, specifically overweight exposure to a European auto parts manufacturer, detracted from performance, as spreads widened.

* Underweight exposure to front-end interest rates detracted from performance, as interest rates fell.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175if41e431739707c7c44b4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO High Yield and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10227 | $9964 | $10111 | $10000 |
| **5/31/15** | $10320 | $9940 | $10147 | $10000 |
| **6/30/15** | $10189 | $9832 | $10001 | $10000 |
| **7/31/15** | $10203 | $9900 | $9969 | $10001 |
| **8/31/15** | $10053 | $9886 | $9814 | $10001 |
| **9/30/15** | $9846 | $9953 | $9570 | $10001 |
| **10/31/15** | $10150 | $9954 | $9857 | $10001 |
| **11/30/15** | $10053 | $9928 | $9675 | $10002 |
| **12/31/15** | $9893 | $9896 | $9461 | $10002 |
| **1/31/16** | $9823 | $10032 | $9343 | $10004 |
| **2/29/16** | $9809 | $10103 | $9420 | $10005 |
| **3/31/16** | $10172 | $10196 | $9758 | $10008 |
| **4/30/16** | $10725 | $10235 | $10085 | $10010 |
| **5/31/16** | $10914 | $10238 | $10118 | $10012 |
| **6/30/16** | $11084 | $10422 | $10208 | $10014 |
| **7/31/16** | $11352 | $10488 | $10457 | $10016 |
| **8/31/16** | $11605 | $10476 | $10668 | $10019 |
| **9/30/16** | $11729 | $10470 | $10719 | $10021 |
| **10/31/16** | $11759 | $10389 | $10733 | $10024 |
| **11/30/16** | $11699 | $10144 | $10677 | $10026 |
| **12/31/16** | $11888 | $10158 | $10856 | $10029 |
| **1/31/17** | $12121 | $10178 | $10980 | $10033 |
| **2/28/17** | $12323 | $10246 | $11121 | $10037 |
| **3/31/17** | $12338 | $10241 | $11105 | $10042 |
| **4/30/17** | $12559 | $10320 | $11241 | $10047 |
| **5/31/17** | $12764 | $10399 | $11334 | $10053 |
| **6/30/17** | $12792 | $10389 | $11351 | $10060 |
| **7/31/17** | $12937 | $10434 | $11470 | $10068 |
| **8/31/17** | $13017 | $10527 | $11482 | $10077 |
| **9/30/17** | $13104 | $10477 | $11571 | $10086 |
| **10/31/17** | $13202 | $10483 | $11621 | $10095 |
| **11/30/17** | $13251 | $10470 | $11590 | $10104 |
| **12/31/17** | $13330 | $10518 | $11613 | $10114 |
| **1/31/18** | $13330 | $10397 | $11663 | $10125 |
| **2/28/18** | $13164 | $10298 | $11548 | $10136 |
| **3/31/18** | $13129 | $10364 | $11483 | $10149 |
| **4/30/18** | $13163 | $10287 | $11548 | $10163 |
| **5/31/18** | $13231 | $10360 | $11532 | $10178 |
| **6/30/18** | $13301 | $10348 | $11559 | $10193 |
| **7/31/18** | $13422 | $10350 | $11683 | $10210 |
| **8/31/18** | $13559 | $10417 | $11774 | $10227 |
| **9/30/18** | $13669 | $10350 | $11834 | $10244 |
| **10/31/18** | $13494 | $10268 | $11661 | $10263 |
| **11/30/18** | $13371 | $10329 | $11597 | $10282 |
| **12/31/18** | $13196 | $10519 | $11378 | $10302 |
| **1/31/19** | $13745 | $10631 | $11881 | $10323 |
| **2/28/19** | $13940 | $10625 | $12077 | $10342 |
| **3/31/19** | $14060 | $10829 | $12212 | $10364 |
| **4/30/19** | $14296 | $10831 | $12368 | $10385 |
| **5/31/19** | $14278 | $11024 | $12239 | $10406 |
| **6/30/19** | $14587 | $11162 | $12556 | $10427 |
| **7/31/19** | $14347 | $11187 | $12630 | $10448 |
| **8/31/19** | $14439 | $11476 | $12723 | $10468 |
| **9/30/19** | $14391 | $11415 | $12767 | $10486 |
| **10/31/19** | $14391 | $11450 | $12809 | $10504 |
| **11/30/19** | $14429 | $11444 | $12887 | $10519 |
| **12/31/19** | $14738 | $11436 | $13096 | $10534 |
| **1/31/20** | $14854 | $11656 | $13105 | $10548 |
| **2/29/20** | $14660 | $11866 | $12916 | $10562 |
| **3/31/20** | $13489 | $11796 | $11540 | $10575 |
| **4/30/20** | $13907 | $12006 | $12022 | $10584 |
| **5/31/20** | $14386 | $12062 | $12552 | $10588 |
| **6/30/20** | $14593 | $12137 | $12639 | $10589 |
| **7/31/20** | $15038 | $12319 | $13252 | $10591 |
| **8/31/20** | $15260 | $12219 | $13350 | $10592 |
| **9/30/20** | $15212 | $12213 | $13186 | $10593 |
| **10/31/20** | $15335 | $12158 | $13250 | $10594 |
| **11/30/20** | $15807 | $12277 | $13720 | $10595 |
| **12/31/20** | $16044 | $12294 | $13941 | $10595 |
| **1/31/21** | $16086 | $12206 | $13956 | $10596 |
| **2/28/21** | $16148 | $12030 | $13980 | $10597 |
| **3/31/21** | $16109 | $11880 | $13984 | $10597 |
| **4/30/21** | $16279 | $11974 | $14133 | $10598 |
| **5/31/21** | $16385 | $12013 | $14164 | $10598 |
| **6/30/21** | $16833 | $12097 | $14347 | $10598 |
| **7/31/21** | $16940 | $12232 | $14411 | $10598 |
| **8/31/21** | $18179 | $12209 | $14488 | $10599 |
| **9/30/21** | $18356 | $12103 | $14481 | $10599 |
| **10/31/21** | $18226 | $12100 | $14458 | $10599 |
| **11/30/21** | $18053 | $12136 | $14317 | $10600 |
| **12/31/21** | $18468 | $12105 | $14591 | $10600 |
| **1/31/22** | $18029 | $11844 | $14175 | $10601 |
| **2/28/22** | $17699 | $11712 | $14048 | $10602 |
| **3/31/22** | $17464 | $11386 | $13919 | $10603 |
| **4/30/22** | $16795 | $10954 | $13420 | $10606 |
| **5/31/22** | $16527 | $11025 | $13509 | $10611 |
| **6/30/22** | $15795 | $10852 | $12598 | $10619 |
| **7/31/22** | $16317 | $11117 | $13374 | $10630 |
| **8/31/22** | $16067 | $10803 | $13009 | $10645 |
| **9/30/22** | $15434 | $10336 | $12503 | $10666 |
| **10/31/22** | $15665 | $10202 | $12876 | $10693 |
| **11/30/22** | $16290 | $10578 | $13144 | $10723 |
| **12/31/22** | $16346 | $10530 | $13044 | $10759 |
| **1/31/23** | $17067 | $10854 | $13516 | $10799 |
| **2/28/23** | $16834 | $10573 | $13316 | $10837 |
| **3/31/23** | $16584 | $10842 | $13509 | $10880 |
| **4/30/23** | $16704 | $10908 | $13623 | $10923 |
| **5/31/23** | $16463 | $10789 | $13489 | $10970 |
| **6/30/23** | $16740 | $10750 | $13678 | $11016 |
| **7/31/23** | $17009 | $10743 | $13855 | $11067 |
| **8/31/23** | $17034 | $10674 | $13881 | $11118 |
| **9/30/23** | $16876 | $10403 | $13710 | $11168 |
| **10/31/23** | $16703 | $10239 | $13578 | $11221 |
| **11/30/23** | $17446 | $10702 | $14199 | $11272 |
| **12/31/23** | $18062 | $11112 | $14684 | $11325 |
| **1/31/24** | $18036 | $11082 | $14694 | $11378 |
| **2/29/24** | $18011 | $10925 | $14700 | $11428 |
| **3/31/24** | $18255 | $11026 | $14873 | $11480 |
| **4/30/24** | $18071 | $10747 | $14736 | $11532 |
| **5/31/24** | $18307 | $10930 | $14901 | $11586 |
| **6/30/24** | $18529 | $11033 | $15052 | $11638 |
| **7/31/24** | $18903 | $11291 | $15304 | $11692 |
| **8/31/24** | $19197 | $11453 | $15539 | $11746 |
| **9/30/24** | $19460 | $11606 | $15714 | $11797 |
| **10/31/24** | $19460 | $11319 | $15601 | $11848 |
| **11/30/24** | $19623 | $11438 | $15769 | $11895 |
| **12/31/24** | $19552 | $11251 | $15688 | $11942 |
| **1/31/25** | $19854 | $11311 | $15898 | $11988 |
| **2/28/25** | $20018 | $11560 | $16006 | $12029 |
| **3/31/25** | $19807 | $11564 | $15869 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO High Yield and Short-Term Investments Portfolio | 8.50% | 7.99% | 7.07% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated Index | 6.70% | 6.58% | 4.73% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $142730 |
| # of Portfolio Holdings | 542 |
| Portfolio Turnover Rate | 61% |
| Total Net Advisory Fees Paid During the Reporting Period | $30 |

---

---

| | |
|:---|:---|
| 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 | 83.4% |
| Loan Participations and Assignments | 7.9% |
| Common Stocks | 5.6% |
| U.S. Treasury Obligations | 3.8% |
| Warrants | 0.2% |
| Preferred Securities | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 1.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (3.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS0477TSRAR_033125

# Class A: PFOAX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $99 | 0.97% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175if9ff13255025d87bf097.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9513 | $9924 |
| **5/31/15** | $9395 | $9868 |
| **6/30/15** | $9231 | $9733 |
| **7/31/15** | $9396 | $9855 |
| **8/31/15** | $9312 | $9820 |
| **9/30/15** | $9341 | $9877 |
| **10/31/15** | $9413 | $9929 |
| **11/30/15** | $9458 | $9959 |
| **12/31/15** | $9392 | $9936 |
| **1/31/16** | $9490 | $10093 |
| **2/29/16** | $9531 | $10213 |
| **3/31/16** | $9643 | $10285 |
| **4/30/16** | $9674 | $10283 |
| **5/31/16** | $9726 | $10357 |
| **6/30/16** | $9947 | $10565 |
| **7/31/16** | $10044 | $10623 |
| **8/31/16** | $10073 | $10619 |
| **9/30/16** | $10108 | $10621 |
| **10/31/16** | $10028 | $10498 |
| **11/30/16** | $9939 | $10384 |
| **12/31/16** | $10012 | $10423 |
| **1/31/17** | $9932 | $10333 |
| **2/28/17** | $10069 | $10436 |
| **3/31/17** | $10066 | $10429 |
| **4/30/17** | $10091 | $10492 |
| **5/31/17** | $10135 | $10536 |
| **6/30/17** | $10104 | $10490 |
| **7/31/17** | $10149 | $10514 |
| **8/31/17** | $10253 | $10611 |
| **9/30/17** | $10231 | $10562 |
| **10/31/17** | $10307 | $10635 |
| **11/30/17** | $10343 | $10676 |
| **12/31/17** | $10323 | $10681 |
| **1/31/18** | $10339 | $10639 |
| **2/28/18** | $10357 | $10673 |
| **3/31/18** | $10455 | $10782 |
| **4/30/18** | $10437 | $10771 |
| **5/31/18** | $10457 | $10786 |
| **6/30/18** | $10500 | $10833 |
| **7/31/18** | $10503 | $10832 |
| **8/31/18** | $10508 | $10837 |
| **9/30/18** | $10490 | $10815 |
| **10/31/18** | $10512 | $10846 |
| **11/30/18** | $10507 | $10893 |
| **12/31/18** | $10553 | $11020 |
| **1/31/19** | $10695 | $11132 |
| **2/28/19** | $10720 | $11157 |
| **3/31/19** | $10856 | $11346 |
| **4/30/19** | $10873 | $11351 |
| **5/31/19** | $10982 | $11487 |
| **6/30/19** | $11142 | $11657 |
| **7/31/19** | $11250 | $11800 |
| **8/31/19** | $11418 | $12037 |
| **9/30/19** | $11362 | $11987 |
| **10/31/19** | $11314 | $11918 |
| **11/30/19** | $11270 | $11896 |
| **12/31/19** | $11282 | $11854 |
| **1/31/20** | $11455 | $12058 |
| **2/29/20** | $11479 | $12154 |
| **3/31/20** | $11053 | $11914 |
| **4/30/20** | $11289 | $12083 |
| **5/31/20** | $11375 | $12085 |
| **6/30/20** | $11460 | $12124 |
| **7/31/20** | $11600 | $12211 |
| **8/31/20** | $11605 | $12124 |
| **9/30/20** | $11694 | $12206 |
| **10/31/20** | $11772 | $12244 |
| **11/30/20** | $11837 | $12272 |
| **12/31/20** | $11928 | $12321 |
| **1/31/21** | $11917 | $12267 |
| **2/28/21** | $11745 | $12064 |
| **3/31/21** | $11756 | $12087 |
| **4/30/21** | $11749 | $12075 |
| **5/31/21** | $11759 | $12090 |
| **6/30/21** | $11759 | $12130 |
| **7/31/21** | $11878 | $12294 |
| **8/31/21** | $11845 | $12264 |
| **9/30/21** | $11735 | $12140 |
| **10/31/21** | $11657 | $12089 |
| **11/30/21** | $11731 | $12215 |
| **12/31/21** | $11682 | $12149 |
| **1/31/22** | $11594 | $12014 |
| **2/28/22** | $11398 | $11851 |
| **3/31/22** | $11236 | $11657 |
| **4/30/22** | $11010 | $11438 |
| **5/31/22** | $10902 | $11354 |
| **6/30/22** | $10676 | $11190 |
| **7/31/22** | $10956 | $11491 |
| **8/31/22** | $10699 | $11199 |
| **9/30/22** | $10409 | $10943 |
| **10/31/22** | $10484 | $10998 |
| **11/30/22** | $10656 | $11170 |
| **12/31/22** | $10490 | $10963 |
| **1/31/23** | $10722 | $11149 |
| **2/28/23** | $10626 | $11054 |
| **3/31/23** | $10779 | $11276 |
| **4/30/23** | $10810 | $11323 |
| **5/31/23** | $10810 | $11340 |
| **6/30/23** | $10842 | $11359 |
| **7/31/23** | $10876 | $11367 |
| **8/31/23** | $10901 | $11399 |
| **9/30/23** | $10806 | $11270 |
| **10/31/23** | $10784 | $11267 |
| **11/30/23** | $11075 | $11560 |
| **12/31/23** | $11440 | $11874 |
| **1/31/24** | $11415 | $11856 |
| **2/29/24** | $11412 | $11839 |
| **3/31/24** | $11566 | $11943 |
| **4/30/24** | $11464 | $11833 |
| **5/31/24** | $11507 | $11860 |
| **6/30/24** | $11573 | $11957 |
| **7/31/24** | $11733 | $12151 |
| **8/31/24** | $11774 | $12248 |
| **9/30/24** | $11921 | $12373 |
| **10/31/24** | $11819 | $12312 |
| **11/30/24** | $12027 | $12475 |
| **12/31/24** | $12041 | $12465 |
| **1/31/25** | $12105 | $12497 |
| **2/28/25** | $12141 | $12545 |
| **3/31/25** | $12061 | $12444 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.28% | 1.76% | 2.28% |
| Class A (including sales charge) | 0.37% | 0.99% | 1.89% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# Class A: PFOAX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4007TSRAR_033125

# Administrative Class: PFRAX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $84 | 0.82% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932175i7c48c200a6d05b35d30e.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $988476 | $992358 |
| **5/31/15** | $976315 | $986756 |
| **6/30/15** | $959442 | $973331 |
| **7/31/15** | $976689 | $985467 |
| **8/31/15** | $968096 | $982036 |
| **9/30/15** | $971186 | $987706 |
| **10/31/15** | $978794 | $992904 |
| **11/30/15** | $983589 | $995886 |
| **12/31/15** | $976924 | $993627 |
| **1/31/16** | $987254 | $1009345 |
| **2/29/16** | $991576 | $1021256 |
| **3/31/16** | $1003384 | $1028516 |
| **4/30/16** | $1006698 | $1028260 |
| **5/31/16** | $1012257 | $1035728 |
| **6/30/16** | $1035357 | $1056494 |
| **7/31/16** | $1045644 | $1062283 |
| **8/31/16** | $1048748 | $1061874 |
| **9/30/16** | $1052565 | $1062067 |
| **10/31/16** | $1044361 | $1049820 |
| **11/30/16** | $1035174 | $1038388 |
| **12/31/16** | $1042992 | $1042276 |
| **1/31/17** | $1034758 | $1033340 |
| **2/28/17** | $1049176 | $1043552 |
| **3/31/17** | $1048953 | $1042900 |
| **4/30/17** | $1051687 | $1049165 |
| **5/31/17** | $1056409 | $1053640 |
| **6/30/17** | $1053318 | $1049008 |
| **7/31/17** | $1058148 | $1051403 |
| **8/31/17** | $1069117 | $1061145 |
| **9/30/17** | $1066974 | $1056177 |
| **10/31/17** | $1074998 | $1063529 |
| **11/30/17** | $1078890 | $1067641 |
| **12/31/17** | $1077006 | $1068144 |
| **1/31/18** | $1078791 | $1063886 |
| **2/28/18** | $1080772 | $1067315 |
| **3/31/18** | $1091125 | $1078152 |
| **4/30/18** | $1089347 | $1077101 |
| **5/31/18** | $1091660 | $1078647 |
| **6/30/18** | $1096231 | $1083308 |
| **7/31/18** | $1096720 | $1083162 |
| **8/31/18** | $1097338 | $1083734 |
| **9/30/18** | $1095618 | $1081513 |
| **10/31/18** | $1098093 | $1084606 |
| **11/30/18** | $1097707 | $1089333 |
| **12/31/18** | $1102584 | $1101988 |
| **1/31/19** | $1117643 | $1113190 |
| **2/28/19** | $1120323 | $1115669 |
| **3/31/19** | $1134689 | $1134592 |
| **4/30/19** | $1136639 | $1135073 |
| **5/31/19** | $1148201 | $1148673 |
| **6/30/19** | $1165014 | $1165742 |
| **7/31/19** | $1176458 | $1179977 |
| **8/31/19** | $1194234 | $1203729 |
| **9/30/19** | $1188431 | $1198738 |
| **10/31/19** | $1183613 | $1191805 |
| **11/30/19** | $1179097 | $1189563 |
| **12/31/19** | $1180502 | $1185424 |
| **1/31/20** | $1198836 | $1205752 |
| **2/29/20** | $1201487 | $1215388 |
| **3/31/20** | $1157019 | $1191418 |
| **4/30/20** | $1181885 | $1208290 |
| **5/31/20** | $1191069 | $1208536 |
| **6/30/20** | $1200042 | $1212396 |
| **7/31/20** | $1214880 | $1221103 |
| **8/31/20** | $1215540 | $1212397 |
| **9/30/20** | $1224982 | $1220602 |
| **10/31/20** | $1233359 | $1224352 |
| **11/30/20** | $1240373 | $1227197 |
| **12/31/20** | $1250018 | $1232127 |
| **1/31/21** | $1249064 | $1226715 |
| **2/28/21** | $1231137 | $1206394 |
| **3/31/21** | $1232478 | $1208737 |
| **4/30/21** | $1231832 | $1207460 |
| **5/31/21** | $1233099 | $1209017 |
| **6/30/21** | $1233221 | $1212958 |
| **7/31/21** | $1245906 | $1229373 |
| **8/31/21** | $1242578 | $1226417 |
| **9/30/21** | $1231132 | $1214035 |
| **10/31/21** | $1223158 | $1208876 |
| **11/30/21** | $1231061 | $1221526 |
| **12/31/21** | $1226119 | $1214890 |
| **1/31/22** | $1217047 | $1201381 |
| **2/28/22** | $1196607 | $1185079 |
| **3/31/22** | $1179711 | $1165686 |
| **4/30/22** | $1156111 | $1143768 |
| **5/31/22** | $1144973 | $1135370 |
| **6/30/22** | $1121301 | $1118963 |
| **7/31/22** | $1150906 | $1149081 |
| **8/31/22** | $1124055 | $1119923 |
| **9/30/22** | $1093739 | $1094279 |
| **10/31/22** | $1101709 | $1099795 |
| **11/30/22** | $1119978 | $1117004 |
| **12/31/22** | $1102683 | $1096275 |
| **1/31/23** | $1127196 | $1114854 |
| **2/28/23** | $1117243 | $1105427 |
| **3/31/23** | $1133423 | $1127616 |
| **4/30/23** | $1136812 | $1132344 |
| **5/31/23** | $1137003 | $1134023 |
| **6/30/23** | $1140470 | $1135884 |
| **7/31/23** | $1144167 | $1136737 |
| **8/31/23** | $1147021 | $1139906 |
| **9/30/23** | $1137069 | $1127017 |
| **10/31/23** | $1134992 | $1126689 |
| **11/30/23** | $1165662 | $1155972 |
| **12/31/23** | $1204296 | $1187439 |
| **1/31/24** | $1201787 | $1185639 |
| **2/29/24** | $1201637 | $1183903 |
| **3/31/24** | $1218033 | $1194340 |
| **4/30/24** | $1207440 | $1183323 |
| **5/31/24** | $1212141 | $1185969 |
| **6/30/24** | $1219164 | $1195652 |
| **7/31/24** | $1236188 | $1215082 |
| **8/31/24** | $1240709 | $1224809 |
| **9/30/24** | $1256361 | $1237289 |
| **10/31/24** | $1245756 | $1231192 |
| **11/30/24** | $1267856 | $1247450 |
| **12/31/24** | $1269474 | $1246471 |
| **1/31/25** | $1276334 | $1249658 |
| **2/28/25** | $1280280 | $1254510 |
| **3/31/25** | $1272007 | $1244356 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 4.43% | 1.91% | 2.44% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# Administrative Class: PFRAX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS0403TSRAR_033125

# Class C: PFOCX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $175 | 1.72% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i82a629f7dc86cc436044.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9876 | $9924 |
| **5/31/15** | $9747 | $9868 |
| **6/30/15** | $9572 | $9733 |
| **7/31/15** | $9736 | $9855 |
| **8/31/15** | $9643 | $9820 |
| **9/30/15** | $9667 | $9877 |
| **10/31/15** | $9735 | $9929 |
| **11/30/15** | $9776 | $9959 |
| **12/31/15** | $9702 | $9936 |
| **1/31/16** | $9800 | $10093 |
| **2/29/16** | $9839 | $10213 |
| **3/31/16** | $9946 | $10285 |
| **4/30/16** | $9968 | $10283 |
| **5/31/16** | $10016 | $10357 |
| **6/30/16** | $10237 | $10565 |
| **7/31/16** | $10331 | $10623 |
| **8/31/16** | $10354 | $10619 |
| **9/30/16** | $10383 | $10621 |
| **10/31/16** | $10295 | $10498 |
| **11/30/16** | $10197 | $10384 |
| **12/31/16** | $10265 | $10423 |
| **1/31/17** | $10177 | $10333 |
| **2/28/17** | $10305 | $10436 |
| **3/31/17** | $10295 | $10429 |
| **4/30/17** | $10324 | $10492 |
| **5/31/17** | $10364 | $10536 |
| **6/30/17** | $10324 | $10490 |
| **7/31/17** | $10364 | $10514 |
| **8/31/17** | $10462 | $10611 |
| **9/30/17** | $10442 | $10562 |
| **10/31/17** | $10501 | $10635 |
| **11/30/17** | $10531 | $10676 |
| **12/31/17** | $10505 | $10681 |
| **1/31/18** | $10515 | $10639 |
| **2/28/18** | $10526 | $10673 |
| **3/31/18** | $10619 | $10782 |
| **4/30/18** | $10594 | $10771 |
| **5/31/18** | $10608 | $10786 |
| **6/30/18** | $10645 | $10833 |
| **7/31/18** | $10641 | $10832 |
| **8/31/18** | $10639 | $10837 |
| **9/30/18** | $10615 | $10815 |
| **10/31/18** | $10631 | $10846 |
| **11/30/18** | $10619 | $10893 |
| **12/31/18** | $10658 | $11020 |
| **1/31/19** | $10796 | $11132 |
| **2/28/19** | $10814 | $11157 |
| **3/31/19** | $10944 | $11346 |
| **4/30/19** | $10955 | $11351 |
| **5/31/19** | $11058 | $11487 |
| **6/30/19** | $11212 | $11657 |
| **7/31/19** | $11314 | $11800 |
| **8/31/19** | $11475 | $12037 |
| **9/30/19** | $11412 | $11987 |
| **10/31/19** | $11357 | $11918 |
| **11/30/19** | $11305 | $11896 |
| **12/31/19** | $11310 | $11854 |
| **1/31/20** | $11476 | $12058 |
| **2/29/20** | $11494 | $12154 |
| **3/31/20** | $11060 | $11914 |
| **4/30/20** | $11290 | $12083 |
| **5/31/20** | $11369 | $12085 |
| **6/30/20** | $11446 | $12124 |
| **7/31/20** | $11578 | $12211 |
| **8/31/20** | $11576 | $12124 |
| **9/30/20** | $11657 | $12206 |
| **10/31/20** | $11728 | $12244 |
| **11/30/20** | $11786 | $12272 |
| **12/31/20** | $11868 | $12321 |
| **1/31/21** | $11851 | $12267 |
| **2/28/21** | $11672 | $12064 |
| **3/31/21** | $11676 | $12087 |
| **4/30/21** | $11661 | $12075 |
| **5/31/21** | $11664 | $12090 |
| **6/30/21** | $11657 | $12130 |
| **7/31/21** | $11768 | $12294 |
| **8/31/21** | $11728 | $12264 |
| **9/30/21** | $11611 | $12140 |
| **10/31/21** | $11527 | $12089 |
| **11/30/21** | $11593 | $12215 |
| **12/31/21** | $11537 | $12149 |
| **1/31/22** | $11443 | $12014 |
| **2/28/22** | $11243 | $11851 |
| **3/31/22** | $11076 | $11657 |
| **4/30/22** | $10846 | $11438 |
| **5/31/22** | $10733 | $11354 |
| **6/30/22** | $10504 | $11190 |
| **7/31/22** | $10773 | $11491 |
| **8/31/22** | $10513 | $11199 |
| **9/30/22** | $10222 | $10943 |
| **10/31/22** | $10289 | $10998 |
| **11/30/22** | $10452 | $11170 |
| **12/31/22** | $10282 | $10963 |
| **1/31/23** | $10503 | $11149 |
| **2/28/23** | $10403 | $11054 |
| **3/31/23** | $10545 | $11276 |
| **4/30/23** | $10569 | $11323 |
| **5/31/23** | $10563 | $11340 |
| **6/30/23** | $10587 | $11359 |
| **7/31/23** | $10614 | $11367 |
| **8/31/23** | $10632 | $11399 |
| **9/30/23** | $10532 | $11270 |
| **10/31/23** | $10505 | $11267 |
| **11/30/23** | $10781 | $11560 |
| **12/31/23** | $11130 | $11874 |
| **1/31/24** | $11098 | $11856 |
| **2/29/24** | $11089 | $11839 |
| **3/31/24** | $11232 | $11943 |
| **4/30/24** | $11126 | $11833 |
| **5/31/24** | $11160 | $11860 |
| **6/30/24** | $11217 | $11957 |
| **7/31/24** | $11365 | $12151 |
| **8/31/24** | $11397 | $12248 |
| **9/30/24** | $11533 | $12373 |
| **10/31/24** | $11427 | $12312 |
| **11/30/24** | $11621 | $12475 |
| **12/31/24** | $11627 | $12465 |
| **1/31/25** | $11680 | $12497 |
| **2/28/25** | $11708 | $12545 |
| **3/31/25** | $11625 | $12444 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 3.50% | 1.00% | 1.52% |
| Class C (including sales charge) | 2.50% | 1.00% | 1.52% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# Class C: PFOCX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4207TSRAR_033125

# I-3: PFONX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $74 | 0.72% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932175i09be86ea7448698fd7d0.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $988560 | $992358 |
| **5/31/15** | $976479 | $986756 |
| **6/30/15** | $959680 | $973331 |
| **7/31/15** | $977025 | $985467 |
| **8/31/15** | $968498 | $982036 |
| **9/30/15** | $971669 | $987706 |
| **10/31/15** | $979368 | $992904 |
| **11/30/15** | $984239 | $995886 |
| **12/31/15** | $977668 | $993627 |
| **1/31/16** | $988068 | $1009345 |
| **2/29/16** | $992471 | $1021256 |
| **3/31/16** | $1004373 | $1028516 |
| **4/30/16** | $1007780 | $1028260 |
| **5/31/16** | $1013424 | $1035728 |
| **6/30/16** | $1036633 | $1056494 |
| **7/31/16** | $1047022 | $1062283 |
| **8/31/16** | $1050219 | $1061874 |
| **9/30/16** | $1054142 | $1062067 |
| **10/31/16** | $1046001 | $1049820 |
| **11/30/16** | $1036884 | $1038388 |
| **12/31/16** | $1044817 | $1042276 |
| **1/31/17** | $1036643 | $1033340 |
| **2/28/17** | $1051166 | $1043552 |
| **3/31/17** | $1051045 | $1042900 |
| **4/30/17** | $1053857 | $1049165 |
| **5/31/17** | $1058679 | $1053640 |
| **6/30/17** | $1055683 | $1049008 |
| **7/31/17** | $1060598 | $1051403 |
| **8/31/17** | $1071682 | $1061145 |
| **9/30/17** | $1069629 | $1056177 |
| **10/31/17** | $1077757 | $1063529 |
| **11/30/17** | $1081748 | $1067641 |
| **12/31/17** | $1079958 | $1068144 |
| **1/31/18** | $1081832 | $1063886 |
| **2/28/18** | $1083901 | $1067315 |
| **3/31/18** | $1094383 | $1078152 |
| **4/30/18** | $1092693 | $1077101 |
| **5/31/18** | $1095107 | $1078647 |
| **6/30/18** | $1099793 | $1083308 |
| **7/31/18** | $1100384 | $1083162 |
| **8/31/18** | $1101115 | $1083734 |
| **9/30/18** | $1099477 | $1081513 |
| **10/31/18** | $1102060 | $1084606 |
| **11/30/18** | $1101779 | $1089333 |
| **12/31/18** | $1106765 | $1101988 |
| **1/31/19** | $1121986 | $1113190 |
| **2/28/19** | $1124768 | $1115669 |
| **3/31/19** | $1139302 | $1134592 |
| **4/30/19** | $1141361 | $1135073 |
| **5/31/19** | $1153079 | $1148673 |
| **6/30/19** | $1170065 | $1165742 |
| **7/31/19** | $1181672 | $1179977 |
| **8/31/19** | $1199642 | $1203729 |
| **9/30/19** | $1193908 | $1198738 |
| **10/31/19** | $1189173 | $1191805 |
| **11/30/19** | $1184739 | $1189563 |
| **12/31/19** | $1186255 | $1185424 |
| **1/31/20** | $1204798 | $1205752 |
| **2/29/20** | $1207558 | $1215388 |
| **3/31/20** | $1162948 | $1191418 |
| **4/30/20** | $1188066 | $1208290 |
| **5/31/20** | $1197408 | $1208536 |
| **6/30/20** | $1206533 | $1212396 |
| **7/31/20** | $1221572 | $1221103 |
| **8/31/20** | $1222329 | $1212397 |
| **9/30/20** | $1231929 | $1220602 |
| **10/31/20** | $1240467 | $1224352 |
| **11/30/20** | $1247624 | $1227197 |
| **12/31/20** | $1257448 | $1232127 |
| **1/31/21** | $1256584 | $1226715 |
| **2/28/21** | $1238631 | $1206394 |
| **3/31/21** | $1240084 | $1208737 |
| **4/30/21** | $1239541 | $1207460 |
| **5/31/21** | $1240917 | $1209017 |
| **6/30/21** | $1241138 | $1212958 |
| **7/31/21** | $1254023 | $1229373 |
| **8/31/21** | $1250772 | $1226417 |
| **9/30/21** | $1239345 | $1214035 |
| **10/31/21** | $1231417 | $1208876 |
| **11/30/21** | $1239477 | $1221526 |
| **12/31/21** | $1234606 | $1214890 |
| **1/31/22** | $1225562 | $1201381 |
| **2/28/22** | $1205069 | $1185079 |
| **3/31/22** | $1188145 | $1165686 |
| **4/30/22** | $1164463 | $1143768 |
| **5/31/22** | $1153335 | $1135370 |
| **6/30/22** | $1129581 | $1118963 |
| **7/31/22** | $1159535 | $1149081 |
| **8/31/22** | $1132545 | $1119923 |
| **9/30/22** | $1102064 | $1094279 |
| **10/31/22** | $1110203 | $1099795 |
| **11/30/22** | $1128722 | $1117004 |
| **12/31/22** | $1111356 | $1096275 |
| **1/31/23** | $1136158 | $1114854 |
| **2/28/23** | $1126199 | $1105427 |
| **3/31/23** | $1142626 | $1127616 |
| **4/30/23** | $1146139 | $1132344 |
| **5/31/23** | $1146428 | $1134023 |
| **6/30/23** | $1150032 | $1135884 |
| **7/31/23** | $1153861 | $1136737 |
| **8/31/23** | $1156857 | $1139906 |
| **9/30/23** | $1146897 | $1127017 |
| **10/31/23** | $1144907 | $1126689 |
| **11/30/23** | $1175976 | $1155972 |
| **12/31/23** | $1215091 | $1187439 |
| **1/31/24** | $1212670 | $1185639 |
| **2/29/24** | $1212625 | $1183903 |
| **3/31/24** | $1229304 | $1194340 |
| **4/30/24** | $1218697 | $1183323 |
| **5/31/24** | $1223546 | $1185969 |
| **6/30/24** | $1230725 | $1195652 |
| **7/31/24** | $1248056 | $1215082 |
| **8/31/24** | $1252745 | $1224809 |
| **9/30/24** | $1268661 | $1237289 |
| **10/31/24** | $1258038 | $1231192 |
| **11/30/24** | $1280509 | $1247450 |
| **12/31/24** | $1282250 | $1246471 |
| **1/31/25** | $1289328 | $1249658 |
| **2/28/25** | $1293419 | $1254510 |
| **3/31/25** | $1285179 | $1244356 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 4.55% | 2.02% | 2.54% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# I-3: PFONX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS2182TSRAR_033125

# Institutional Class: PFORX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $58 | 0.57% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932175iaf6122d005980a31c83a.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $988683 | $992358 |
| **5/31/15** | $976725 | $986756 |
| **6/30/15** | $960039 | $973331 |
| **7/31/15** | $977515 | $985467 |
| **8/31/15** | $969107 | $982036 |
| **9/30/15** | $972400 | $987706 |
| **10/31/15** | $980229 | $992904 |
| **11/30/15** | $985225 | $995886 |
| **12/31/15** | $978772 | $993627 |
| **1/31/16** | $989309 | $1009345 |
| **2/29/16** | $993834 | $1021256 |
| **3/31/16** | $1005880 | $1028516 |
| **4/30/16** | $1009415 | $1028260 |
| **5/31/16** | $1015197 | $1035728 |
| **6/30/16** | $1038573 | $1056494 |
| **7/31/16** | $1049113 | $1062283 |
| **8/31/16** | $1052451 | $1061874 |
| **9/30/16** | $1056511 | $1062067 |
| **10/31/16** | $1048485 | $1049820 |
| **11/30/16** | $1039475 | $1038388 |
| **12/31/16** | $1047560 | $1042276 |
| **1/31/17** | $1039496 | $1033340 |
| **2/28/17** | $1054180 | $1043552 |
| **3/31/17** | $1054193 | $1042900 |
| **4/30/17** | $1057143 | $1049165 |
| **5/31/17** | $1062115 | $1053640 |
| **6/30/17** | $1059240 | $1049008 |
| **7/31/17** | $1064307 | $1051403 |
| **8/31/17** | $1075566 | $1061145 |
| **9/30/17** | $1073638 | $1056177 |
| **10/31/17** | $1081933 | $1063529 |
| **11/30/17** | $1086073 | $1067641 |
| **12/31/17** | $1084414 | $1068144 |
| **1/31/18** | $1086434 | $1063886 |
| **2/28/18** | $1088637 | $1067315 |
| **3/31/18** | $1099305 | $1078152 |
| **4/30/18** | $1097732 | $1077101 |
| **5/31/18** | $1100296 | $1078647 |
| **6/30/18** | $1105137 | $1083308 |
| **7/31/18** | $1105858 | $1083162 |
| **8/31/18** | $1106738 | $1083734 |
| **9/30/18** | $1105208 | $1081513 |
| **10/31/18** | $1107939 | $1084606 |
| **11/30/18** | $1107793 | $1089333 |
| **12/31/18** | $1112943 | $1101988 |
| **1/31/19** | $1128374 | $1113190 |
| **2/28/19** | $1131297 | $1115669 |
| **3/31/19** | $1146045 | $1134592 |
| **4/30/19** | $1148250 | $1135073 |
| **5/31/19** | $1160182 | $1148673 |
| **6/30/19** | $1177393 | $1165742 |
| **7/31/19** | $1189210 | $1179977 |
| **8/31/19** | $1207444 | $1203729 |
| **9/30/19** | $1201807 | $1198738 |
| **10/31/19** | $1197188 | $1191805 |
| **11/30/19** | $1192872 | $1189563 |
| **12/31/19** | $1194545 | $1185424 |
| **1/31/20** | $1213353 | $1205752 |
| **2/29/20** | $1216269 | $1215388 |
| **3/31/20** | $1171499 | $1191418 |
| **4/30/20** | $1196918 | $1208290 |
| **5/31/20** | $1206473 | $1208536 |
| **6/30/20** | $1215811 | $1212396 |
| **7/31/20** | $1231120 | $1221103 |
| **8/31/20** | $1232032 | $1212397 |
| **9/30/20** | $1241856 | $1220602 |
| **10/31/20** | $1250621 | $1224352 |
| **11/30/20** | $1257982 | $1227197 |
| **12/31/20** | $1268058 | $1232127 |
| **1/31/21** | $1267333 | $1226715 |
| **2/28/21** | $1249386 | $1206394 |
| **3/31/21** | $1251013 | $1208737 |
| **4/30/21** | $1250632 | $1207460 |
| **5/31/21** | $1252166 | $1209017 |
| **6/30/21** | $1252546 | $1212958 |
| **7/31/21** | $1265709 | $1229373 |
| **8/31/21** | $1262586 | $1226417 |
| **9/30/21** | $1251215 | $1214035 |
| **10/31/21** | $1243377 | $1208876 |
| **11/30/21** | $1251668 | $1221526 |
| **12/31/21** | $1246925 | $1214890 |
| **1/31/22** | $1237946 | $1201381 |
| **2/28/22** | $1217390 | $1185079 |
| **3/31/22** | $1200461 | $1165686 |
| **4/30/22** | $1176698 | $1143768 |
| **5/31/22** | $1165603 | $1135370 |
| **6/30/22** | $1141740 | $1118963 |
| **7/31/22** | $1172129 | $1149081 |
| **8/31/22** | $1145030 | $1119923 |
| **9/30/22** | $1114396 | $1094279 |
| **10/31/22** | $1122740 | $1099795 |
| **11/30/22** | $1141587 | $1117004 |
| **12/31/22** | $1124216 | $1096275 |
| **1/31/23** | $1149434 | $1114854 |
| **2/28/23** | $1139505 | $1105427 |
| **3/31/23** | $1156267 | $1127616 |
| **4/30/23** | $1159949 | $1132344 |
| **5/31/23** | $1160387 | $1134023 |
| **6/30/23** | $1164180 | $1135884 |
| **7/31/23** | $1168185 | $1136737 |
| **8/31/23** | $1171345 | $1139906 |
| **9/30/23** | $1161428 | $1127017 |
| **10/31/23** | $1159545 | $1126689 |
| **11/30/23** | $1191123 | $1155972 |
| **12/31/23** | $1230868 | $1187439 |
| **1/31/24** | $1228555 | $1185639 |
| **2/29/24** | $1228645 | $1183903 |
| **3/31/24** | $1245671 | $1194340 |
| **4/30/24** | $1235092 | $1183323 |
| **5/31/24** | $1240183 | $1185969 |
| **6/30/24** | $1247606 | $1195652 |
| **7/31/24** | $1265293 | $1215082 |
| **8/31/24** | $1270209 | $1224809 |
| **9/30/24** | $1286479 | $1237289 |
| **10/31/24** | $1275891 | $1231192 |
| **11/30/24** | $1298798 | $1247450 |
| **12/31/24** | $1300731 | $1246471 |
| **1/31/25** | $1308046 | $1249658 |
| **2/28/25** | $1312340 | $1254510 |
| **3/31/25** | $1304117 | $1244356 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.69% | 2.17% | 2.69% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# Institutional Class: PFORX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS0103TSRAR_033125

# I-2: PFBPX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $69 | 0.67% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932175i0c9bbbe37a7361ecc380.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $988600 | $992358 |
| **5/31/15** | $976560 | $986756 |
| **6/30/15** | $959799 | $973331 |
| **7/31/15** | $977183 | $985467 |
| **8/31/15** | $968702 | $982036 |
| **9/30/15** | $971913 | $987706 |
| **10/31/15** | $979654 | $992904 |
| **11/30/15** | $984569 | $995886 |
| **12/31/15** | $978029 | $993627 |
| **1/31/16** | $988482 | $1009345 |
| **2/29/16** | $992925 | $1021256 |
| **3/31/16** | $1004876 | $1028516 |
| **4/30/16** | $1008324 | $1028260 |
| **5/31/16** | $1014016 | $1035728 |
| **6/30/16** | $1037282 | $1056494 |
| **7/31/16** | $1047720 | $1062283 |
| **8/31/16** | $1050965 | $1061874 |
| **9/30/16** | $1054927 | $1062067 |
| **10/31/16** | $1046830 | $1049820 |
| **11/30/16** | $1037748 | $1038388 |
| **12/31/16** | $1045726 | $1042276 |
| **1/31/17** | $1037599 | $1033340 |
| **2/28/17** | $1052176 | $1043552 |
| **3/31/17** | $1052094 | $1042900 |
| **4/30/17** | $1054959 | $1049165 |
| **5/31/17** | $1059830 | $1053640 |
| **6/30/17** | $1056869 | $1049008 |
| **7/31/17** | $1061841 | $1051403 |
| **8/31/17** | $1072984 | $1061145 |
| **9/30/17** | $1070969 | $1056177 |
| **10/31/17** | $1079156 | $1063529 |
| **11/30/17** | $1083196 | $1067641 |
| **12/31/17** | $1081447 | $1068144 |
| **1/31/18** | $1083373 | $1063886 |
| **2/28/18** | $1085486 | $1067315 |
| **3/31/18** | $1096027 | $1078152 |
| **4/30/18** | $1094372 | $1077101 |
| **5/31/18** | $1096836 | $1078647 |
| **6/30/18** | $1101568 | $1083308 |
| **7/31/18** | $1102196 | $1083162 |
| **8/31/18** | $1102971 | $1083734 |
| **9/30/18** | $1101365 | $1081513 |
| **10/31/18** | $1103993 | $1084606 |
| **11/30/18** | $1103751 | $1089333 |
| **12/31/18** | $1108791 | $1101988 |
| **1/31/19** | $1124073 | $1113190 |
| **2/28/19** | $1126897 | $1115669 |
| **3/31/19** | $1141492 | $1134592 |
| **4/30/19** | $1143596 | $1135073 |
| **5/31/19** | $1155379 | $1148673 |
| **6/30/19** | $1172430 | $1165742 |
| **7/31/19** | $1184098 | $1179977 |
| **8/31/19** | $1202146 | $1203729 |
| **9/30/19** | $1196443 | $1198738 |
| **10/31/19** | $1191744 | $1191805 |
| **11/30/19** | $1187346 | $1189563 |
| **12/31/19** | $1188911 | $1185424 |
| **1/31/20** | $1207525 | $1205752 |
| **2/29/20** | $1210335 | $1215388 |
| **3/31/20** | $1165686 | $1191418 |
| **4/30/20** | $1190884 | $1208290 |
| **5/31/20** | $1200289 | $1208536 |
| **6/30/20** | $1209480 | $1212396 |
| **7/31/20** | $1224600 | $1221103 |
| **8/31/20** | $1225410 | $1212397 |
| **9/30/20** | $1235080 | $1220602 |
| **10/31/20** | $1243689 | $1224352 |
| **11/30/20** | $1250910 | $1227197 |
| **12/31/20** | $1260813 | $1232127 |
| **1/31/21** | $1259997 | $1226715 |
| **2/28/21** | $1242058 | $1206394 |
| **3/31/21** | $1243569 | $1208737 |
| **4/30/21** | $1243082 | $1207460 |
| **5/31/21** | $1244508 | $1209017 |
| **6/30/21** | $1244784 | $1212958 |
| **7/31/21** | $1257756 | $1229373 |
| **8/31/21** | $1254550 | $1226417 |
| **9/30/21** | $1243147 | $1214035 |
| **10/31/21** | $1235254 | $1208876 |
| **11/30/21** | $1243388 | $1221526 |
| **12/31/21** | $1238565 | $1214890 |
| **1/31/22** | $1229548 | $1201381 |
| **2/28/22** | $1209039 | $1185079 |
| **3/31/22** | $1192125 | $1165686 |
| **4/30/22** | $1168426 | $1143768 |
| **5/31/22** | $1157313 | $1135370 |
| **6/30/22** | $1133527 | $1118963 |
| **7/31/22** | $1163600 | $1149081 |
| **8/31/22** | $1136600 | $1119923 |
| **9/30/22** | $1106093 | $1094279 |
| **10/31/22** | $1114289 | $1099795 |
| **11/30/22** | $1132906 | $1117004 |
| **12/31/22** | $1115564 | $1096275 |
| **1/31/23** | $1140503 | $1114854 |
| **2/28/23** | $1130563 | $1105427 |
| **3/31/23** | $1147091 | $1127616 |
| **4/30/23** | $1150656 | $1132344 |
| **5/31/23** | $1150993 | $1134023 |
| **6/30/23** | $1154654 | $1135884 |
| **7/31/23** | $1158535 | $1136737 |
| **8/31/23** | $1161571 | $1139906 |
| **9/30/23** | $1151640 | $1127017 |
| **10/31/23** | $1149678 | $1126689 |
| **11/30/23** | $1180891 | $1155972 |
| **12/31/23** | $1220190 | $1187439 |
| **1/31/24** | $1217797 | $1185639 |
| **2/29/24** | $1217792 | $1183903 |
| **3/31/24** | $1234564 | $1194340 |
| **4/30/24** | $1223979 | $1183323 |
| **5/31/24** | $1228912 | $1185969 |
| **6/30/24** | $1236174 | $1195652 |
| **7/31/24** | $1253594 | $1215082 |
| **8/31/24** | $1258350 | $1224809 |
| **9/30/24** | $1274371 | $1237289 |
| **10/31/24** | $1263776 | $1231192 |
| **11/30/24** | $1286357 | $1247450 |
| **12/31/24** | $1288163 | $1246471 |
| **1/31/25** | $1295294 | $1249658 |
| **2/28/25** | $1299447 | $1254510 |
| **3/31/25** | $1291203 | $1244356 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.59% | 2.07% | 2.59% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# I-2: PFBPX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1911TSRAR_033125

# Class R: PFRRX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $124 | 1.22% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose. 

* Long exposure to select emerging markets currencies in the Middle East, Eastern Europe, and Africa contributed to relative performance, particularly the Turkish lira, as local yields remained elevated. 

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened. 

* Underweight exposure to duration in China detracted from relative performance, as yields fell. 

* Positioning within developed market currencies, notably short exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024. 

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i2de562f6df90a0fe5da7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9881 | $9924 |
| **5/31/15** | $9757 | $9868 |
| **6/30/15** | $9585 | $9733 |
| **7/31/15** | $9754 | $9855 |
| **8/31/15** | $9665 | $9820 |
| **9/30/15** | $9692 | $9877 |
| **10/31/15** | $9765 | $9929 |
| **11/30/15** | $9810 | $9959 |
| **12/31/15** | $9740 | $9936 |
| **1/31/16** | $9840 | $10093 |
| **2/29/16** | $9880 | $10213 |
| **3/31/16** | $9994 | $10285 |
| **4/30/16** | $10023 | $10283 |
| **5/31/16** | $10075 | $10357 |
| **6/30/16** | $10302 | $10565 |
| **7/31/16** | $10401 | $10623 |
| **8/31/16** | $10428 | $10619 |
| **9/30/16** | $10463 | $10621 |
| **10/31/16** | $10378 | $10498 |
| **11/30/16** | $10283 | $10384 |
| **12/31/16** | $10357 | $10423 |
| **1/31/17** | $10272 | $10333 |
| **2/28/17** | $10412 | $10436 |
| **3/31/17** | $10406 | $10429 |
| **4/30/17** | $10430 | $10492 |
| **5/31/17** | $10473 | $10536 |
| **6/30/17** | $10439 | $10490 |
| **7/31/17** | $10483 | $10514 |
| **8/31/17** | $10588 | $10611 |
| **9/30/17** | $10564 | $10562 |
| **10/31/17** | $10640 | $10635 |
| **11/30/17** | $10675 | $10676 |
| **12/31/17** | $10652 | $10681 |
| **1/31/18** | $10666 | $10639 |
| **2/28/18** | $10683 | $10673 |
| **3/31/18** | $10781 | $10782 |
| **4/30/18** | $10760 | $10771 |
| **5/31/18** | $10779 | $10786 |
| **6/30/18** | $10821 | $10833 |
| **7/31/18** | $10822 | $10832 |
| **8/31/18** | $10824 | $10837 |
| **9/30/18** | $10804 | $10815 |
| **10/31/18** | $10825 | $10846 |
| **11/30/18** | $10817 | $10893 |
| **12/31/18** | $10862 | $11020 |
| **1/31/19** | $11007 | $11132 |
| **2/28/19** | $11030 | $11157 |
| **3/31/19** | $11167 | $11346 |
| **4/30/19** | $11183 | $11351 |
| **5/31/19** | $11293 | $11487 |
| **6/30/19** | $11455 | $11657 |
| **7/31/19** | $11563 | $11800 |
| **8/31/19** | $11734 | $12037 |
| **9/30/19** | $11673 | $11987 |
| **10/31/19** | $11622 | $11918 |
| **11/30/19** | $11574 | $11896 |
| **12/31/19** | $11583 | $11854 |
| **1/31/20** | $11759 | $12058 |
| **2/29/20** | $11782 | $12154 |
| **3/31/20** | $11342 | $11914 |
| **4/30/20** | $11582 | $12083 |
| **5/31/20** | $11668 | $12085 |
| **6/30/20** | $11752 | $12124 |
| **7/31/20** | $11893 | $12211 |
| **8/31/20** | $11896 | $12124 |
| **9/30/20** | $11984 | $12206 |
| **10/31/20** | $12062 | $12244 |
| **11/30/20** | $12127 | $12272 |
| **12/31/20** | $12216 | $12321 |
| **1/31/21** | $12203 | $12267 |
| **2/28/21** | $12024 | $12064 |
| **3/31/21** | $12033 | $12087 |
| **4/30/21** | $12023 | $12075 |
| **5/31/21** | $12031 | $12090 |
| **6/30/21** | $12029 | $12130 |
| **7/31/21** | $12148 | $12294 |
| **8/31/21** | $12112 | $12264 |
| **9/30/21** | $11996 | $12140 |
| **10/31/21** | $11914 | $12089 |
| **11/30/21** | $11987 | $12215 |
| **12/31/21** | $11935 | $12149 |
| **1/31/22** | $11843 | $12014 |
| **2/28/22** | $11640 | $11851 |
| **3/31/22** | $11472 | $11657 |
| **4/30/22** | $11239 | $11438 |
| **5/31/22** | $11127 | $11354 |
| **6/30/22** | $10893 | $11190 |
| **7/31/22** | $11177 | $11491 |
| **8/31/22** | $10913 | $11199 |
| **9/30/22** | $10614 | $10943 |
| **10/31/22** | $10688 | $10998 |
| **11/30/22** | $10862 | $11170 |
| **12/31/22** | $10691 | $10963 |
| **1/31/23** | $10925 | $11149 |
| **2/28/23** | $10825 | $11054 |
| **3/31/23** | $10978 | $11276 |
| **4/30/23** | $11007 | $11323 |
| **5/31/23** | $11005 | $11340 |
| **6/30/23** | $11035 | $11359 |
| **7/31/23** | $11067 | $11367 |
| **8/31/23** | $11091 | $11399 |
| **9/30/23** | $10991 | $11270 |
| **10/31/23** | $10968 | $11267 |
| **11/30/23** | $11260 | $11560 |
| **12/31/23** | $11630 | $11874 |
| **1/31/24** | $11602 | $11856 |
| **2/29/24** | $11596 | $11839 |
| **3/31/24** | $11751 | $11943 |
| **4/30/24** | $11645 | $11833 |
| **5/31/24** | $11686 | $11860 |
| **6/30/24** | $11750 | $11957 |
| **7/31/24** | $11910 | $12151 |
| **8/31/24** | $11949 | $12248 |
| **9/30/24** | $12096 | $12373 |
| **10/31/24** | $11990 | $12312 |
| **11/30/24** | $12199 | $12475 |
| **12/31/24** | $12210 | $12465 |
| **1/31/25** | $12272 | $12497 |
| **2/28/25** | $12306 | $12545 |
| **3/31/25** | $12223 | $12444 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.02% | 1.51% | 2.03% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $15150189 |
| # of Portfolio Holdings | 2083 |
| Portfolio Turnover Rate | 699% |
| Total Net Advisory Fees Paid During the Reporting Period | $37958 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 76.8% |
| Japan | 8.3% |
| Canada | 6.7% |
| Spain | 6.1% |
| France | 5.7% |
| United Kingdom | 4.3% |
| Denmark | 2.9% |
| Ireland | 2.6% |
| Cayman Islands | 2.5% |
| Australia | 2.3% |
| Other Countries | 18.4% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 4.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (41.2%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.18% as a result of lower expenses related to interest.

## 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](g932175ie1b12c7913ec736be983.jpg)

# Class R: PFRRX
![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4507TSRAR_033125

# PIMCO International Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO International Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $20 | 0.19% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Underweight exposure to duration in Japan contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably short exposure to the euro, contributed to relative performance, as the currency depreciated against the U.S. dollar during the second quarter of 2024.

* Overweight exposure to duration in the U.K. detracted from relative performance, as intermediate and longer maturity yields rose.

* Overweight exposure to duration in Canada, particularly in October of 2024, detracted from relative performance, as yields rose during that period.

* Underweight exposure to European peripheral local debt, including in Italy and Spain, detracted from relative performance, as yields remained elevated.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg Global Aggregate ex-USD (USD Hedged) Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i6f370c8e2ea00561fec0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO International Portfolio** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** | **JPMorgan GBI Global ex-US Index Hedged in USD** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $9641 | $9924 | $9908 | $10000 |
| **5/31/15** | $9821 | $9868 | $9827 | $10000 |
| **6/30/15** | $9468 | $9733 | $9678 | $10000 |
| **7/31/15** | $9656 | $9855 | $9825 | $10001 |
| **8/31/15** | $9385 | $9820 | $9788 | $10001 |
| **9/30/15** | $9351 | $9877 | $9882 | $10001 |
| **10/31/15** | $9450 | $9929 | $9928 | $10001 |
| **11/30/15** | $9516 | $9959 | $9964 | $10002 |
| **12/31/15** | $9577 | $9936 | $9942 | $10002 |
| **1/31/16** | $9554 | $10093 | $10145 | $10004 |
| **2/29/16** | $9299 | $10213 | $10296 | $10005 |
| **3/31/16** | $9230 | $10285 | $10366 | $10008 |
| **4/30/16** | $9103 | $10283 | $10343 | $10010 |
| **5/31/16** | $9241 | $10357 | $10441 | $10012 |
| **6/30/16** | $8813 | $10565 | $10709 | $10014 |
| **7/31/16** | $8882 | $10623 | $10742 | $10016 |
| **8/31/16** | $8929 | $10619 | $10723 | $10019 |
| **9/30/16** | $8917 | $10621 | $10716 | $10021 |
| **10/31/16** | $8929 | $10498 | $10556 | $10024 |
| **11/30/16** | $9160 | $10384 | $10439 | $10026 |
| **12/31/16** | $9103 | $10423 | $10484 | $10029 |
| **1/31/17** | $9160 | $10333 | $10344 | $10033 |
| **2/28/17** | $8964 | $10436 | $10461 | $10037 |
| **3/31/17** | $8894 | $10429 | $10446 | $10042 |
| **4/30/17** | $8651 | $10492 | $10515 | $10047 |
| **5/31/17** | $8558 | $10536 | $10560 | $10053 |
| **6/30/17** | $8836 | $10490 | $10503 | $10060 |
| **7/31/17** | $8859 | $10514 | $10526 | $10068 |
| **8/31/17** | $8744 | $10611 | $10635 | $10077 |
| **9/30/17** | $9045 | $10562 | $10570 | $10086 |
| **10/31/17** | $8894 | $10635 | $10654 | $10095 |
| **11/30/17** | $8744 | $10676 | $10704 | $10104 |
| **12/31/17** | $8790 | $10681 | $10697 | $10114 |
| **1/31/18** | $9045 | $10639 | $10653 | $10125 |
| **2/28/18** | $9056 | $10673 | $10701 | $10136 |
| **3/31/18** | $8778 | $10782 | $10853 | $10149 |
| **4/30/18** | $8686 | $10771 | $10834 | $10163 |
| **5/31/18** | $8570 | $10786 | $10824 | $10178 |
| **6/30/18** | $8605 | $10833 | $10883 | $10193 |
| **7/31/18** | $8732 | $10832 | $10867 | $10210 |
| **8/31/18** | $8836 | $10837 | $10840 | $10227 |
| **9/30/18** | $8906 | $10815 | $10818 | $10244 |
| **10/31/18** | $8998 | $10846 | $10856 | $10263 |
| **11/30/18** | $8720 | $10893 | $10918 | $10282 |
| **12/31/18** | $7994 | $11020 | $11080 | $10302 |
| **1/31/19** | $7924 | $11132 | $11203 | $10323 |
| **2/28/19** | $8098 | $11157 | $11204 | $10342 |
| **3/31/19** | $7471 | $11346 | $11419 | $10364 |
| **4/30/19** | $7576 | $11351 | $11410 | $10385 |
| **5/31/19** | $7378 | $11487 | $11577 | $10406 |
| **6/30/19** | $7194 | $11657 | $11772 | $10427 |
| **7/31/19** | $6949 | $11800 | $11936 | $10448 |
| **8/31/19** | $6716 | $12037 | $12243 | $10468 |
| **9/30/19** | $7172 | $11987 | $12190 | $10486 |
| **10/31/19** | $7254 | $11918 | $12093 | $10504 |
| **11/30/19** | $7102 | $11896 | $12033 | $10519 |
| **12/31/19** | $7092 | $11854 | $11964 | $10534 |
| **1/31/20** | $7368 | $12058 | $12211 | $10548 |
| **2/29/20** | $6961 | $12154 | $12324 | $10562 |
| **3/31/20** | $6505 | $11914 | $12137 | $10575 |
| **4/30/20** | $6254 | $12083 | $12247 | $10584 |
| **5/31/20** | $6230 | $12085 | $12239 | $10588 |
| **6/30/20** | $6278 | $12124 | $12275 | $10589 |
| **7/31/20** | $6266 | $12211 | $12374 | $10591 |
| **8/31/20** | $6445 | $12124 | $12249 | $10592 |
| **9/30/20** | $6386 | $12206 | $12383 | $10593 |
| **10/31/20** | $6457 | $12244 | $12428 | $10594 |
| **11/30/20** | $6469 | $12272 | $12438 | $10595 |
| **12/31/20** | $6398 | $12321 | $12486 | $10595 |
| **1/31/21** | $6517 | $12267 | $12404 | $10596 |
| **2/28/21** | $6769 | $12064 | $12140 | $10597 |
| **3/31/21** | $6793 | $12087 | $12188 | $10597 |
| **4/30/21** | $6793 | $12075 | $12146 | $10598 |
| **5/31/21** | $6769 | $12090 | $12160 | $10598 |
| **6/30/21** | $6685 | $12130 | $12209 | $10598 |
| **7/31/21** | $6505 | $12294 | $12393 | $10598 |
| **8/31/21** | $6553 | $12264 | $12349 | $10599 |
| **9/30/21** | $6781 | $12140 | $12203 | $10599 |
| **10/31/21** | $6601 | $12089 | $12183 | $10599 |
| **11/30/21** | $6338 | $12215 | $12351 | $10600 |
| **12/31/21** | $6493 | $12149 | $12226 | $10600 |
| **1/31/22** | $6649 | $12014 | $12062 | $10601 |
| **2/28/22** | $6769 | $11851 | $11913 | $10602 |
| **3/31/22** | $6757 | $11657 | $11728 | $10603 |
| **4/30/22** | $6601 | $11438 | $11478 | $10606 |
| **5/31/22** | $6865 | $11354 | $11340 | $10611 |
| **6/30/22** | $6894 | $11190 | $11189 | $10619 |
| **7/31/22** | $6834 | $11491 | $11489 | $10630 |
| **8/31/22** | $6918 | $11199 | $11130 | $10645 |
| **9/30/22** | $7023 | $10943 | $10825 | $10666 |
| **10/31/22** | $7084 | $10998 | $10889 | $10693 |
| **11/30/22** | $7145 | $11170 | $11061 | $10723 |
| **12/31/22** | $7385 | $10963 | $10741 | $10759 |
| **1/31/23** | $7422 | $11149 | $10920 | $10799 |
| **2/28/23** | $7300 | $11054 | $10836 | $10837 |
| **3/31/23** | $7103 | $11276 | $11100 | $10880 |
| **4/30/23** | $7066 | $11323 | $11115 | $10923 |
| **5/31/23** | $7091 | $11340 | $11099 | $10970 |
| **6/30/23** | $7066 | $11359 | $11115 | $11016 |
| **7/31/23** | $7238 | $11367 | $11071 | $11067 |
| **8/31/23** | $7263 | $11399 | $11081 | $11118 |
| **9/30/23** | $7349 | $11270 | $10922 | $11168 |
| **10/31/23** | $7508 | $11267 | $10894 | $11221 |
| **11/30/23** | $7508 | $11560 | $11224 | $11272 |
| **12/31/23** | $7569 | $11874 | $11559 | $11325 |
| **1/31/24** | $7582 | $11856 | $11493 | $11378 |
| **2/29/24** | $7496 | $11839 | $11453 | $11428 |
| **3/31/24** | $7520 | $11943 | $11565 | $11480 |
| **4/30/24** | $7631 | $11833 | $11407 | $11532 |
| **5/31/24** | $7704 | $11860 | $11382 | $11586 |
| **6/30/24** | $7734 | $11957 | $11450 | $11638 |
| **7/31/24** | $7820 | $12151 | $11635 | $11692 |
| **8/31/24** | $7845 | $12248 | $11746 | $11746 |
| **9/30/24** | $7901 | $12373 | $11862 | $11797 |
| **10/31/24** | $7765 | $12312 | $11769 | $11848 |
| **11/30/24** | $7777 | $12475 | $11918 | $11895 |
| **12/31/24** | $7880 | $12465 | $11828 | $11942 |
| **1/31/25** | $7930 | $12497 | $11832 | $11988 |
| **2/28/25** | $8005 | $12545 | $11882 | $12029 |
| **3/31/25** | $8118 | $12444 | $11746 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO International Portfolio | 7.94% | 4.53% | (2.06%) |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 4.19% | 0.87% | 2.21% |
| JPMorgan GBI Global ex-US Index Hedged in USD | 1.57% | (0.65%) | 1.62% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $517524 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 104% |
| Total Net Advisory Fees Paid During the Reporting Period | $108 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Canada | 17.9% |
| Japan | 9.9% |
| United Kingdom | 7.0% |
| Supranational | 6.8% |
| Denmark | 3.2% |
| United States | 2.5% |
| Short-Term Instruments | 9.1% |
| Affiliated Investments | 33.5% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | 11.0% |
| 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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.05% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO International Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS0109TSRAR_033125

# PIMCO Investment Grade Credit Bond Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Investment Grade Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $18 | 0.17% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Duration positioning contributed to performance, specifically through a curve steepening bias, as the U.S. yield curve steepened.

* Security selection within the banks and brokerage sector, specifically overweight exposure to a large global wealth manager, contributed to performance, as spreads tightened.

* Security selection within the specialty finance sector, specifically overweight exposure to a middle market lender, contributed to performance, as spreads tightened.

* Tactical exposure to emerging markets, specifically exposure to a Russian gas producer, contributed to performance, as spreads tightened.

* Underweight exposure to the tobacco sector detracted from performance, as the sector outperformed the broader Bloomberg U.S. Credit Index.

* There were no additional material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175ifa9ac0cc971f8025bbb5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Investment Grade Credit Bond Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Credit Investment Grade Index (Ex-Aa3 and Higher)** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10030 | $9964 | $9939 | $10000 |
| **5/31/15** | $10020 | $9940 | $9874 | $10000 |
| **6/30/15** | $9977 | $9832 | $9686 | $10000 |
| **7/31/15** | $10046 | $9900 | $9745 | $10001 |
| **8/31/15** | $9928 | $9886 | $9677 | $10001 |
| **9/30/15** | $9838 | $9953 | $9718 | $10001 |
| **10/31/15** | $9959 | $9954 | $9774 | $10001 |
| **11/30/15** | $9939 | $9928 | $9749 | $10002 |
| **12/31/15** | $9919 | $9896 | $9661 | $10002 |
| **1/31/16** | $9824 | $10032 | $9692 | $10004 |
| **2/29/16** | $9772 | $10103 | $9775 | $10005 |
| **3/31/16** | $10029 | $10196 | $10058 | $10008 |
| **4/30/16** | $10145 | $10235 | $10201 | $10010 |
| **5/31/16** | $10208 | $10238 | $10191 | $10012 |
| **6/30/16** | $10331 | $10422 | $10437 | $10014 |
| **7/31/16** | $10534 | $10488 | $10590 | $10016 |
| **8/31/16** | $10587 | $10476 | $10622 | $10019 |
| **9/30/16** | $10596 | $10470 | $10592 | $10021 |
| **10/31/16** | $10586 | $10389 | $10505 | $10024 |
| **11/30/16** | $10424 | $10144 | $10205 | $10026 |
| **12/31/16** | $10504 | $10158 | $10280 | $10029 |
| **1/31/17** | $10571 | $10178 | $10319 | $10033 |
| **2/28/17** | $10670 | $10246 | $10443 | $10037 |
| **3/31/17** | $10692 | $10241 | $10424 | $10042 |
| **4/30/17** | $10770 | $10320 | $10537 | $10047 |
| **5/31/17** | $10836 | $10399 | $10660 | $10053 |
| **6/30/17** | $10879 | $10389 | $10693 | $10060 |
| **7/31/17** | $10946 | $10434 | $10779 | $10068 |
| **8/31/17** | $10990 | $10527 | $10869 | $10077 |
| **9/30/17** | $11013 | $10477 | $10850 | $10086 |
| **10/31/17** | $11047 | $10483 | $10892 | $10095 |
| **11/30/17** | $11047 | $10470 | $10884 | $10104 |
| **12/31/17** | $11072 | $10518 | $10979 | $10114 |
| **1/31/18** | $11060 | $10397 | $10880 | $10125 |
| **2/28/18** | $11025 | $10298 | $10698 | $10136 |
| **3/31/18** | $11038 | $10364 | $10725 | $10149 |
| **4/30/18** | $11026 | $10287 | $10621 | $10163 |
| **5/31/18** | $11038 | $10360 | $10670 | $10178 |
| **6/30/18** | $11034 | $10348 | $10612 | $10193 |
| **7/31/18** | $11116 | $10350 | $10703 | $10210 |
| **8/31/18** | $11163 | $10417 | $10756 | $10227 |
| **9/30/18** | $11193 | $10350 | $10723 | $10244 |
| **10/31/18** | $11146 | $10268 | $10555 | $10263 |
| **11/30/18** | $11110 | $10329 | $10533 | $10282 |
| **12/31/18** | $11101 | $10519 | $10686 | $10302 |
| **1/31/19** | $11331 | $10631 | $10943 | $10323 |
| **2/28/19** | $11428 | $10625 | $10973 | $10342 |
| **3/31/19** | $11557 | $10829 | $11254 | $10364 |
| **4/30/19** | $11654 | $10831 | $11321 | $10385 |
| **5/31/19** | $11642 | $11024 | $11481 | $10406 |
| **6/30/19** | $11782 | $11162 | $11763 | $10427 |
| **7/31/19** | $11855 | $11187 | $11832 | $10448 |
| **8/31/19** | $11929 | $11476 | $12209 | $10468 |
| **9/30/19** | $11966 | $11415 | $12130 | $10486 |
| **10/31/19** | $12052 | $11450 | $12207 | $10504 |
| **11/30/19** | $12089 | $11444 | $12238 | $10519 |
| **12/31/19** | $12160 | $11436 | $12284 | $10534 |
| **1/31/20** | $12285 | $11656 | $12576 | $10548 |
| **2/29/20** | $12285 | $11866 | $12734 | $10562 |
| **3/31/20** | $11470 | $11796 | $11749 | $10575 |
| **4/30/20** | $11833 | $12006 | $12358 | $10584 |
| **5/31/20** | $12034 | $12062 | $12577 | $10588 |
| **6/30/20** | $12267 | $12137 | $12836 | $10589 |
| **7/31/20** | $12493 | $12319 | $13260 | $10591 |
| **8/31/20** | $12518 | $12219 | $13090 | $10592 |
| **9/30/20** | $12520 | $12213 | $13049 | $10593 |
| **10/31/20** | $12533 | $12158 | $13034 | $10594 |
| **11/30/20** | $12761 | $12277 | $13393 | $10595 |
| **12/31/20** | $12854 | $12294 | $13462 | $10595 |
| **1/31/21** | $12828 | $12206 | $13294 | $10596 |
| **2/28/21** | $12738 | $12030 | $13061 | $10597 |
| **3/31/21** | $12627 | $11880 | $12845 | $10597 |
| **4/30/21** | $12743 | $11974 | $12985 | $10598 |
| **5/31/21** | $12808 | $12013 | $13084 | $10598 |
| **6/30/21** | $12912 | $12097 | $13294 | $10598 |
| **7/31/21** | $13015 | $12232 | $13471 | $10598 |
| **8/31/21** | $13002 | $12209 | $13437 | $10599 |
| **9/30/21** | $12949 | $12103 | $13290 | $10599 |
| **10/31/21** | $12910 | $12100 | $13321 | $10599 |
| **11/30/21** | $12871 | $12136 | $13327 | $10600 |
| **12/31/21** | $12921 | $12105 | $13323 | $10600 |
| **1/31/22** | $12668 | $11844 | $12880 | $10601 |
| **2/28/22** | $12442 | $11712 | $12619 | $10602 |
| **3/31/22** | $12174 | $11386 | $12309 | $10603 |
| **4/30/22** | $11813 | $10954 | $11634 | $10606 |
| **5/31/22** | $11867 | $11025 | $11742 | $10611 |
| **6/30/22** | $11560 | $10852 | $11409 | $10619 |
| **7/31/22** | $11828 | $11117 | $11773 | $10630 |
| **8/31/22** | $11681 | $10803 | $11437 | $10645 |
| **9/30/22** | $11366 | $10336 | $10838 | $10666 |
| **10/31/22** | $11299 | $10202 | $10732 | $10693 |
| **11/30/22** | $11650 | $10578 | $11291 | $10723 |
| **12/31/22** | $11681 | $10530 | $11245 | $10759 |
| **1/31/23** | $12054 | $10854 | $11691 | $10799 |
| **2/28/23** | $11860 | $10573 | $11327 | $10837 |
| **3/31/23** | $12001 | $10842 | $11634 | $10880 |
| **4/30/23** | $12084 | $10908 | $11728 | $10923 |
| **5/31/23** | $12029 | $10789 | $11561 | $10970 |
| **6/30/23** | $12070 | $10750 | $11610 | $11016 |
| **7/31/23** | $12154 | $10743 | $11654 | $11067 |
| **8/31/23** | $12154 | $10674 | $11564 | $11118 |
| **9/30/23** | $11996 | $10403 | $11254 | $11168 |
| **10/31/23** | $11869 | $10239 | $11044 | $11221 |
| **11/30/23** | $12347 | $10702 | $11701 | $11272 |
| **12/31/23** | $12693 | $11112 | $12210 | $11325 |
| **1/31/24** | $12765 | $11082 | $12189 | $11378 |
| **2/29/24** | $12693 | $10925 | $12010 | $11428 |
| **3/31/24** | $12824 | $11026 | $12166 | $11480 |
| **4/30/24** | $12694 | $10747 | $11858 | $11532 |
| **5/31/24** | $12882 | $10930 | $12082 | $11586 |
| **6/30/24** | $12970 | $11033 | $12159 | $11638 |
| **7/31/24** | $13203 | $11291 | $12448 | $11692 |
| **8/31/24** | $13362 | $11453 | $12645 | $11746 |
| **9/30/24** | $13515 | $11606 | $12867 | $11797 |
| **10/31/24** | $13383 | $11319 | $12556 | $11848 |
| **11/30/24** | $13500 | $11438 | $12723 | $11895 |
| **12/31/24** | $13461 | $11251 | $12477 | $11942 |
| **1/31/25** | $13552 | $11311 | $12548 | $11988 |
| **2/28/25** | $13734 | $11560 | $12805 | $12029 |
| **3/31/25** | $13737 | $11564 | $12768 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Investment Grade Credit Bond Portfolio | 7.12% | 3.67% | 3.23% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg Credit Investment Grade Index (Ex-Aa3 and Higher) | 4.95% | 1.68% | 2.47% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $2468007 |
| # of Portfolio Holdings | 771 |
| Portfolio Turnover Rate | 221% |
| Total Net Advisory Fees Paid During the Reporting Period | $607 |

---

---

| | |
|:---|:---|
| 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 | 85.4% |
| U.S. Government Agencies | 18.3% |
| Preferred Securities | 4.7% |
| Asset-Backed Securities | 1.6% |
| Non-Agency Mortgage-Backed Securities | 1.5% |
| Sovereign Issues | 1.2% |
| Municipal Bonds & Notes | 0.8% |
| Convertible Preferred Securities | 0.7% |
| Loan Participations and Assignments | 0.6% |
| U.S. Treasury Obligations | 0.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.8% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (16.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.10% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS0476TSRAR_033125

# PIMCO Long Duration Credit Bond Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Long Duration Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $81 | 0.79% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning within financials contributed to performance, as select issuers outperformed the sector.

* Interest rate strategies overall, including duration, curve positioning, and instrument selection, contributed to performance, as the curve steepened.

* Relative value positioning within physical versus synthetic credit contributed to performance, as synthetic positioning outperformed cash bonds.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i56adc44d54891e9a37ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Long Duration Credit Bond Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9826 | $9964 | $9796 |
| **5/31/15** | $9668 | $9940 | $9623 |
| **6/30/15** | $9346 | $9832 | $9274 |
| **7/31/15** | $9529 | $9900 | $9409 |
| **8/31/15** | $9306 | $9886 | $9289 |
| **9/30/15** | $9250 | $9953 | $9323 |
| **10/31/15** | $9426 | $9954 | $9416 |
| **11/30/15** | $9370 | $9928 | $9377 |
| **12/31/15** | $9214 | $9896 | $9261 |
| **1/31/16** | $9257 | $10032 | $9284 |
| **2/29/16** | $9360 | $10103 | $9442 |
| **3/31/16** | $9865 | $10196 | $9892 |
| **4/30/16** | $10106 | $10235 | $10125 |
| **5/31/16** | $10132 | $10238 | $10127 |
| **6/30/16** | $10570 | $10422 | $10550 |
| **7/31/16** | $10936 | $10488 | $10843 |
| **8/31/16** | $10997 | $10476 | $10904 |
| **9/30/16** | $10931 | $10470 | $10789 |
| **10/31/16** | $10702 | $10389 | $10566 |
| **11/30/16** | $10111 | $10144 | $10052 |
| **12/31/16** | $10268 | $10158 | $10207 |
| **1/31/17** | $10378 | $10178 | $10232 |
| **2/28/17** | $10607 | $10246 | $10437 |
| **3/31/17** | $10588 | $10241 | $10376 |
| **4/30/17** | $10772 | $10320 | $10537 |
| **5/31/17** | $11000 | $10399 | $10755 |
| **6/30/17** | $11134 | $10389 | $10864 |
| **7/31/17** | $11227 | $10434 | $10956 |
| **8/31/17** | $11403 | $10527 | $11117 |
| **9/30/17** | $11403 | $10477 | $11100 |
| **10/31/17** | $11469 | $10483 | $11180 |
| **11/30/17** | $11525 | $10470 | $11226 |
| **12/31/17** | $11730 | $10518 | $11453 |
| **1/31/18** | $11584 | $10397 | $11307 |
| **2/28/18** | $11225 | $10298 | $10933 |
| **3/31/18** | $11335 | $10364 | $11015 |
| **4/30/18** | $11130 | $10287 | $10801 |
| **5/31/18** | $11139 | $10360 | $10851 |
| **6/30/18** | $11088 | $10348 | $10722 |
| **7/31/18** | $11225 | $10350 | $10883 |
| **8/31/18** | $11275 | $10417 | $10919 |
| **9/30/18** | $11211 | $10350 | $10858 |
| **10/31/18** | $10864 | $10268 | $10466 |
| **11/30/18** | $10855 | $10329 | $10424 |
| **12/31/18** | $11101 | $10519 | $10679 |
| **1/31/19** | $11490 | $10631 | $11048 |
| **2/28/19** | $11541 | $10625 | $11041 |
| **3/31/19** | $12052 | $10829 | $11519 |
| **4/30/19** | $12145 | $10831 | $11589 |
| **5/31/19** | $12453 | $11024 | $11865 |
| **6/30/19** | $12863 | $11162 | $12328 |
| **7/31/19** | $13019 | $11187 | $12470 |
| **8/31/19** | $13841 | $11476 | $13213 |
| **9/30/19** | $13664 | $11415 | $13020 |
| **10/31/19** | $13727 | $11450 | $13091 |
| **11/30/19** | $13812 | $11444 | $13161 |
| **12/31/19** | $13804 | $11436 | $13174 |
| **1/31/20** | $14431 | $11656 | $13708 |
| **2/29/20** | $14716 | $11866 | $13981 |
| **3/31/20** | $13387 | $11796 | $12561 |
| **4/30/20** | $14184 | $12006 | $13402 |
| **5/31/20** | $14417 | $12062 | $13607 |
| **6/30/20** | $14801 | $12137 | $13953 |
| **7/31/20** | $15615 | $12319 | $14803 |
| **8/31/20** | $15180 | $12219 | $14300 |
| **9/30/20** | $15117 | $12213 | $14228 |
| **10/31/20** | $14970 | $12158 | $14140 |
| **11/30/20** | $15782 | $12277 | $14863 |
| **12/31/20** | $15897 | $12294 | $14928 |
| **1/31/21** | $15534 | $12206 | $14542 |
| **2/28/21** | $15042 | $12030 | $14060 |
| **3/31/21** | $14613 | $11880 | $13675 |
| **4/30/21** | $14954 | $11974 | $13911 |
| **5/31/21** | $15060 | $12013 | $14057 |
| **6/30/21** | $15618 | $12097 | $14557 |
| **7/31/21** | $15997 | $12232 | $14878 |
| **8/31/21** | $15973 | $12209 | $14823 |
| **9/30/21** | $15662 | $12103 | $14531 |
| **10/31/21** | $15842 | $12100 | $14746 |
| **11/30/21** | $15914 | $12136 | $14806 |
| **12/31/21** | $15888 | $12105 | $14752 |
| **1/31/22** | $15129 | $11844 | $13943 |
| **2/28/22** | $14582 | $11712 | $13475 |
| **3/31/22** | $14074 | $11386 | $13095 |
| **4/30/22** | $12836 | $10954 | $11834 |
| **5/31/22** | $12886 | $11025 | $11943 |
| **6/30/22** | $12308 | $10852 | $11447 |
| **7/31/22** | $12912 | $11117 | $11979 |
| **8/31/22** | $12408 | $10803 | $11456 |
| **9/30/22** | $11441 | $10336 | $10466 |
| **10/31/22** | $11161 | $10202 | $10225 |
| **11/30/22** | $12102 | $10578 | $11147 |
| **12/31/22** | $11974 | $10530 | $11021 |
| **1/31/23** | $12852 | $10854 | $11764 |
| **2/28/23** | $12262 | $10573 | $11157 |
| **3/31/23** | $12717 | $10842 | $11618 |
| **4/30/23** | $12823 | $10908 | $11719 |
| **5/31/23** | $12518 | $10789 | $11403 |
| **6/30/23** | $12666 | $10750 | $11569 |
| **7/31/23** | $12639 | $10743 | $11552 |
| **8/31/23** | $12412 | $10674 | $11331 |
| **9/30/23** | $11742 | $10403 | $10732 |
| **10/31/23** | $11243 | $10239 | $10288 |
| **11/30/23** | $12389 | $10702 | $11373 |
| **12/31/23** | $13295 | $11112 | $12203 |
| **1/31/24** | $13253 | $11082 | $12089 |
| **2/29/24** | $12951 | $10925 | $11776 |
| **3/31/24** | $13192 | $11026 | $12002 |
| **4/30/24** | $12580 | $10747 | $11414 |
| **5/31/24** | $12969 | $10930 | $11734 |
| **6/30/24** | $13081 | $11033 | $11801 |
| **7/31/24** | $13531 | $11291 | $12172 |
| **8/31/24** | $13812 | $11453 | $12431 |
| **9/30/24** | $14171 | $11606 | $12756 |
| **10/31/24** | $13574 | $11319 | $12223 |
| **11/30/24** | $13900 | $11438 | $12493 |
| **12/31/24** | $13339 | $11251 | $11958 |
| **1/31/25** | $13426 | $11311 | $12009 |
| **2/28/25** | $13977 | $11560 | $12424 |
| **3/31/25** | $13802 | $11564 | $12253 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Long Duration Credit Bond Portfolio | 4.63% | 0.61% | 3.27% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Long Credit Index | 2.09% | (0.50%) | 2.05% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $26365712 |
| # of Portfolio Holdings | 2677 |
| Portfolio Turnover Rate | 333% |
| Total Net Advisory Fees Paid During the Reporting Period | $5083 |

---

---

| | |
|:---|:---|
| 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 | 78.7% |
| U.S. Government Agencies | 28.8% |
| U.S. Treasury Obligations | 22.1% |
| Sovereign Issues | 3.7% |
| Preferred Securities | 2.7% |
| Municipal Bonds & Notes | 2.3% |
| Asset-Backed Securities | 0.8% |
| Loan Participations and Assignments | 0.6% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.12% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS1830TSRAR_033125

# PIMCO Low Duration Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $5 | 0.05% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to U.S. duration, specifically the intermediary part of the curve, contributed to relative performance versus the Bloomberg 1-3 Year U.S. Government/Credit Bond Index ("Index"), as interest rates fell.

* Overweight commercial mortgage-backed securities ("CMBS") contributed to relative performance versus the Index, as short term CMBS had positive return.

* Overweight exposure to select securitized credit, particularly collateralized loan obligations, contributed to relative performance versus the Index, as spreads tightened.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175if3e5204d67003b79e512.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Low Duration Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg 1-3 Year U.S. Government/Credit Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10010 | $9964 | $10008 |
| **5/31/15** | $10010 | $9940 | $10017 |
| **6/30/15** | $9990 | $9832 | $10013 |
| **7/31/15** | $10000 | $9900 | $10019 |
| **8/31/15** | $9980 | $9886 | $10013 |
| **9/30/15** | $9997 | $9953 | $10043 |
| **10/31/15** | $10008 | $9954 | $10039 |
| **11/30/15** | $9997 | $9928 | $10020 |
| **12/31/15** | $9970 | $9896 | $10007 |
| **1/31/16** | $10000 | $10032 | $10059 |
| **2/29/16** | $10000 | $10103 | $10068 |
| **3/31/16** | $10062 | $10196 | $10104 |
| **4/30/16** | $10083 | $10235 | $10118 |
| **5/31/16** | $10073 | $10238 | $10111 |
| **6/30/16** | $10121 | $10422 | $10172 |
| **7/31/16** | $10142 | $10488 | $10174 |
| **8/31/16** | $10152 | $10476 | $10163 |
| **9/30/16** | $10180 | $10470 | $10174 |
| **10/31/16** | $10180 | $10389 | $10171 |
| **11/30/16** | $10119 | $10144 | $10129 |
| **12/31/16** | $10129 | $10158 | $10135 |
| **1/31/17** | $10150 | $10178 | $10154 |
| **2/28/17** | $10181 | $10246 | $10171 |
| **3/31/17** | $10198 | $10241 | $10176 |
| **4/30/17** | $10229 | $10320 | $10195 |
| **5/31/17** | $10260 | $10399 | $10212 |
| **6/30/17** | $10256 | $10389 | $10208 |
| **7/31/17** | $10298 | $10434 | $10234 |
| **8/31/17** | $10318 | $10527 | $10254 |
| **9/30/17** | $10318 | $10477 | $10242 |
| **10/31/17** | $10328 | $10483 | $10239 |
| **11/30/17** | $10307 | $10470 | $10217 |
| **12/31/17** | $10326 | $10518 | $10221 |
| **1/31/18** | $10294 | $10397 | $10193 |
| **2/28/18** | $10273 | $10298 | $10184 |
| **3/31/18** | $10291 | $10364 | $10200 |
| **4/30/18** | $10291 | $10287 | $10190 |
| **5/31/18** | $10323 | $10360 | $10228 |
| **6/30/18** | $10335 | $10348 | $10229 |
| **7/31/18** | $10346 | $10350 | $10234 |
| **8/31/18** | $10388 | $10417 | $10270 |
| **9/30/18** | $10380 | $10350 | $10263 |
| **10/31/18** | $10391 | $10268 | $10274 |
| **11/30/18** | $10412 | $10329 | $10304 |
| **12/31/18** | $10466 | $10519 | $10384 |
| **1/31/19** | $10530 | $10631 | $10425 |
| **2/28/19** | $10551 | $10625 | $10441 |
| **3/31/19** | $10615 | $10829 | $10509 |
| **4/30/19** | $10647 | $10831 | $10533 |
| **5/31/19** | $10712 | $11024 | $10606 |
| **6/30/19** | $10766 | $11162 | $10665 |
| **7/31/19** | $10766 | $11187 | $10659 |
| **8/31/19** | $10842 | $11476 | $10745 |
| **9/30/19** | $10842 | $11415 | $10739 |
| **10/31/19** | $10875 | $11450 | $10776 |
| **11/30/19** | $10886 | $11444 | $10776 |
| **12/31/19** | $10903 | $11436 | $10802 |
| **1/31/20** | $10969 | $11656 | $10862 |
| **2/29/20** | $11047 | $11866 | $10951 |
| **3/31/20** | $10958 | $11796 | $10985 |
| **4/30/20** | $11035 | $12006 | $11054 |
| **5/31/20** | $11079 | $12062 | $11091 |
| **6/30/20** | $11133 | $12137 | $11114 |
| **7/31/20** | $11189 | $12319 | $11134 |
| **8/31/20** | $11222 | $12219 | $11138 |
| **9/30/20** | $11218 | $12213 | $11139 |
| **10/31/20** | $11218 | $12158 | $11141 |
| **11/30/20** | $11263 | $12277 | $11152 |
| **12/31/20** | $11298 | $12294 | $11163 |
| **1/31/21** | $11309 | $12206 | $11166 |
| **2/28/21** | $11298 | $12030 | $11163 |
| **3/31/21** | $11286 | $11880 | $11158 |
| **4/30/21** | $11309 | $11974 | $11166 |
| **5/31/21** | $11320 | $12013 | $11180 |
| **6/30/21** | $11309 | $12097 | $11163 |
| **7/31/21** | $11331 | $12232 | $11182 |
| **8/31/21** | $11331 | $12209 | $11182 |
| **9/30/21** | $11318 | $12103 | $11173 |
| **10/31/21** | $11284 | $12100 | $11136 |
| **11/30/21** | $11273 | $12136 | $11127 |
| **12/31/21** | $11263 | $12105 | $11110 |
| **1/31/22** | $11184 | $11844 | $11030 |
| **2/28/22** | $11127 | $11712 | $10982 |
| **3/31/22** | $10993 | $11386 | $10833 |
| **4/30/22** | $10914 | $10954 | $10775 |
| **5/31/22** | $10970 | $11025 | $10841 |
| **6/30/22** | $10882 | $10852 | $10765 |
| **7/31/22** | $10950 | $11117 | $10821 |
| **8/31/22** | $10871 | $10803 | $10737 |
| **9/30/22** | $10747 | $10336 | $10606 |
| **10/31/22** | $10713 | $10202 | $10592 |
| **11/30/22** | $10815 | $10578 | $10680 |
| **12/31/22** | $10850 | $10530 | $10700 |
| **1/31/23** | $10966 | $10854 | $10786 |
| **2/28/23** | $10908 | $10573 | $10706 |
| **3/31/23** | $11049 | $10842 | $10862 |
| **4/30/23** | $11084 | $10908 | $10899 |
| **5/31/23** | $11061 | $10789 | $10865 |
| **6/30/23** | $11033 | $10750 | $10821 |
| **7/31/23** | $11092 | $10743 | $10867 |
| **8/31/23** | $11139 | $10674 | $10905 |
| **9/30/23** | $11115 | $10403 | $10900 |
| **10/31/23** | $11115 | $10239 | $10934 |
| **11/30/23** | $11293 | $10702 | $11062 |
| **12/31/23** | $11469 | $11112 | $11194 |
| **1/31/24** | $11530 | $11082 | $11237 |
| **2/29/24** | $11506 | $10925 | $11196 |
| **3/31/24** | $11565 | $11026 | $11241 |
| **4/30/24** | $11528 | $10747 | $11203 |
| **5/31/24** | $11626 | $10930 | $11285 |
| **6/30/24** | $11690 | $11033 | $11348 |
| **7/31/24** | $11838 | $11291 | $11482 |
| **8/31/24** | $11961 | $11453 | $11587 |
| **9/30/24** | $12074 | $11606 | $11684 |
| **10/31/24** | $11986 | $11319 | $11617 |
| **11/30/24** | $12061 | $11438 | $11656 |
| **12/31/24** | $12087 | $11251 | $11681 |
| **1/31/25** | $12151 | $11311 | $11735 |
| **2/28/25** | $12252 | $11560 | $11817 |
| **3/31/25** | $12293 | $11564 | $11871 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Low Duration Portfolio | 6.30% | 2.33% | 2.09% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $2216829 |
| # of Portfolio Holdings | 454 |
| Portfolio Turnover Rate | 92% |
| Total Net Advisory Fees Paid During the Reporting Period | $416 |

---

---

| | |
|:---|:---|
| 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 | 32.0% |
| Corporate Bonds & Notes | 20.6% |
| U.S. Government Agencies | 17.3% |
| Asset-Backed Securities | 13.6% |
| Non-Agency Mortgage-Backed Securities | 7.0% |
| Municipal Bonds & Notes | 1.2% |
| Sovereign Issues | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.0%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Low Duration Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS2034TSRAR_033125

# PIMCO Moderate Duration Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Moderate Duration Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $6 | 0.06% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section of the curve, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as yields fell.

* Long exposure to securitized credit, primarily commercial mortgage-backed securities, contributed to relative performance versus the Index, as spreads tightened.

* Positions within corporate credit, primarily overweight exposure to investment-grade senior financials, contributed to relative performance versus the Index, as the asset class outperformed.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i584c7268bffd4c663a29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Moderate Duration Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Intermediate Aggregate Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10010 | $9964 | $9999 |
| **5/31/15** | $10000 | $9940 | $9999 |
| **6/30/15** | $9943 | $9832 | $9933 |
| **7/31/15** | $9993 | $9900 | $9978 |
| **8/31/15** | $9963 | $9886 | $9975 |
| **9/30/15** | $10021 | $9953 | $10040 |
| **10/31/15** | $10041 | $9954 | $10035 |
| **11/30/15** | $10031 | $9928 | $10014 |
| **12/31/15** | $10009 | $9896 | $9989 |
| **1/31/16** | $10101 | $10032 | $10115 |
| **2/29/16** | $10142 | $10103 | $10161 |
| **3/31/16** | $10227 | $10196 | $10220 |
| **4/30/16** | $10258 | $10235 | $10244 |
| **5/31/16** | $10258 | $10238 | $10241 |
| **6/30/16** | $10368 | $10422 | $10367 |
| **7/31/16** | $10419 | $10488 | $10395 |
| **8/31/16** | $10419 | $10476 | $10381 |
| **9/30/16** | $10455 | $10470 | $10399 |
| **10/31/16** | $10414 | $10389 | $10361 |
| **11/30/16** | $10217 | $10144 | $10183 |
| **12/31/16** | $10237 | $10158 | $10186 |
| **1/31/17** | $10268 | $10178 | $10204 |
| **2/28/17** | $10321 | $10246 | $10251 |
| **3/31/17** | $10333 | $10241 | $10255 |
| **4/30/17** | $10406 | $10320 | $10320 |
| **5/31/17** | $10479 | $10399 | $10377 |
| **6/30/17** | $10462 | $10389 | $10350 |
| **7/31/17** | $10525 | $10434 | $10398 |
| **8/31/17** | $10598 | $10527 | $10465 |
| **9/30/17** | $10553 | $10477 | $10425 |
| **10/31/17** | $10563 | $10483 | $10424 |
| **11/30/17** | $10531 | $10470 | $10398 |
| **12/31/17** | $10556 | $10518 | $10418 |
| **1/31/18** | $10439 | $10397 | $10316 |
| **2/28/18** | $10376 | $10298 | $10261 |
| **3/31/18** | $10419 | $10364 | $10308 |
| **4/30/18** | $10366 | $10287 | $10255 |
| **5/31/18** | $10440 | $10360 | $10320 |
| **6/30/18** | $10441 | $10348 | $10317 |
| **7/31/18** | $10451 | $10350 | $10315 |
| **8/31/18** | $10515 | $10417 | $10377 |
| **9/30/18** | $10471 | $10350 | $10328 |
| **10/31/18** | $10428 | $10268 | $10296 |
| **11/30/18** | $10492 | $10329 | $10358 |
| **12/31/18** | $10642 | $10519 | $10513 |
| **1/31/19** | $10740 | $10631 | $10602 |
| **2/28/19** | $10751 | $10625 | $10606 |
| **3/31/19** | $10897 | $10829 | $10754 |
| **4/30/19** | $10919 | $10831 | $10765 |
| **5/31/19** | $11039 | $11024 | $10907 |
| **6/30/19** | $11138 | $11162 | $11011 |
| **7/31/19** | $11160 | $11187 | $11023 |
| **8/31/19** | $11302 | $11476 | $11188 |
| **9/30/19** | $11277 | $11415 | $11163 |
| **10/31/19** | $11310 | $11450 | $11205 |
| **11/30/19** | $11310 | $11444 | $11196 |
| **12/31/19** | $11324 | $11436 | $11215 |
| **1/31/20** | $11470 | $11656 | $11350 |
| **2/29/20** | $11604 | $11866 | $11498 |
| **3/31/20** | $11564 | $11796 | $11494 |
| **4/30/20** | $11699 | $12006 | $11626 |
| **5/31/20** | $11744 | $12062 | $11690 |
| **6/30/20** | $11822 | $12137 | $11738 |
| **7/31/20** | $11913 | $12319 | $11805 |
| **8/31/20** | $11924 | $12219 | $11798 |
| **9/30/20** | $11914 | $12213 | $11794 |
| **10/31/20** | $11891 | $12158 | $11775 |
| **11/30/20** | $11959 | $12277 | $11817 |
| **12/31/20** | $12016 | $12294 | $11843 |
| **1/31/21** | $12016 | $12206 | $11826 |
| **2/28/21** | $11911 | $12030 | $11734 |
| **3/31/21** | $11826 | $11880 | $11653 |
| **4/30/21** | $11907 | $11974 | $11714 |
| **5/31/21** | $11942 | $12013 | $11739 |
| **6/30/21** | $11947 | $12097 | $11744 |
| **7/31/21** | $12040 | $12232 | $11828 |
| **8/31/21** | $12016 | $12209 | $11809 |
| **9/30/21** | $11956 | $12103 | $11750 |
| **10/31/21** | $11897 | $12100 | $11699 |
| **11/30/21** | $11897 | $12136 | $11704 |
| **12/31/21** | $11881 | $12105 | $11690 |
| **1/31/22** | $11716 | $11844 | $11518 |
| **2/28/22** | $11621 | $11712 | $11429 |
| **3/31/22** | $11299 | $11386 | $11142 |
| **4/30/22** | $11003 | $10954 | $10862 |
| **5/31/22** | $11074 | $11025 | $10954 |
| **6/30/22** | $10918 | $10852 | $10815 |
| **7/31/22** | $11155 | $11117 | $11050 |
| **8/31/22** | $10906 | $10803 | $10775 |
| **9/30/22** | $10511 | $10336 | $10400 |
| **10/31/22** | $10380 | $10202 | $10317 |
| **11/30/22** | $10690 | $10578 | $10606 |
| **12/31/22** | $10672 | $10530 | $10579 |
| **1/31/23** | $10963 | $10854 | $10828 |
| **2/28/23** | $10757 | $10573 | $10603 |
| **3/31/23** | $10984 | $10842 | $10831 |
| **4/30/23** | $11045 | $10908 | $10895 |
| **5/31/23** | $10984 | $10789 | $10815 |
| **6/30/23** | $10932 | $10750 | $10750 |
| **7/31/23** | $10956 | $10743 | $10766 |
| **8/31/23** | $10920 | $10674 | $10736 |
| **9/30/23** | $10716 | $10403 | $10547 |
| **10/31/23** | $10580 | $10239 | $10443 |
| **11/30/23** | $10987 | $10702 | $10806 |
| **12/31/23** | $11344 | $11112 | $11127 |
| **1/31/24** | $11370 | $11082 | $11127 |
| **2/29/24** | $11243 | $10925 | $10995 |
| **3/31/24** | $11333 | $11026 | $11081 |
| **4/30/24** | $11129 | $10747 | $10872 |
| **5/31/24** | $11307 | $10930 | $11031 |
| **6/30/24** | $11420 | $11033 | $11132 |
| **7/31/24** | $11676 | $11291 | $11367 |
| **8/31/24** | $11830 | $11453 | $11514 |
| **9/30/24** | $11981 | $11606 | $11643 |
| **10/31/24** | $11722 | $11319 | $11412 |
| **11/30/24** | $11852 | $11438 | $11509 |
| **12/31/24** | $11739 | $11251 | $11402 |
| **1/31/25** | $11806 | $11311 | $11465 |
| **2/28/25** | $12044 | $11560 | $11665 |
| **3/31/25** | $12050 | $11564 | $11700 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Moderate Duration Portfolio | 6.33% | 0.83% | 1.88% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg Intermediate Aggregate Bond Index | 5.58% | 0.36% | 1.58% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $3427861 |
| # of Portfolio Holdings | 722 |
| Portfolio Turnover Rate | 239% |
| Total Net Advisory Fees Paid During the Reporting Period | $640 |

---

---

| | |
|:---|:---|
| 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 | 46.5% |
| Corporate Bonds & Notes | 21.0% |
| U.S. Treasury Obligations | 15.8% |
| Asset-Backed Securities | 12.9% |
| Non-Agency Mortgage-Backed Securities | 7.6% |
| Municipal Bonds & Notes | 3.0% |
| Other Investments | 0.1% |
| Short-Term Instruments | 10.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (17.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Moderate Duration Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS2035TSRAR_033125

# PIMCO Mortgage and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Mortgage and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $31 | 0.30% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to senior collateralized loan obligations contributed to performance, as spreads tightened.

* Overweight exposure to non-agency residential mortgage-backed securities ("MBS") contributed to performance, as the sector posted positive returns.

* Overweight exposure to "to-be-announced" ("TBA") securities detracted from performance, as TBAs underperformed cash agency MBS securities.

* Duration exposure detracted from performance, as rates increased at the long end of the curve.

* Exposure to structured agency MBS positions detracted from performance, as interest-only agency collateralized mortgage obligations posted negative returns.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i4b1e8e15437a7323e08d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Mortgage and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. MBS Fixed-Rate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10027 | $9964 | $10004 | $10000 |
| **5/31/15** | $10018 | $9940 | $10002 | $10000 |
| **6/30/15** | $9950 | $9832 | $9925 | $10000 |
| **7/31/15** | $10032 | $9900 | $9988 | $10001 |
| **8/31/15** | $10041 | $9886 | $9996 | $10001 |
| **9/30/15** | $10108 | $9953 | $10055 | $10001 |
| **10/31/15** | $10108 | $9954 | $10062 | $10001 |
| **11/30/15** | $10080 | $9928 | $10048 | $10002 |
| **12/31/15** | $10075 | $9896 | $10045 | $10002 |
| **1/31/16** | $10301 | $10032 | $10176 | $10004 |
| **2/29/16** | $10348 | $10103 | $10214 | $10005 |
| **3/31/16** | $10426 | $10196 | $10244 | $10008 |
| **4/30/16** | $10502 | $10235 | $10261 | $10010 |
| **5/31/16** | $10511 | $10238 | $10274 | $10012 |
| **6/30/16** | $10677 | $10422 | $10357 | $10014 |
| **7/31/16** | $10734 | $10488 | $10379 | $10016 |
| **8/31/16** | $10744 | $10476 | $10391 | $10019 |
| **9/30/16** | $10860 | $10470 | $10420 | $10021 |
| **10/31/16** | $10831 | $10389 | $10392 | $10024 |
| **11/30/16** | $10407 | $10144 | $10213 | $10026 |
| **12/31/16** | $10419 | $10158 | $10213 | $10029 |
| **1/31/17** | $10429 | $10178 | $10209 | $10033 |
| **2/28/17** | $10526 | $10246 | $10258 | $10037 |
| **3/31/17** | $10536 | $10241 | $10261 | $10042 |
| **4/30/17** | $10663 | $10320 | $10328 | $10047 |
| **5/31/17** | $10790 | $10399 | $10393 | $10053 |
| **6/30/17** | $10749 | $10389 | $10351 | $10060 |
| **7/31/17** | $10848 | $10434 | $10398 | $10068 |
| **8/31/17** | $10996 | $10527 | $10474 | $10077 |
| **9/30/17** | $10972 | $10477 | $10450 | $10086 |
| **10/31/17** | $10962 | $10483 | $10447 | $10095 |
| **11/30/17** | $10933 | $10470 | $10432 | $10104 |
| **12/31/17** | $11003 | $10518 | $10466 | $10114 |
| **1/31/18** | $10759 | $10397 | $10343 | $10125 |
| **2/28/18** | $10617 | $10298 | $10276 | $10136 |
| **3/31/18** | $10726 | $10364 | $10341 | $10149 |
| **4/30/18** | $10624 | $10287 | $10289 | $10163 |
| **5/31/18** | $10746 | $10360 | $10361 | $10178 |
| **6/30/18** | $10768 | $10348 | $10366 | $10193 |
| **7/31/18** | $10768 | $10350 | $10355 | $10210 |
| **8/31/18** | $10860 | $10417 | $10418 | $10227 |
| **9/30/18** | $10754 | $10350 | $10354 | $10244 |
| **10/31/18** | $10610 | $10268 | $10289 | $10263 |
| **11/30/18** | $10775 | $10329 | $10381 | $10282 |
| **12/31/18** | $11062 | $10519 | $10570 | $10302 |
| **1/31/19** | $11219 | $10631 | $10653 | $10323 |
| **2/28/19** | $11198 | $10625 | $10644 | $10342 |
| **3/31/19** | $11473 | $10829 | $10799 | $10364 |
| **4/30/19** | $11431 | $10831 | $10792 | $10385 |
| **5/31/19** | $11652 | $11024 | $10932 | $10406 |
| **6/30/19** | $11767 | $11162 | $11010 | $10427 |
| **7/31/19** | $11841 | $11187 | $11055 | $10448 |
| **8/31/19** | $11948 | $11476 | $11154 | $10468 |
| **9/30/19** | $11987 | $11415 | $11162 | $10486 |
| **10/31/19** | $12041 | $11450 | $11201 | $10504 |
| **11/30/19** | $12063 | $11444 | $11210 | $10519 |
| **12/31/19** | $12118 | $11436 | $11241 | $10534 |
| **1/31/20** | $12228 | $11656 | $11320 | $10548 |
| **2/29/20** | $12404 | $11866 | $11437 | $10562 |
| **3/31/20** | $12572 | $11796 | $11558 | $10575 |
| **4/30/20** | $12793 | $12006 | $11631 | $10584 |
| **5/31/20** | $12870 | $12062 | $11646 | $10588 |
| **6/30/20** | $12940 | $12137 | $11635 | $10589 |
| **7/31/20** | $13051 | $12319 | $11656 | $10591 |
| **8/31/20** | $13140 | $12219 | $11660 | $10592 |
| **9/30/20** | $13134 | $12213 | $11648 | $10593 |
| **10/31/20** | $13167 | $12158 | $11643 | $10594 |
| **11/30/20** | $13234 | $12277 | $11651 | $10595 |
| **12/31/20** | $13346 | $12294 | $11676 | $10595 |
| **1/31/21** | $13442 | $12206 | $11685 | $10596 |
| **2/28/21** | $13358 | $12030 | $11607 | $10597 |
| **3/31/21** | $13240 | $11880 | $11548 | $10597 |
| **4/30/21** | $13372 | $11974 | $11612 | $10598 |
| **5/31/21** | $13300 | $12013 | $11591 | $10598 |
| **6/30/21** | $13328 | $12097 | $11586 | $10598 |
| **7/31/21** | $13425 | $12232 | $11659 | $10598 |
| **8/31/21** | $13425 | $12209 | $11640 | $10599 |
| **9/30/21** | $13393 | $12103 | $11598 | $10599 |
| **10/31/21** | $13331 | $12100 | $11576 | $10599 |
| **11/30/21** | $13307 | $12136 | $11565 | $10600 |
| **12/31/21** | $13270 | $12105 | $11555 | $10600 |
| **1/31/22** | $12997 | $11844 | $11383 | $10601 |
| **2/28/22** | $12785 | $11712 | $11273 | $10602 |
| **3/31/22** | $12146 | $11386 | $10980 | $10603 |
| **4/30/22** | $11348 | $10954 | $10595 | $10606 |
| **5/31/22** | $11598 | $11025 | $10712 | $10611 |
| **6/30/22** | $11148 | $10852 | $10540 | $10619 |
| **7/31/22** | $11765 | $11117 | $10879 | $10630 |
| **8/31/22** | $11073 | $10803 | $10507 | $10645 |
| **9/30/22** | $9982 | $10336 | $9976 | $10666 |
| **10/31/22** | $9703 | $10202 | $9834 | $10693 |
| **11/30/22** | $10414 | $10578 | $10235 | $10723 |
| **12/31/22** | $10319 | $10530 | $10190 | $10759 |
| **1/31/23** | $10932 | $10854 | $10526 | $10799 |
| **2/28/23** | $10449 | $10573 | $10248 | $10837 |
| **3/31/23** | $10807 | $10842 | $10447 | $10880 |
| **4/30/23** | $10873 | $10908 | $10501 | $10923 |
| **5/31/23** | $10702 | $10789 | $10424 | $10970 |
| **6/30/23** | $10623 | $10750 | $10380 | $11016 |
| **7/31/23** | $10623 | $10743 | $10372 | $11067 |
| **8/31/23** | $10438 | $10674 | $10287 | $11118 |
| **9/30/23** | $9814 | $10403 | $9959 | $11168 |
| **10/31/23** | $9334 | $10239 | $9753 | $11221 |
| **11/30/23** | $10307 | $10702 | $10262 | $11272 |
| **12/31/23** | $11112 | $11112 | $10704 | $11325 |
| **1/31/24** | $11016 | $11082 | $10655 | $11378 |
| **2/29/24** | $10702 | $10925 | $10481 | $11428 |
| **3/31/24** | $10919 | $11026 | $10592 | $11480 |
| **4/30/24** | $10285 | $10747 | $10272 | $11532 |
| **5/31/24** | $10699 | $10930 | $10477 | $11586 |
| **6/30/24** | $10827 | $11033 | $10600 | $11638 |
| **7/31/24** | $11286 | $11291 | $10879 | $11692 |
| **8/31/24** | $11579 | $11453 | $11054 | $11746 |
| **9/30/24** | $11734 | $11606 | $11186 | $11797 |
| **10/31/24** | $10877 | $11319 | $10869 | $11848 |
| **11/30/24** | $11214 | $11438 | $11014 | $11895 |
| **12/31/24** | $10758 | $11251 | $10832 | $11942 |
| **1/31/25** | $10844 | $11311 | $10888 | $11988 |
| **2/28/25** | $11450 | $11560 | $11165 | $12029 |
| **3/31/25** | $11391 | $11564 | $11163 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Mortgage and Short-Term Investments Portfolio | 4.32% | (1.95%) | 1.31% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. MBS Fixed-Rate Index | 5.39% | (0.69%) | 1.11% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $1112104 |
| # of Portfolio Holdings | 2551 |
| Portfolio Turnover Rate | 1,758% |
| Total Net Advisory Fees Paid During the Reporting Period | $243 |

---

---

| | |
|:---|:---|
| 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 | 326.2% |
| Asset-Backed Securities | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.5% |
| U.S. Treasury Obligations | 6.5% |
| Municipal Bonds & Notes | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (252.2%) |
| 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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.22% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

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

March 31, 2025

PAPS0474TSRAR_033125

# PIMCO Municipal Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Municipal Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $5 | 0.05% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Yield curve strategies contributed to performance, as front-end rates fell and long-end maturities rose.

* An overweight exposure to the pre-refunded sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the healthcare sector detracted from performance, as the Portfolio's holdings underperformed the broader municipal market.

* An underweight exposure to the housing sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Portfolio's holdings underperformed the broader municipal market.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg Municipal Bond Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i104eecb9a39b13cae2d8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Municipal Portfolio** | **Bloomberg Municipal Bond Index** | **Bloomberg Long Municipal Bond Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $9988 | $9948 | $9906 | $10000 |
| **5/31/15** | $9951 | $9920 | $9872 | $10000 |
| **6/30/15** | $9938 | $9911 | $9841 | $10000 |
| **7/31/15** | $10000 | $9983 | $9945 | $10001 |
| **8/31/15** | $10012 | $10002 | $9972 | $10001 |
| **9/30/15** | $10106 | $10075 | $10044 | $10001 |
| **10/31/15** | $10181 | $10115 | $10088 | $10001 |
| **11/30/15** | $10206 | $10155 | $10177 | $10002 |
| **12/31/15** | $10250 | $10226 | $10289 | $10002 |
| **1/31/16** | $10356 | $10348 | $10408 | $10004 |
| **2/29/16** | $10409 | $10365 | $10427 | $10005 |
| **3/31/16** | $10448 | $10398 | $10519 | $10008 |
| **4/30/16** | $10489 | $10474 | $10629 | $10010 |
| **5/31/16** | $10558 | $10502 | $10722 | $10012 |
| **6/30/16** | $10676 | $10669 | $10993 | $10014 |
| **7/31/16** | $10718 | $10676 | $10981 | $10016 |
| **8/31/16** | $10746 | $10690 | $11015 | $10019 |
| **9/30/16** | $10714 | $10637 | $10919 | $10021 |
| **10/31/16** | $10686 | $10525 | $10749 | $10024 |
| **11/30/16** | $10461 | $10133 | $10217 | $10026 |
| **12/31/16** | $10491 | $10252 | $10379 | $10029 |
| **1/31/17** | $10549 | $10319 | $10442 | $10033 |
| **2/28/17** | $10650 | $10391 | $10524 | $10037 |
| **3/31/17** | $10666 | $10414 | $10560 | $10042 |
| **4/30/17** | $10710 | $10489 | $10637 | $10047 |
| **5/31/17** | $10783 | $10656 | $10877 | $10053 |
| **6/30/17** | $10782 | $10617 | $10850 | $10060 |
| **7/31/17** | $10827 | $10703 | $10955 | $10068 |
| **8/31/17** | $10902 | $10785 | $11061 | $10077 |
| **9/30/17** | $10893 | $10730 | $10984 | $10086 |
| **10/31/17** | $10893 | $10756 | $11036 | $10095 |
| **11/30/17** | $10878 | $10699 | $11058 | $10104 |
| **12/31/17** | $10917 | $10810 | $11229 | $10114 |
| **1/31/18** | $10902 | $10683 | $11023 | $10125 |
| **2/28/18** | $10887 | $10651 | $10976 | $10136 |
| **3/31/18** | $10921 | $10691 | $11053 | $10149 |
| **4/30/18** | $10890 | $10652 | $10983 | $10163 |
| **5/31/18** | $10967 | $10774 | $11169 | $10178 |
| **6/30/18** | $11000 | $10784 | $11155 | $10193 |
| **7/31/18** | $11015 | $10810 | $11157 | $10210 |
| **8/31/18** | $11031 | $10837 | $11203 | $10227 |
| **9/30/18** | $10987 | $10767 | $11102 | $10244 |
| **10/31/18** | $10924 | $10701 | $10977 | $10263 |
| **11/30/18** | $11019 | $10819 | $11115 | $10282 |
| **12/31/18** | $11123 | $10949 | $11267 | $10302 |
| **1/31/19** | $11188 | $11032 | $11331 | $10323 |
| **2/28/19** | $11238 | $11091 | $11403 | $10342 |
| **3/31/19** | $11532 | $11266 | $11701 | $10364 |
| **4/30/19** | $11582 | $11308 | $11797 | $10385 |
| **5/31/19** | $11846 | $11464 | $12010 | $10406 |
| **6/30/19** | $11909 | $11507 | $12039 | $10427 |
| **7/31/19** | $11992 | $11599 | $12142 | $10448 |
| **8/31/19** | $12341 | $11782 | $12451 | $10468 |
| **9/30/19** | $12223 | $11688 | $12356 | $10486 |
| **10/31/19** | $12206 | $11709 | $12354 | $10504 |
| **11/30/19** | $12223 | $11738 | $12392 | $10519 |
| **12/31/19** | $12228 | $11774 | $12423 | $10534 |
| **1/31/20** | $12557 | $11986 | $12726 | $10548 |
| **2/29/20** | $12852 | $12140 | $12999 | $10562 |
| **3/31/20** | $12180 | $11700 | $12275 | $10575 |
| **4/30/20** | $11865 | $11553 | $11952 | $10584 |
| **5/31/20** | $12285 | $11920 | $12449 | $10588 |
| **6/30/20** | $12527 | $12019 | $12635 | $10589 |
| **7/31/20** | $12809 | $12221 | $12932 | $10591 |
| **8/31/20** | $12739 | $12164 | $12831 | $10592 |
| **9/30/20** | $12694 | $12166 | $12813 | $10593 |
| **10/31/20** | $12640 | $12130 | $12759 | $10594 |
| **11/30/20** | $12890 | $12313 | $13079 | $10595 |
| **12/31/20** | $13020 | $12388 | $13200 | $10595 |
| **1/31/21** | $13149 | $12467 | $13329 | $10596 |
| **2/28/21** | $12855 | $12269 | $13008 | $10597 |
| **3/31/21** | $12921 | $12344 | $13138 | $10597 |
| **4/30/21** | $13087 | $12448 | $13320 | $10598 |
| **5/31/21** | $13162 | $12485 | $13415 | $10598 |
| **6/30/21** | $13262 | $12519 | $13508 | $10598 |
| **7/31/21** | $13374 | $12623 | $13651 | $10598 |
| **8/31/21** | $13318 | $12577 | $13542 | $10599 |
| **9/30/21** | $13175 | $12486 | $13407 | $10599 |
| **10/31/21** | $13194 | $12449 | $13369 | $10599 |
| **11/30/21** | $13344 | $12555 | $13589 | $10600 |
| **12/31/21** | $13361 | $12576 | $13619 | $10600 |
| **1/31/22** | $12982 | $12231 | $13136 | $10601 |
| **2/28/22** | $12906 | $12188 | $13068 | $10602 |
| **3/31/22** | $12412 | $11793 | $12441 | $10603 |
| **4/30/22** | $11914 | $11466 | $11866 | $10606 |
| **5/31/22** | $12048 | $11637 | $12080 | $10611 |
| **6/30/22** | $11783 | $11446 | $11622 | $10619 |
| **7/31/22** | $12111 | $11749 | $12059 | $10630 |
| **8/31/22** | $11744 | $11491 | $11634 | $10645 |
| **9/30/22** | $11242 | $11050 | $10930 | $10666 |
| **10/31/22** | $11067 | $10958 | $10693 | $10693 |
| **11/30/22** | $11747 | $11471 | $11530 | $10723 |
| **12/31/22** | $11706 | $11504 | $11497 | $10759 |
| **1/31/23** | $12118 | $11834 | $12039 | $10799 |
| **2/28/23** | $11823 | $11566 | $11638 | $10837 |
| **3/31/23** | $12108 | $11823 | $11988 | $10880 |
| **4/30/23** | $12108 | $11796 | $11965 | $10923 |
| **5/31/23** | $12008 | $11694 | $11868 | $10970 |
| **6/30/23** | $12142 | $11811 | $12068 | $11016 |
| **7/31/23** | $12162 | $11858 | $12111 | $11067 |
| **8/31/23** | $11982 | $11687 | $11803 | $11118 |
| **9/30/23** | $11597 | $11344 | $11265 | $11168 |
| **10/31/23** | $11355 | $11248 | $11042 | $11221 |
| **11/30/23** | $12261 | $11962 | $12154 | $11272 |
| **12/31/23** | $12607 | $12240 | $12572 | $11325 |
| **1/31/24** | $12586 | $12177 | $12460 | $11378 |
| **2/29/24** | $12586 | $12193 | $12479 | $11428 |
| **3/31/24** | $12602 | $12193 | $12478 | $11480 |
| **4/30/24** | $12436 | $12042 | $12268 | $11532 |
| **5/31/24** | $12457 | $12006 | $12324 | $11586 |
| **6/30/24** | $12658 | $12190 | $12582 | $11638 |
| **7/31/24** | $12741 | $12301 | $12704 | $11692 |
| **8/31/24** | $12845 | $12398 | $12787 | $11746 |
| **9/30/24** | $12980 | $12521 | $12963 | $11797 |
| **10/31/24** | $12791 | $12338 | $12710 | $11848 |
| **11/30/24** | $13044 | $12552 | $13074 | $11895 |
| **12/31/24** | $12831 | $12369 | $12749 | $11942 |
| **1/31/25** | $12852 | $12431 | $12759 | $11988 |
| **2/28/25** | $13000 | $12554 | $12884 | $12029 |
| **3/31/25** | $12723 | $12341 | $12562 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Municipal Portfolio | 0.97% | 0.88% | 2.44% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg Long Municipal Bond Index | 0.67% | 0.46% | 2.31% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $100378 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 9% |
| Total Net Advisory Fees Paid During the Reporting Period | $22 |

---

---

| | |
|:---|:---|
| 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>

---

| | |
|:---|:---|
| Port, Airport & Marina Revenue | 15.5% |
| Health, Hospital & Nursing Home Revenue | 14.4% |
| College & University Revenue | 8.2% |
| Ad Valorem Property Tax | 6.7% |
| Income Tax Revenue | 6.3% |
| Appropriations | 6.1% |
| Electric Power & Light Revenue | 5.8% |
| Highway Revenue Tolls | 5.4% |
| Water Revenue | 4.2% |
| Hotel Occupancy Tax | 3.3% |
| Natural Gas Revenue | 3.1% |
| Other Investments | 16.8% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 2.7% |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Municipal Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS0489TSRAR_033125

# PIMCO Sector Fund Series – AM

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Sector Fund Series – AM (the "Portfolio") for the period of July 19, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the reporting period?<sup>**Footnote Reference 1**</sup>
(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 | $92 | 1.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. The Portfolio commenced operations on July 19, 2024. |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to structured agency mortgage-backed securities ("MBS") positions contributed to performance, as interest only agency collateralized mortgage obligations posted positive returns.

* Agency MBS relative value strategies contributed to performance, as spreads tightened.

* Overweight exposure to non-agency residential MBS contributed to performance, as securities posted positive returns.

* Underweight exposure to the 7-year portion of the curve detracted from performance, as the 7-year portion of the curve decreased.

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i8b37c46fbde0da28f86a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – AM** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. MBS Fixed-Rate Index** |
| **7/19/24** | $10000 | $10000 | $10000 |
| **7/31/24** | $10110 | $10111 | $10119 |
| **8/31/24** | $10280 | $10257 | $10283 |
| **9/30/24** | $10400 | $10394 | $10405 |
| **10/31/24** | $10090 | $10136 | $10110 |
| **11/30/24** | $10250 | $10243 | $10245 |
| **12/31/24** | $10098 | $10076 | $10076 |
| **1/31/25** | $10170 | $10129 | $10128 |
| **2/28/25** | $10426 | $10352 | $10386 |
| **3/31/25** | $10426 | $10356 | $10384 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Portfolio/Index Name** | **Since Inception 7/19/24** |
| PIMCO Sector Fund Series – AM | 4.26% |
| Bloomberg U.S. Aggregate Index | 2.42% |
| Bloomberg U.S. MBS Fixed-Rate Index | 2.61% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $51208 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 906% |
| 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 | 186.6% |
| Non-Agency Mortgage-Backed Securities | 15.4% |
| Affiliated Investments | 1.5% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (103.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to Principal Investment Strategies. Effective September 20, 2024, the Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its net assets in a portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Previously, the Portfolio sought to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Sector Fund Series – AM
Annual Shareholder Report \|

March 31, 2025

PAPS2226TSRAR_033125

# PIMCO Sector Fund Series – H

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Sector Fund Series – H (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $10 | 0.10% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to the intermediate part of the curve contributed to performance, as interest rates fell in the intermediate part of the curve.

* Security selection within the cable and satellite sector, specifically underweight exposure to a U.S.cable provider, contributed to performance, as spreads widened.

* Security selection within the transportation sector, specifically overweight exposure to a domestic low-cost airline carrier, contributed to performance, as prices rose amid a debt restructuring.

* Underweight exposure to the wirelines sector detracted from performance, as the sector outperformed the broader market.

* Overweight exposure to the energy - services sector detracted from performance, as the sector underperformed the broader market.

* Security selection within the construction and machinery sector, specifically overweight exposure to a construction equipment dealership operator, detracted from performance, as spreads widened amid market volatility.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175ieb90c472e28aac238a8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – H** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **2/22/24** | $10000 | $10000 | $10000 |
| **2/29/24** | $9980 | $10047 | $9999 |
| **3/31/24** | $10100 | $10140 | $10117 |
| **4/30/24** | $10010 | $9884 | $10024 |
| **5/31/24** | $10150 | $10051 | $10136 |
| **6/30/24** | $10252 | $10146 | $10239 |
| **7/31/24** | $10425 | $10383 | $10410 |
| **8/31/24** | $10597 | $10533 | $10570 |
| **9/30/24** | $10710 | $10674 | $10689 |
| **10/31/24** | $10638 | $10409 | $10612 |
| **11/30/24** | $10762 | $10519 | $10726 |
| **12/31/24** | $10730 | $10347 | $10671 |
| **1/31/25** | $10869 | $10402 | $10814 |
| **2/28/25** | $10964 | $10631 | $10887 |
| **3/31/25** | $10887 | $10635 | $10794 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **Since Inception 2/22/24** |
| PIMCO Sector Fund Series – H | 7.80% | 7.98% |
| Bloomberg U.S. Aggregate Index | 4.88% | 5.73% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 7.16% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $35605 |
| # of Portfolio Holdings | 372 |
| Portfolio Turnover Rate | 33% |
| 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 | 77.7% |
| U.S. Treasury Obligations | 9.6% |
| Loan Participations and Assignments | 5.9% |
| Other Investments | 0.2% |
| Affiliated Investments | 5.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Sector Fund Series – H
Annual Shareholder Report \|

March 31, 2025

PAPS2230TSRAR_033125

# PIMCO Sector Fund Series – I

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Sector Fund Series – I (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $63 | 0.61% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within the banks and brokerage sector, specifically overweight exposure to a U.S. global systemically important financial institution, contributed to performance, as spreads tightened.

* Duration positioning contributed to performance, specifically through a curve steepening bias, as the U.S. yield curve steepened.

* Security selection within the specialty finance sector, specifically overweight exposure to an auto original equipment manufacturer, contributed to performance, as spreads tightened.

* Tactical exposure to emerging markets, specifically exposure to Mexican sovereign debt, contributed to performance, as spreads tightened.

* Tactical exposure to securitized credit, specifically exposure to agency mortgage-backed securities, detracted from performance, as spreads widened.

* There were no other material detractors for this Fund.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i5e37cb693ff9cb1941f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – I** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Credit Index** |
| **6/2/22** | $10000 | $10000 | $10000 |
| **6/30/22** | $9740 | $9866 | $9759 |
| **7/31/22** | $10050 | $10107 | $10055 |
| **8/31/22** | $9760 | $9822 | $9771 |
| **9/30/22** | $9280 | $9397 | $9276 |
| **10/31/22** | $9210 | $9276 | $9180 |
| **11/30/22** | $9651 | $9617 | $9637 |
| **12/31/22** | $9596 | $9573 | $9595 |
| **1/31/23** | $10004 | $9868 | $9961 |
| **2/28/23** | $9719 | $9613 | $9661 |
| **3/31/23** | $9986 | $9857 | $9926 |
| **4/30/23** | $10068 | $9917 | $10004 |
| **5/31/23** | $9955 | $9809 | $9865 |
| **6/30/23** | $9974 | $9774 | $9895 |
| **7/31/23** | $10005 | $9767 | $9926 |
| **8/31/23** | $9953 | $9705 | $9854 |
| **9/30/23** | $9701 | $9458 | $9598 |
| **10/31/23** | $9524 | $9309 | $9427 |
| **11/30/23** | $10055 | $9730 | $9962 |
| **12/31/23** | $10495 | $10103 | $10380 |
| **1/31/24** | $10506 | $10075 | $10361 |
| **2/29/24** | $10379 | $9933 | $10212 |
| **3/31/24** | $10510 | $10024 | $10337 |
| **4/30/24** | $10264 | $9771 | $10080 |
| **5/31/24** | $10467 | $9937 | $10264 |
| **6/30/24** | $10547 | $10031 | $10332 |
| **7/31/24** | $10827 | $10265 | $10575 |
| **8/31/24** | $10988 | $10413 | $10739 |
| **9/30/24** | $11166 | $10552 | $10923 |
| **10/31/24** | $10904 | $10290 | $10659 |
| **11/30/24** | $11068 | $10399 | $10795 |
| **12/31/24** | $10878 | $10229 | $10591 |
| **1/31/25** | $10956 | $10283 | $10650 |
| **2/28/25** | $11224 | $10509 | $10867 |
| **3/31/25** | $11193 | $10513 | $10841 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **Since Inception 6/2/22** |
| PIMCO Sector Fund Series – I | 6.50% | 4.07% |
| Bloomberg U.S. Aggregate Index | 4.88% | 1.78% |
| Bloomberg U.S. Credit Index | 4.87% | 2.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $2834233 |
| # of Portfolio Holdings | 1465 |
| Portfolio Turnover Rate | 218% |
| 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 | 74.1% |
| U.S. Treasury Obligations | 36.6% |
| U.S. Government Agencies | 7.7% |
| Asset-Backed Securities | 3.8% |
| Sovereign Issues | 2.1% |
| Preferred Securities | 1.2% |
| Non-Agency Mortgage-Backed Securities | 0.8% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.32% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Sector Fund Series – I
Annual Shareholder Report \|

March 31, 2025

PAPS2231TSRAR_033125

# PIMCO Real Return Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $429 | 4.14% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to U.S. Treasury inflation-protected securities ("TIPS") and the associated carry contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as U.S. TIPS outperformed comparable nominals. 

* Curve positioning within U.S. interest rates, specifically an overweight exposure to intermediate maturities relative to an underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. interest rates curve steepened over the period.

* There were no other material contributors or detractors for the Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175ic59dc0a6e99ffaa218b4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Real Return Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10034 | $9964 | $10074 | $10000 |
| **5/31/15** | $9922 | $9940 | $9991 | $10000 |
| **6/30/15** | $9827 | $9832 | $9894 | $10000 |
| **7/31/15** | $9917 | $9900 | $9914 | $10001 |
| **8/31/15** | $9771 | $9886 | $9838 | $10001 |
| **9/30/15** | $9700 | $9953 | $9780 | $10001 |
| **10/31/15** | $9767 | $9954 | $9805 | $10001 |
| **11/30/15** | $9756 | $9928 | $9795 | $10002 |
| **12/31/15** | $9577 | $9896 | $9718 | $10002 |
| **1/31/16** | $9780 | $10032 | $9862 | $10004 |
| **2/29/16** | $9915 | $10103 | $9972 | $10005 |
| **3/31/16** | $10276 | $10196 | $10151 | $10008 |
| **4/30/16** | $10355 | $10235 | $10186 | $10010 |
| **5/31/16** | $10208 | $10238 | $10114 | $10012 |
| **6/30/16** | $10573 | $10422 | $10324 | $10014 |
| **7/31/16** | $10708 | $10488 | $10414 | $10016 |
| **8/31/16** | $10629 | $10476 | $10367 | $10019 |
| **9/30/16** | $10798 | $10470 | $10424 | $10021 |
| **10/31/16** | $10695 | $10389 | $10382 | $10024 |
| **11/30/16** | $10308 | $10144 | $10183 | $10026 |
| **12/31/16** | $10296 | $10158 | $10173 | $10029 |
| **1/31/17** | $10480 | $10178 | $10259 | $10033 |
| **2/28/17** | $10572 | $10246 | $10307 | $10037 |
| **3/31/17** | $10589 | $10241 | $10301 | $10042 |
| **4/30/17** | $10684 | $10320 | $10362 | $10047 |
| **5/31/17** | $10684 | $10399 | $10358 | $10053 |
| **6/30/17** | $10534 | $10389 | $10260 | $10060 |
| **7/31/17** | $10630 | $10434 | $10305 | $10068 |
| **8/31/17** | $10809 | $10527 | $10415 | $10077 |
| **9/30/17** | $10688 | $10477 | $10348 | $10086 |
| **10/31/17** | $10785 | $10483 | $10370 | $10095 |
| **11/30/17** | $10809 | $10470 | $10384 | $10104 |
| **12/31/17** | $11021 | $10518 | $10479 | $10114 |
| **1/31/18** | $10826 | $10397 | $10389 | $10125 |
| **2/28/18** | $10643 | $10298 | $10288 | $10136 |
| **3/31/18** | $10812 | $10364 | $10396 | $10149 |
| **4/30/18** | $10787 | $10287 | $10390 | $10163 |
| **5/31/18** | $10849 | $10360 | $10434 | $10178 |
| **6/30/18** | $10951 | $10348 | $10476 | $10193 |
| **7/31/18** | $10862 | $10350 | $10426 | $10210 |
| **8/31/18** | $10951 | $10417 | $10501 | $10227 |
| **9/30/18** | $10789 | $10350 | $10390 | $10244 |
| **10/31/18** | $10569 | $10268 | $10242 | $10263 |
| **11/30/18** | $10647 | $10329 | $10290 | $10282 |
| **12/31/18** | $10756 | $10519 | $10347 | $10302 |
| **1/31/19** | $10990 | $10631 | $10486 | $10323 |
| **2/28/19** | $10961 | $10625 | $10484 | $10342 |
| **3/31/19** | $11292 | $10829 | $10677 | $10364 |
| **4/30/19** | $11321 | $10831 | $10713 | $10385 |
| **5/31/19** | $11659 | $11024 | $10890 | $10406 |
| **6/30/19** | $11812 | $11162 | $10983 | $10427 |
| **7/31/19** | $11856 | $11187 | $11022 | $10448 |
| **8/31/19** | $12329 | $11476 | $11284 | $10468 |
| **9/30/19** | $12071 | $11415 | $11131 | $10486 |
| **10/31/19** | $12042 | $11450 | $11159 | $10504 |
| **11/30/19** | $12071 | $11444 | $11176 | $10519 |
| **12/31/19** | $12119 | $11436 | $11219 | $10534 |
| **1/31/20** | $12583 | $11656 | $11454 | $10548 |
| **2/29/20** | $12762 | $11866 | $11613 | $10562 |
| **3/31/20** | $12512 | $11796 | $11409 | $10575 |
| **4/30/20** | $13185 | $12006 | $11726 | $10584 |
| **5/31/20** | $13365 | $12062 | $11761 | $10588 |
| **6/30/20** | $13614 | $12137 | $11892 | $10589 |
| **7/31/20** | $14172 | $12319 | $12166 | $10591 |
| **8/31/20** | $14436 | $12219 | $12299 | $10592 |
| **9/30/20** | $14367 | $12213 | $12253 | $10593 |
| **10/31/20** | $14207 | $12158 | $12174 | $10594 |
| **11/30/20** | $14479 | $12277 | $12311 | $10595 |
| **12/31/20** | $14767 | $12294 | $12452 | $10595 |
| **1/31/21** | $14891 | $12206 | $12493 | $10596 |
| **2/28/21** | $14411 | $12030 | $12292 | $10597 |
| **3/31/21** | $14375 | $11880 | $12269 | $10597 |
| **4/30/21** | $14737 | $11974 | $12440 | $10598 |
| **5/31/21** | $15025 | $12013 | $12591 | $10598 |
| **6/30/21** | $15222 | $12097 | $12667 | $10598 |
| **7/31/21** | $15933 | $12232 | $13005 | $10598 |
| **8/31/21** | $15897 | $12209 | $12982 | $10599 |
| **9/30/21** | $15697 | $12103 | $12889 | $10599 |
| **10/31/21** | $15982 | $12100 | $13035 | $10599 |
| **11/30/21** | $16286 | $12136 | $13152 | $10600 |
| **12/31/21** | $16342 | $12105 | $13194 | $10600 |
| **1/31/22** | $15724 | $11844 | $12927 | $10601 |
| **2/28/22** | $16020 | $11712 | $13037 | $10602 |
| **3/31/22** | $15575 | $11386 | $12795 | $10603 |
| **4/30/22** | $14999 | $10954 | $12533 | $10606 |
| **5/31/22** | $14725 | $11025 | $12409 | $10611 |
| **6/30/22** | $13944 | $10852 | $12016 | $10619 |
| **7/31/22** | $14942 | $11117 | $12539 | $10630 |
| **8/31/22** | $14229 | $10803 | $12206 | $10645 |
| **9/30/22** | $12555 | $10336 | $11398 | $10666 |
| **10/31/22** | $12796 | $10202 | $11540 | $10693 |
| **11/30/22** | $13187 | $10578 | $11750 | $10723 |
| **12/31/22** | $12920 | $10530 | $11631 | $10759 |
| **1/31/23** | $13337 | $10854 | $11844 | $10799 |
| **2/28/23** | $12984 | $10573 | $11681 | $10837 |
| **3/31/23** | $13598 | $10842 | $12019 | $10880 |
| **4/30/23** | $13587 | $10908 | $12032 | $10923 |
| **5/31/23** | $13245 | $10789 | $11888 | $10970 |
| **6/30/23** | $13148 | $10750 | $11848 | $11016 |
| **7/31/23** | $13137 | $10743 | $11863 | $11067 |
| **8/31/23** | $12899 | $10674 | $11757 | $11118 |
| **9/30/23** | $12454 | $10403 | $11540 | $11168 |
| **10/31/23** | $12268 | $10239 | $11457 | $11221 |
| **11/30/23** | $12782 | $10702 | $11767 | $11272 |
| **12/31/23** | $13270 | $11112 | $12084 | $11325 |
| **1/31/24** | $13336 | $11082 | $12105 | $11378 |
| **2/29/24** | $13059 | $10925 | $11975 | $11428 |
| **3/31/24** | $13170 | $11026 | $12074 | $11480 |
| **4/30/24** | $12782 | $10747 | $11870 | $11532 |
| **5/31/24** | $13114 | $10930 | $12074 | $11586 |
| **6/30/24** | $13248 | $11033 | $12169 | $11638 |
| **7/31/24** | $13610 | $11291 | $12386 | $11692 |
| **8/31/24** | $13758 | $11453 | $12483 | $11746 |
| **9/30/24** | $14065 | $11606 | $12670 | $11797 |
| **10/31/24** | $13595 | $11319 | $12443 | $11848 |
| **11/30/24** | $13664 | $11438 | $12503 | $11895 |
| **12/31/24** | $13262 | $11251 | $12306 | $11942 |
| **1/31/25** | $13515 | $11311 | $12465 | $11988 |
| **2/28/25** | $13985 | $11560 | $12736 | $12029 |
| **3/31/25** | $14131 | $11564 | $12818 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Real Return Portfolio | 7.29% | 2.46% | 3.52% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $462085 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 33% |
| Total Net Advisory Fees Paid During the Reporting Period | $87 |

---

---

| | |
|:---|:---|
| 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 | 177.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 4.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (81.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.19% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Real Return Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS0488TSRAR_033125

# PIMCO Short Asset Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Short Asset Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to investment grade corporate credit, specifically financials,contributed to relative performance versus FTSE 3-Month U.S. Treasury Bill Index ("Index"), as investment grade corporate bonds had positive returns.

* Overweight exposure to U.S. duration, particularly the one-year part of the curve, contributed to relative performance versus the Index, as interest rates fell.

* Overweight exposure to select securitized credit, particularly collateralized loan obligations, contributed to relative performance versus the Index, as spreads tightened.

* Long exposure to U.K. duration, particularly on the 5-year part of the curve, detracted from relative performance versus the Index, as interest rates rose.

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i7875d3a61cbfc082ca54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short Asset Portfolio** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **5/1/17** | $10000 | $10000 | $10000 |
| **5/31/17** | $10012 | $10099 | $10006 |
| **6/30/17** | $10035 | $10089 | $10013 |
| **7/31/17** | $10054 | $10132 | $10021 |
| **8/31/17** | $10066 | $10223 | $10030 |
| **9/30/17** | $10091 | $10174 | $10039 |
| **10/31/17** | $10112 | $10180 | $10048 |
| **11/30/17** | $10126 | $10167 | $10057 |
| **12/31/17** | $10143 | $10214 | $10067 |
| **1/31/18** | $10165 | $10096 | $10078 |
| **2/28/18** | $10178 | $10001 | $10089 |
| **3/31/18** | $10188 | $10065 | $10102 |
| **4/30/18** | $10217 | $9990 | $10115 |
| **5/31/18** | $10235 | $10061 | $10130 |
| **6/30/18** | $10255 | $10049 | $10146 |
| **7/31/18** | $10284 | $10051 | $10162 |
| **8/31/18** | $10308 | $10116 | $10179 |
| **9/30/18** | $10335 | $10051 | $10196 |
| **10/31/18** | $10354 | $9971 | $10215 |
| **11/30/18** | $10353 | $10031 | $10234 |
| **12/31/18** | $10343 | $10215 | $10254 |
| **1/31/19** | $10386 | $10324 | $10275 |
| **2/28/19** | $10428 | $10318 | $10294 |
| **3/31/19** | $10449 | $10516 | $10315 |
| **4/30/19** | $10487 | $10518 | $10336 |
| **5/31/19** | $10498 | $10705 | $10358 |
| **6/30/19** | $10526 | $10840 | $10379 |
| **7/31/19** | $10559 | $10863 | $10399 |
| **8/31/19** | $10584 | $11145 | $10419 |
| **9/30/19** | $10610 | $11085 | $10437 |
| **10/31/19** | $10636 | $11119 | $10455 |
| **11/30/19** | $10656 | $11113 | $10470 |
| **12/31/19** | $10681 | $11105 | $10485 |
| **1/31/20** | $10720 | $11319 | $10499 |
| **2/29/20** | $10730 | $11523 | $10513 |
| **3/31/20** | $10474 | $11455 | $10526 |
| **4/30/20** | $10640 | $11659 | $10534 |
| **5/31/20** | $10722 | $11713 | $10539 |
| **6/30/20** | $10810 | $11787 | $10540 |
| **7/31/20** | $10847 | $11963 | $10541 |
| **8/31/20** | $10869 | $11866 | $10542 |
| **9/30/20** | $10885 | $11860 | $10543 |
| **10/31/20** | $10899 | $11807 | $10544 |
| **11/30/20** | $10909 | $11923 | $10545 |
| **12/31/20** | $10927 | $11939 | $10546 |
| **1/31/21** | $10946 | $11854 | $10547 |
| **2/28/21** | $10952 | $11682 | $10547 |
| **3/31/21** | $10963 | $11536 | $10548 |
| **4/30/21** | $10968 | $11628 | $10548 |
| **5/31/21** | $10976 | $11666 | $10549 |
| **6/30/21** | $10975 | $11748 | $10549 |
| **7/31/21** | $10972 | $11879 | $10549 |
| **8/31/21** | $10979 | $11856 | $10549 |
| **9/30/21** | $10993 | $11754 | $10550 |
| **10/31/21** | $10989 | $11750 | $10550 |
| **11/30/21** | $10979 | $11785 | $10550 |
| **12/31/21** | $10980 | $11755 | $10551 |
| **1/31/22** | $10978 | $11502 | $10551 |
| **2/28/22** | $10950 | $11373 | $10552 |
| **3/31/22** | $10882 | $11057 | $10554 |
| **4/30/22** | $10884 | $10638 | $10557 |
| **5/31/22** | $10888 | $10706 | $10562 |
| **6/30/22** | $10835 | $10538 | $10569 |
| **7/31/22** | $10831 | $10796 | $10580 |
| **8/31/22** | $10896 | $10491 | $10596 |
| **9/30/22** | $10908 | $10038 | $10616 |
| **10/31/22** | $10909 | $9908 | $10643 |
| **11/30/22** | $10947 | $10272 | $10673 |
| **12/31/22** | $11016 | $10226 | $10709 |
| **1/31/23** | $11083 | $10540 | $10749 |
| **2/28/23** | $11146 | $10268 | $10786 |
| **3/31/23** | $11151 | $10529 | $10829 |
| **4/30/23** | $11205 | $10592 | $10873 |
| **5/31/23** | $11267 | $10477 | $10919 |
| **6/30/23** | $11335 | $10440 | $10965 |
| **7/31/23** | $11403 | $10432 | $11015 |
| **8/31/23** | $11467 | $10366 | $11066 |
| **9/30/23** | $11537 | $10102 | $11116 |
| **10/31/23** | $11593 | $9943 | $11169 |
| **11/30/23** | $11651 | $10393 | $11220 |
| **12/31/23** | $11721 | $10791 | $11272 |
| **1/31/24** | $11797 | $10761 | $11325 |
| **2/29/24** | $11864 | $10609 | $11374 |
| **3/31/24** | $11936 | $10707 | $11427 |
| **4/30/24** | $11997 | $10437 | $11478 |
| **5/31/24** | $12064 | $10614 | $11532 |
| **6/30/24** | $12120 | $10714 | $11583 |
| **7/31/24** | $12172 | $10965 | $11637 |
| **8/31/24** | $12238 | $11122 | $11691 |
| **9/30/24** | $12296 | $11271 | $11742 |
| **10/31/24** | $12363 | $10992 | $11793 |
| **11/30/24** | $12427 | $11108 | $11840 |
| **12/31/24** | $12497 | $10926 | $11886 |
| **1/31/25** | $12562 | $10984 | $11932 |
| **2/28/25** | $12608 | $11226 | $11973 |
| **3/31/25** | $12644 | $11230 | $12017 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| PIMCO Short Asset Portfolio | 5.93% | 3.84% | 3.01% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.48% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 2.35% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $6044808 |
| # of Portfolio Holdings | 775 |
| Portfolio Turnover Rate | 53% |
| 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 | 56.1% |
| Asset-Backed Securities | 16.9% |
| U.S. Government Agencies | 14.7% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Sovereign Issues | 1.7% |
| U.S. Treasury Obligations | 0.3% |
| Short-Term Instruments | 7.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Short Asset Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS2172TSRAR_033125

# PIMCO Short-Term Floating NAV Portfolio II

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio II (the "Portfolio") for the period of April 1, 2024 to March 31, 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 | $6 | 0.06% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus FTSE 3-Month U.S. Treasury Bill Index ("Index"), as investment grade corporate bonds had positive returns.

* U.S. duration positioning contributed to relative performance versus the Index, as carry contributions from the strengthening U.S. dollar offset detractions from underweight positioning as interest rates fell.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i9af6dbebb9553ae67b4a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short-Term Floating NAV Portfolio II** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10002 | $9964 | $10000 |
| **5/31/15** | $10004 | $9940 | $10000 |
| **6/30/15** | $10006 | $9832 | $10000 |
| **7/31/15** | $10009 | $9900 | $10001 |
| **8/31/15** | $10010 | $9886 | $10001 |
| **9/30/15** | $10011 | $9953 | $10001 |
| **10/31/15** | $10015 | $9954 | $10001 |
| **11/30/15** | $10017 | $9928 | $10002 |
| **12/31/15** | $10019 | $9896 | $10002 |
| **1/31/16** | $10025 | $10032 | $10004 |
| **2/29/16** | $10031 | $10103 | $10005 |
| **3/31/16** | $10037 | $10196 | $10008 |
| **4/30/16** | $10044 | $10235 | $10010 |
| **5/31/16** | $10049 | $10238 | $10012 |
| **6/30/16** | $10055 | $10422 | $10014 |
| **7/31/16** | $10063 | $10488 | $10016 |
| **8/31/16** | $10069 | $10476 | $10019 |
| **9/30/16** | $10077 | $10470 | $10021 |
| **10/31/16** | $10083 | $10389 | $10024 |
| **11/30/16** | $10088 | $10144 | $10026 |
| **12/31/16** | $10096 | $10158 | $10029 |
| **1/31/17** | $10106 | $10178 | $10033 |
| **2/28/17** | $10115 | $10246 | $10037 |
| **3/31/17** | $10122 | $10241 | $10042 |
| **4/30/17** | $10131 | $10320 | $10047 |
| **5/31/17** | $10140 | $10399 | $10053 |
| **6/30/17** | $10150 | $10389 | $10060 |
| **7/31/17** | $10161 | $10434 | $10068 |
| **8/31/17** | $10173 | $10527 | $10077 |
| **9/30/17** | $10184 | $10477 | $10086 |
| **10/31/17** | $10195 | $10483 | $10095 |
| **11/30/17** | $10205 | $10470 | $10104 |
| **12/31/17** | $10216 | $10518 | $10114 |
| **1/31/18** | $10230 | $10397 | $10125 |
| **2/28/18** | $10241 | $10298 | $10136 |
| **3/31/18** | $10257 | $10364 | $10149 |
| **4/30/18** | $10274 | $10287 | $10163 |
| **5/31/18** | $10293 | $10360 | $10178 |
| **6/30/18** | $10310 | $10348 | $10193 |
| **7/31/18** | $10329 | $10350 | $10210 |
| **8/31/18** | $10349 | $10417 | $10227 |
| **9/30/18** | $10366 | $10350 | $10244 |
| **10/31/18** | $10386 | $10268 | $10263 |
| **11/30/18** | $10406 | $10329 | $10282 |
| **12/31/18** | $10427 | $10519 | $10302 |
| **1/31/19** | $10453 | $10631 | $10323 |
| **2/28/19** | $10475 | $10625 | $10342 |
| **3/31/19** | $10498 | $10829 | $10364 |
| **4/30/19** | $10522 | $10831 | $10385 |
| **5/31/19** | $10546 | $11024 | $10406 |
| **6/30/19** | $10567 | $11162 | $10427 |
| **7/31/19** | $10590 | $11187 | $10448 |
| **8/31/19** | $10613 | $11476 | $10468 |
| **9/30/19** | $10632 | $11415 | $10486 |
| **10/31/19** | $10651 | $11450 | $10504 |
| **11/30/19** | $10667 | $11444 | $10519 |
| **12/31/19** | $10683 | $11436 | $10534 |
| **1/31/20** | $10703 | $11656 | $10548 |
| **2/29/20** | $10718 | $11866 | $10562 |
| **3/31/20** | $10671 | $11796 | $10575 |
| **4/30/20** | $10722 | $12006 | $10584 |
| **5/31/20** | $10741 | $12062 | $10588 |
| **6/30/20** | $10750 | $12137 | $10589 |
| **7/31/20** | $10754 | $12319 | $10591 |
| **8/31/20** | $10757 | $12219 | $10592 |
| **9/30/20** | $10759 | $12213 | $10593 |
| **10/31/20** | $10759 | $12158 | $10594 |
| **11/30/20** | $10761 | $12277 | $10595 |
| **12/31/20** | $10763 | $12294 | $10595 |
| **1/31/21** | $10764 | $12206 | $10596 |
| **2/28/21** | $10765 | $12030 | $10597 |
| **3/31/21** | $10765 | $11880 | $10597 |
| **4/30/21** | $10766 | $11974 | $10598 |
| **5/31/21** | $10767 | $12013 | $10598 |
| **6/30/21** | $10766 | $12097 | $10598 |
| **7/31/21** | $10767 | $12232 | $10598 |
| **8/31/21** | $10767 | $12209 | $10599 |
| **9/30/21** | $10769 | $12103 | $10599 |
| **10/31/21** | $10768 | $12100 | $10599 |
| **11/30/21** | $10768 | $12136 | $10600 |
| **12/31/21** | $10769 | $12105 | $10600 |
| **1/31/22** | $10768 | $11844 | $10601 |
| **2/28/22** | $10768 | $11712 | $10602 |
| **3/31/22** | $10768 | $11386 | $10603 |
| **4/30/22** | $10771 | $10954 | $10606 |
| **5/31/22** | $10777 | $11025 | $10611 |
| **6/30/22** | $10783 | $10852 | $10619 |
| **7/31/22** | $10798 | $11117 | $10630 |
| **8/31/22** | $10818 | $10803 | $10645 |
| **9/30/22** | $10838 | $10336 | $10666 |
| **10/31/22** | $10861 | $10202 | $10693 |
| **11/30/22** | $10899 | $10578 | $10723 |
| **12/31/22** | $10940 | $10530 | $10759 |
| **1/31/23** | $10988 | $10854 | $10799 |
| **2/28/23** | $11027 | $10573 | $10837 |
| **3/31/23** | $11071 | $10842 | $10880 |
| **4/30/23** | $11115 | $10908 | $10923 |
| **5/31/23** | $11163 | $10789 | $10970 |
| **6/30/23** | $11214 | $10750 | $11016 |
| **7/31/23** | $11261 | $10743 | $11067 |
| **8/31/23** | $11313 | $10674 | $11118 |
| **9/30/23** | $11364 | $10403 | $11168 |
| **10/31/23** | $11415 | $10239 | $11221 |
| **11/30/23** | $11472 | $10702 | $11272 |
| **12/31/23** | $11528 | $11112 | $11325 |
| **1/31/24** | $11580 | $11082 | $11378 |
| **2/29/24** | $11631 | $10925 | $11428 |
| **3/31/24** | $11679 | $11026 | $11480 |
| **4/30/24** | $11736 | $10747 | $11532 |
| **5/31/24** | $11794 | $10930 | $11586 |
| **6/30/24** | $11844 | $11033 | $11638 |
| **7/31/24** | $11901 | $11291 | $11692 |
| **8/31/24** | $11961 | $11453 | $11746 |
| **9/30/24** | $12011 | $11606 | $11797 |
| **10/31/24** | $12061 | $11319 | $11848 |
| **11/30/24** | $12110 | $11438 | $11895 |
| **12/31/24** | $12158 | $11251 | $11942 |
| **1/31/25** | $12205 | $11311 | $11988 |
| **2/28/25** | $12247 | $11560 | $12029 |
| **3/31/25** | $12290 | $11564 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Floating NAV Portfolio II | 5.23% | 2.87% | 2.08% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $8439747 |
| # of Portfolio Holdings | 258 |
| Portfolio Turnover Rate | 112% |
| Total Net Advisory Fees Paid During the Reporting Period | $1646 |

---

---

| | |
|:---|:---|
| 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 | 15.2% |
| Sovereign Issues | 0.6% |
| U.S. Treasury Obligations | 0.6% |
| Asset-Backed Securities | 0.4% |
| U.S. Government Agencies | 0.1% |
| Short-Term Instruments | 94.5% |
| Other Assets and Liabilities, Net | (11.4%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Short-Term Floating NAV Portfolio II
Annual Shareholder Report \|

March 31, 2025

PAPS1944TSRAR_033125

# PIMCO Short-Term Floating NAV Portfolio III

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio III (the "Portfolio") for the period of April 1, 2024 to March 31, 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% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance, as investment grade corporate bonds had positive total returns.

* Long exposure to the Canadian dollar contributed to relative performance, as the currency appreciated relative to the U.S. dollar.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Portfolio's regulatory index is the Bloomberg U.S. Aggregate Index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175iec5a304c34df7f0ad90a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short-Term Floating NAV Portfolio III** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10004 | $9964 | $10000 |
| **5/31/15** | $10010 | $9940 | $10000 |
| **6/30/15** | $10011 | $9832 | $10000 |
| **7/31/15** | $10018 | $9900 | $10001 |
| **8/31/15** | $10018 | $9886 | $10001 |
| **9/30/15** | $10020 | $9953 | $10001 |
| **10/31/15** | $10027 | $9954 | $10001 |
| **11/30/15** | $10029 | $9928 | $10002 |
| **12/31/15** | $10034 | $9896 | $10002 |
| **1/31/16** | $10042 | $10032 | $10004 |
| **2/29/16** | $10048 | $10103 | $10005 |
| **3/31/16** | $10059 | $10196 | $10008 |
| **4/30/16** | $10068 | $10235 | $10010 |
| **5/31/16** | $10074 | $10238 | $10012 |
| **6/30/16** | $10083 | $10422 | $10014 |
| **7/31/16** | $10093 | $10488 | $10016 |
| **8/31/16** | $10101 | $10476 | $10019 |
| **9/30/16** | $10111 | $10470 | $10021 |
| **10/31/16** | $10118 | $10389 | $10024 |
| **11/30/16** | $10127 | $10144 | $10026 |
| **12/31/16** | $10136 | $10158 | $10029 |
| **1/31/17** | $10146 | $10178 | $10033 |
| **2/28/17** | $10156 | $10246 | $10037 |
| **3/31/17** | $10165 | $10241 | $10042 |
| **4/30/17** | $10174 | $10320 | $10047 |
| **5/31/17** | $10185 | $10399 | $10053 |
| **6/30/17** | $10197 | $10389 | $10060 |
| **7/31/17** | $10208 | $10434 | $10068 |
| **8/31/17** | $10220 | $10527 | $10077 |
| **9/30/17** | $10232 | $10477 | $10086 |
| **10/31/17** | $10245 | $10483 | $10095 |
| **11/30/17** | $10256 | $10470 | $10104 |
| **12/31/17** | $10271 | $10518 | $10114 |
| **1/31/18** | $10285 | $10397 | $10125 |
| **2/28/18** | $10296 | $10298 | $10136 |
| **3/31/18** | $10314 | $10364 | $10149 |
| **4/30/18** | $10332 | $10287 | $10163 |
| **5/31/18** | $10351 | $10360 | $10178 |
| **6/30/18** | $10371 | $10348 | $10193 |
| **7/31/18** | $10391 | $10350 | $10210 |
| **8/31/18** | $10412 | $10417 | $10227 |
| **9/30/18** | $10430 | $10350 | $10244 |
| **10/31/18** | $10450 | $10268 | $10263 |
| **11/30/18** | $10470 | $10329 | $10282 |
| **12/31/18** | $10494 | $10519 | $10302 |
| **1/31/19** | $10521 | $10631 | $10323 |
| **2/28/19** | $10543 | $10625 | $10342 |
| **3/31/19** | $10569 | $10829 | $10364 |
| **4/30/19** | $10592 | $10831 | $10385 |
| **5/31/19** | $10618 | $11024 | $10406 |
| **6/30/19** | $10640 | $11162 | $10427 |
| **7/31/19** | $10663 | $11187 | $10448 |
| **8/31/19** | $10687 | $11476 | $10468 |
| **9/30/19** | $10708 | $11415 | $10486 |
| **10/31/19** | $10728 | $11450 | $10504 |
| **11/30/19** | $10745 | $11444 | $10519 |
| **12/31/19** | $10763 | $11436 | $10534 |
| **1/31/20** | $10782 | $11656 | $10548 |
| **2/29/20** | $10799 | $11866 | $10562 |
| **3/31/20** | $10729 | $11796 | $10575 |
| **4/30/20** | $10764 | $12006 | $10584 |
| **5/31/20** | $10777 | $12062 | $10588 |
| **6/30/20** | $10785 | $12137 | $10589 |
| **7/31/20** | $10791 | $12319 | $10591 |
| **8/31/20** | $10794 | $12219 | $10592 |
| **9/30/20** | $10797 | $12213 | $10593 |
| **10/31/20** | $10798 | $12158 | $10594 |
| **11/30/20** | $10800 | $12277 | $10595 |
| **12/31/20** | $10804 | $12294 | $10595 |
| **1/31/21** | $10806 | $12206 | $10596 |
| **2/28/21** | $10808 | $12030 | $10597 |
| **3/31/21** | $10809 | $11880 | $10597 |
| **4/30/21** | $10812 | $11974 | $10598 |
| **5/31/21** | $10815 | $12013 | $10598 |
| **6/30/21** | $10816 | $12097 | $10598 |
| **7/31/21** | $10818 | $12232 | $10598 |
| **8/31/21** | $10818 | $12209 | $10599 |
| **9/30/21** | $10822 | $12103 | $10599 |
| **10/31/21** | $10820 | $12100 | $10599 |
| **11/30/21** | $10821 | $12136 | $10600 |
| **12/31/21** | $10827 | $12105 | $10600 |
| **1/31/22** | $10826 | $11844 | $10601 |
| **2/28/22** | $10828 | $11712 | $10602 |
| **3/31/22** | $10825 | $11386 | $10603 |
| **4/30/22** | $10829 | $10954 | $10606 |
| **5/31/22** | $10832 | $11025 | $10611 |
| **6/30/22** | $10840 | $10852 | $10619 |
| **7/31/22** | $10866 | $11117 | $10630 |
| **8/31/22** | $10884 | $10803 | $10645 |
| **9/30/22** | $10906 | $10336 | $10666 |
| **10/31/22** | $10933 | $10202 | $10693 |
| **11/30/22** | $10971 | $10578 | $10723 |
| **12/31/22** | $11014 | $10530 | $10759 |
| **1/31/23** | $11060 | $10854 | $10799 |
| **2/28/23** | $11099 | $10573 | $10837 |
| **3/31/23** | $11146 | $10842 | $10880 |
| **4/30/23** | $11189 | $10908 | $10923 |
| **5/31/23** | $11237 | $10789 | $10970 |
| **6/30/23** | $11291 | $10750 | $11016 |
| **7/31/23** | $11338 | $10743 | $11067 |
| **8/31/23** | $11391 | $10674 | $11118 |
| **9/30/23** | $11442 | $10403 | $11168 |
| **10/31/23** | $11498 | $10239 | $11221 |
| **11/30/23** | $11552 | $10702 | $11272 |
| **12/31/23** | $11611 | $11112 | $11325 |
| **1/31/24** | $11655 | $11082 | $11378 |
| **2/29/24** | $11717 | $10925 | $11428 |
| **3/31/24** | $11769 | $11026 | $11480 |
| **4/30/24** | $11821 | $10747 | $11532 |
| **5/31/24** | $11882 | $10930 | $11586 |
| **6/30/24** | $11933 | $11033 | $11638 |
| **7/31/24** | $11991 | $11291 | $11692 |
| **8/31/24** | $12054 | $11453 | $11746 |
| **9/30/24** | $12107 | $11606 | $11797 |
| **10/31/24** | $12156 | $11319 | $11848 |
| **11/30/24** | $12206 | $11438 | $11895 |
| **12/31/24** | $12258 | $11251 | $11942 |
| **1/31/25** | $12305 | $11311 | $11988 |
| **2/28/25** | $12349 | $11560 | $12029 |
| **3/31/25** | $12389 | $11564 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Floating NAV Portfolio III | 5.27% | 2.92% | 2.17% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $18102198 |
| # of Portfolio Holdings | 425 |
| Portfolio Turnover Rate | 118% |
| 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 | 15.9% |
| U.S. Treasury Obligations | 8.5% |
| Sovereign Issues | 0.4% |
| Asset-Backed Securities | 0.3% |
| Short-Term Instruments | 94.1% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (19.3%) |
| 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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Short-Term Floating NAV Portfolio III
Annual Shareholder Report \|

March 31, 2025

PAPS2056TSRAR_033125

# PIMCO Short-Term Portfolio

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $18 | 0.17% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to non-agency residential mortgage-backed securities ("MBS") contributed to performance, as the securities posted positive returns.

* Positive duration exposure contributed to performance, as rates decreased.

* Exposure to non-agency commercial MBS contributed to performance, as spreads tightened.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175ib19348b1a10543967af5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Short-Term Portfolio** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup>** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10021 | $9964 | $10002 | $10000 |
| **5/31/15** | $10042 | $9940 | $10005 | $10000 |
| **6/30/15** | $10059 | $9832 | $10007 | $10000 |
| **7/31/15** | $10059 | $9900 | $10009 | $10001 |
| **8/31/15** | $10059 | $9886 | $10012 | $10001 |
| **9/30/15** | $10088 | $9953 | $10014 | $10001 |
| **10/31/15** | $10120 | $9954 | $10017 | $10001 |
| **11/30/15** | $10131 | $9928 | $10019 | $10002 |
| **12/31/15** | $10138 | $9896 | $10022 | $10002 |
| **1/31/16** | $10127 | $10032 | $10027 | $10004 |
| **2/29/16** | $10073 | $10103 | $10032 | $10005 |
| **3/31/16** | $10115 | $10196 | $10037 | $10008 |
| **4/30/16** | $10180 | $10235 | $10043 | $10010 |
| **5/31/16** | $10191 | $10238 | $10048 | $10012 |
| **6/30/16** | $10218 | $10422 | $10053 | $10014 |
| **7/31/16** | $10272 | $10488 | $10058 | $10016 |
| **8/31/16** | $10316 | $10476 | $10064 | $10019 |
| **9/30/16** | $10366 | $10470 | $10069 | $10021 |
| **10/31/16** | $10410 | $10389 | $10076 | $10024 |
| **11/30/16** | $10421 | $10144 | $10083 | $10026 |
| **12/31/16** | $10448 | $10158 | $10090 | $10029 |
| **1/31/17** | $10493 | $10178 | $10099 | $10033 |
| **2/28/17** | $10537 | $10246 | $10107 | $10037 |
| **3/31/17** | $10560 | $10241 | $10115 | $10042 |
| **4/30/17** | $10604 | $10320 | $10125 | $10047 |
| **5/31/17** | $10660 | $10399 | $10135 | $10053 |
| **6/30/17** | $10706 | $10389 | $10144 | $10060 |
| **7/31/17** | $10751 | $10434 | $10155 | $10068 |
| **8/31/17** | $10819 | $10527 | $10166 | $10077 |
| **9/30/17** | $10855 | $10477 | $10177 | $10086 |
| **10/31/17** | $10878 | $10483 | $10189 | $10095 |
| **11/30/17** | $10900 | $10470 | $10200 | $10104 |
| **12/31/17** | $10925 | $10518 | $10211 | $10114 |
| **1/31/18** | $10937 | $10397 | $10226 | $10125 |
| **2/28/18** | $10948 | $10298 | $10240 | $10136 |
| **3/31/18** | $10975 | $10364 | $10255 | $10149 |
| **4/30/18** | $10998 | $10287 | $10274 | $10163 |
| **5/31/18** | $11045 | $10360 | $10294 | $10178 |
| **6/30/18** | $11065 | $10348 | $10314 | $10193 |
| **7/31/18** | $11100 | $10350 | $10334 | $10210 |
| **8/31/18** | $11147 | $10417 | $10354 | $10227 |
| **9/30/18** | $11181 | $10350 | $10374 | $10244 |
| **10/31/18** | $11181 | $10268 | $10395 | $10263 |
| **11/30/18** | $11205 | $10329 | $10415 | $10282 |
| **12/31/18** | $11239 | $10519 | $10436 | $10302 |
| **1/31/19** | $11311 | $10631 | $10460 | $10323 |
| **2/28/19** | $11347 | $10625 | $10485 | $10342 |
| **3/31/19** | $11388 | $10829 | $10509 | $10364 |
| **4/30/19** | $11436 | $10831 | $10532 | $10385 |
| **5/31/19** | $11484 | $11024 | $10555 | $10406 |
| **6/30/19** | $11538 | $11162 | $10578 | $10427 |
| **7/31/19** | $11550 | $11187 | $10598 | $10448 |
| **8/31/19** | $11562 | $11476 | $10619 | $10468 |
| **9/30/19** | $11595 | $11415 | $10639 | $10486 |
| **10/31/19** | $11631 | $11450 | $10658 | $10504 |
| **11/30/19** | $11644 | $11444 | $10677 | $10519 |
| **12/31/19** | $11680 | $11436 | $10696 | $10534 |
| **1/31/20** | $11718 | $11656 | $10713 | $10548 |
| **2/29/20** | $11742 | $11866 | $10730 | $10562 |
| **3/31/20** | $11308 | $11796 | $10748 | $10575 |
| **4/30/20** | $11470 | $12006 | $10761 | $10584 |
| **5/31/20** | $11595 | $12062 | $10774 | $10588 |
| **6/30/20** | $11698 | $12137 | $10787 | $10589 |
| **7/31/20** | $11773 | $12319 | $10789 | $10591 |
| **8/31/20** | $11861 | $12219 | $10792 | $10592 |
| **9/30/20** | $11885 | $12213 | $10795 | $10593 |
| **10/31/20** | $11910 | $12158 | $10797 | $10594 |
| **11/30/20** | $11961 | $12277 | $10799 | $10595 |
| **12/31/20** | $12021 | $12294 | $10801 | $10595 |
| **1/31/21** | $12098 | $12206 | $10803 | $10596 |
| **2/28/21** | $12111 | $12030 | $10805 | $10597 |
| **3/31/21** | $12107 | $11880 | $10808 | $10597 |
| **4/30/21** | $12132 | $11974 | $10810 | $10598 |
| **5/31/21** | $12107 | $12013 | $10811 | $10598 |
| **6/30/21** | $12103 | $12097 | $10813 | $10598 |
| **7/31/21** | $12116 | $12232 | $10815 | $10598 |
| **8/31/21** | $12142 | $12209 | $10816 | $10599 |
| **9/30/21** | $12182 | $12103 | $10817 | $10599 |
| **10/31/21** | $12182 | $12100 | $10818 | $10599 |
| **11/30/21** | $12156 | $12136 | $10820 | $10600 |
| **12/31/21** | $12159 | $12105 | $10821 | $10600 |
| **1/31/22** | $12146 | $11844 | $10823 | $10601 |
| **2/28/22** | $12055 | $11712 | $10825 | $10602 |
| **3/31/22** | $11925 | $11386 | $10827 | $10603 |
| **4/30/22** | $11873 | $10954 | $10836 | $10606 |
| **5/31/22** | $11860 | $11025 | $10845 | $10611 |
| **6/30/22** | $11732 | $10852 | $10854 | $10619 |
| **7/31/22** | $11824 | $11117 | $10869 | $10630 |
| **8/31/22** | $11797 | $10803 | $10890 | $10645 |
| **9/30/22** | $11594 | $10336 | $10912 | $10666 |
| **10/31/22** | $11515 | $10202 | $10941 | $10693 |
| **11/30/22** | $11594 | $10578 | $10975 | $10723 |
| **12/31/22** | $11728 | $10530 | $11013 | $10759 |
| **1/31/23** | $11941 | $10854 | $11054 | $10799 |
| **2/28/23** | $11954 | $10573 | $11093 | $10837 |
| **3/31/23** | $11864 | $10842 | $11137 | $10880 |
| **4/30/23** | $11945 | $10908 | $11182 | $10923 |
| **5/31/23** | $11986 | $10789 | $11230 | $10970 |
| **6/30/23** | $12100 | $10750 | $11278 | $11016 |
| **7/31/23** | $12196 | $10743 | $11327 | $11067 |
| **8/31/23** | $12224 | $10674 | $11379 | $11118 |
| **9/30/23** | $12210 | $10403 | $11429 | $11168 |
| **10/31/23** | $12141 | $10239 | $11482 | $11221 |
| **11/30/23** | $12376 | $10702 | $11533 | $11272 |
| **12/31/23** | $12569 | $11112 | $11586 | $11325 |
| **1/31/24** | $12696 | $11082 | $11639 | $11378 |
| **2/29/24** | $12724 | $10925 | $11689 | $11428 |
| **3/31/24** | $12866 | $11026 | $11742 | $11480 |
| **4/30/24** | $12866 | $10747 | $11795 | $11532 |
| **5/31/24** | $13010 | $10930 | $11849 | $11586 |
| **6/30/24** | $13059 | $11033 | $11898 | $11638 |
| **7/31/24** | $13221 | $11291 | $11956 | $11692 |
| **8/31/24** | $13338 | $11453 | $12011 | $11746 |
| **9/30/24** | $13415 | $11606 | $12063 | $11797 |
| **10/31/24** | $13400 | $11319 | $12114 | $11848 |
| **11/30/24** | $13580 | $11438 | $12161 | $11895 |
| **12/31/24** | $13626 | $11251 | $12208 | $11942 |
| **1/31/25** | $13748 | $11311 | $12254 | $11988 |
| **2/28/25** | $13840 | $11560 | $12295 | $12029 |
| **3/31/25** | $13904 | $11564 | $12341 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Portfolio | 8.07% | 4.22% | 3.35% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $172846 |
| # of Portfolio Holdings | 756 |
| Portfolio Turnover Rate | 765% |
| Total Net Advisory Fees Paid During the Reporting Period | $36 |

---

---

| | |
|:---|:---|
| 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 | 67.0% |
| Asset-Backed Securities | 43.6% |
| Non-Agency Mortgage-Backed Securities | 35.4% |
| U.S. Treasury Obligations | 5.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 5.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (56.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.51% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO Short-Term Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS0468TSRAR_033125

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932175i52458108dc9a3702c8f6.jpg)

## Portfolio Performance
This 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, 2024 to March 31, 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)**.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## 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 | $40 | 0.39% |

---

## How did the Portfolio perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to securitized strategies outside of the Bloomberg Government Bond Index (the "Index") contributed to performance, as the strategy outperformed like-duration U.S. Treasuries.

* U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection contributed to performance, as the curve steepened at the long end.

* Exposure to investment grade credit outside of the Index contributed to performance, as returns from such holdings exceeded those of the Index.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932175i435809a79d0012b7f50c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Government Bond Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $9772 | $9964 | $9950 | $10000 |
| **5/31/15** | $9576 | $9940 | $9934 | $10000 |
| **6/30/15** | $9354 | $9832 | $9850 | $10000 |
| **7/31/15** | $9582 | $9900 | $9929 | $10001 |
| **8/31/15** | $9478 | $9886 | $9934 | $10001 |
| **9/30/15** | $9564 | $9953 | $10018 | $10001 |
| **10/31/15** | $9459 | $9954 | $9984 | $10001 |
| **11/30/15** | $9375 | $9928 | $9944 | $10002 |
| **12/31/15** | $9442 | $9896 | $9927 | $10002 |
| **1/31/16** | $9560 | $10032 | $10133 | $10004 |
| **2/29/16** | $9635 | $10103 | $10220 | $10005 |
| **3/31/16** | $9678 | $10196 | $10237 | $10008 |
| **4/30/16** | $9657 | $10235 | $10226 | $10010 |
| **5/31/16** | $9678 | $10238 | $10226 | $10012 |
| **6/30/16** | $10043 | $10422 | $10445 | $10014 |
| **7/31/16** | $10194 | $10488 | $10486 | $10016 |
| **8/31/16** | $10054 | $10476 | $10431 | $10019 |
| **9/30/16** | $10032 | $10470 | $10419 | $10021 |
| **10/31/16** | $9826 | $10389 | $10309 | $10024 |
| **11/30/16** | $9306 | $10144 | $10042 | $10026 |
| **12/31/16** | $9353 | $10158 | $10031 | $10029 |
| **1/31/17** | $9495 | $10178 | $10054 | $10033 |
| **2/28/17** | $9626 | $10246 | $10103 | $10037 |
| **3/31/17** | $9634 | $10241 | $10099 | $10042 |
| **4/30/17** | $9799 | $10320 | $10168 | $10047 |
| **5/31/17** | $9942 | $10399 | $10234 | $10053 |
| **6/30/17** | $9971 | $10389 | $10217 | $10060 |
| **7/31/17** | $10004 | $10434 | $10235 | $10068 |
| **8/31/17** | $10291 | $10527 | $10344 | $10077 |
| **9/30/17** | $10045 | $10477 | $10257 | $10086 |
| **10/31/17** | $10034 | $10483 | $10245 | $10095 |
| **11/30/17** | $10000 | $10470 | $10231 | $10104 |
| **12/31/17** | $10061 | $10518 | $10262 | $10114 |
| **1/31/18** | $9749 | $10397 | $10125 | $10125 |
| **2/28/18** | $9582 | $10298 | $10051 | $10136 |
| **3/31/18** | $9765 | $10364 | $10144 | $10149 |
| **4/30/18** | $9564 | $10287 | $10062 | $10163 |
| **5/31/18** | $9709 | $10360 | $10152 | $10178 |
| **6/30/18** | $9718 | $10348 | $10153 | $10193 |
| **7/31/18** | $9595 | $10350 | $10112 | $10210 |
| **8/31/18** | $9741 | $10417 | $10189 | $10227 |
| **9/30/18** | $9459 | $10350 | $10096 | $10244 |
| **10/31/18** | $9335 | $10268 | $10049 | $10263 |
| **11/30/18** | $9538 | $10329 | $10137 | $10282 |
| **12/31/18** | $10202 | $10519 | $10352 | $10302 |
| **1/31/19** | $10294 | $10631 | $10401 | $10323 |
| **2/28/19** | $10121 | $10625 | $10374 | $10342 |
| **3/31/19** | $10757 | $10829 | $10570 | $10364 |
| **4/30/19** | $10630 | $10831 | $10542 | $10385 |
| **5/31/19** | $11486 | $11024 | $10787 | $10406 |
| **6/30/19** | $11764 | $11162 | $10885 | $10427 |
| **7/31/19** | $11659 | $11187 | $10873 | $10448 |
| **8/31/19** | $12774 | $11476 | $11239 | $10468 |
| **9/30/19** | $12357 | $11415 | $11145 | $10486 |
| **10/31/19** | $12298 | $11450 | $11153 | $10504 |
| **11/30/19** | $12170 | $11444 | $11120 | $10519 |
| **12/31/19** | $11948 | $11436 | $11059 | $10534 |
| **1/31/20** | $12698 | $11656 | $11326 | $10548 |
| **2/29/20** | $13496 | $11866 | $11623 | $10562 |
| **3/31/20** | $14439 | $11796 | $11952 | $10575 |
| **4/30/20** | $14523 | $12006 | $12028 | $10584 |
| **5/31/20** | $14475 | $12062 | $11999 | $10588 |
| **6/30/20** | $14596 | $12137 | $12011 | $10589 |
| **7/31/20** | $15027 | $12319 | $12145 | $10591 |
| **8/31/20** | $14620 | $12219 | $12016 | $10592 |
| **9/30/20** | $14707 | $12213 | $12033 | $10593 |
| **10/31/20** | $14345 | $12158 | $11923 | $10594 |
| **11/30/20** | $14478 | $12277 | $11964 | $10595 |
| **12/31/20** | $14392 | $12294 | $11938 | $10595 |
| **1/31/21** | $14052 | $12206 | $11827 | $10596 |
| **2/28/21** | $13429 | $12030 | $11618 | $10597 |
| **3/31/21** | $12840 | $11880 | $11443 | $10597 |
| **4/30/21** | $13109 | $11974 | $11527 | $10598 |
| **5/31/21** | $13152 | $12013 | $11567 | $10598 |
| **6/30/21** | $13499 | $12097 | $11639 | $10598 |
| **7/31/21** | $13969 | $12232 | $11794 | $10598 |
| **8/31/21** | $13897 | $12209 | $11774 | $10599 |
| **9/30/21** | $13517 | $12103 | $11648 | $10599 |
| **10/31/21** | $13531 | $12100 | $11639 | $10599 |
| **11/30/21** | $13832 | $12136 | $11725 | $10600 |
| **12/31/21** | $13659 | $12105 | $11666 | $10600 |
| **1/31/22** | $13081 | $11844 | $11448 | $10601 |
| **2/28/22** | $12878 | $11712 | $11372 | $10602 |
| **3/31/22** | $11895 | $11386 | $11021 | $10603 |
| **4/30/22** | $10910 | $10954 | $10685 | $10606 |
| **5/31/22** | $10852 | $11025 | $10705 | $10611 |
| **6/30/22** | $10727 | $10852 | $10612 | $10619 |
| **7/31/22** | $11251 | $11117 | $10779 | $10630 |
| **8/31/22** | $10305 | $10803 | $10514 | $10645 |
| **9/30/22** | $9257 | $10336 | $10156 | $10666 |
| **10/31/22** | $8759 | $10202 | $10016 | $10693 |
| **11/30/22** | $9476 | $10578 | $10281 | $10723 |
| **12/31/22** | $9142 | $10530 | $10229 | $10759 |
| **1/31/23** | $9913 | $10854 | $10482 | $10799 |
| **2/28/23** | $9216 | $10573 | $10240 | $10837 |
| **3/31/23** | $9978 | $10842 | $10534 | $10880 |
| **4/30/23** | $10112 | $10908 | $10590 | $10923 |
| **5/31/23** | $9888 | $10789 | $10469 | $10970 |
| **6/30/23** | $9685 | $10750 | $10391 | $11016 |
| **7/31/23** | $9550 | $10743 | $10356 | $11067 |
| **8/31/23** | $9356 | $10674 | $10304 | $11118 |
| **9/30/23** | $8765 | $10403 | $10081 | $11168 |
| **10/31/23** | $8374 | $10239 | $9961 | $11221 |
| **11/30/23** | $9156 | $10702 | $10304 | $11272 |
| **12/31/23** | $9876 | $11112 | $10647 | $11325 |
| **1/31/24** | $9755 | $11082 | $10618 | $11378 |
| **2/29/24** | $9450 | $10925 | $10480 | $11428 |
| **3/31/24** | $9571 | $11026 | $10547 | $11480 |
| **4/30/24** | $8974 | $10747 | $10305 | $11532 |
| **5/31/24** | $9250 | $10930 | $10454 | $11586 |
| **6/30/24** | $9432 | $11033 | $10559 | $11638 |
| **7/31/24** | $9895 | $11291 | $10788 | $11692 |
| **8/31/24** | $10095 | $11453 | $10926 | $11746 |
| **9/30/24** | $10342 | $11606 | $11057 | $11797 |
| **10/31/24** | $9737 | $11319 | $10796 | $11848 |
| **11/30/24** | $9970 | $11438 | $10879 | $11895 |
| **12/31/24** | $9370 | $11251 | $10713 | $11942 |
| **1/31/25** | $9481 | $11311 | $10769 | $11988 |
| **2/28/25** | $10081 | $11560 | $11000 | $12029 |
| **3/31/25** | $10051 | $11564 | $11025 | $12074 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO U.S. Government and Short-Term Investments Portfolio | 5.01% | (6.99%) | 0.05% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg Government Bond Index | 4.53% | (1.60%) | 0.98% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $1166284 |
| # of Portfolio Holdings | 260 |
| Portfolio Turnover Rate | 15% |
| Total Net Advisory Fees Paid During the Reporting Period | $281 |

---

---

| | |
|:---|:---|
| 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 | 87.1% |
| Asset-Backed Securities | 5.6% |
| Non-Agency Mortgage-Backed Securities | 3.4% |
| U.S. Government Agencies | 2.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| 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;Rounded value of investments is less than 0.1% of net assets. |
| &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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.28% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g932175icc06593294e9eb4b217e.jpg)

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.**![Image](g932175i0f4b027d6aba5468a7bb.jpg)

# PIMCO U.S. Government and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2025

PAPS0470TSRAR_033125

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | March 31, 2025 | $6451129 |
|  | March 31, 2024 | $6253215 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees <sup>(1)</sup></u> |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | March 31, 2025 | $6500 |
|  | March 31, 2024 | $18725 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees <sup>(2)</sup></u> |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the

------

Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entity | March 31, 2025 | March 31, 2025 | March 31, 2024 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Funds | $— | 6500 | $18725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC<br> ("PIMCO") |  | 36308462 | 23377521 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals | $— | 36314962 | $23396246 |

---

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the annual 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>

(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

● International Bond Portfolio (U.S. Dollar-Hedged)

● PAPS Portfolio

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

● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond Funds

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

● Equity-Related Strategy Funds

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

● Bond Funds

To be filed under the immediately following fourth companion submission on Form N-CSR:

● PAPS – All Asset Funds

● Income Fund

● Credit Bond Funds

● Total Return Fund

To be filed under the immediately following fifth companion submission on Form N-CSR:

● Short Duration Strategy Funds

● Real Return Strategy Funds

● TRENDS Managed Futures Strategy Fund

(b) Not applicable to the Registrant.

------

![LOGO](g935690g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged)](#tx935690_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx935690_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx935690_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx935690_4) | 10 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx935690_5) | 11 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx935690_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx935690_7) | 38 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx935690_8) | 58 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx935690_9) | 62 |
| &nbsp;&nbsp; [Glossary](#tx935690_10) | 63 |
| &nbsp;&nbsp; [Distribution Information](#tx935690_11) | 64 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx935690_12) | 66 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx935690_13) | 67 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx935690_14) | 68 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx935690_15) | 69 |

---

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

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund").

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 the 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 Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund 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 the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund's 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 section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is 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 the 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, the 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 the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the 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

---

| | |
|:---|:---|
| **2** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

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 Fund and its investments.

Certain instruments in which the Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied

from certain derivatives markets) for applicable tough legacy contracts. Certain of the Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which the 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 the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests 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 Fund and issuers resulting from changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Administrative<br>Class | Administrative<br>Class | Class A | Class A | Class C | Class C | Class R | Class R | Diversification<br>Status | Diversification<br>Status |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) |  | 12/02/92 |  | 12/02/92 |  | 04/30/08 |  | 04/27/18 |  | 01/28/97 |  | 01/20/97 |  | 01/20/97 |  | 12/31/02 |  | Non-diversified |

---

An investment in the 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 the 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 Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

---

------

Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

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 the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the 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 the 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 the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the 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 Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the 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 Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule 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 assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

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 derivative 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 INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.91 | $0.40 | $0.06 | $0.46 | $(0.45) | $(0.07) | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.25 | 0.47 | 0.72 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.22 | (0.60) | (0.38) | (0.25) | (0.17) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.21 | (0.64) | (0.43) | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.20 | 0.51 | 0.71 | (0.26) | 0.00 | (0.26) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.39 | 0.06 | 0.45 | (0.44) | (0.07) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.24 | 0.47 | 0.71 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.21 | (0.60) | (0.39) | (0.24) | (0.17) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.20 | (0.65) | (0.45) | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.19 | 0.51 | 0.70 | (0.25) | 0.00 | (0.25) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.38 | 0.07 | 0.45 | (0.44) | (0.07) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.24 | 0.47 | 0.71 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.20 | (0.60) | (0.40) | (0.23) | (0.17) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.19 | (0.64) | (0.45) | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.19 | 0.50 | 0.69 | (0.24) | 0.00 | (0.24) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.37 | 0.07 | 0.44 | (0.43) | (0.07) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.23 | 0.47 | 0.70 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.19 | (0.60) | (0.41) | (0.22) | (0.17) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.18 | (0.64) | (0.46) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.18 | 0.50 | 0.68 | (0.23) | 0.00 | (0.23) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.36 | 0.06 | 0.42 | (0.41) | (0.07) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.21 | 0.47 | 0.68 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.18 | (0.60) | (0.42) | (0.21) | (0.17) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.16 | (0.64) | (0.48) | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.16 | 0.50 | 0.66 | (0.21) | 0.00 | (0.21) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.29 | 0.06 | 0.35 | (0.34) | (0.07) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.14 | 0.47 | 0.61 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.11 | (0.61) | (0.50) | (0.13) | (0.17) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.08 | (0.64) | (0.56) | (0.04) | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.08 | 0.50 | 0.58 | (0.13) | 0.00 | (0.13) |
| Class R |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.34 | 0.06 | 0.40 | (0.39) | (0.07) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.19 | 0.47 | 0.66 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.16 | (0.61) | (0.45) | (0.18) | (0.17) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.14 | (0.64) | (0.50) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.13 | 0.51 | 0.64 | (0.19) | 0.00 | (0.19) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

<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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | 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 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<br>Rate** |
| $9.85 | 4.69% | $9948868 | 0.57% | 0.57% | 0.50% | 0.50% | 4.03% | 699% |
| 9.91 | 7.73 | 9759176 | 0.75 | 0.75 | 0.50 | 0.50 | 2.64 | 657 |
| 9.50 | (3.68) | 8131472 | 0.63 | 0.63 | 0.50 | 0.50 | 2.26 | 446 |
| 10.30 | (4.04) | 7924193 | 0.51 | 0.51 | 0.50 | 0.50 | 1.92 | 334 |
| 10.90 | 6.79 | 8358457 | 0.52 | 0.52 | 0.50 | 0.50 | 1.87 | 520 |
| 9.85 | 4.59 | 4258631 | 0.67 | 0.67 | 0.60 | 0.60 | 3.94 | 699 |
| 9.91 | 7.63 | 3845322 | 0.85 | 0.85 | 0.60 | 0.60 | 2.54 | 657 |
| 9.50 | (3.78) | 3512183 | 0.73 | 0.73 | 0.60 | 0.60 | 2.15 | 446 |
| 10.30 | (4.14) | 3208025 | 0.61 | 0.61 | 0.60 | 0.60 | 1.82 | 334 |
| 10.90 | 6.68 | 3086917 | 0.62 | 0.62 | 0.60 | 0.60 | 1.77 | 520 |
| 9.85 | 4.55 | 236221 | 0.72 | 0.77 | 0.65 | 0.70 | 3.88 | 699 |
| 9.91 | 7.59 | 188630 | 0.90 | 0.95 | 0.65 | 0.70 | 2.51 | 657 |
| 9.50 | (3.83) | 109771 | 0.78 | 0.83 | 0.65 | 0.70 | 2.08 | 446 |
| 10.30 | (4.19) | 143648 | 0.66 | 0.71 | 0.65 | 0.70 | 1.77 | 334 |
| 10.90 | 6.63 | 193552 | 0.67 | 0.72 | 0.65 | 0.70 | 1.72 | 520 |
| 9.85 | 4.43 | 51723 | 0.82 | 0.82 | 0.75 | 0.75 | 3.79 | 699 |
| 9.91 | 7.46 | 59058 | 1.00 | 1.00 | 0.75 | 0.75 | 2.38 | 657 |
| 9.50 | (3.92) | 79193 | 0.88 | 0.88 | 0.75 | 0.75 | 1.99 | 446 |
| 10.30 | (4.28) | 98955 | 0.76 | 0.76 | 0.75 | 0.75 | 1.67 | 334 |
| 10.90 | 6.52 | 142953 | 0.77 | 0.77 | 0.75 | 0.75 | 1.62 | 520 |
| 9.85 | 4.28 | 586498 | 0.97 | 0.97 | 0.90 | 0.90 | 3.64 | 699 |
| 9.91 | 7.31 | 620921 | 1.15 | 1.15 | 0.90 | 0.90 | 2.23 | 657 |
| 9.50 | (4.07) | 670583 | 1.03 | 1.03 | 0.90 | 0.90 | 1.84 | 446 |
| 10.30 | (4.43) | 863436 | 0.91 | 0.91 | 0.90 | 0.90 | 1.52 | 334 |
| 10.90 | 6.36 | 1067670 | 0.92 | 0.92 | 0.90 | 0.90 | 1.47 | 520 |
| 9.85 | 3.50 | 15079 | 1.72 | 1.72 | 1.65 | 1.65 | 2.89 | 699 |
| 9.91 | 6.51 | 21687 | 1.90 | 1.90 | 1.65 | 1.65 | 1.47 | 657 |
| 9.50 | (4.79) | 28700 | 1.78 | 1.78 | 1.65 | 1.65 | 1.08 | 446 |
| 10.30 | (5.14) | 43591 | 1.66 | 1.66 | 1.65 | 1.65 | 0.76 | 334 |
| 10.90 | 5.57 | 64114 | 1.67 | 1.67 | 1.65 | 1.65 | 0.72 | 520 |
| 9.85 | 4.02 | 53169 | 1.22 | 1.22 | 1.15 | 1.15 | 3.39 | 699 |
| 9.91 | 7.04 | 57854 | 1.40 | 1.40 | 1.15 | 1.15 | 1.98 | 657 |
| 9.50 | (4.31) | 54401 | 1.28 | 1.28 | 1.15 | 1.15 | 1.59 | 446 |
| 10.30 | (4.66) | 67742 | 1.16 | 1.16 | 1.15 | 1.15 | 1.27 | 334 |
| 10.90 | 6.10 | 72152 | 1.17 | 1.17 | 1.15 | 1.15 | 1.22 | 520 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $20721118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 741403 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 56035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 114723 |
|  Cash | 7 |
|  Deposits with counterparty | 8225 |
|  Foreign currency, at value | 78762 |
|  Receivable for investments sold | 1777637 |
|  Receivable for TBA investments sold | 18532122 |
|  Receivable for Fund shares sold | 61672 |
|  Interest and/or dividends receivable | 106024 |
|  Dividends receivable from Affiliates | 3065 |
|  Reimbursement receivable from PIMCO | 9 |
|  **Total Assets** | 42200802 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $288138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 2610988 |
|  Financial Derivative Instruments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 44195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 205487 |
|  Payable for investments purchased | 1641607 |
|  Payable for investments in Affiliates purchased | 3165 |
|  Payable for investments purchased on a delayed-delivery basis | 95389 |
|  Payable for TBA investments purchased | 21933067 |
|  Deposits from counterparty | 63630 |
|  Payable for Fund shares redeemed | 143190 |
|  Distributions payable | 14951 |
|  Accrued investment advisory fees | 3098 |
|  Accrued supervisory and administrative fees | 3548 |
|  Accrued distribution fees | 30 |
|  Accrued servicing fees | 130 |
|  **Total Liabilities** | 27050613 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $15150189 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $16075422 |
|  Distributable earnings (accumulated loss) | (925233) |
|  **Net Assets** | $15150189 |
|  Cost of investments in securities | $21292755 |
|  Cost of investments in Affiliates | $752587 |
|  Cost of foreign currency held | $78915 |
|  Proceeds received on short sales | $2610100 |
|  Cost or premiums of financial derivative instruments, net | $21390 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $9948868 |
|  I-2 | 4258631 |
|  I-3 | 236221 |
|  Administrative Class | 51723 |
|  Class A | 586498 |
|  Class C | 15079 |
|  Class R | 53169 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1009654 |
|  I-2 | 432173 |
|  I-3 | 23972 |
|  Administrative Class | 5249 |
|  Class A | 59518 |
|  Class C | 1530 |
|  Class R | 5396 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.85 |
|  I-2 | 9.85 |
|  I-3 | 9.85 |
|  Administrative Class | 9.85 |
|  Class A | 9.85 |
|  Class C | 9.85 |
|  Class R | 9.85 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Statement of Operations PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $639945 |
|  Dividends | 13 |
|  Dividends from Investments in Affiliates | 59062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 699020 |
|  **Expenses:** |  |
|  Investment advisory fees | 37958 |
|  Supervisory and administrative fees | 43386 |
|  Distribution and/or servicing fees - Administrative Class | 137 |
|  Distribution and/or servicing fees - Class A | 1482 |
|  Distribution and/or servicing fees - Class C | 186 |
|  Distribution and/or servicing fees - Class R | 273 |
|  Trustee fees | 100 |
|  Interest expense | 10105 |
|  Miscellaneous expense | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 93704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 93601 |
|  **Net Investment Income (Loss)** | 605419 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (215415) |
|  Investments in Affiliates | 373 |
|  Exchange-traded or centrally cleared financial derivative instruments | 53535 |
|  Over the counter financial derivative instruments | 326695 |
|  Short sales | 77 |
|  Foreign currency | (57619) |
|  **Net Realized Gain (Loss)** | 107646 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 351613 |
|  Investments in Affiliates | 3563 |
|  Exchange-traded or centrally cleared financial derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172371) |
|  Over the counter financial derivative instruments | (211212) |
|  Foreign currency assets and liabilities | 7194 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (21213) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $691852 |
|  \* Foreign tax withholdings | $355 |

---

---

| | |
|:---|:---|
| <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. See Notes 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

Statements of Changes in Net Assets PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>**)** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $605419 | $348681 |
|  Net realized gain (loss) | 107646 | 380834 |
|  Net change in unrealized appreciation (depreciation) | (21213) | 298684 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 691852 | 1028199 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (535100) | (292813) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (206219) | (113752) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (10451) | (4148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2709) | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (28474) | (17795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (747) | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2486) | (1405) |
|  **Total Distributions<sup>(a)</sup>** | (786186) | (432475) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 691875 | 1370621 |
|  **Total Increase (Decrease) in Net Assets** | 597541 | 1966345 |
|  **Net Assets:** |  |  |
|  Beginning of year | 14552648 | 12586303 |
|  End of year | $15150189 | $14552648 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### (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 136.8% | INVESTMENTS IN SECURITIES 136.8% | INVESTMENTS IN SECURITIES 136.8% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 4250 | 3101 |
|  1.000% due 07/09/2029 | 113 | 88 |
|  3.500% due 07/09/2041 þ | 920 | 534 |
|  Total Argentina (Cost $3,476) | Total Argentina (Cost $3,476) | 3723 |
| AUSTRALIA 2.3% | AUSTRALIA 2.3% | AUSTRALIA 2.3% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  3.300% due 07/30/2029 | 30377 | 33557 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 8800 | 2907 |
|  2.500% due 05/21/2030 | 15800 | 9253 |
|  Australian Capital Territory | Australian Capital Territory | Australian Capital Territory |
|  4.750% due 10/23/2030 | 67900 | 43205 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 143800 | 68974 |
|  2.000% due 03/08/2033 | 35900 | 18319 |
|  4.750% due 09/20/2035 | 23400 | 14191 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 62400 | 31191 |
|  1.750% due 07/20/2034 | 59100 | 27894 |
|  2.000% due 08/22/2033 | 23400 | 11706 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 34900 | 16137 |
|  2.250% due 09/15/2033 | 102100 | 51991 |
|  4.250% due 12/20/2032 | 34900 | 21080 |
|  |  | 316848 |
|  Total Australia (Cost $362,893) | Total Australia (Cost $362,893) | 350405 |
| BELGIUM 0.1% | BELGIUM 0.1% | BELGIUM 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  5.796% due 01/19/2029 •  | 8000 | 8221 |
|  Total Belgium (Cost $8,000) | Total Belgium (Cost $8,000) | 8221 |
| BERMUDA 0.1% | BERMUDA 0.1% | BERMUDA 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  | 1700 | 1689 |
|  5.403% due 10/20/2033 •  | 10900 | 10888 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.443% due 07/20/2037 •  | 2612 | 2614 |
|  Total Bermuda (Cost $15,212) | Total Bermuda (Cost $15,212) | 15191 |
| BRAZIL 1.8% | BRAZIL 1.8% | BRAZIL 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 1679500 | 274643 |
|  Total Brazil (Cost $272,006) | Total Brazil (Cost $272,006) | 274643 |
| CANADA 6.7% | CANADA 6.7% | CANADA 6.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 13700 | 13739 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 9000 | 9583 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.851% due 12/14/2026 | 23700 | 23936 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.969% due 08/02/2030 •  | $— | 8300 | 8362 |
|  5.393% due 02/04/2031 ~ |  | 40900 | 40958 |
|  |  |  | 96578 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ |  | 6004 | 4062 |
|  2.867% due 02/12/2055 ~ |  | 16700 | 10966 |
|  3.650% due 08/12/2053 |  | 3887 | 2697 |
|  |  |  | 17725 |
| SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (f) |  | 12558 | 8977 |
|  1.750% due 12/01/2053 |  | 20660 | 10418 |
|  3.250% due 12/01/2033 |  | 132000 | 94105 |
|  4.000% due 03/01/2029 |  | 186200 | 136305 |
|  Export Development Canada | Export Development Canada | Export Development Canada | Export Development Canada |
|  4.500% due 01/28/2030 |  | 6200 | 8040 |
|  7.130% due 03/11/2029 |  | 2119600 | 25098 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 |  | 102700 | 74558 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 |  | 358900 | 253727 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 377200 | 264945 |
|  4.450% due 09/01/2034 |  | 45700 | 33915 |
|  |  |  | 910088 |
|  Total Canada (Cost $1,036,870) | Total Canada (Cost $1,036,870) | Total Canada (Cost $1,036,870) | 1024391 |
| CAYMAN ISLANDS 2.5% | CAYMAN ISLANDS 2.5% | CAYMAN ISLANDS 2.5% | CAYMAN ISLANDS 2.5% |
| ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | $— | 288 | 288 |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.581% due 10/16/2036 •  |  | 6051 | 6044 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.730% due 04/22/2034 ~ |  | 15400 | 15411 |
|  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. |
|  5.784% due 11/15/2036 •  |  | 22617 | 22651 |
|  5.799% due 01/15/2037 •  |  | 20103 | 20133 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  |  | 1900 | 1900 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.354% due 07/24/2034 •  |  | 4900 | 4851 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.643% due 04/20/2034 •  |  | 6200 | 6200 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.319% due 10/15/2034 •  |  | 4000 | 3978 |
|  5.382% due 07/15/2034 ~ |  | 3000 | 2988 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ |  | 11300 | 11259 |
|  5.530% due 08/14/2030 •  |  | 209 | 209 |
|  5.704% due 07/15/2031 •  |  | 5973 | 5976 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ |  | 4314 | 4314 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.443% due 10/19/2029 ~ |  | 9316 | 9320 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ |  | 9300 | 9244 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  |  | 3970 | 3965 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.443% due 10/20/2034 ~ |  | 3000 | 2991 |
|  5.447% due 04/24/2031 •  |  | 12226 | 12222 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.931% due 07/16/2035 ~ |  | 5464 | 5433 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  |  | 9900 | 9879 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  |  | 9900 | 9869 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.748% due 02/09/2035 ~ | 14400 | 14394 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 2000 | 1991 |
|  5.393% due 07/20/2030 ~ | 1841 | 1842 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 11/15/2038 ~ | 13721 | 13739 |
|  5.899% due 01/17/2037 •  | 10086 | 10074 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 4304 | 4307 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 997 | 996 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.461% due 10/15/2034 ~ | 9800 | 9743 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 900 | 900 |
|  5.370% due 10/14/2036 •  | 9800 | 9800 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.592% due 07/15/2034 •  | 11700 | 11697 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  | 4027 | 4027 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.715% due 07/20/2032 •  | 12021 | 12022 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.564% due 04/15/2031 ~ | 1172 | 1171 |
|  5.734% due 07/15/2034 •  | 7400 | 7404 |
|  5.765% due 07/20/2032 •  | 14686 | 14694 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.699% due 11/15/2038 ~ | 18410 | 18379 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.370% due 01/25/2035 •  | 3600 | 3601 |
|  5.640% due 01/25/2034 •  | 9800 | 9795 |
|  5.670% due 04/25/2033 •  | 14500 | 14510 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  | 1500 | 1496 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.675% due 07/20/2032 •  | 6643 | 6647 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.704% due 01/15/2031 ~ | 364 | 365 |
|  |  | 342719 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 9200 | 9218 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 9700 | 9908 |
|  Total Cayman Islands (Cost $361,892) | Total Cayman Islands (Cost $361,892) | 361845 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 14300 | 14422 |
|  Total Chile (Cost $14,289) | Total Chile (Cost $14,289) | 14422 |
| CHINA 0.8% | CHINA 0.8% | CHINA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  China Government International Bond | China Government International Bond | China Government International Bond |
|  3.190% due 04/15/2053 | 8080 | 1363 |
|  3.530% due 10/18/2051 | 707500 | 125154 |
|  Total China (Cost $113,646) | Total China (Cost $113,646) | 126517 |
| DENMARK 2.9% | DENMARK 2.9% | DENMARK 2.9% |
| CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 01/01/2026 | 1122600 | 161500 |
|  1.000% due 04/01/2026 | 106400 | 15277 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.000% due 10/01/2050 |  | 6397 | 694 |
|  1.500% due 10/01/2053 |  | 27077 | 3173 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 04/01/2026 |  | 759300 | 108878 |
|  1.500% due 10/01/2053 |  | 43795 | 5140 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2025 |  | 266800 | 38669 |
|  1.000% due 04/01/2026 |  | 111900 | 16061 |
|  1.000% due 10/01/2053 |  | 2 | 0 |
|  1.500% due 10/01/2052 |  | 32562 | 3813 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2026 |  | 553400 | 79433 |
|  1.000% due 04/01/2026 |  | 44900 | 6451 |
|  1.500% due 10/01/2053 |  | 35193 | 4121 |
|  Total Denmark (Cost $434,076) | Total Denmark (Cost $434,076) | Total Denmark (Cost $434,076) | 443210 |
| FRANCE 5.7% | FRANCE 5.7% | FRANCE 5.7% | FRANCE 5.7% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | $— | 13900 | 14026 |
|  5.896% due 07/13/2026 |  | 24800 | 25207 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  |  | 12500 | 12726 |
|  5.738% due 02/20/2035 •  |  | 13300 | 13610 |
|  5.786% due 01/13/2033 ~ |  | 11800 | 12069 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.876% due 01/14/2031 ~ |  | 3900 | 3996 |
|  6.293% due 01/14/2036 ~ |  | 8000 | 8277 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  |  | 27562 | 28211 |
|  |  |  | 118122 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.500% due 05/25/2072 |  | 19400 | 6160 |
|  0.750% due 02/25/2028 |  | 95650 | 98839 |
|  0.750% due 05/25/2052 |  | 21400 | 10878 |
|  2.000% due 05/25/2048 |  | 61500 | 47168 |
|  2.750% due 10/25/2027 |  | 96750 | 105816 |
|  2.750% due 02/25/2030 |  | 361800 | 391445 |
|  3.000% due 06/25/2049 |  | 42100 | 38907 |
|  3.250% due 05/25/2045 |  | 38900 | 38414 |
|  |  |  | 737627 |
|  Total France (Cost $893,173) | Total France (Cost $893,173) | Total France (Cost $893,173) | 855749 |
| GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 ~ |  | 16400 | 16348 |
|  2.129% due 11/24/2026 •  | $— | 10600 | 10411 |
|  2.552% due 01/07/2028 •  |  | 8200 | 7889 |
|  3.035% due 05/28/2032 •  |  | 9900 | 8668 |
|  3.547% due 09/18/2031 •  |  | 9700 | 8923 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  4.250% due 02/15/2030 |  | 12800 | 16434 |
|  |  |  | 68673 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Germany | Republic of Germany | Republic of Germany | Republic of Germany |
|  2.300% due 02/15/2033 |  | 44500 | 47181 |
|  Total Germany (Cost $119,019) | Total Germany (Cost $119,019) | Total Germany (Cost $119,019) | 115854 |
| HUNGARY 0.2% | HUNGARY 0.2% | HUNGARY 0.2% | HUNGARY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  5.500% due 03/26/2036 | $— | 14000 | 13410 |
|  6.250% due 09/22/2032 |  | 17400 | 17958 |
|  7.625% due 03/29/2041 |  | 600 | 677 |
|  Total Hungary (Cost $31,710) | Total Hungary (Cost $31,710) | Total Hungary (Cost $31,710) | 32045 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| IRELAND 2.6% | IRELAND 2.6% | IRELAND 2.6% |
| ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.735% due 07/15/2030 •  | 1526 | 1652 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.681% due 12/15/2038 •  | 12300 | 13322 |
|  3.886% due 05/15/2038 •  | 3900 | 4223 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.735% due 01/15/2036 •  | 8335 | 8996 |
|  3.774% due 10/21/2034 •  | 2733 | 2961 |
|  Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC |
|  3.431% due 04/16/2030 •  | 7405 | 7989 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  | 4709 | 5088 |
|  3.624% due 07/19/2035 •  | 7600 | 8172 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.435% due 10/15/2031 •  | 1867 | 2019 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.282% due 01/31/2030 •  | 3260 | 3519 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  | 13452 | 14474 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.756% due 11/15/2033 •  | 13508 | 14632 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 5105 | 5516 |
|  3.394% due 07/21/2030 •  | 4144 | 4487 |
|  3.435% due 10/15/2031 •  | 11708 | 12662 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.310% due 08/15/2033 «•  | 14200 | 15354 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.725% due 01/15/2034 •  | 9496 | 10278 |
|  3.744% due 04/18/2033 •  | 2944 | 3187 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 6673 | 7212 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.914% due 01/22/2039 «•  | 5500 | 5951 |
|  3.975% due 11/17/2037 •  | 16900 | 18299 |
|  4.094% due 07/18/2038 •  | 13600 | 14727 |
|  Indigo Credit Management DAC | Indigo Credit Management DAC | Indigo Credit Management DAC |
|  4.004% due 07/15/2038 •  | 28000 | 30276 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  2.341% due 01/15/2034 «•(b) | 10100 | 10921 |
|  3.725% due 10/30/2038 •  | 15700 | 16959 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 8461 | 9077 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  | 9742 | 10534 |
|  OZLME DAC | OZLME DAC | OZLME DAC |
|  3.493% due 07/27/2032 •  | 7788 | 8417 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(b) | 21100 | 22693 |
|  3.526% due 05/15/2033 •  | 3887 | 4205 |
|  3.690% due 05/15/2034 •  | 21000 | 22787 |
|  3.765% due 01/15/2033 •  | 4249 | 4602 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.631% due 01/24/2035 •  | 12200 | 13165 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.623% due 01/25/2035 •  | 7000 | 7541 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.598% due 01/17/2032 •  | 11249 | 12160 |
|  3.653% due 10/25/2035 •  | 8000 | 8635 |
|  |  | 366692 |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 3600 | 3480 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 34600 | 37338 |
|  Total Ireland (Cost $414,378) | Total Ireland (Cost $414,378) | 407510 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  4.500% due 01/17/2033 | 11200 | 10466 |
|  5.375% due 03/12/2029 | 19550 | 19724 |
|  5.375% due 02/19/2030 | 79200 | 79836 |
|  5.500% due 03/12/2034 | 8200 | 8167 |
|  5.625% due 02/19/2035 | 15000 | 14919 |
|  5.750% due 03/12/2054 | 22900 | 21055 |
|  Total Israel (Cost $153,976) | Total Israel (Cost $153,976) | 154167 |
| ITALY 0.7% | ITALY 0.7% | ITALY 0.7% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 14835 | 15689 |
|  2.625% due 04/28/2025 | 8000 | 8647 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 15100 | 16757 |
|  8.248% due 11/21/2033 •  | 13200 | 15166 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  2.125% due 04/30/2029 (j) | 6400 | 6537 |
|  |  | 62796 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 18800 | 19009 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.000% due 04/01/2026 (d) | 13600 | 14400 |
|  Italy Government International Bond | Italy Government International Bond | Italy Government International Bond |
|  6.000% due 08/04/2028 | 5900 | 7839 |
|  |  | 41248 |
|  Total Italy (Cost $104,675) | Total Italy (Cost $104,675) | 104044 |
| JAPAN 8.3% | JAPAN 8.3% | JAPAN 8.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 2294 | 2270 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 10300 | 9890 |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 8700 | 8352 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.200% due 03/07/2027 | 4300 | 4361 |
|  5.200% due 03/07/2029 | 16400 | 16741 |
|  |  | 41614 |
| SOVEREIGN ISSUES 8.0% | SOVEREIGN ISSUES 8.0% | SOVEREIGN ISSUES 8.0% |
|  Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities |
|  0.625% due 09/02/2025 | 43400 | 42716 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 01/01/2026 | 22290000 | 148085 |
|  0.100% due 03/10/2028 (f) | 15388537 | 106291 |
|  0.100% due 03/10/2029 (f) | 4911217 | 33857 |
|  0.400% due 06/20/2029 | 6120000 | 39715 |
|  0.500% due 09/20/2046 | 8500000 | 39725 |
|  0.500% due 03/20/2049 | 10483000 | 46403 |
|  0.700% due 12/20/2048 | 9439000 | 44283 |
|  0.700% due 06/20/2051 | 9715000 | 43193 |
|  0.700% due 12/20/2051 | 590000 | 2600 |
|  1.000% due 03/20/2052 | 2860000 | 13668 |
|  1.100% due 09/20/2042 | 9710000 | 55401 |
|  1.300% due 06/20/2052 | 1760000 | 9078 |
|  1.400% due 03/20/2053 | 1390000 | 7301 |
|  1.500% due 09/20/2043 | 12660000 | 76145 |
|  1.800% due 09/20/2044 | 10720000 | 67117 |
|  1.800% due 03/20/2054 | 9373400 | 53788 |
|  2.000% due 12/20/2044 | 15958000 | 103113 |
|  2.200% due 06/20/2054 | 6332000 | 39775 |
|  2.200% due 03/20/2064 | 10823000 | 64149 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.300% due 12/20/2054 |  | 21471000 | 137797 |
|  Tokyo Metropolitan Government | Tokyo Metropolitan Government | Tokyo Metropolitan Government | Tokyo Metropolitan Government |
|  0.750% due 07/16/2025 | $— | 45200 | 44719 |
|  |  |  | 1218919 |
|  Total Japan (Cost $1,515,739) | Total Japan (Cost $1,515,739) | Total Japan (Cost $1,515,739) | 1260533 |
| JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | $— | 14400 | 14400 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  |  | 5100 | 5123 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ |  | 8837 | 8838 |
|  Total Jersey, Channel Islands (Cost $28,338) | Total Jersey, Channel Islands (Cost $28,338) | Total Jersey, Channel Islands (Cost $28,338) | 28361 |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 |  | 1300 | 1354 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Telecom Serbia | Telecom Serbia | Telecom Serbia | Telecom Serbia |
|  4.004% (EUR003M + 1.350%) due 06/11/2029 «~ |  | 19400 | 21177 |
|  Total Luxembourg (Cost $22,439) | Total Luxembourg (Cost $22,439) | Total Luxembourg (Cost $22,439) | 22531 |
| MALAYSIA 1.4% | MALAYSIA 1.4% | MALAYSIA 1.4% | MALAYSIA 1.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | $— | 4500 | 2946 |
|  4.550% due 04/21/2050 |  | 3300 | 2809 |
|  4.800% due 04/21/2060 |  | 4200 | 3645 |
|  |  |  | 9400 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 |  | 79740 | 16992 |
|  3.519% due 04/20/2028 |  | 765672 | 172959 |
|  |  |  | 189951 |
|  Total Malaysia (Cost $192,701) | Total Malaysia (Cost $192,701) | Total Malaysia (Cost $192,701) | 199351 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.000% due 04/27/2051 | $— | 6100 | 4691 |
|  Total Mexico (Cost $5,680) | Total Mexico (Cost $5,680) | Total Mexico (Cost $5,680) | 4691 |
| NETHERLANDS 0.7% | NETHERLANDS 0.7% | NETHERLANDS 0.7% | NETHERLANDS 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | $— | 15200 | 15253 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.000% due 03/08/2031 |  | 23100 | 24557 |
|  3.250% due 03/08/2034 |  | 1200 | 1257 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | $— | 41800 | 42809 |
|  5.710% due 01/21/2033 ~ |  | 16100 | 16563 |
|  Total Netherlands (Cost $98,496) | Total Netherlands (Cost $98,496) | Total Netherlands (Cost $98,496) | 100439 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW ZEALAND 0.0% | NEW ZEALAND 0.0% | NEW ZEALAND 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  1.500% due 05/15/2031 | 300 | 146 |
|  Total New Zealand (Cost $208) | Total New Zealand (Cost $208) | 146 |
| NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  4.185% (EUR003M + 1.700%) due 08/23/2027 ~ | 12100 | 12988 |
|  Total Nigeria (Cost $12,617) | Total Nigeria (Cost $12,617) | 12988 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 20700 | 12449 |
|  Total Norway (Cost $15,073) | Total Norway (Cost $15,073) | 12449 |
| PERU 0.9% | PERU 0.9% | PERU 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  2.780% due 12/01/2060 | 4700 | 2565 |
|  3.230% due 07/28/2121 | 3300 | 1780 |
|  5.400% due 08/12/2034 | 32500 | 8072 |
|  6.150% due 08/12/2032 | 173600 | 47475 |
|  6.900% due 08/12/2037 | 237800 | 63930 |
|  6.950% due 08/12/2031 | 19300 | 5618 |
|  Total Peru (Cost $132,725) | Total Peru (Cost $132,725) | 129440 |
| POLAND 0.5% | POLAND 0.5% | POLAND 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 | 21800 | 24361 |
|  4.250% due 02/14/2043 | 6230 | 6708 |
|  4.625% due 03/18/2029 | 14800 | 14823 |
|  4.875% due 02/12/2030 | 10000 | 10102 |
|  4.875% due 10/04/2033 | 7800 | 7690 |
|  5.125% due 09/18/2034 | 6100 | 6052 |
|  5.375% due 02/12/2035 | 6000 | 6038 |
|  5.500% due 04/04/2053 | 6700 | 6319 |
|  Total Poland (Cost $81,104) | Total Poland (Cost $81,104) | 82093 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 10200 | 8831 |
|  3.125% due 07/12/2041 | 1600 | 1200 |
|  3.300% due 07/12/2051 | 4600 | 3180 |
|  Total Qatar (Cost $16,324) | Total Qatar (Cost $16,324) | 13211 |
| ROMANIA 1.2% | ROMANIA 1.2% | ROMANIA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.375% due 12/02/2029 | 9090 | 8471 |
|  1.750% due 07/13/2030 | 12500 | 11320 |
|  2.000% due 01/28/2032 | 1400 | 1200 |
|  2.000% due 04/14/2033 | 1700 | 1370 |
|  2.124% due 07/16/2031 | 800 | 708 |
|  2.125% due 03/07/2028 | 14800 | 15194 |
|  2.625% due 12/02/2040 | 7700 | 5042 |
|  2.750% due 04/14/2041 | 4445 | 2923 |
|  2.875% due 04/13/2042 | 17900 | 11735 |
|  3.750% due 02/07/2034 | 900 | 809 |
|  5.000% due 09/27/2026 | 7300 | 8104 |
|  5.125% due 09/24/2031 | 38780 | 40568 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 03/10/2030 |  | 13000 | 14170 |
|  5.500% due 09/18/2028 |  | 9000 | 10104 |
|  5.625% due 05/30/2037 |  | 13500 | 13335 |
|  6.250% due 09/10/2034 |  | 4900 | 5260 |
|  6.375% due 09/18/2033 |  | 17200 | 18980 |
|  6.625% due 09/27/2029 |  | 13100 | 15184 |
|  Total Romania (Cost $209,397) | Total Romania (Cost $209,397) | Total Romania (Cost $209,397) | 184477 |
| SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | $— | 1200 | 1051 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/22/2030 |  | 4300 | 3980 |
|  3.375% due 03/05/2032 |  | 18700 | 19977 |
|  3.750% due 03/05/2037 |  | 5700 | 5936 |
|  4.750% due 01/18/2028 | $— | 32100 | 32285 |
|  4.750% due 01/16/2030 |  | 51500 | 51517 |
|  4.875% due 07/18/2033 |  | 34700 | 34307 |
|  5.000% due 01/16/2034 |  | 35500 | 35281 |
|  5.000% due 01/18/2053 |  | 1000 | 859 |
|  5.125% due 01/13/2028 |  | 44400 | 44960 |
|  5.375% due 01/13/2031 |  | 27600 | 28298 |
|  |  |  | 257400 |
|  Total Saudi Arabia (Cost $256,191) | Total Saudi Arabia (Cost $256,191) | Total Saudi Arabia (Cost $256,191) | 258451 |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Mercury Projects Finance PLC | Mercury Projects Finance PLC | Mercury Projects Finance PLC | Mercury Projects Finance PLC |
|  0.400% - 6.668% (EUR006M + 4.200%) due 08/11/2030 «~ |  | 25700 | 28608 |
|  Total Serbia (Cost $27,680) | Total Serbia (Cost $27,680) | Total Serbia (Cost $27,680) | 28608 |
| SINGAPORE 0.6% | SINGAPORE 0.6% | SINGAPORE 0.6% | SINGAPORE 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 |  | 10768 | 7674 |
|  3.250% due 06/01/2054 |  | 110329 | 90519 |
|  Total Singapore (Cost $89,106) | Total Singapore (Cost $89,106) | Total Singapore (Cost $89,106) | 98193 |
| SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 |  | 461300 | 22343 |
|  8.000% due 01/31/2030 |  | 1044300 | 54585 |
|  8.875% due 02/28/2035 |  | 1054500 | 51488 |
|  Total South Africa (Cost $137,198) | Total South Africa (Cost $137,198) | Total South Africa (Cost $137,198) | 128416 |
| SOUTH KOREA 2.0% | SOUTH KOREA 2.0% | SOUTH KOREA 2.0% | SOUTH KOREA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Korea Government International Bond | Korea Government International Bond | Korea Government International Bond | Korea Government International Bond |
|  2.375% due 12/10/2028 |  | 165593510 | 111280 |
|  2.625% due 06/10/2028 |  | 226380130 | 153567 |
|  3.250% due 03/10/2053 |  | 33566010 | 25774 |
|  4.250% due 12/10/2032 |  | 26203950 | 19561 |
|  Total South Korea (Cost $358,669) | Total South Korea (Cost $358,669) | Total South Korea (Cost $358,669) | 310182 |
| SPAIN 6.1% | SPAIN 6.1% | SPAIN 6.1% | SPAIN 6.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.208% due 01/18/2029 •  | $— | 9700 | 10063 |

---

14 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 3500 | 3832 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (d) | 125050 | 126771 |
|  1.450% due 10/31/2071 | 26890 | 13262 |
|  1.900% due 10/31/2052 | 6450 | 4507 |
|  2.400% due 05/31/2028 | 85750 | 92783 |
|  2.500% due 05/31/2027 | 48200 | 52452 |
|  2.700% due 01/31/2030 | 185208 | 200530 |
|  3.150% due 04/30/2035 | 181240 | 192418 |
|  3.450% due 07/30/2066 | 8743 | 8137 |
|  3.500% due 01/31/2041 | 16800 | 17480 |
|  3.550% due 10/31/2033 | 178500 | 198049 |
|  5.250% due 04/06/2029 | 900 | 1186 |
|  |  | 911407 |
|  Total Spain (Cost $932,851) | Total Spain (Cost $932,851) | 921470 |
| SUPRANATIONAL 0.1% | SUPRANATIONAL 0.1% | SUPRANATIONAL 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 15000 | 9108 |
|  Total Supranational (Cost $10,986) | Total Supranational (Cost $10,986) | 9108 |
| SWITZERLAND 0.9% | SWITZERLAND 0.9% | SWITZERLAND 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  UBS AG | UBS AG | UBS AG |
|  5.000% due 07/09/2027 | 3900 | 3946 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 4800 | 4274 |
|  3.869% due 01/12/2029 •  | 7680 | 7503 |
|  4.194% due 04/01/2031 •  | 17800 | 17166 |
|  4.282% due 01/09/2028 | 900 | 889 |
|  4.550% due 04/17/2026 | 2600 | 2602 |
|  5.428% due 02/08/2030 •  | 7100 | 7230 |
|  5.617% due 09/13/2030 •  | 11500 | 11809 |
|  5.699% due 02/08/2035 •  | 2200 | 2257 |
|  6.373% due 07/15/2026 •  | 16200 | 16265 |
|  6.442% due 08/11/2028 •  | 4500 | 4669 |
|  6.537% due 08/12/2033 •  | 61000 | 65382 |
|  Total Switzerland (Cost $138,754) | Total Switzerland (Cost $138,754) | 143992 |
| THAILAND 0.9% | THAILAND 0.9% | THAILAND 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.500% due 11/17/2029 | 4301080 | 131062 |
|  Total Thailand (Cost $126,852) | Total Thailand (Cost $126,852) | 131062 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 47100 | 45977 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 6600 | 6840 |
|  Total United Arab Emirates (Cost $53,339) | Total United Arab Emirates (Cost $53,339) | 52817 |
| UNITED KINGDOM 4.3% | UNITED KINGDOM 4.3% | UNITED KINGDOM 4.3% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.262% due 01/29/2034 ~ | 8200 | 9572 |
|  5.674% due 03/12/2028 •  | 9800 | 9976 |
|  5.690% due 03/12/2030 •  | 18000 | 18459 |
|  6.490% due 09/13/2029 •  | 6600 | 6941 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 5000 | 4814 |
|  4.041% due 03/13/2028 •  | 4100 | 4050 |
|  4.292% due 09/12/2026 •  | 11000 | 10976 |
|  4.583% due 06/19/2029 •  | 7400 | 7336 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.597% due 05/17/2028 •  | $— | 16900 | 17182 |
|  5.940% (US0003M + 1.380%) due 09/12/2026 ~ |  | 9500 | 9558 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  |  | 12300 | 12360 |
|  5.721% due 06/05/2030 •  |  | 28500 | 29372 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  |  | 13800 | 13366 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  |  | 300 | 301 |
|  5.076% due 01/27/2030 •  |  | 5732 | 5770 |
|  5.516% due 09/30/2028 •  |  | 10500 | 10694 |
|  5.778% due 03/01/2035 •  |  | 51000 | 52058 |
|  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 (d) |  | 33409 | 23562 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.858% due 09/11/2030 •  |  | 18200 | 18033 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  |  | 11100 | 10696 |
|  6.187% due 07/06/2027 •  |  | 18000 | 18316 |
|  6.296% due 07/06/2034 •  |  | 5400 | 5690 |
|  6.750% due 02/08/2028 •  |  | 14000 | 14476 |
|  |  |  | 313558 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(i) |  | 3119 | 3372 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC |
|  4.778% due 06/15/2040 •  |  | 63 | 81 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.741% due 12/15/2044 •  |  | 1606 | 1732 |
|  5.279% due 09/13/2045 •  |  | 519 | 665 |
|  5.529% due 06/13/2045 •  |  | 165 | 211 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  4.698% due 06/18/2039 ~ | $— | 6 | 6 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.838% due 01/01/2061 •  |  | 84 | 88 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  5.228% due 12/15/2049 •  |  | 1969 | 2527 |
|  Mortimer BTL PLC | Mortimer BTL PLC | Mortimer BTL PLC | Mortimer BTL PLC |
|  5.181% (SONIO/N + 0.700%) due 06/23/2053 ~ |  | 13112 | 16938 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.918% due 12/01/2050 •  |  | 2301 | 2320 |
|  3.078% due 12/15/2050 •  |  | 3132 | 3365 |
|  3.728% due 12/15/2050 •  |  | 833 | 869 |
|  3.978% due 12/15/2050 •  |  | 1366 | 1400 |
|  4.778% due 12/15/2050 •  |  | 1905 | 2359 |
|  4.799% due 12/01/2050 •  |  | 29 | 37 |
|  5.578% due 12/15/2050 •  |  | 1833 | 2337 |
|  5.828% due 12/15/2050 •  |  | 1033 | 1298 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.738% due 12/15/2043 •  |  | 305 | 384 |
|  4.798% due 12/15/2043 •  |  | 526 | 650 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  2.787% due 06/12/2044 •  |  | 59 | 61 |
|  4.730% due 06/12/2044 •  |  | 950 | 1199 |
|  4.731% due 06/12/2044 •  | $— | 133 | 129 |
|  4.750% due 06/12/2044 •  |  | 2579 | 3253 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.358% due 06/28/2050 •  |  | 6238 | 8059 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 19714 | 25532 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 21873 | 28315 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (d) |  | 1 | 5097 |
|  5.431% due 12/21/2049 •  |  | 17107 | 22140 |
|  6.108% due 12/21/2049 •  |  | 6230 | 8072 |
|  6.608% due 12/21/2049 •  |  | 3115 | 4008 |
|  7.108% due 12/21/2049 •  |  | 1780 | 2281 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.608% due 12/21/2049 •  |  | 1780 | 2260 |
|  |  |  | 147673 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.625% due 10/22/2050 |  | 38900 | 18465 |
|  1.250% due 07/31/2051 |  | 47100 | 26615 |
|  1.500% due 07/31/2053 |  | 29830 | 17511 |
|  1.750% due 01/22/2049 |  | 28000 | 19273 |
|  4.250% due 12/07/2040 |  | 40600 | 47983 |
|  4.375% due 07/31/2054 |  | 46700 | 52204 |
|  |  |  | 182051 |
|  Total United Kingdom (Cost $756,372) | Total United Kingdom (Cost $756,372) | Total United Kingdom (Cost $756,372) | 646654 |
| UNITED STATES 76.8% | UNITED STATES 76.8% | UNITED STATES 76.8% | UNITED STATES 76.8% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.695% due 01/25/2037 ~ | $— | 3710 | 2652 |
|  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 |
|  4.575% due 11/25/2036 •  |  | 3759 | 1547 |
|  5.020% due 02/25/2036 •  |  | 15596 | 13939 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.375% due 06/25/2029 •  |  | 159 | 161 |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  6.561% due 06/17/2039 ~ |  | 8960 | 8978 |
|  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 |
|  3.868% due 02/25/2034 •  |  | 151 | 156 |
|  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 |
|  5.530% due 02/25/2035 •  |  | 2443 | 2457 |
|  5.784% due 04/15/2033 •  |  | 272 | 271 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  |  | 15149 | 15154 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 10/27/2032 ~ |  | 7 | 7 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.210% due 10/25/2037 þ |  | 801 | 770 |
|  4.495% due 07/25/2045 •  |  | 179 | 124 |
|  4.695% due 03/25/2037 ~ |  | 1447 | 1296 |
|  4.735% due 12/25/2036 ~ |  | 5988 | 2176 |
|  4.755% due 12/25/2036 •  |  | 2181 | 1195 |
|  4.795% due 01/25/2037 ~ |  | 4089 | 2970 |
|  4.825% due 06/25/2037 •  |  | 1199 | 1195 |
|  4.885% due 08/25/2036 ~ |  | 13046 | 12773 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(d) |  | 3803 | 1927 |
|  5.150% due 11/25/2054 |  | 12125 | 12161 |
|  5.350% due 11/25/2054 |  | 14340 | 14505 |
|  5.450% due 11/25/2054 |  | 3682 | 3720 |
|  5.750% due 11/25/2054 |  | 1841 | 1861 |
|  6.600% due 11/25/2054 |  | 2379 | 2402 |
|  8.750% due 11/25/2054 |  | 1381 | 1393 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.400% due 08/25/2035 •  |  | 232 | 216 |
|  4.520% due 12/25/2034 •  |  | 7952 | 7234 |
|  4.575% due 08/25/2037 ~ |  | 3302 | 3029 |
|  4.635% due 06/25/2047 ~ |  | 4726 | 4167 |
|  4.695% due 12/25/2036 •  |  | 823 | 756 |
|  4.715% due 05/25/2035 ~ |  | 1406 | 1372 |
|  4.715% due 06/25/2035 ~ |  | 5100 | 4625 |
|  4.895% due 04/25/2047 ~ |  | 11197 | 10016 |
|  4.915% due 03/25/2036 ~ |  | 790 | 714 |
|  5.115% due 12/25/2036 •  |  | 205 | 165 |
|  5.410% due 01/25/2036 ~ |  | 12358 | 12194 |
|  5.440% due 10/25/2035 ~ |  | 596 | 595 |
|  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. |
|  4.827% due 01/25/2032 •  |  | 12 | 11 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.955% due 03/25/2036 •  |  | 3822 | 3464 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.555% due 11/25/2036 ~ |  | 3 | 1 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.335% due 03/25/2034 •  |  | 3144 | 3180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 3832 | 3758 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.735% due 10/25/2036 •  | 6197 | 2478 |
|  4.975% due 02/25/2036 •  | 7522 | 6797 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.795% due 03/25/2036 •  | 5911 | 1920 |
|  5.995% due 03/25/2046 •  | 793 | 291 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.695% due 12/25/2046 •  | 7350 | 3696 |
|  4.705% due 03/25/2047 •  | 1166 | 959 |
|  Home Equity Asset Trust |  |  |
|  5.035% due 11/25/2032 •  | 2 | 2 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.955% due 04/25/2037 •  | 6160 | 3172 |
|  5.050% due 01/25/2036 •  | 4500 | 4279 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.605% due 04/25/2037 •  | 3366 | 2374 |
|  4.675% due 04/25/2037 •  | 7099 | 4796 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.655% due 08/25/2036 ~ | 39 | 29 |
|  4.705% due 07/25/2036 ~ | 2220 | 2003 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.955% due 08/25/2045 ~ | 2036 | 1995 |
|  4.995% due 10/25/2034 ~ | 11 | 11 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.635% due 08/25/2036 •  | 6102 | 2064 |
|  4.735% due 03/25/2036 ~ | 557 | 331 |
|  4.735% due 10/25/2036 •  | 10900 | 3548 |
|  4.875% due 10/25/2036 •  | 3243 | 1056 |
|  5.170% due 10/25/2035 •  | 9418 | 9222 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.595% due 09/25/2037 •  | 21 | 4 |
|  4.675% due 02/25/2037 ~ | 42 | 12 |
|  5.155% due 05/25/2036 •  | 39 | 39 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 14040 | 14035 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 10/25/2036 •  | 581 | 518 |
|  4.575% due 05/25/2037 •  | 2511 | 1925 |
|  4.585% due 11/25/2036 •  | 8352 | 4714 |
|  4.635% due 05/25/2037 ~ | 27024 | 15450 |
|  4.915% due 06/25/2036 •  | 3384 | 1716 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.605% due 04/25/2037 •  | 8908 | 4612 |
|  4.665% due 04/25/2037 •  | 6558 | 3396 |
|  4.785% due 04/25/2037 •  | 944 | 489 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1287 | 267 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.735% due 06/25/2037 ~ | 7464 | 6783 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.560% due 10/25/2033 ~ | 3882 | 3873 |
|  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 |
|  4.870% due 03/25/2036 •  | 1117 | 1118 |
|  5.065% due 02/25/2036 ~ | 9672 | 8973 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  3.997% due 12/26/2037 ~ | 7903 | 6794 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.695% due 03/25/2037 ~ | 13757 | 8932 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 05/25/2037 •  | 1732 | 1043 |
|  4.715% due 02/25/2037 ~ | 11626 | 5482 |
|  5.215% due 02/25/2035 •  | 2381 | 2262 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.843% due 09/25/2051 þ | 16899 | 16837 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.870% due 12/23/2027 «•  | 15804 | 15823 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.935% due 02/25/2037 •  | 4206 | 4128 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 14365 | 4364 |
|  5.675% due 06/25/2037 þ | 16477 | 4130 |
|  5.731% due 11/25/2036 þ | 26069 | 8825 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.875% due 12/25/2035 ~ | 1431 | 1296 |
|  5.035% due 03/25/2036 •  | 584 | 577 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.275% due 09/25/2034 ~ | 475 | 464 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  6.185% due 12/25/2037 ~ | 3964 | 3432 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.565% due 05/25/2037 ~ | 157 | 119 |
|  4.775% due 08/25/2036 •  | 1130 | 368 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 12780 | 12385 |
|  5.799% due 02/16/2055 ~ | 1395 | 1414 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  1.000% due 04/25/2034 «(b) | 5725 | 6931 |
|  4.710% due 04/25/2034 « | 35688 | 35719 |
|  4.840% due 04/25/2034 «(b) | 3656 | 3659 |
|  5.160% due 04/25/2034 « | 2843 | 2845 |
|  5.460% due 04/25/2034 « | 2088 | 2090 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 32 | 9 |
|  4.840% due 12/25/2036 •  | 5991 | 5935 |
|  4.935% due 11/25/2036 •  | 7117 | 6711 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.385% due 07/25/2033 •  | 2680 | 2606 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.595% due 03/25/2036 •  | 1030 | 999 |
|  4.665% due 05/25/2047 ~ | 2422 | 2353 |
|  4.875% due 12/25/2036 •  | 19167 | 17668 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.725% due 05/25/2037 •  | 3794 | 3353 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.780% due 01/25/2037 •  | 12967 | 12839 |
|  |  | 482626 |
| CORPORATE BONDS & NOTES 6.0% | CORPORATE BONDS & NOTES 6.0% | CORPORATE BONDS & NOTES 6.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.261% due 01/28/2031 ~ | 3400 | 3660 |
|  5.162% due 01/24/2031 ~ | 49300 | 49991 |
|  5.202% due 04/25/2029 •  | 4500 | 4573 |
|  5.468% due 01/23/2035 •  | 11000 | 11165 |
|  5.511% due 01/24/2036 ~ | 21600 | 21991 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 10300 | 10255 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  3.500% due 06/01/2034 | 12200 | 12994 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 | 14300 | 14554 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 100 | 88 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.750% due 02/15/2028 | 99 | 96 |
|  3.900% due 06/01/2052 | 6400 | 4141 |
|  3.950% due 06/30/2062 | 8700 | 5350 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.542% due 09/19/2030 •  | 54200 | 53483 |
|  5.174% due 02/13/2030 •  | 20900 | 21176 |
|  5.449% due 06/11/2035 •  | 38600 | 38837 |
|  Credit Suisse AG AT1 Claim | 16825 | 2019 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 3800 | 3305 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 1900 | 1833 |
|  2.900% due 02/16/2028 | 900 | 833 |
|  2.900% due 02/10/2029 | 7500 | 6713 |
|  3.375% due 11/13/2025 | 21100 | 20850 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 7400 | 7097 |
|  5.900% due 01/13/2035 | 10500 | 10655 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.500% due 01/23/2033 ~ | 10500 | 11236 |
|  5.016% due 10/23/2035 •  | 32850 | 31954 |
|  5.330% due 07/23/2035 •  | 10400 | 10353 |
|  5.479% due 02/24/2028 •  | 2600 | 2622 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.536% due 01/28/2036 •  | $| 29900 | 30329 |
|  5.727% due 04/25/2030 •  |  | 15000 | 15478 |
|  6.484% due 10/24/2029 •  |  | 15200 | 16059 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.603% due 10/22/2030 •  |  | 15000 | 14905 |
|  4.995% due 07/22/2030 •  |  | 6700 | 6762 |
|  5.012% due 01/23/2030 •  |  | 42000 | 42476 |
|  6.087% due 10/23/2029 •  |  | 20900 | 21886 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 |  | 13900 | 14128 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 |  | 6400 | 6212 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  |  | 2600 | 2508 |
|  3.106% due 03/19/2027 •  | EUR | 26200 | 28408 |
|  3.790% due 03/21/2030 •  |  | 21900 | 24175 |
|  3.955% due 03/21/2035 •  |  | 28400 | 30719 |
|  4.654% due 10/18/2030 •  | $| 27600 | 27385 |
|  5.173% due 01/16/2030 •  |  | 40100 | 40639 |
|  5.320% due 07/19/2035 •  |  | 10800 | 10805 |
|  5.466% due 01/18/2035 •  |  | 7700 | 7794 |
|  6.407% due 11/01/2029 •  |  | 15700 | 16574 |
|  Organon & Co. | Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 |  | 3700 | 3461 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 200 | 188 |
|  3.500% due 08/01/2050 |  | 500 | 333 |
|  3.950% due 12/01/2047 |  | 900 | 659 |
|  4.000% due 12/01/2046 |  | 800 | 592 |
|  4.250% due 03/15/2046 |  | 500 | 389 |
|  4.300% due 03/15/2045 |  | 600 | 470 |
|  4.400% due 03/01/2032 |  | 2500 | 2341 |
|  4.500% due 07/01/2040 |  | 300 | 255 |
|  4.550% due 07/01/2030 |  | 600 | 581 |
|  4.600% due 06/15/2043 |  | 1100 | 908 |
|  4.750% due 02/15/2044 |  | 1207 | 1006 |
|  4.950% due 07/01/2050 |  | 100 | 84 |
|  5.700% due 03/01/2035 |  | 2300 | 2302 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2029 |  | 13000 | 13140 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  |  | 18300 | 18535 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  |  | 7500 | 7525 |
|  4.897% due 07/25/2033 •  |  | 10000 | 9859 |
|  5.198% due 01/23/2030 •  |  | 16100 | 16373 |
|  5.211% due 12/03/2035 •  |  | 54100 | 53747 |
|  5.389% due 04/24/2034 •  |  | 20200 | 20346 |
|  5.499% due 01/23/2035 •(j) |  | 15000 | 15209 |
|  6.303% due 10/23/2029 •  |  | 13600 | 14304 |
|  |  |  | 901673 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.560% due 12/15/2031 |  | 12656 | 12626 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « |  | 5200 | 5200 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « |  | 7500 | 7601 |
|  |  |  | 25427 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  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 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 |  | 100 | 120 |
|  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 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  2.332% due 06/01/2027 |  | 5000 | 4763 |
|  2.532% due 06/01/2028 |  | 3300 | 3089 |
|  3.487% due 06/01/2036 |  | 7700 | 6381 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 8342 | 8459 |
|  |  |  | 22812 |

---

16 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 2883 | 2880 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.837% due 09/25/2035 ~ | 39 | 34 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 118 | 102 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.750% due 09/26/2067 þ | 9908 | 9829 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  3.110% due 04/25/2050 « | 29945 | 28598 |
|  3.110% due 08/25/2052 « | 10000 | 8640 |
|  5.484% due 09/15/2038 ~ | 15200 | 14500 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 •  | 24 | 23 |
|  4.622% due 10/20/2046 ~ | 28 | 23 |
|  5.109% due 01/20/2047 ~ | 43 | 38 |
|  5.500% due 01/25/2036 | 11 | 11 |
|  6.000% due 03/25/2037 | 111 | 83 |
|  6.425% due 02/20/2036 •  | 256 | 243 |
|  6.629% due 11/20/2034 ~ | 115 | 112 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.900% due 04/25/2035 ~ | 50 | 49 |
|  5.432% due 06/25/2035 ~ | 48 | 42 |
|  5.708% due 09/25/2035 ~ | 9 | 8 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.589% due 01/26/2047 •  | 112 | 110 |
|  5.250% due 02/26/2036 •  | 413 | 165 |
|  5.250% due 04/26/2037 | 683 | 381 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.000% due 05/25/2034 ~ | 27 | 25 |
|  5.852% due 02/25/2034 •  | 4 | 4 |
|  6.091% due 07/25/2034 ~ | 13 | 12 |
|  6.351% due 11/25/2034 •  | 1 | 1 |
|  6.368% due 10/25/2033 •  | 16 | 16 |
|  7.010% due 05/25/2034 ~ | 50 | 48 |
|  7.105% due 01/25/2035 •  | 56 | 58 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.259% due 08/25/2036 ~ | 559 | 377 |
|  4.346% due 11/25/2036 •  | 203 | 93 |
|  4.536% due 08/25/2036 •  | 865 | 405 |
|  4.770% due 08/25/2036 •  | 112 | 72 |
|  4.941% due 11/25/2035 ~ | 29 | 22 |
|  5.043% due 09/25/2035 •  | 1427 | 828 |
|  5.449% due 01/25/2036 ~ | 56 | 53 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  | 20 | 16 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.310% due 07/25/2037 •  | 332 | 271 |
|  6.694% due 02/25/2037 ~ | 45 | 44 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.665% due 05/25/2036 •  | 269 | 255 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 6110 | 6135 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 | 27 | 23 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.000% due 11/27/2051 •  | 32749 | 27888 |
|  4.745% due 03/25/2037 ~ | 138 | 135 |
|  4.821% due 09/25/2037 •  | 254 | 235 |
|  5.607% due 07/25/2046 •  | 313 | 295 |
|  6.210% due 08/25/2035 •  | 5 | 5 |
|  7.410% due 05/25/2035 •  | 7 | 7 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.983% due 09/25/2035 •  | 683 | 613 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.156% due 02/25/2067 ~ | 9213 | 8756 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.556% due 11/25/2035 ~ | 126 | 114 |
|  4.624% due 09/20/2046 ~ | 725 | 742 |
|  4.715% due 04/25/2047 ~ | 446 | 409 |
|  4.785% due 05/25/2037 ~ | 311 | 96 |
|  4.815% due 09/25/2046 •  | 232 | 225 |
|  4.825% due 02/25/2037 •  | 47 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.835% due 09/25/2035 •  | $— | 98 | $— | 58 |
|  4.854% due 03/20/2046 ~ |  | 35 |  | 31 |
|  4.854% due 05/20/2046 •  |  | 316 |  | 278 |
|  4.854% due 07/20/2046 ~ |  | 226 |  | 190 |
|  4.855% due 07/25/2046 ~ |  | 22 |  | 20 |
|  4.885% due 09/25/2035 •  |  | 844 |  | 515 |
|  4.995% due 02/25/2037 •  |  | 131 |  | 111 |
|  5.000% due 11/25/2035 |  | 2988 |  | 1583 |
|  5.250% due 06/25/2035 |  | 61 |  | 46 |
|  5.885% due 11/25/2047 •  |  | 1062 |  | 916 |
|  6.015% due 11/25/2047 ~ |  | 2468 |  | 2127 |
|  6.035% due 08/25/2035 •  |  | 120 |  | 113 |
|  6.135% due 11/25/2035 ~ |  | 130 |  | 113 |
|  6.250% due 08/25/2037 |  | 282 |  | 133 |
|  6.500% due 08/25/2032 |  | 2 |  | 2 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.330% due 03/25/2037 •  |  | 76 |  | 65 |
|  4.353% due 09/20/2036 •  |  | 61 |  | 54 |
|  4.358% due 02/25/2047 ~ |  | 95 |  | 83 |
|  4.520% due 05/20/2036 •  |  | 149 |  | 138 |
|  4.630% due 04/20/2036 •  |  | 2055 |  | 1862 |
|  4.975% due 03/25/2035 ~ |  | 176 |  | 164 |
|  5.015% due 04/25/2035 •  |  | 210 |  | 200 |
|  5.075% due 03/25/2035 ~ |  | 193 |  | 179 |
|  5.095% due 02/25/2035 ~ |  | 5 |  | 5 |
|  5.160% due 11/25/2034 •  |  | 181 |  | 173 |
|  6.000% due 08/25/2037 |  | 986 |  | 455 |
|  7.210% due 02/20/2036 •  |  | 159 |  | 146 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 •  |  | 2594 |  | 2134 |
|  5.834% due 07/15/2038 •  |  | 4800 |  | 4337 |
|  6.421% due 10/25/2037 •  |  | 1266 |  | 744 |
|  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 |
|  4.715% due 07/25/2047 ~ |  | 229 |  | 212 |
|  4.815% due 08/25/2047 ~ |  | 5818 |  | 4960 |
|  5.935% due 10/25/2047 ~ |  | 2507 |  | 1988 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  5.071% due 07/19/2045 •  |  | 3 |  | 0 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ |  | 22260 |  | 22254 |
|  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 |
|  6.739% due 08/25/2035 •  |  | 44 |  | 31 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 •  |  | 14630 |  | 12440 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.795% due 01/25/2037 •  |  | 250 |  | 227 |
|  4.855% due 04/25/2036 •  |  | 159 |  | 143 |
|  4.975% due 11/25/2045 ~ |  | 40 |  | 37 |
|  GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates |
|  7.394% due 10/25/2033 •  |  | 3 |  | 3 |
|  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 |
|  2.500% due 12/25/2051 •  |  | 5508 |  | 4514 |
|  2.500% due 04/25/2052 •  |  | 6864 |  | 5630 |
|  3.000% due 09/25/2052 •  |  | 32632 |  | 27829 |
|  3.750% due 10/25/2057 |  | 1989 |  | 1944 |
|  3.900% due 09/25/2061 þ |  | 4649 |  | 4495 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.286% due 05/25/2035 •  |  | 46 |  | 35 |
|  4.632% due 11/25/2035 •  |  | 81 |  | 71 |
|  4.665% due 05/25/2037 •  |  | 2578 |  | 1237 |
|  5.293% due 04/25/2035 •  |  | 9 |  | 8 |
|  5.328% due 09/25/2035 ~ |  | 64 |  | 61 |
|  5.880% due 03/25/2033 •  |  | 9 |  | 9 |
|  6.922% due 01/25/2035 •  |  | 54 |  | 51 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.811% due 09/19/2037 ~ |  | 362 |  | 313 |
|  4.911% due 03/19/2036 •  |  | 55 |  | 51 |
|  5.043% due 07/19/2035 •  |  | 54 |  | 41 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.726% due 04/25/2037 •  |  | 371 |  | 335 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.155% due 10/25/2034 •  |  | 94 |  | 92 |
|  5.215% due 10/25/2034 •  |  | 30 |  | 30 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.795% due 07/25/2047 •  |  | 1341 |  | 883 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.802% due 08/25/2036 •  | 257 | 203 |
|  5.856% due 11/25/2035 •  | 46 | 48 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  5.035% due 11/25/2035 •  | 112 | 64 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.825% due 03/25/2036 •  | 3047 | 2194 |
|  4.110% due 09/25/2035 •  | 3116 | 2565 |
|  4.720% due 12/25/2034 ~ | 24 | 23 |
|  4.735% due 06/25/2037 •  | 268 | 95 |
|  4.815% due 09/25/2046 •  | 1442 | 1286 |
|  4.915% due 06/25/2037 •  | 239 | 221 |
|  4.935% due 02/25/2037 •  | 446 | 295 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.915% due 10/25/2036 •  | 6305 | 5709 |
|  5.500% due 11/25/2036 ~ | 6 | 3 |
|  5.716% due 12/25/2035 ~ | 3237 | 2292 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 03/25/2052 ~ | 51928 | 44350 |
|  3.000% due 05/25/2052 •  | 68344 | 58604 |
|  5.000% due 05/25/2052 ~ | 10777 | 10069 |
|  5.604% due 02/25/2036 •  | 161 | 109 |
|  5.676% due 11/25/2033 ~ | 18 | 17 |
|  5.688% due 09/25/2035 •  | 26 | 24 |
|  5.987% due 07/25/2035 ~ | 31 | 30 |
|  6.029% due 10/25/2035 •  | 2 | 2 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.775% due 12/25/2036 •  | 797 | 724 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 23200 | 21640 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.645% due 04/25/2046 •  | 565 | 510 |
|  5.035% due 05/25/2047 •  | 2 | 2 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  | 370 | 36 |
|  6.000% due 03/25/2036 | 641 | 563 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.914% due 06/15/2030 ~ | 4 | 3 |
|  5.009% due 10/20/2029 ~ | 3 | 3 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2036 •  | 150 | 147 |
|  4.935% due 11/25/2035 •  | 166 | 158 |
|  5.050% due 06/25/2035 •  | 53 | 52 |
|  6.293% due 02/25/2033 ~ | 19 | 17 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 •  | 5064 | 4872 |
|  1.947% due 04/25/2065 •  | 2093 | 2012 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.603% due 12/15/2038 •  | 22800 | 22160 |
|  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 | 4091 | 3977 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 11970 | 11480 |
|  2.750% due 11/25/2059 •  | 11197 | 10696 |
|  6.864% due 10/25/2063 þ | 11874 | 12014 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.379% due 06/25/2069 •  | 3096 | 3087 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  | 30525 | 26032 |
|  5.949% due 02/25/2063 þ | 6633 | 6650 |
|  6.120% due 11/25/2062 •  | 5686 | 5694 |
|  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 |
|  4.995% due 12/25/2035 ~ | 431 | 425 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 •  | 10169 | 8363 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 11/25/2054 þ | 3865 | 3738 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.585% due 02/25/2047 ~ | 1131 | 346 |
|  4.795% due 07/25/2036 ~ | 10820 | 3602 |
|  4.835% due 12/25/2046 •  | 426 | 355 |
|  4.855% due 04/25/2046 •  | 39 | 10 |
|  4.975% due 05/25/2046 •  | 149 | 123 |
|  5.544% due 10/25/2037 •  | 2672 | 2151 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 06/25/2036 | 310 | 251 |
|  6.250% due 02/25/2037 | 5681 | 4664 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 01/25/2046 ~ | 90 | 25 |
|  5.750% due 02/25/2036 | 3585 | 2552 |
|  6.500% due 08/25/2036 | 569 | 165 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.874% due 09/25/2035 ~ | 129 | 83 |
|  6.500% due 03/25/2032 | 11 | 11 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.477% due 09/20/2046 •  | 1112 | 633 |
|  7.415% due 04/20/2035 ~ | 13 | 13 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.607% due 09/25/2036 •  | 289 | 197 |
|  4.811% due 08/25/2035 ~ | 143 | 124 |
|  6.415% due 04/25/2034 •  | 2 | 2 |
|  6.527% due 02/25/2034 •  | 21 | 21 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.815% due 06/25/2036 •  | 14 | 13 |
|  4.855% due 05/25/2036 •  | 202 | 144 |
|  4.875% due 05/25/2036 •  | 1354 | 1106 |
|  4.875% due 09/25/2047 •  | 1366 | 1218 |
|  4.955% due 05/25/2046 •  | 28 | 17 |
|  5.011% due 07/19/2034 •  | 2 | 2 |
|  5.035% due 08/25/2036 •  | 836 | 607 |
|  5.055% due 12/25/2035 ~ | 3 | 2 |
|  6.135% due 08/25/2047 ~ | 677 | 568 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.715% due 01/25/2036 ~ | 769 | 636 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.725% due 10/25/2036 •  | 5327 | 4428 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.685% due 06/25/2037 •  | 210 | 194 |
|  5.808% due 10/25/2043 •  | 19 | 17 |
|  5.939% due 06/25/2037 •  | 1359 | 1153 |
|  5.989% due 06/25/2037 •  | 3259 | 2784 |
|  5.989% due 06/25/2047 ~ | 174 | 168 |
|  5.989% due 06/25/2047 •  | 240 | 213 |
|  6.039% due 03/25/2037 ~ | 243 | 173 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 •  | 12724 | 11510 |
|  2.710% due 01/25/2060 ~ | 9196 | 8787 |
|  2.900% due 10/25/2059 ~ | 38053 | 36325 |
|  4.416% due 10/27/2064 •  | 8710 | 8717 |
|  5.435% due 05/25/2058 ~ | 3207 | 3289 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 6424 | 5479 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.174% due 12/25/2046 •  | 51 | 44 |
|  4.194% due 02/27/2034 ~ | 45 | 43 |
|  4.355% due 09/25/2036 •  | 1133 | 960 |
|  4.483% due 04/25/2035 •  | 69 | 67 |
|  4.541% due 02/25/2037 •  | 2090 | 1861 |
|  4.720% due 12/25/2035 •  | 102 | 94 |
|  4.995% due 11/25/2045 •  | 1380 | 1307 |
|  5.005% due 10/25/2035 •  | 104 | 95 |
|  5.055% due 01/25/2045 ~ | 59 | 58 |
|  5.081% due 08/25/2046 •  | 583 | 528 |
|  5.175% due 11/25/2034 ~ | 204 | 196 |
|  5.615% due 06/25/2046 •  | 293 | 273 |
|  5.635% due 02/25/2046 ~ | 732 | 665 |
|  6.135% due 10/25/2046 •  | 436 | 407 |
|  6.188% due 06/25/2033 •  | 11 | 11 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.815% due 07/25/2046 •  | 2161 | 1823 |
|  5.405% due 04/25/2047 •  | 4563 | 3711 |
|  5.475% due 05/25/2047 •  | 10 | 13 |
|  5.575% due 07/25/2046 •  | 274 | 170 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.862% due 12/15/2039 | 18800 | 17815 |
|  |  | 627366 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  5.700% due 9/15/2025 •(g) | 10000000 | 9966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 54.1% | U.S. GOVERNMENT AGENCIES 54.1% | U.S. GOVERNMENT AGENCIES 54.1% | U.S. GOVERNMENT AGENCIES 54.1% | U.S. GOVERNMENT AGENCIES 54.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | $— | 9124 | $— | 7878 |
|  3.500% due 01/01/2059 |  | 16952 |  | 15188 |
|  4.586% due 03/25/2034 •  |  | 3 |  | 3 |
|  4.854% due 06/25/2036 •  |  | 127 |  | 126 |
|  4.954% due 10/25/2040 •  |  | 71 |  | 70 |
|  5.490% due 03/25/2055 •  |  | 18659 |  | 18692 |
|  5.500% due 03/25/2055 •  |  | 9191 |  | 9242 |
|  5.840% due 12/25/2054 •  |  | 34531 |  | 34886 |
|  5.885% due 06/01/2043 •  |  | 9 |  | 10 |
|  6.000% due 04/25/2043 - 07/25/2044 |  | 355 |  | 363 |
|  6.010% due 12/01/2034 •  |  | 25 |  | 25 |
|  6.585% due 04/01/2032 •  |  | 4 |  | 4 |
|  6.633% due 12/01/2030 •  |  | 2 |  | 2 |
|  7.041% due 11/01/2034 •  |  | 163 |  | 170 |
|  7.125% due 06/01/2035 •  |  | 63 |  | 64 |
|  Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA |
|  3.000% due 06/01/2040 |  | 101000 |  | 87543 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.150% due 01/15/2038 •(a) |  | 1819 |  | 93 |
|  4.793% due 01/15/2038 •  |  | 1819 |  | 1796 |
|  4.943% due 10/15/2040 •  |  | 729 |  | 721 |
|  5.063% due 12/15/2037 •  |  | 79 |  | 79 |
|  5.280% due 11/25/2054 •  |  | 15970 |  | 15991 |
|  5.340% due 02/25/2055 •  |  | 10388 |  | 10440 |
|  5.490% due 03/25/2055 •  |  | 36958 |  | 37152 |
|  5.740% due 03/25/2055 •  |  | 12463 |  | 12550 |
|  5.835% due 10/25/2044 - 02/25/2045 •  |  | 576 |  | 529 |
|  6.000% due 12/01/2033 |  | 116 |  | 117 |
|  7.356% due 09/01/2035 •  |  | 4 |  | 4 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 12/20/2052 |  | 132271 |  | 117297 |
|  3.500% due 11/20/2054 - 02/20/2055 |  | 577680 |  | 529817 |
|  4.625% due 07/20/2025 - 09/20/2026 •  |  | 1 |  | 1 |
|  4.750% due 12/20/2025 - 11/20/2030 •  |  | 1 |  | 0 |
|  4.875% due 04/20/2025 - 05/20/2030 •  |  | 29 |  | 28 |
|  5.000% due 08/20/2027 - 05/20/2030 •  |  | 12 |  | 12 |
|  5.344% due 12/20/2073 •  |  | 11503 |  | 11537 |
|  6.000% due 08/20/2034 |  | 1949 |  | 1978 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 - 05/01/2055 |  | 68878 |  | 58755 |
|  3.000% due 04/01/2055 - 05/01/2055 |  | 382000 |  | 338367 |
|  3.500% due 04/01/2055 |  | 92040 |  | 84224 |
|  6.500% due 04/01/2055 |  | 91800 |  | 93985 |
|  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 |
|  5.110% due 04/01/2025 |  | 1 |  | 1 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 01/01/2051 - 02/01/2051 |  | 8792 |  | 7356 |
|  3.000% due 10/01/2049 - 06/01/2051 |  | 21307 |  | 18519 |
|  3.500% due 04/01/2027 - 07/01/2050 |  | 25033 |  | 23034 |
|  4.000% due 06/01/2038 - 08/01/2053 |  | 13405 |  | 12604 |
|  4.500% due 07/01/2052 |  | 1947 |  | 1868 |
|  5.500% due 06/01/2053 - 01/01/2055 |  | 137726 |  | 137727 |
|  6.000% due 12/01/2053 - 10/01/2054 |  | 795770 |  | 809362 |
|  6.500% due 08/01/2053 - 03/01/2054 |  | 291975 |  | 301592 |
|  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 |
|  2.000% due 04/01/2055 |  | 27400 |  | 21780 |
|  3.000% due 04/01/2055 - 05/01/2055 |  | 171800 |  | 148876 |
|  4.000% due 05/01/2055 |  | 79700 |  | 74155 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 04/01/2055 - 05/01/2055 | $— | 1720900 | 1685457 |
|  5.500% due 04/01/2055 |  | 119600 | 119460 |
|  6.000% due 04/01/2055 - 05/01/2055 |  | 448792 | 455623 |
|  6.500% due 04/01/2055 - 06/01/2055 |  | 2800871 | 2884383 |
|  |  |  | 8191536 |
| U.S. TREASURY OBLIGATIONS 8.9% | U.S. TREASURY OBLIGATIONS 8.9% | U.S. TREASURY OBLIGATIONS 8.9% | U.S. TREASURY OBLIGATIONS 8.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (n) |  | 15500 | 10881 |
|  2.250% due 08/15/2049 (n) |  | 39750 | 25651 |
|  2.375% due 11/15/2049 (n) |  | 9225 | 6105 |
|  3.000% due 02/15/2048 |  | 34100 | 26003 |
|  3.000% due 08/15/2048 (n) |  | 8550 | 6495 |
|  3.000% due 02/15/2049 (n) |  | 375 | 284 |
|  3.375% due 11/15/2048 (n) |  | 72400 | 58784 |
|  4.125% due 08/15/2044 |  | 87750 | 82238 |
|  4.500% due 11/15/2054 (j) |  | 343300 | 338365 |
|  4.625% due 02/15/2055 (n) |  | 213900 | 215370 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 04/15/2025 |  | 13648 | 13662 |
|  0.125% due 10/15/2025 (l) |  | 5508 | 5513 |
|  0.125% due 07/15/2031 (l) |  | 54510 | 50072 |
|  0.125% due 01/15/2032 (l) |  | 51673 | 46787 |
|  0.375% due 07/15/2025 (l) |  | 28393 | 28443 |
|  0.500% due 01/15/2028 (l) |  | 90003 | 88420 |
|  0.625% due 07/15/2032 (l) |  | 35089 | 32770 |
|  1.125% due 01/15/2033 (l)(n) |  | 102092 | 97846 |
|  2.375% due 01/15/2027 (l) |  | 6615 | 6785 |
|  2.500% due 01/15/2029 (l) |  | 37204 | 38891 |
|  3.875% due 04/15/2029 (l) |  | 14490 | 15927 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.875% due 04/30/2025 (l)(n) |  | 119037 | 118897 |
|  3.500% due 02/15/2033 (l)(n) |  | 28170 | 26987 |
|  4.000% due 02/29/2028 (l)(n) |  | 10200 | 10231 |
|  |  |  | 1351407 |
|  Total United States (Cost $11,697,930) | Total United States (Cost $11,697,930) | Total United States (Cost $11,697,930) | 11612813 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/03/2025 | $— | 600 | 600 |
|  4.560% due 04/08/2025 |  | 500 | 500 |
|  4.570% due 04/24/2025 |  | 1200 | 1196 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) |  | 2300 | 2292 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 |  | 500 | 499 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 |  | 300 | 300 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.750% due 04/22/2025 |  | 550 | 548 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 |  | 5100 | 5085 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/23/2025 |  | 1700 | 1695 |
|  4.630% due 04/24/2025 |  | 400 | 399 |
|  NXP BV | NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 |  | 5200 | 5181 |
|  |  |  | 18295 |
|  | **SHARES** | **SHARES** |  |
| 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 |
|  4.400% (h) |  | 480162 | 480 |

---

18 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% |
|  23.286% due<br>11/04/2025 (d)(e) |  | 3500000 | $— | 2009 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.299% due 04/17/2025 - 06/26/2025 (c)(d)(l)(n) | $— | 16020 |  | 15921 |
| Total Short-Term Instruments (Cost $36,695) | Total Short-Term Instruments (Cost $36,695) | Total Short-Term Instruments (Cost $36,695) |  | 36705 |
| Total Investments in Securities (Cost $21,292,755) | Total Investments in Securities (Cost $21,292,755) | Total Investments in Securities (Cost $21,292,755) |  | 20721118 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 4.9% | INVESTMENTS IN AFFILIATES 4.9% | INVESTMENTS IN AFFILIATES 4.9% | INVESTMENTS IN AFFILIATES 4.9% |
| SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% |
|  PIMCO Short Asset Portfolio | 74611298 | $— | 730445 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1125802 |  | 10958 |
| Total Short-Term Instruments<br>(Cost $752,587) | Total Short-Term Instruments<br>(Cost $752,587) |  | 741403 |
| Total Investments in Affiliates (Cost $752,587) | Total Investments in Affiliates (Cost $752,587) |  | 741403 |
| Total Investments 141.7% (Cost $22,045,342) | Total Investments 141.7% (Cost $22,045,342) | $— | 21462521 |
|  Financial Derivative Instruments (k)(m) (0.5)%<br> (Cost or Premiums, net $21,390) | Financial Derivative Instruments (k)(m) (0.5)%<br> (Cost or Premiums, net $21,390) |  | (78924) |
| Other Assets and Liabilities, net (41.2)% | Other Assets and Liabilities, net (41.2)% |  | (6233408) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 15150189 |

---

#### 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) Coupon represents a yield to maturity.

(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Project Alpha Investindustrial | 4.594% | 02/27/2026 | 02/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | 0.02% |

---

#### 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 | 4.410% | 04/01/2025 | 04/02/2025 | $(36064) | $(36064) |
|  | 4.430 | 03/31/2025 | 04/01/2025 | (18583) | (18585) |
|  BRC | 4.300 | 12/20/2024 | TBD<sup>(2)</sup> | (8785) | (8892) |
|  JPS | 4.490 | 03/31/2025 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223435) | (223463) |
|  MEI | (1.000) | 03/12/2025 | 04/07/2025 | (1050) | (1134) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288138) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 19

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (17.2)% | United States (17.2)% | United States (17.2)% | United States (17.2)% | United States (17.2)% | United States (17.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 3.500% | 04/01/2055 | $48820 | $(44293) | $(44674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2040 | 244800 | (220345) | (221283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473550 | (1174200) | (1171368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2055 | 71530 | (59124) | (59484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2055 | 90000 | (80958) | (81085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 06/01/2055 | 14100 | (13465) | (13476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 275000 | (268802) | (269557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 258400 | (257782) | (257854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 04/01/2055 | 15172 | (15357) | (15412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 05/01/2055 | 78000 | (78878) | (79144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 04/01/2055 | 385591 | (396896) | (397651) |
|  Total Short Sales (17.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610988) |

---

#### 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 March 31, 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 |
|  BOO | $0 | $(54649) | $0 | $(54649) | $18431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36218) |
|  BRC | 0 | (8892) | 0 | (8892) | 9449 | 557 |
|  JPS | 0 | (223463) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219400 | (4063) |
|  MEI | 0 | (1134) | 0 | (1134) | 1124 | (10) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288138) | $&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 | $(1134) | $0 | $(8892) | $(10026) |
|  U.S. Treasury Obligations | (18585) | (223463) | 0 | 0 | (242048) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224597) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252074) |
|  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> | $(252074) |

---

(j) Securities with an aggregate market value of $248,404 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(75047) at a weighted average interest rate of 4.408%. 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. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(36064) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### 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 - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/25/2025 | 1329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | $(364) | $(287) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 1329 | 1329 | (430) | (501) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788) |

---

20 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

#### 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 | 12 | $2886 | $(19) | $0 | $0 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 4513 | 389346 | 2722 | 376 | 0 |
|  Euro-BTP June Futures  | 06/2025 | 9444 | 1200090 | (27500) | 3166 | (1430) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 212 | 27339 | (1768) | 289 | 0 |
|  Euro-Oat June Futures  | 06/2025 | 2214 | 293720 | (6235) | 958 | (407) |
|  Euro-Schatz June Futures  | 06/2025 | 4707 | 544366 | (562) | 407 | (127) |
|  Long Gilt June Futures  | 06/2025 | 3400 | 402698 | (2498) | 4348 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 1683 | 348670 | 1906 | 0 | (13) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 10635 | 1150242 | 7750 | 0 | (333) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 1551 | 172500 | 596 | 24 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 6820 | 778333 | 4399 | 639 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21209) | $10207 | $(2310) |
| 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 |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 750 | $(49912) | $(88) | $0 | $(151) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 10383 | (730915) | (795) | 0 | (6948) |
|  Euro-BOBL June Futures  | 06/2025 | 5860 | (746366) | 5407 | 190 | (1774) |
|  Euro-Bund June Futures  | 06/2025 | 5997 | (835405) | 14506 | 65 | (3177) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1083283) | (3095) | 0 | (7905) |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2025 | 4623 | (537326) | (623) | 224 | (393) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 752 | (91932) | 1272 | 0 | (329) |
|  |  |  |  | $16584 | $479 | $(20677) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(4625) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22987) |

---

#### 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>March 31, 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>March 31, 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR 36,300 | $213 | $(9) | $204 | $0 | $(2) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.460 | $2100 | 157 | (85) | 72 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.589 | 3100 | 271 | (102) | 169 | 0 | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $189100 | $(1053) | $528 | $(525) | $2 | $0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 949000 | (1922) | 1752 | (170) | 0 | (150) |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 374890 | (8202) | 924 | (7278) | 609 | 0 |
|  CDX.iTraxx Main 43 5-Year Index | (1.000) | Quarterly | 06/20/2035 | 237200 | (556) | 1071 | 515 | 695 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11733) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7458) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |

---

#### 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>(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 | $3138100 | $68062 | $(7670) | $60392 | $20 | $(15) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1128200 | 20694 | 54 | 20748 | 202 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 21

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 390900 | $(909) | $(8430) | $(9339) | $511 | $0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 977400 | 3030 | (1089) | 1941 | 1897 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 1049457 | (30215) | (404) | (30619) | 5054 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 65700 | 4413 | 193 | 4606 | 0 | (601) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 19670 | (2572) | (296) | (2868) | 317 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 2018330 | (59) | (48) | (107) | 2 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 86610000 | 118 | (1014) | (896) | 562 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 31770000 | (721) | (3258) | (3979) | 723 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 | 29934240 | (12221) | (952) | (13173) | 856 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 58150000 | (1224) | (2176) | (3400) | 2024 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.850 | Annual | 09/20/2033 | 4050000 | (137) | (577) | (714) | 171 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 57990000 | (813) | (7091) | (7904) | 2728 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 4610000 | 294 | (1040) | (746) | 222 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 36530000 | (2990) | (3782) | (6772) | 1791 | 0 |
| Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 2530000 | 271 | (142) | 129 | 0 | (127) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 11190000 | 10493 | 951 | 11444 | 0 | (609) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 18580000 | (8786) | (6109) | (14895) | 1162 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 2880000 | (5140) | (905) | (6045) | 198 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 5184300 | (6410) | (1907) | (8317) | 375 | 0 |
| Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 1030000 | 64 | (102) | (38) | 0 | (89) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 03/19/2027 | 144200 | 215 | (835) | (620) | 0 | (177) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 360560 | (234) | (5428) | (5662) | 0 | (882) |
| Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 03/19/2030 | 4240180 | (440) | 3192 | 2752 | 540 | 0 |
| Receive | 1-Day THB-THOR Compounded-OIS | 2.750 | Quarterly | 09/18/2034 | 1791490 | (29) | (4197) | (4226) | 0 | (445) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $793100 | 12229 | (3982) | 8247 | 35 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 07/17/2025 | 299900 | 600 | (779) | (179) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 08/30/2025 | 220800 | (10) | 669 | 659 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | 370300 | 1800 | 769 | 2569 | 25 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 1563320 | 7680 | (8508) | (828) | 67 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 869700 | 6249 | (1184) | 5065 | 0 | (11) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3100 | 0 | (7) | (7) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 208100 | 0 | (547) | (547) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 479900 | 95 | 8650 | 8745 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 222800 | 1454 | (1968) | (514) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 1034970 | 20968 | (6183) | 14785 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 15754 | 1198 | (154) | 1044 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 28400 | 0 | 302 | 302 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 63600 | 0 | 659 | 659 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 82700 | 0 | 765 | 765 | 0 | (32) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 180100 | 0 | (1276) | (1276) | 0 | (108) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 135400 | 0 | (1014) | (1014) | 0 | (81) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.593 | Annual | 08/31/2029 | 90100 | 0 | 53 | 53 | 0 | (73) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.661 | Annual | 08/31/2029 | 140000 | 0 | (291) | (291) | 0 | (113) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 08/31/2029 | 129800 | 0 | (313) | (313) | 0 | (105) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/31/2029 | 157100 | 0 | (773) | (773) | 0 | (127) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 959600 | (13608) | (3836) | (17444) | 162 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 689730 | 32092 | (10731) | 21361 | 60 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 2800 | 59 | (28) | 31 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 290400 | (1453) | 2880 | 1427 | 0 | (472) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 180400 | 0 | (1303) | (1303) | 0 | (298) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 357100 | (7702) | (681) | (8383) | 0 | (58) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 60900 | 35 | 80 | 115 | 0 | (126) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 47100 | 0 | (249) | (249) | 0 | (135) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 28200 | 0 | (174) | (174) | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 50000 | 0 | (359) | (359) | 0 | (143) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 392350 | 10886 | (6580) | 4306 | 0 | (226) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 77500 | (236) | (19) | (255) | 0 | (226) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 13300 | (45) | 252 | 207 | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 6700 | (24) | 153 | 129 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 4700 | (17) | 100 | 83 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 10700 | (40) | 353 | 313 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 3800 | (14) | 194 | 180 | 0 | (11) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.815 | Annual | 11/15/2034 | 64800 | 0 | (386) | (386) | 0 | (199) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.848 | Annual | 11/15/2034 | 127500 | 0 | (1092) | (1092) | 0 | (393) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.852 | Annual | 11/15/2034 | 188400 | 0 | (1671) | (1671) | 0 | (581) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/15/2034 | 616600 | (17121) | (1371) | (18492) | 0 | (408) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 21400 | (63) | (183) | (246) | 0 | (69) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 821890 | 55638 | (18301) | 37337 | 0 | (571) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 27600 | (81) | (298) | (379) | 0 | (90) |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.884% | Annual | 03/25/2035 | $11800 | $(34) | $(83) | $(117) | $0 | $(38) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1600 | 10 | 35 | 45 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 101570 | 33628 | 4522 | 38150 | 0 | (559) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.781 | Annual | 11/15/2053 | 15800 | 0 | 75 | 75 | 0 | (120) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.782 | Annual | 11/15/2053 | 22100 | 0 | 102 | 102 | 0 | (168) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.791 | Annual | 11/15/2053 | 19200 | 0 | 61 | 61 | 0 | (146) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 11/15/2053 | 29400 | 0 | (382) | (382) | 0 | (226) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.914 | Annual | 11/15/2053 | 20800 | 0 | (372) | (372) | 0 | (160) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 29070 | 1926 | 1014 | 2940 | 0 | (206) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2054 | 61200 | (7025) | 5018 | (2007) | 0 | (480) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 32900 | 2311 | (180) | 2131 | 0 | (243) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 11/15/2054 | 46700 | 0 | (1119) | (1119) | 0 | (370) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 18800 | 0 | (498) | (498) | 0 | (149) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 41000 | 0 | (1121) | (1121) | 0 | (326) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 28600 | 0 | (809) | (809) | 0 | (227) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.990 | Annual | 11/15/2054 | 44800 | 0 | (1473) | (1473) | 0 | (357) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.996 | Annual | 11/15/2054 | 17000 | 0 | (577) | (577) | 0 | (136) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 | 28100 | 0 | (1530) | (1530) | 0 | (227) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 12540 | 0 | (692) | (692) | 0 | (101) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 2220 | 0 | (123) | (123) | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 25940 | 0 | (1498) | (1498) | 0 | (210) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 10000 | 0 | 61 | 61 | 0 | (78) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 7900 | 0 | 38 | 38 | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.777 | Annual | 02/15/2055 | 37200 | 0 | 153 | 153 | 0 | (291) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.779 | Annual | 02/15/2055 | 14200 | 0 | 53 | 53 | 0 | (111) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.798 | Annual | 02/15/2055 | 43500 | 0 | 18 | 18 | 0 | (341) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 30600 | 0 | (34) | (34) | 0 | (240) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 11600 | 0 | (128) | (128) | 0 | (92) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 19800 | 0 | (239) | (239) | 0 | (157) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 32600 | 0 | 154 | 154 | 0 | (255) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 65100 | 8057 | (1724) | 6333 | 0 | (475) |
| Pay | 3-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | 1630700 | (1125) | (7866) | (8991) | 4121 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 113500 | (52) | (194) | (246) | 583 | 0 |
| Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 40600 | 236 | 173 | 409 | 223 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 127700 | (3801) | 4274 | 473 | 79 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 33300 | (1009) | 1125 | 116 | 21 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 30200 | (907) | 895 | (12) | 28 | 0 |
| Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 16945250 | (10400) | 3207 | (7193) | 0 | (314) |
| Pay | 3-Month KRW-KORIBOR | 2.693 | Quarterly | 01/16/2027 | 198668900 | 146 | 28 | 174 | 116 | 0 |
| Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2027 | 185995170 | 477 | (49) | 428 | 122 | 0 |
| Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 | 54330150 | (110) | 19 | (91) | 135 | 0 |
| Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 | 160371134 | 248 | 916 | 1164 | 757 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 18100 | (387) | 562 | 175 | 18 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 106200 | 880 | 2598 | 3478 | 203 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 788000 | (18) | (652) | (670) | 121 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 77200 | (3953) | 2007 | (1946) | 87 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 | 280500 | (4299) | 5285 | 986 | 1147 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 305200 | 1078 | 2205 | 3283 | 1586 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 264500 | (1021) | 326 | (695) | 25 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 12/19/2025 | 300 | (17) | 11 | (6) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 507230 | 5986 | 2448 | 8434 | 237 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 19400 | (1428) | 646 | (782) | 12 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 32900 | (2475) | 1103 | (1372) | 20 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 25300 | (1938) | 914 | (1024) | 19 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 39600 | (2553) | 1398 | (1155) | 31 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 18800 | (1218) | 677 | (541) | 15 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 879400 | (5935) | 2985 | (2950) | 708 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 | 1200 | 42 | 11 | 53 | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 34492 | 0 | (595) | (595) | 56 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.929 | Annual | 10/11/2029 | 158740 | 0 | (1734) | (1734) | 257 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 257800 | (40) | (2158) | (2198) | 419 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 227200 | 253 | (976) | (723) | 460 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 2208980 | (32478) | 13488 | (18990) | 4914 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 230010 | (3911) | 1284 | (2627) | 0 | (552) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 1318370 | (57094) | 4276 | (52818) | 5630 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 142090 | (8657) | 2593 | (6064) | 663 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 | 27930 | (1969) | 107 | (1862) | 164 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 | 5950 | 2735 | 331 | 3066 | 0 | (29) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.235 | Annual | 03/12/2055 | 15100 | 0 | 240 | 240 | 0 | (33) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 | 74200 | 16 | 929 | 945 | 0 | (167) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.275 | Annual | 03/12/2055 | 187300 | 0 | 2301 | 2301 | 0 | (422) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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** |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.282% | Annual | 03/12/2055 | EUR | 51900 | $0 | $605 | $605 | $0 | $(117) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 251310 | 9806 | 10676 | 20482 | 0 | (1980) |
| Pay | CAONREPO | 3.500 | Annual | 12/18/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291800 | (2644) | 9939 | 7295 | 170 | 0 |
| Pay<sup>(6)</sup> | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 395400 | (28) | 4259 | 4231 | 118 | 0 |
| Pay<sup>(6)</sup> | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 310100 | (27) | 3403 | 3376 | 93 | 0 |
| Pay | CAONREPO | 2.500 | Semi-Annual | 06/19/2029 |  | 107400 | (3763) | 4026 | 263 | 69 | 0 |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 |  | 172000 | (261) | 2624 | 2363 | 180 | 0 |
| Pay | CAONREPO | 1.713 | Semi-Annual | 10/02/2029 |  | 65800 | (4350) | 2654 | (1696) | 66 | 0 |
| Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 193700 | (12264) | 8876 | (3388) | 209 | 0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 116000 | 1801 | (5595) | (3794) | 0 | (236) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 12400 | 103 | (248) | (145) | 0 | (25) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 19300 | 70 | (452) | (382) | 0 | (40) |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 162200 | (111) | (4604) | (4715) | 0 | (336) |
| Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 199200 | 711 | (7778) | (7067) | 0 | (415) |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 82200 | (82) | (3274) | (3356) | 0 | (172) |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 63200 | 0 | (838) | (838) | 0 | (132) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 94100 | 1146 | (5491) | (4345) | 0 | (204) |
| Receive | CAONREPO | 3.700 | Semi-Annual | 09/01/2033 |  | 46400 | (3) | (2632) | (2635) | 0 | (102) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 64570 | (1403) | (2540) | (3943) | 0 | (147) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 7600 | 0 | (29) | (29) | 0 | (17) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 70300 | 13 | (1312) | (1299) | 0 | (163) |
| Receive | CAONREPO | 3.250 | Semi-Annual | 12/18/2034 |  | 28000 | (674) | (246) | (920) | 0 | (72) |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 36900 | (3458) | 2489 | (969) | 187 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 35300 | 115 | 1467 | 1582 | 245 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54561) | $(43969) | $(98530) | $43821 | $(20095) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $23103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47506) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24403) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20264) |

---

#### 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 March 31, 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>(7)</sup> | Variation Margin<br>Liability<sup>(7)</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;10686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22987) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44195) |

---

(l) Securities with an aggregate market value of $501,982 and cash of $8,225 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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> 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.

<sup>(7)</sup> Unsettled variation margin liability of $(156) for closed swap agreements is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

&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 | 04/2025 | 4546347 | $30428 | $117 | $0 |
|  | 04/2025 | $45198 | 6818544 | 262 | 0 |
|  | 04/2025 | 50396 | 67374 | 0 | (249) |
|  | 05/2025 | 300710 | $41060 | 0 | (440) |
|  | 05/2025 | 6795661 | 45198 | 0 | (262) |
|  | 05/2025 | 67277 | 50396 | 238 | 0 |
|  | 05/2025 | $154704 | 1120254 | 64 | (165) |
|  | 06/2025 | 755489 | $103383 | 0 | (1141) |
|  | 06/2025 | $23848 | 172097 | 0 | (38) |
|  | 07/2025 | 557495 | $77379 | 138 | (30) |
|  | 08/2025 | 557581 | 77325 | 0 | (132) |
|  BOA | 04/2025 | 16300 | 11308 | 0 | (19) |
|  | 04/2025 | 15635 | 19865 | 0 | (332) |
|  | 04/2025 | 26055329 | 1575 | 10 | 0 |
|  | 04/2025 | 4060250 | 2769 | 13 | 0 |
|  | 04/2025 | 6985 | 656 | 0 | (39) |
|  | 04/2025 | 2559 | 1901 | 0 | (3) |
|  | 04/2025 | $1391 | 2192 | 0 | (21) |
|  | 04/2025 | 2235 | 16025 | 0 | (3) |
|  | 04/2025 | 60 | 1472 | 4 | 0 |
|  | 04/2025 | 72934 | 67530 | 86 | 0 |
|  | 04/2025 | 1574 | 26055329 | 0 | (9) |
|  | 04/2025 | 23372 | 3507300 | 11 | 0 |
|  | 04/2025 | 11118 | 49214 | 0 | (7) |
|  | 04/2025 | 175 | 1950 | 11 | 0 |
|  | 05/2025 | 294024 | $40168 | 0 | (409) |
|  | 05/2025 | 39918 | 5138 | 2 | 0 |
|  | 05/2025 | 35067392 | 2105 | 4 | 0 |
|  | 05/2025 | $2193 | 188392 | 6 | 0 |
|  | 06/2025 | 934634 | $129129 | 36 | (216) |
|  | 06/2025 | 20421 | 14 | 0 | 0 |
|  | 06/2025 | $6289 | 45435 | 0 | (3) |
|  | 06/2025 | 3363 | 4904780 | 0 | (22) |
|  | 08/2025 | 49372 | $6901 | 43 | 0 |
|  | 08/2025 | 3564 | 109 | 1 | 0 |
|  BPS | 04/2025 | 7339 | 4625 | 39 | 0 |
|  | 04/2025 | 249406 | 44466 | 861 | (101) |
|  | 04/2025 | 1625 | 1137 | 7 | 0 |
|  | 04/2025 | 37740 | 5258 | 54 | 0 |
|  | 04/2025 | 16249 | 20908 | 0 | (81) |
|  | 04/2025 | 392874658 | 23701 | 110 | 0 |
|  | 04/2025 | 14903 | 4063 | 54 | 0 |
|  | 04/2025 | 88134457 | 582192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7776) |
|  | 04/2025 | 10878 | 1036 | 2 | 0 |
|  | 04/2025 | 6189 | 4651 | 44 | 0 |
|  | 04/2025 | 2341270 | 71335 | 833 | 0 |
|  | 04/2025 | $5757 | 9095 | 0 | (74) |
|  | 04/2025 | 43342 | 249406 | 375 | (11) |
|  | 04/2025 | 24610 | 176451 | 0 | (89) |
|  | 04/2025 | 841 | 20451 | 45 | 0 |
|  | 04/2025 | 582455 | 540885 | 2404 | 0 |
|  | 04/2025 | 40703 | 667314113 | 0 | (646) |
|  | 04/2025 | 20930 | 1817647 | 312 | 0 |
|  | 04/2025 | 31345 | 4681165 | 35 | (171) |
|  | 04/2025 | 19610 | 28474540 | 0 | (276) |
|  | 04/2025 | 27840 | 37301 | 0 | (77) |
|  | 04/2025 | 1000 | 38356 | 0 | (13) |
|  | 04/2025 | 43244 | 1416276 | 0 | (594) |
|  | 04/2025 | 153717 | $8404 | 29 | 0 |
|  | 05/2025 | 1052956 | 144898 | 34 | (452) |
|  | 05/2025 | 540885 | 583405 | 0 | (2401) |
|  | 05/2025 | 106273357 | 6388 | 19 | 0 |
|  | 05/2025 | 2425311 | 16189 | 0 | (35) |
|  | 05/2025 | 37241 | 27840 | 75 | 0 |
|  | 05/2025 | 1316 | 34 | 1 | 0 |
|  | 05/2025 | $1137 | 1623 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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** |
|  | 05/2025 | $6261 | 44911 | $0 | $(5) |
|  | 05/2025 | 15814 | 14656 | 59 | 0 |
|  | 05/2025 | 22233 | 17178 | 0 | (45) |
|  | 05/2025 | 18327 | 304176887 | 0 | (96) |
|  | 05/2025 | 19734 | 1692851 | 23 | 0 |
|  | 05/2025 | 1036 | 10878 | 0 | (2) |
|  | 06/2025 | 542498 | $74260 | 0 | (796) |
|  | 06/2025 | 8337142 | 5852 | 175 | 0 |
|  | 06/2025 | 4596 | 1190 | 6 | 0 |
|  | 06/2025 | $35577 | 258670 | 210 | 0 |
|  | 06/2025 | 43292 | 168351 | 308 | (249) |
|  | 07/2025 | 676400 | $20816 | 326 | 0 |
|  | 08/2025 | 562410 | 17255 | 172 | 0 |
|  | 10/2025 | 389800 | 64158 | 0 | (1232) |
|  | 04/2026 | 850975 | 121576 | 0 | (4610) |
|  | 05/2029 | 10107 | 34746 | 620 | 0 |
|  | 07/2029 | 1468 | 5051 | 88 | 0 |
|  BRC | 04/2025 | 58660 | 670 | 0 | (16) |
|  | 04/2025 | 4948000 | 33795 | 736 | 0 |
|  | 04/2025 | 896069 | 202421 | 101 | 0 |
|  | 04/2025 | $2870 | 4564 | 0 | (19) |
|  | 04/2025 | 23123 | 21278 | 0 | (115) |
|  | 04/2025 | 10997 | 8504 | 0 | (12) |
|  | 04/2025 | 7866 | 128764034 | 0 | (143) |
|  | 04/2025 | 2444 | 8962 | 0 | (33) |
|  | 04/2025 | 684 | 58592 | 2 | 0 |
|  | 04/2025 | 1615 | 18003 | 96 | 0 |
|  | 04/2025 | 4372 | 5846 | 0 | (21) |
|  | 04/2025 | 6451 | 247681 | 0 | (75) |
|  | 05/2025 | 45669 | $7904 | 0 | (50) |
|  | 05/2025 | 58758 | 684 | 0 | (2) |
|  | 05/2025 | 5320000 | 36380 | 720 | 0 |
|  | 05/2025 | 463 | 12 | 0 | 0 |
|  | 05/2025 | $887 | 9332 | 0 | 0 |
|  | 05/2025 | 193 | 934 | 10 | 0 |
|  | 05/2025 | 80029 | 3149780 | 0 | (2061) |
|  | 06/2025 | 15677112 | $10838 | 159 | 0 |
|  | 06/2025 | $4686 | 18151 | 0 | (11) |
|  | 06/2025 | 67297 | 2661928 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2988) |
|  | 07/2025 | 10553 | $2859 | 0 | (5) |
|  | 01/2026 | 508200 | 72771 | 0 | (2205) |
|  BSH | 04/2025 | 12609 | 3372 | 0 | (59) |
|  | 04/2025 | $459438 | 68998391 | 582 | 0 |
|  | 05/2025 | 68766007 | $459438 | 0 | (578) |
|  | 05/2025 | 50104 | 13230 | 0 | (395) |
|  | 06/2025 | $8332 | 30749 | 21 | 0 |
|  | 06/2025 | 5802 | 22333 | 0 | (52) |
|  | 07/2025 | 21654 | $5772 | 0 | (105) |
|  CBK | 04/2025 | 13652 | 8586 | 55 | 0 |
|  | 04/2025 | 2977 | 3386 | 21 | 0 |
|  | 04/2025 | 288387 | 40174 | 272 | 0 |
|  | 04/2025 | 47269 | 6653 | 0 | (198) |
|  | 04/2025 | 207832 | 224212 | 0 | (517) |
|  | 04/2025 | 414957804 | 25015 | 97 | 0 |
|  | 04/2025 | 48165 | 13214 | 256 | 0 |
|  | 04/2025 | 1807325 | 20803 | 1 | (311) |
|  | 04/2025 | 9274 | 2493 | 0 | (31) |
|  | 04/2025 | 7055 | 699 | 0 | (3) |
|  | 04/2025 | 2957908 | 90279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 0 |
|  | 04/2025 | $1344 | 2131 | 0 | (12) |
|  | 04/2025 | 430993 | 614055 | 16 | (4280) |
|  | 04/2025 | 105667 | 757880 | 9 | (462) |
|  | 04/2025 | 31814 | 29276 | 3 | (160) |
|  | 04/2025 | 18601 | 14346 | 0 | (70) |
|  | 04/2025 | 34111 | 559191961 | 0 | (542) |
|  | 04/2025 | 7552 | 647458 | 9 | 0 |
|  | 04/2025 | 1144 | 1673447 | 0 | (7) |
|  | 04/2025 | 452 | 788 | 0 | (4) |
|  | 04/2025 | 8055 | 29195 | 0 | (108) |
|  | 04/2025 | 92839 | 3042788 | 0 | (1208) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 05/2025 | 602289 | $423444 | $4277 | $0 |
|  | 05/2025 | 123969060 | 7463 | 34 | 0 |
|  | 05/2025 | 788 | 452 | 4 | 0 |
|  | 05/2025 | 44372 | 11721 | 0 | (345) |
|  | 05/2025 | $33109 | 237571 | 3 | (20) |
|  | 05/2025 | 18263 | 303420851 | 0 | (77) |
|  | 05/2025 | 27 | 893 | 0 | 0 |
|  | 06/2025 | 65660 | $9060 | 0 | (24) |
|  | 06/2025 | 356891066 | 248633 | 5567 | 0 |
|  | 06/2025 | $2519 | 2363400 | 0 | (32) |
|  | 06/2025 | 6486 | 46821 | 0 | (8) |
|  | 06/2025 | 24906 | 36370373 | 0 | (132) |
|  | 06/2025 | 680 | 1115200 | 25 | 0 |
|  | 06/2025 | 959 | 3526 | 0 | (1) |
|  | 07/2025 | 1177505 | $36193 | 523 | 0 |
|  | 08/2025 | 32204 | 8547 | 0 | (191) |
|  | 08/2025 | 1306163 | 40083 | 408 | 0 |
|  | 08/2025 | $1190 | 65510 | 25 | 0 |
|  | 09/2025 | 52131 | $14187 | 52 | 0 |
|  | 09/2025 | $5580 | 2876490 | 0 | (140) |
|  | 12/2025 | 29355 | $8055 | 116 | 0 |
|  | 01/2026 | 2190000 | 16134 | 1110 | 0 |
|  DUB | 04/2025 | 105410 | 117610 | 0 | (1538) |
|  | 04/2025 | 32194 | 35047 | 236 | 0 |
|  | 04/2025 | 60128 | 16487 | 311 | 0 |
|  | 04/2025 | 10248300 | 69956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | 0 |
|  | 04/2025 | 6853 | 3915 | 24 | 0 |
|  | 04/2025 | 8791 | 6567 | 24 | 0 |
|  | 04/2025 | $237798 | 377158 | 0 | (2131) |
|  | 04/2025 | 1251 | 1799 | 0 | 0 |
|  | 04/2025 | 1901 | 13605 | 0 | (6) |
|  | 04/2025 | 7322 | 50730 | 31 | 0 |
|  | 04/2025 | 9289 | 8855 | 286 | 0 |
|  | 04/2025 | 73082 | 57817 | 1603 | 0 |
|  | 04/2025 | 15044 | 249805865 | 0 | (57) |
|  | 04/2025 | 3394 | 291927 | 14 | 0 |
|  | 04/2025 | 25750 | 34479 | 0 | (87) |
|  | 05/2025 | 377158 | $237853 | 2128 | 0 |
|  | 05/2025 | 50636 | 7322 | 0 | (31) |
|  | 05/2025 | 15339596 | 923 | 3 | 0 |
|  | 05/2025 | 34429 | 25750 | 81 | 0 |
|  | 06/2025 | 215676450 | 150313 | 3432 | 0 |
|  | 06/2025 | $1650 | 87367 | 22 | 0 |
|  | 06/2025 | 445 | 709376 | 4 | 0 |
|  | 08/2025 | 169598 | 1217215 | 0 | (508) |
|  | 08/2025 | 1410 | 77691 | 31 | 0 |
|  | 09/2025 | 9030 | 4686358 | 0 | (167) |
|  | 12/2025 | 7642 | 4062117 | 0 | (161) |
|  FAR | 04/2025 | 635978 | $397513 | 1372 | (1250) |
|  | 04/2025 | 75087 | 10584 | 0 | (299) |
|  | 04/2025 | 2262315 | 2376194 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70047) |
|  | 04/2025 | 52085 | 14347 | 334 | 0 |
|  | 04/2025 | 37378696 | 250503 | 1295 | 0 |
|  | 04/2025 | $211304 | 335830 | 0 | (1461) |
|  | 04/2025 | 282 | 253 | 4 | 0 |
|  | 04/2025 | 19661 | 140801 | 0 | (52) |
|  | 04/2025 | 743 | 273972 | 0 | (8) |
|  | 04/2025 | 327893 | 49364298 | 1224 | 0 |
|  | 04/2025 | 20 | 227 | 1 | 0 |
|  | 04/2025 | 1080 | 35393 | 0 | (14) |
|  | 04/2025 | 1390 | $76 | 0 | 0 |
|  | 05/2025 | 335830 | 211353 | 1458 | 0 |
|  | 05/2025 | 49197991 | 327893 | 0 | (1221) |
|  | 05/2025 | $39462 | 284682 | 0 | (174) |
|  | 05/2025 | 108722 | 16141000 | 0 | (540) |
|  | 06/2025 | 87896 | 517288 | 1603 | 0 |
|  | 06/2025 | 12352 | 47841 | 0 | (30) |
|  | 07/2025 | 283593 | $39462 | 155 | 0 |
|  GLM | 04/2025 | 1134471 | 201086 | 2866 | (585) |
|  | 04/2025 | 7976 | 5556 | 14 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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** |
|  | 04/2025 | 181000793 | $10900 | $42 | $0 |
|  | 04/2025 | 6272429 | 4274 | 16 | 0 |
|  | 04/2025 | 25144 | 6688 | 0 | (155) |
|  | 04/2025 | 4309 | 3200 | 0 | (7) |
|  | 04/2025 | 21214 | 641 | 2 | 0 |
|  | 04/2025 | $194961 | 1134471 | 3844 | 0 |
|  | 04/2025 | 1550 | 79825 | 26 | 0 |
|  | 04/2025 | 17653 | 290682616 | 0 | (216) |
|  | 04/2025 | 234780 | 34963000 | 0 | (1182) |
|  | 04/2025 | 1559 | 2280100 | 0 | (10) |
|  | 04/2025 | 8055 | 318288 | 92 | 0 |
|  | 04/2025 | 83584 | $4581 | 27 | 0 |
|  | 05/2025 | 285893 | 39035 | 0 | (420) |
|  | 05/2025 | 59567909 | 3572 | 2 | 0 |
|  | 05/2025 | $17704 | 127097 | 0 | (155) |
|  | 05/2025 | 2311 | 121767 | 40 | 0 |
|  | 05/2025 | 10900 | 181164299 | 0 | (42) |
|  | 05/2025 | 371 | 583746 | 3 | 0 |
|  | 06/2025 | 43772 | $5998 | 0 | (58) |
|  | 06/2025 | 3390000 | 22610 | 0 | (192) |
|  | 06/2025 | $12895 | 93034 | 8 | (31) |
|  | 06/2025 | 3080 | 163887 | 48 | 0 |
|  | 06/2025 | 11144 | 16277051 | 0 | (57) |
|  | 06/2025 | 865 | 3341 | 0 | (5) |
|  | 07/2025 | 34479 | $9261 | 0 | (98) |
|  | 07/2025 | 121718 | 3742 | 55 | 0 |
|  | 07/2025 | $277 | 9016 | 0 | (4) |
|  | 08/2025 | 2570 | 141735 | 59 | 0 |
|  | 08/2025 | 641 | 21049 | 0 | (2) |
|  | 09/2025 | 3741 | 1951983 | 0 | (46) |
|  | 10/2025 | 1009400 | $164972 | 0 | (4358) |
|  | 01/2026 | 6410000 | 47619 | 3646 | 0 |
|  IND | 04/2025 | $130509 | 115090 | 0 | (420) |
|  | 04/2025 | 14168 | 97992 | 34 | 0 |
|  | 05/2025 | 114815 | $130664 | 419 | 0 |
|  | 05/2025 | 97810 | 14168 | 0 | (34) |
|  JPM | 04/2025 | 25371 | 15992 | 138 | 0 |
|  | 04/2025 | 360071 | 62479 | 21 | (642) |
|  | 04/2025 | 46328 | 48727 | 0 | (1367) |
|  | 04/2025 | 34915585 | 2112 | 16 | 0 |
|  | 04/2025 | 45436 | 12502 | 278 | 0 |
|  | 04/2025 | 1240797 | 14219 | 0 | (270) |
|  | 04/2025 | 37451883 | 251247 | 1551 | 0 |
|  | 04/2025 | 9415 | 7050 | 42 | 0 |
|  | 04/2025 | 402901 | 12287 | 153 | 0 |
|  | 04/2025 | $2051 | 3241 | 0 | (26) |
|  | 04/2025 | 62706 | 360071 | 393 | 0 |
|  | 04/2025 | 56228 | 80518 | 0 | (273) |
|  | 04/2025 | 6653 | 47615 | 0 | (22) |
|  | 04/2025 | 2360 | 123027 | 42 | 0 |
|  | 04/2025 | 1465 | 1357 | 2 | 0 |
|  | 04/2025 | 1344 | 1034 | 0 | (8) |
|  | 04/2025 | 4111 | 67556158 | 0 | (58) |
|  | 04/2025 | 5478 | 472959 | 45 | 0 |
|  | 04/2025 | 106455 | 16055349 | 587 | 0 |
|  | 04/2025 | 1144 | 1672710 | 0 | (7) |
|  | 04/2025 | 29667 | 972064 | 0 | (393) |
|  | 05/2025 | 419339 | $57678 | 135 | (337) |
|  | 05/2025 | 40081878 | 2414 | 12 | 0 |
|  | 05/2025 | 14287283 | 94993 | 0 | (583) |
|  | 05/2025 | $144971 | 1050877 | 187 | (129) |
|  | 05/2025 | 3732 | 26656 | 0 | (19) |
|  | 05/2025 | 2370 | 16300 | 0 | (3) |
|  | 05/2025 | 2840 | 150264 | 54 | 0 |
|  | 05/2025 | 1220 | 1899540 | 0 | (2) |
|  | 05/2025 | 37750 | 1581569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | (570) |
|  | 06/2025 | 192390 | $26359 | 0 | (258) |
|  | 06/2025 | 100069 | 4849 | 9 | 0 |
|  | 06/2025 | 6723240 | 195578 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3682) |
|  | 06/2025 | $56857 | 332078 | 598 | 0 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 06/2025 | $2690 | 4314760 | $32 | $0 |
|  | 06/2025 | 39857 | 154443 | 89 | (178) |
|  | 07/2025 | 537299 | $74447 | 46 | (72) |
|  | 07/2025 | 684652 | 21054 | 314 | 0 |
|  | 07/2025 | $4216 | 24669 | 23 | 0 |
|  | 08/2025 | 508758 | $70524 | 24 | (175) |
|  | 08/2025 | 682496 | 20943 | 213 | 0 |
|  MBC | 04/2025 | 70830 | 44494 | 236 | 0 |
|  | 04/2025 | 7093 | 8013 | 0 | (5) |
|  | 04/2025 | 266800 | 39431 | 762 | 0 |
|  | 04/2025 | 118503 | 2343 | 0 | (1) |
|  | 04/2025 | 112043 | 120631 | 653 | (1173) |
|  | 04/2025 | 8850 | 885 | 4 | 0 |
|  | 04/2025 | 80126 | 59979 | 342 | 0 |
|  | 04/2025 | 584017 | 18053 | 465 | 0 |
|  | 04/2025 | $9608 | 15272 | 8 | (73) |
|  | 04/2025 | 639700 | 915390 | 0 | (3562) |
|  | 04/2025 | 392 | 2702 | 0 | (1) |
|  | 04/2025 | 3770 | 193547 | 55 | 0 |
|  | 04/2025 | 74622 | 69723 | 810 | (40) |
|  | 04/2025 | 63701 | 49364 | 182 | (116) |
|  | 04/2025 | 6914 | 599830 | 94 | 0 |
|  | 04/2025 | 10168 | 1514000 | 0 | (74) |
|  | 04/2025 | 19529 | 641537 | 0 | (208) |
|  | 04/2025 | 182499 | $9984 | 41 | 0 |
|  | 05/2025 | 882181 | 617461 | 3502 | 0 |
|  | 05/2025 | 497892 | 68641 | 27 | (98) |
|  | 05/2025 | 2697 | 392 | 1 | 0 |
|  | 05/2025 | 23898252 | 1438 | 5 | 0 |
|  | 05/2025 | 24274289 | 160685 | 26 | (2025) |
|  | 05/2025 | $168625 | 1215501 | 94 | (951) |
|  | 05/2025 | 68730 | 2308632 | 0 | (453) |
|  | 06/2025 | 51726695 | $35951 | 717 | 0 |
|  | 06/2025 | $3730 | 197218 | 51 | 0 |
|  | 06/2025 | 16512 | 63731 | 0 | (106) |
|  | 07/2025 | 257583 | $35743 | 41 | 0 |
|  | 07/2025 | 329344 | 10105 | 129 | 0 |
|  | 08/2025 | 684357 | 94665 | 0 | (402) |
|  | 08/2025 | 308322 | 9423 | 58 | 0 |
|  | 08/2025 | $61262 | 439415 | 0 | (221) |
|  | 08/2025 | 1410 | 77649 | 30 | 0 |
|  MYI | 04/2025 | 18101 | $3152 | 0 | (20) |
|  | 04/2025 | 1587311 | 1107836 | 4755 | 0 |
|  | 04/2025 | 127092 | 17702 | 165 | 0 |
|  | 04/2025 | 29073 | 4059 | 0 | (154) |
|  | 04/2025 | 383930 | 486477 | 0 | (9464) |
|  | 04/2025 | 51 | 14 | 0 | 0 |
|  | 04/2025 | 33595 | 25099 | 95 | 0 |
|  | 04/2025 | $2320 | 3687 | 0 | (16) |
|  | 04/2025 | 3107 | 18102 | 65 | 0 |
|  | 04/2025 | 16798 | 120411 | 0 | (121) |
|  | 04/2025 | 91987 | 659560 | 3606 | 0 |
|  | 04/2025 | 2071843 | 1920863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | 0 |
|  | 04/2025 | 4547 | 148665 | 0 | (70) |
|  | 04/2025 | 629117 | $34414 | 139 | 0 |
|  | 05/2025 | 1920863 | 2075203 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5188) |
|  | 05/2025 | 22427588 | 1348 | 3 | 0 |
|  | 05/2025 | $25453 | 182536 | 7 | (34) |
|  | 05/2025 | 208 | 326750 | 2 | 0 |
|  | 06/2025 | 38057 | $5248 | 0 | (17) |
|  | 06/2025 | $3655 | 14498 | 79 | 0 |
|  | 09/2025 | 44610 | $31369 | 131 | 0 |
|  | 09/2025 | $1109 | 574708 | 0 | (22) |
|  | 10/2025 | 266800 | $43570 | 0 | (1186) |
|  | 12/2025 | 180845 | 7167 | 0 | (18) |
|  | 01/2026 | 605580 | $86895 | 0 | (2449) |
|  | 04/2026 | 715460 | 102253 | 0 | (3838) |
|  NGF | 06/2025 | 126840932 | 89021 | 2650 | 0 |
|  RYL | 04/2025 | 2034300 | 13849 | 286 | 0 |
|  | 04/2025 | $1027 | 945 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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** |
|  SCX | 04/2025 | 96848 | $16866 | $0 | $(106) |
|  | 04/2025 | 22290 | 5871 | 0 | (193) |
|  | 04/2025 | 309324 | 9531 | 215 | 0 |
|  | 04/2025 | $16569 | 96848 | 402 | 0 |
|  | 04/2025 | 34595 | 248080 | 0 | (46) |
|  | 04/2025 | 1820 | 94931 | 33 | 0 |
|  | 04/2025 | 9806 | 160431008 | 0 | (184) |
|  | 04/2025 | 42050 | 6328989 | 146 | 0 |
|  | 04/2025 | 1144 | 1670931 | 0 | (9) |
|  | 04/2025 | 3477 | 6065 | 0 | (34) |
|  | 04/2025 | 5652 | 185960 | 0 | (52) |
|  | 05/2025 | 414548 | $57506 | 295 | 0 |
|  | 05/2025 | 9331516 | 562 | 2 | 0 |
|  | 05/2025 | 3743612 | 24921 | 0 | (123) |
|  | 05/2025 | 6065 | 3479 | 33 | 0 |
|  | 05/2025 | 19935 | 5308 | 0 | (112) |
|  | 05/2025 | $36675 | 5430000 | 0 | (278) |
|  | 05/2025 | 7155 | 11272513 | 84 | (15) |
|  | 05/2025 | 11 | 15 | 0 | 0 |
|  | 06/2025 | 98076 | $16569 | 0 | (399) |
|  | 06/2025 | 3643 | 503 | 0 | (1) |
|  | 06/2025 | 15649 | 4266 | 15 | 0 |
|  | 06/2025 | $2540 | 134455 | 39 | 0 |
|  | 06/2025 | 2600 | 4178300 | 41 | 0 |
|  | 07/2025 | 1630 | 88199 | 31 | 0 |
|  | 08/2025 | 62453 | $8723 | 48 | 0 |
|  | 08/2025 | 184420 | 5652 | 51 | 0 |
|  SOG | 04/2025 | $610 | 31805 | 11 | 0 |
|  | 06/2025 | 3445 | 182524 | 48 | 0 |
|  SSB | 04/2025 | 284469 | $49594 | 0 | (257) |
|  | 04/2025 | 145944 | 38518 | 0 | (1191) |
|  | 04/2025 | $11002 | 63450 | 117 | 0 |
|  | 04/2025 | 1012 | 1454 | 0 | (2) |
|  | 04/2025 | 370100 | 286192 | 0 | (412) |
|  | 04/2025 | 159676 | 24247000 | 2484 | (158) |
|  | 04/2025 | 17375 | 63470 | 0 | (104) |
|  | 05/2025 | 697537 | $97131 | 846 | 0 |
|  | 05/2025 | 286192 | 370071 | 408 | 0 |
|  | 05/2025 | $49497 | 7329000 | 0 | (376) |
|  | 07/2025 | 49594 | 290048 | 254 | 0 |
|  | 10/2025 | 63703 | $17375 | 108 | 0 |
|  | 01/2026 | 13690000 | 91427 | 0 | (2487) |
|  UAG | 04/2025 | 53063364 | 3199 | 12 | 0 |
|  | 04/2025 | 32501976 | 218451 | 1756 | 0 |
|  | 04/2025 | $3344 | 55386981 | 0 | (18) |
|  | 05/2025 | 3199 | 53137990 | 0 | (14) |
|  | 06/2025 | 22912 | 3390000 | 0 | (110) |
|  | 06/2025 | 5078 | 19597 | 0 | (30) |
|  | 09/2025 | 31369 | 44590 | 0 | (145) |
|  | 12/2025 | 7167 | 180838 | 18 | 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;95314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177107) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 15897 | $109 | $96 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 35500 | 269 | 169 |
| BPS | Put - OTC USD versus CAD | 1.385 | 09/05/2025 | 3000 | 23 | 14 |
|  | Call - OTC USD versus CNH | 7.500 | 05/15/2025 | 25500 | 152 | 9 |
| MBC | Call - OTC USD versus CNH | 7.500 | 05/13/2025 | 140300 | 732 | 49 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 17000 | 101 | 106 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 28386 | 178 | 162 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 123500 | 815 | 587 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |

---

30 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

#### 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 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308% | 05/14/2025 | 823300 | $642 | $71 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.930 | 06/23/2025 | 55800 | 2007 | 1041 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 17200 | 24 | 3 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 08/20/2025 | 783000 | 877 | 83 |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 05/14/2025 | 52300 | 40 | 5 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 13100 | 481 | 348 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.065 | 06/24/2025 | 55200 | 1654 | 655 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.960 | 06/25/2025 | 67500 | 2303 | 1169 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 12600 | 524 | 334 |
| GLM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.700 | 08/20/2025 | 919900 | 1177 | 113 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 08/20/2025 | 60000 | 67 | 6 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.420 | 05/13/2025 | 111000 | 575 | 19 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.960 | 06/25/2025 | 11600 | 435 | 201 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 4000 | 166 | 106 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 400 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 21400 | $1620 | $11492 |
|  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;14972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16838 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYI | Put - OTC USD versus CAD | $1.320 | 09/05/2025 | 123500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |

---

#### 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 Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.250% | 06/23/2025 | 214600 | $(2039) | $(287) |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400 | 04/07/2025 | 8700 | (18) | (23) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 8700 | (18) | 0 |
| Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9361) |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 50400 | (484) | (152) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 9400 | (33) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 9400 | (33) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 30900 | (118) | (72) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 30900 | (118) | (16) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 30900 | (101) | (72) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 30900 | (101) | (142) |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/24/2025 | 212400 | (1657) | (172) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.280 | 06/25/2025 | 18900 | (189) | (24) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.300 | 06/25/2025 | 240400 | (2115) | (286) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 48500 | (533) | (153) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 17300 | (64) | (124) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 17300 | (64) | (25) |
| GLM Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.280 | 06/25/2025 | 44700 | (447) | (57) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 15400 | (169) | (48) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 51200 | (202) | (323) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 51200 | (202) | (61) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 9800 | (37) | (74) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 9800 | (37) | (17) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 18900 | (83) | (100) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 18900 | (83) | (14) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 11600 | (44) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 11600 | (44) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530% | 04/17/2025 | 31300 | $(117) | $(89) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 31300 | (118) | (35) |
|  |  |  |  |  |  | $(10888) | $(11747) |
|  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;(10963) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11801) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | South Korea Government International Bond | (1.000)% | Quarterly | 12/20/2029 | 0.369% | $27300 | $(902) | $148 | $0 | $(754) |
| MYC | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 27500 | (908) | 148 | 0 | (760) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1514) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> |  | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> |  | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.085 | % | $7820 | $(189) | $208 | $19 | $0 |
| BRC | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 20100 | (487) | 535 | 48 | 0 |
| CBK | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 4380 | (106) | 116 | 10 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 62966 | 0 | 431 | 431 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap<br>Agreements,<br>at Value | Swap<br>Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.410% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $77080000 | JPY | 520600 | $1070 | $(184) | $886 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.462% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 148196 |  | 22600000 | (175) | (48) | 0 | (223) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.459% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 4914 |  | 750000 | (10) | (3) | 0 | (13) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 628742 |  | 99528300 | (8057) | (58) | 0 | (8115) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.410% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | 97012 |  | 14416000 | 32 | (27) | 5 | 0 |
|  MYC | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.430% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 9819 |  | 1490000 | (18) | (19) | 0 | (37) |
|  |  |  |  |  |  |  |  | $(7158) | $(339) | $891 | $(8388) |

---

32 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | 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) | 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 | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 5714400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2045) | $(1088) | $0 | $(3133) |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 70330 | (51) | 61 | 10 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 82530 | (228) | 66 | 0 | (162) |
|  CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 2775200 | 0 | (1522) | 0 | (1522) |
|  GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 726260 | 301 | (192) | 109 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 277980 | 1761 | (2391) | 0 | (630) |
|  JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 03/19/2035 |  | 55280 | 42 | (145) | 0 | (103) |
|  SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 647000 | 299 | (654) | 0 | (355) |
|  |  |  |  |  |  |  |  | $79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5865) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5905) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(9)</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>(9)</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 | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 06/20/2025 | $229500 | $2497 | $(1444) | $1053 | $0 |
|  JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 09/22/2025 | 149400 | 1540 | (2088) | 0 | (548) |
|  MYC | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 09/22/2025 | 65400 | 706 | (930) | 0 | (224) |
|  |  |  |  |  |  |  |  | $4743 | $(4462) | $1053 | $(772) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(4928) | $(9080) | $2571 | $(16579) |

---

#### 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 March 31, 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>(10)</sup> |
|  AZD | $819 | $0 | $0 | $819 | $(2457) | $0 | $0 | $(2457) | $(1638) | $1544 | $(94) |
|  BOA | 227 | 1377 | 19 | 1623 | (1083) | (287) | 0 | (1370) | 253 | (310) | (57) |
|  BPS | 9041 | 11601 | 1063 | 21705 | (19839) | (9384) | (3295) | (32518) | (10813) | 8383 | (2430) |
|  BRC | 1824 | 353 | 48 | 2225 | (7756) | (463) | 0 | (8219) | (5994) | 6554 | 560 |
|  BSH | 603 | 0 | 0 | 603 | (1189) | 0 | 0 | (1189) | (586) | 564 | (22) |
|  CBK | 14083 | 0 | 896 | 14979 | (8883) | 0 | (1745) | (10628) | 4351 | (2446) | 1905 |
|  DUB | 9736 | 2158 | 431 | 12325 | (4686) | (635) | 0 | (5321) | 7004 | (6370) | 634 |
|  FAR | 7446 | 0 | 0 | 7446 | (75096) | (149) | 0 | (75245) | (67799) | 75398 | 7599 |
|  GLM | 10790 | 445 | 0 | 11235 | (7623) | (580) | (13) | (8216) | 3019 | (4250) | (1231) |
|  GST | 0 | 0 | 114 | 114 | 0 | 0 | (9499) | (9499) | (9385) | 1126 | (8259) |
|  IND | 453 | 0 | 0 | 453 | (454) | 0 | 0 | (454) | (1) | 0 | (1) |
|  JPM | 7293 | 0 | 0 | 7293 | (9074) | 0 | (651) | (9725) | (2432) | 2475 | 43 |
|  MBC | 8333 | 49 | 0 | 8382 | (9509) | 0 | 0 | (9509) | (1127) | 1443 | 316 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (125) | (1021) | (1146) | (1146) | 887 | (259) |
|  MYI | 14233 | 855 | 0 | 15088 | (22597) | (54) | 0 | (22651) | (7563) | 16639 | 9076 |
|  NGF | 2650 | 0 | 0 | 2650 | 0 | (124) | 0 | (124) | 2526 | (1760) | 766 |
|  RYL | 286 | 0 | 0 | 286 | (5) | 0 | 0 | (5) | 281 | (260) | 21 |
|  SCX | 1435 | 0 | 0 | 1435 | (1552) | 0 | (355) | (1907) | (472) | 525 | 53 |
|  SOG | 59 | 0 | 0 | 59 | 0 | 0 | 0 | 0 | 59 | (60) | (1) |
|  SSB | 4217 | 0 | 0 | 4217 | (4987) | 0 | 0 | (4987) | (770) | 932 | 162 |
|  UAG | 1786 | 0 | 0 | 1786 | (317) | 0 | 0 | (317) | 1469 | (1500) | (31) |
|  Total Over the Counter | $95314 | $16838 | $2571 | $114723 | $(177107) | $(11801) | $(16579) | $(205487) |  |  |  |

---

(n) Securities with an aggregate market value of $116,470 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

<sup>¨</sup> 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 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> 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>(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 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>(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> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</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>(9)</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>(10)</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 Statement of Assets and Liabilities as of March 31, 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 | $10686 | $10686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1528 | 0 | 0 | 43821 | 45349 |
|  | $0 | $1528 | $0 | $0 | $54507 | $56035 |
|  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 | $95314 | $0 | $95314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1192 | 15646 | 16838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 508 | 0 | 891 | 1172 | 2571 |
|  | $0 | $508 | $0 | $97397 | $16818 | $114723 |
|  | $0 | $2036 | $0 | $97397 | $71325 | $170758 |
|  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 | $788 | $788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 22987 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 325 | 0 | 0 | 20095 | 20420 |
|  | $0 | $325 | $0 | $0 | $43870 | $44195 |
|  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 | $177107 | $0 | $177107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 54 | 11747 | 11801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1514 | 0 | 8388 | 6677 | 16579 |
|  | $0 | $1514 | $0 | $185549 | $18424 | $205487 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249682 |

---

34 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statement of Operations for the year ended March 31, 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 | $2864 | $2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 95011 | 95011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4452 | 0 | 0 | (48792) | (44340) |
|  | $0 | $4452 | $0 | $0 | $49083 | $53535 |
|  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 | $275726 | $0 | $275726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 3287 | 198 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2955 | 13298 | 16253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (132) | 0 | 30468 | 895 | 31231 |
|  | $0 | $(132) | $0 | $312436 | $14391 | $326695 |
|  | $0 | $4320 | $0 | $312436 | $63474 | $380230 |
|  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 | $(163) | $(163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 5871 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2798) | 0 | 0 | (175281) | (178079) |
|  | $0 | $(2798) | $0 | $0 | $(169573) | $(172371) |
|  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 | $(203855) | $0 | $(203855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (1186) | (3424) | (4610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 21 | 2944 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 465 | 0 | (1406) | (4771) | (5712) |
|  | $0 | $465 | $0 | $(206426) | $(5251) | $(211212) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206426) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174824) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383583) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3723 | $0 | $3723 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 33557 | 0 | 33557 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 316848 | 0 | 316848 |
|  Belgium | Belgium | Belgium | Belgium | Belgium |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8221 | 0 | 8221 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 15191 | 0 | 15191 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 274643 | 0 | 274643 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 96578 | 0 | 96578 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 17725 | 0 | 17725 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910088 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 342719 | 0 | 342719 |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9218 | 0 | 9218 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9908 | 0 | 9908 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14422 | 0 | 14422 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 126517 | 0 | 126517 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 443210 | 0 | 443210 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 118122 | 0 | 118122 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 737627 | 0 | 737627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $68673 | $0 | $68673 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 47181 | 0 | 47181 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32045 | 0 | 32045 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 334466 | 32226 | 366692 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3480 | 0 | 3480 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 37338 | 37338 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 154167 | 0 | 154167 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 62796 | 0 | 62796 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41248 | 0 | 41248 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 41614 | 0 | 41614 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218919 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218919 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 28361 | 0 | 28361 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1354 | 0 | 1354 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21177 | 21177 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9400 | 0 | 9400 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 189951 | 0 | 189951 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4691 | 0 | 4691 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 100439 | 0 | 100439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $146 | $0 | $146 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 12988 | 0 | 12988 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12449 | 0 | 12449 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 129440 | 0 | 129440 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 82093 | 0 | 82093 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13211 | 0 | 13211 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 184477 | 0 | 184477 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1051 | 0 | 1051 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 257400 | 0 | 257400 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 28608 | 28608 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 98193 | 0 | 98193 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 128416 | 0 | 128416 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 310182 | 0 | 310182 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10063 | 0 | 10063 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 911407 | 0 | 911407 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9108 | 0 | 9108 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 143992 | 0 | 143992 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 131062 | 0 | 131062 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 52817 | 0 | 52817 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 313558 | 0 | 313558 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3372 | 3372 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 147673 | 0 | 147673 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 182051 | 0 | 182051 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 413632 | 68994 | 482626 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 901673 | 0 | 901673 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 12626 | 12801 | 25427 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Municipal Bonds & Notes | $0 | $22812 | $0 | $22812 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 590128 | 37238 | 627366 |
| &nbsp;&nbsp; Preferred Securities | 0 | 9966 | 0 | 9966 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 8191536 | 0 | 8191536 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 1351407 | 0 | 1351407 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 18295 | 0 | 18295 |
| &nbsp;&nbsp; Mutual Funds | 0 | 480 | 0 | 480 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2009 | 0 | 2009 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15921 | 0 | 15921 |
|  | $0 | $20479364 | $241754 | $20721118 |
|  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 | $741403 | $0 | $0 | $741403 |
|  Total Investments | $741403 | $20479364 | $241754 | $21462521 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | (2610988) | 0 | (2610988) |
|  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 | 10023 | 46012 | 0 | 56035 |
|  Over the counter | 0 | 114292 | 431 | 114723 |
|  | $10023 | $160304 | $431 | $170758 |
|  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 | (22312) | (21727) | 0 | (44039) |
|  Over the counter | 0 | (205487) | 0 | (205487) |
|  | $(22312) | $(227214) | $0 | $(249526) |
|  Total Financial Derivative Instruments | $(12289) | $(66910) | $431 | $(78768) |
|  Totals | $729114 | $17801464 | $242185 | $18772765 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | 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 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup> |
|  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; Asset-Backed Securities | $21714 | $0 | $(21698) | $0 | $(2) | $(14) | $0 | $0 | $0 | $0 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 32033 | 0 | 0 | 0 | 193 | 0 | 0 | 32226 | 193 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 37266 | 0 | 2 | 0 | 70 | 0 | 0 | 37338 | 70 |
|  Jersey, Channel Islands |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 3780 | 0 | (4000) | 202 | 0 | 18 | 0 | 0 | 0 | 0 |
|  Luxembourg |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 20891 | 0 | 9 | 0 | 277 | 0 | 0 | 21177 | 277 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 28132 | 0 | 0 | 0 | 0 | 476 | 0 | 0 | 28608 | 476 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **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 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup>** |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $3235 | $0 | $0 | $0 | $137 | $0 | $0 | $3372 | $137 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 266 | 69028 | (57) | (6) | (273) | 261 | 0 | (225) | 68994 | 246 |
| &nbsp;&nbsp; Loan Participations and Assignments | 4677 | 12700 | (6270) | 0 | 0 | 1694 | 0 | 0 | 12801 | 101 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 1111 | 37163 | (321) | 26 | (40) | 204 | 0 | (905) | 37238 | 143 |
|  Totals | $59680 | $212316 | $(32346) | $233 | $(315) | $3316 | $0 | $(1130) | $241754 | $1643 |
|  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 | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp; Over the counter | $0 | $224 | $0 | $0 | $0 | $207 | $0 | $0 | $431 | $207 |
|  Totals | $59680 | $212540 | $(32346) | $233 | $(315) | $3523 | $0 | $(1130) | $242185 | $1850 |

---

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 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | 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 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $5951 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  | 26275 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 37338 | Recent Transaction | Purchase Price | 99.800 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 21177 | Discounted Cash Flow | Discount Rate | 3.528 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 28608 | Discounted Cash Flow | Discount Rate | 6.028 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3372 | Recent Transaction | Purchase Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 17750 | Discounted Cash Flow | Discount Rate | 7.110-17.000 | 8.002 |
|  | 51244 | Proxy Pricing | Base Price | 100.000-120.958 | 102.835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 7601 | Discounted Cash Flow | Discount Rate | 6.790 |  |
|  | 5200 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 37238 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | $431 | Indicative Market Quotation | Broker Quote | 0.329 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242185 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

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, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

Hereinafter, the Board of Trustees of the Fund shall be collectively referred to as the "Board."

In this reporting period, the Fund 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 Fund's 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 Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the 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 Fund's portfolio managers as a team. The financial information in the form of the 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 the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement 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"). The 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 Fund 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 the 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 Statement 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 Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement 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

---

| | |
|:---|:---|
| **38** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The 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 the Fund invests. These foreign taxes, if any, are paid by the 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 March 31, 2025, if any, are disclosed in the Statement 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 Fund does 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 Statement of Operations. The Fund 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 Statement 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 Statement 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 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 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 Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The 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 the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the 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, the 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 the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Notes to Financial Statements (Cont.)

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 the 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 the 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 Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the

Fund's annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Fund's financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Fund's financial statements.

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 derivative 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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance

---

| | |
|:---|:---|
| **40** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's 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. The ASU 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 the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. 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 the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

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, 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 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 the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

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, the 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. The 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 the 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 the 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 the 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 the 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 the 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 the Fund normally will be taken into account in calculating the NAV. The 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 the 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 the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

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

<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

---

| | |
|:---|:---|
| **42** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

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). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs.

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Notes to Financial Statements (Cont.)

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.

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.

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

The 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 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 affiliate fund's shareholder report is also available at the SEC's website at

---

| | |
|:---|:---|
| **44** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | 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>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37214 | $&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;3612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | 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>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10222500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21532 | $&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 Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the 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, the 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, the 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. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in

a realized gain (loss). When the 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 Statement 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. The 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 the 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. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the 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 Fund 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 Fund 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

Notes to Financial Statements (Cont.)

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 the 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, the 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. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the 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 Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement 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 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 the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the 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 the 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

---

| | |
|:---|:---|
| **46** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

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 Statement 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 Statement 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.

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 March 31, 2025, as applicable, are disclosed in the Notes to Schedule 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. 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 a 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 the 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 Statement 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 Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund 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 the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Notes to Financial Statements (Cont.)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the 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 the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Reverse Repurchase Agreements In a reverse repurchase agreement, the 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 the Fund or counterparty at any time. The 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 the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the 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. The 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 the Fund are reflected as a liability on the Statement of Assets and Liabilities. The 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, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of

Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(c) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the 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 the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The 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 Statement of Assets and Liabilities. Short sales expose the 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 the Fund. A short sale is "against the box" if the 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. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The 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.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund 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. Each Fund is 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

---

| | |
|:---|:---|
| **48** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

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 March 31, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule 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 Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(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 the 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 the 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 Statement of Assets and Liabilities. In addition, the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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. The 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 the 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, the 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 the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement 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 Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The 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 the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the 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 Statement 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. The 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 the Fund may not be able to enter into a closing transaction because of an illiquid market.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

---

------

Notes to Financial Statements (Cont.)

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement 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, the Fund will normally offset its position rather than exercise the option to retain any remaining time value.

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 Agreementsare bilaterally negotiated agreements between the 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"). The 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 Statement 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 Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement 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 Statement 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 Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the 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 the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality

---

| | |
|:---|:---|
| **50** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the 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 the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the 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 Statement 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.

The 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 the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the 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.

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.

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

the 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, the 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, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

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, 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 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, 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Notes to Financial Statements (Cont.)

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 Schedule 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 the 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 the Fund is the seller of protection are disclosed in the Notes to Schedule 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 the Fund for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the 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.

---

| | |
|:---|:---|
| **52** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

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, the 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, the Fund 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 the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change 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 (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the 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 the Fund could experience losses if the issuer or guarantor of a fixed income security, or 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 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 the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly 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 the Fund may be unable to sell illiquid 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.

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 the 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 the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the 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 the Fund's clearing broker or

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Notes to Financial Statements (Cont.)

the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the 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 the 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. The 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 the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments 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 event 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 will change in value relative to the U.S. dollar and affect the 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 the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the 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 the Fund's sensitivity to interest rate 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 the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the 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 the Fund.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to the Fund.

(b) Other Risks

In general, the 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.

---

| | |
|:---|:---|
| **54** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, 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 the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the 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 the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the 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 the 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 the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the 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 the 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 the Fund. While the 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 technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the 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 the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the 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 Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Notes to Financial Statements (Cont.)

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 the 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 Statement of Assets and Liabilities generally presents 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 Statement 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 Statement 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. The 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 the 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 Schedule 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 the 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 Schedule 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 Fund, 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 Schedule 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 the 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 Fund 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 Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it 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,

---

| | |
|:---|:---|
| **56** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule 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 the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 Fee 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 the 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 |
| All Classes | Institutional Class | I-2 | I-3 | Administrative Class | Class A | Class C | Class R |
| 0.25% | 0.25% | 0.35%0.45%<sup>(1)</sup> |  | 0.25% | 0.40% | 0.40% | 0.40% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, 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 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 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 the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the 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 the Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 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 March 31, 2025, the Distributor retained $3,287,802 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 Fund, 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Notes to Financial Statements (Cont.)

of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (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 Fund, 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 the Fund is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the 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 the 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.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the 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 March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, 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 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 Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the amount waived and/or reimbursed was $102,987.

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 Statement 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 Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The 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 the Fund. Frequent and active trading of the 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 the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

---

| | |
|:---|:---|
| **58** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114653309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112341354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253076 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 298421 | $2952397 | 308759 | $2954714 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 140644 | 1393024 | 131386 | 1259522 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 11733 | 116068 | 11140 | 107316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1207 | 11947 | 1665 | 15950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 18080 | 179063 | 19362 | 185609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 185 | 1826 | 165 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1283 | 12673 | 1177 | 11413 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 50165 | 497094 | 28295 | 271886 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 5578 | 55279 | 3059 | 29384 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1054 | 10444 | 430 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 273 | 2702 | 212 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2496 | 24730 | 1644 | 15788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 72 | 716 | 52 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 250 | 2481 | 146 | 1403 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (323515) | $(3196962) | (208622) | $(2000834) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (101993) | (1009287) | (116295) | (1110860) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (7845) | (77646) | (4098) | (39291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2189) | (21663) | (4257) | (40647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (23701) | (234470) | (28968) | (277298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (915) | (9061) | (1051) | (10033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1974) | (19480) | (1214) | (11667) |
|  **Net increase (decrease) resulting from Fund share transactions** | 69309 | $691875 | 142987 | $1370621 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, four persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 62% of the Fund.

14. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Notes to Financial Statements (Cont.)

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $108413 | $0 | $(840783) | $(14951) | $(177912) | $0 | $0 | $(925233) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

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 March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $83458 | $94454 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 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>(7)</sup> |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $19576877 | $534307 | $(1380235) | $(845928) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

---

| | |
|:---|:---|
| **60** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2025

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of<br>Capital<sup>(9)</sup> |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | $689465 | $96721 | $0 | $432475 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Fund (U.S. Dollar-Hedged) (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | |
|:---|:---|
| **62** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

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 | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BSS | Banco Santander S.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| CBK | Citibank N.A. | MEI | Merrill Lynch International |  |  |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | NOK | Norwegian Krone |
| BRL | Brazilian Real | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CHF | Swiss Franc | ILS | Israeli Shekel | PLN | Polish Zloty |
| CLP | Chilean Peso | INR | Indian Rupee | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | SGD | Singapore Dollar |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | THB | Thai Baht |
| DKK | Danish Krone | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| GBP | British Pound | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BOBL | Bundesobligation, the German word for<br>federal government bond | EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR006M | 6 Month EUR Swap Rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.IG | Credit Derivatives Index - Investment Grade | MUTKCALM | Tokyo Overnight Average Rate | THOR | Thai Overnight Baht Repurchase Rate |
| CNREPOFIX | China Fixing Repo Rates 7-Day | SIBCSORA | Singapore Overnight Rate Average | US0003M | ICE 3-Month USD LIBOR |
| EUR001M | 1 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | TBD | To-Be-Determined |
| CLO | Collateralized Loan Obligation | OAT | Obligations Assimilables du Trésor |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund 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 March 31, 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 International Bond Fund (U.S. Dollar-Hedged) |  |  |  |  |
| 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) |
|  October 2024 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  November 2024 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  December 2024 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  January 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  February 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  March 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
| 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) |
|  October 2024 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  November 2024 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  December 2024 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  January 2025 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  February 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  March 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
| 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) |
|  October 2024 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  November 2024 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  December 2024 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  January 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
|  February 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  March 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
| 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) |
|  October 2024 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  November 2024 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  December 2024 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  January 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  February 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  March 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |

---

---

| | |
|:---|:---|
| **64** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

(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)** |
|  October 2024 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  November 2024 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  December 2024 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  January 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  February 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
| **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)** |
|  October 2024 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  November 2024 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  December 2024 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  January 2025 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  February 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  March 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
| **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)** |
|  October 2024 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  November 2024 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  December 2024 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  January 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  February 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  March 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |

---

\* 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. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | |
|:---|:---|
| **66** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | |
|:---|:---|
| **68** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

#### 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 Fund listed on the Report cover.

------

![LOGO](g935690g75h91.jpg)

PIMS0770FSTMAR_033125

------

![LOGO](g820082g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 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](#tx820082_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx820082_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx820082_3) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities (N-CSR Item 7)](#tx820082_4) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx820082_5) | 13 |
| &nbsp;&nbsp; [Consolidated Statements of Operations (N-CSR Item 7)](#tx820082_6) | 16 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx820082_7) | 17 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx820082_8) | 22 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx820082_9) | 23 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx820082_10) | 207 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx820082_11) | 231 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx820082_12) | 240 |
| &nbsp;&nbsp; [Glossary](#tx820082_13) | 241 |
| &nbsp;&nbsp; [Distribution Information](#tx820082_14) | 242 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx820082_15) | 245 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx820082_16) | 246 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx820082_17) | 247 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx820082_18) | 248 |
| Portfolio | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO ABS and Short-Term Investments Portfolio](#tx820082_19) | 24 |
| &nbsp;&nbsp; [PIMCO EM Bond and Short-Term Investments Portfolio](#tx820082_20) | 40 |
| &nbsp;&nbsp; [PIMCO High Yield and Short-Term Investments Portfolio](#tx820082_21) | 52 |
| &nbsp;&nbsp; [PIMCO Investment Grade Credit Bond Portfolio](#tx820082_22) | 62 |
| &nbsp;&nbsp; [PIMCO Long Duration Credit Bond Portfolio](#tx820082_23) | 75 |
| &nbsp;&nbsp; [PIMCO Low Duration Portfolio](#tx820082_24) | 102 |
| &nbsp;&nbsp; [PIMCO Moderate Duration Portfolio](#tx820082_25) | 109 |
| &nbsp;&nbsp; [PIMCO Mortgage and Short-Term Investments Portfolio](#tx820082_26) | 117 |
| &nbsp;&nbsp; [PIMCO Municipal Portfolio](#tx820082_27) | 126 |
| &nbsp;&nbsp; [PIMCO Real Return Portfolio](#tx820082_28) | 129 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - AM](#tx820082_29) | 133 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - H](#tx820082_30) | 138 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - I](#tx820082_31) | 146 |
| &nbsp;&nbsp; [PIMCO Short-Term Portfolio](#tx820082_32) | 163 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio II](#tx820082_33) | 172 |
| &nbsp;&nbsp; [PIMCO U.S. Government and Short-Term Investments Portfolio](#tx820082_34) | 176 |
| &nbsp;&nbsp; [PIMCO International Portfolio<sup>(1)</sup>](#tx820082_35) | 181 |
| &nbsp;&nbsp; [PIMCO Short Asset Portfolio<sup>(1)</sup>](#tx820082_36) | 188 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio III<sup>(1)</sup>](#tx820082_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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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 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.

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

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.

Certain instruments in which a Portfolio may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Portfolio or the financial instruments in which a Portfolio invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain

derivatives markets) for applicable tough legacy contracts. Certain of a Portfolio's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Portfolios and issuers in which they invest. 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued 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 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

---

------

Important Information About the Portfolios (Cont.)

---

| | | |
|:---|:---|:---|
| Portfolio Name | **Portfolio<br>Inception** | **Diversification<br>Status** |
|  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 | Non-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, the Trust's 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 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 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 October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Portfolios have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

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

---

| | |
|:---|:---|
| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

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 derivative 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 August 21, 2024 to provide notification of changes to the principal investment strategies of PIMCO Sector Fund Series - AM. As of September 20, 2024, the first sentence in the first paragraph of the the principal investment strategies of PIMCO Sector Fund Series - AM was deleted and replaced with the following: The Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its net assets in a portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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; 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; 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; 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; 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; 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; 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; 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; 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) |
|  **PIMCO Municipal Portfolio** |  |  |  |  |  |  |  |  |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **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 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** |
| $11.83 | 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 |
| $9.70 | 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 |
| $7.16 | 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 |
| $9.06 | 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 |
| $9.42 | 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 |
| $9.55 | 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 |
| $9.06 | 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 |
| $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 |
| $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 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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 Portfolio** |  |  |  |  |  |  |  |  |
| &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; 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; 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; 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; 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; 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; 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; 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 |
|  **PIMCO Short Asset Portfolio (Consolidated)** |  |  |  |  |  |  |  |  |
| &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; 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) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>~</sup> A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by 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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **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** |
| $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 |
| $10.10 | 4.26% | $51208 | 1.28 | %\* | 1.33 | %\* | 0.00 | %\* | 0.05 | %\* | 5.25 | %\* | 906% |
| $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 |
| $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 |
| $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 | 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 |
| $6.32 | 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 |
| $6.44 | 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 |
| $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 |
| $9.73 | 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 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</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\* | $10998622 | $423918 | $144746 | $2844127 | $36958806 | $2416795 | $4031539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 681147 | 19287 | 2456 | 19998 | 50798 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1150 | 112 | 12 | 3297 | 15178 | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 127 | 18258 | 6 | 33 | 6672 | 0 | 0 |
|  Cash | 5 | 1 | 6 | 1 | 0 | 1225 | 4541 |
|  Deposits with counterparty | 39028 | 3204 | 949 | 95944 | 25179 | 20027 | 12783 |
|  Foreign currency, at value | 0 | 998 | 177 | 0 | 21298 | 0 | 0 |
|  Receivable for investments sold | 22 | 2893 | 481 | 1289 | 1256462 | 12 | 112 |
|  Receivable for TBA investments sold | 7183861 | 0 | 0 | 732158 | 14162967 | 57786 | 560998 |
|  Receivable for Portfolio shares sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Interest and/or dividends receivable | 26378 | 6251 | 2207 | 26649 | 360447 | 8833 | 22606 |
|  Dividends receivable from Affiliates | 2561 | 18 | 3 | 60 | 872 | 0 | 0 |
|  Reimbursement receivable from PIMCO | 8 | 1 | 0 | 4 | 30 | 2 | 4 |
|  **Total Assets** | 18932909 | 474941 | 151043 | 3723560 | 52858709 | 2504681 | 4632653 |
|  **Liabilities:** |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $19786 | $5397 | $107843 | $3611994 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 1036230 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 207868 | 0 | 0 | 5192 | 82476 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 5522 | 31 | 13 | 925 | 20627 | 502 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1473 | 14874 | 73 | 240 | 15889 | 0 | 0 |
|  Payable for investments purchased | 12539 | 53 | 2817 | 7619 | 68930 | 181612 | 192136 |
|  Payable for investments in Affiliates purchased | 2646 | 21 | 3 | 62 | 885 | 0 | 0 |
|  Payable for TBA investments purchased | 11253981 | 0 | 0 | 1127769 | 21510657 | 105028 | 1005783 |
|  Payable for unfunded loan commitments | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
|  Deposits from counterparty | 29128 | 7208 | 0 | 5802 | 107962 | 622 | 5657 |
|  Payable for Portfolio shares redeemed | 0 | 0 | 0 | 0 | 31232 | 0 | 0 |
|  Distributions payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 | 5067 | 0 | 0 |
|  Accrued investment advisory fees | 118 | 7 | 3 | 40 | 419 | 34 | 52 |
|  Accrued supervisory and administrative fees | 177 | 35 | 4 | 61 | 629 | 51 | 79 |
|  Foreign capital gains tax payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
|  **Total Liabilities** | 11513452 | 42015 | 8313 | 1255553 | 26492997 | 287852 | 1204792 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |
|  **Net Assets** | $7419457 | $432926 | $142730 | $2468007 | $26365712 | $2216829 | $3427861 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |
|  Paid in capital | $7610725 | $450918 | $184743 | $2761690 | $31600672 | $2290082 | $3819540 |
|  Distributable earnings (accumulated loss) | (191268) | (17992) | (42013) | (293683) | (5234960) | (73253) | (391679) |
|  **Net Assets** | $7419457 | $432926 | $142730 | $2468007 | $26365712 | $2216829 | $3427861 |
|  **Shares Issued and Outstanding** | 627351 | 44639 | 19941 | 272401 | 2799528 | 232018 | 378153 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $11.83 | $9.70 | $7.16 | $9.06 | $9.42 | $9.55 | $9.06 |
|  Cost of investments in securities | $11171146 | $453009 | $151466 | $2888053 | $40474935 | $2415378 | $4049722 |
|  Cost of investments in Affiliates | $681204 | $19288 | $6337 | $19999 | $50801 | $0 | $0 |
|  Cost of foreign currency held | $0 | $1002 | $177 | $0 | $21933 | $0 | $0 |
|  Proceeds received on short sales | $207828 | $0 | $0 | $5175 | $82141 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $44829 | $(2585) | $220 | $9951 | $457307 | $(1475) | $(1626) |
|  \* Includes repurchase agreements of: | $0 | $0 | $0 | $0 | $0 | $378900 | $368100 |

---

---

| | |
|:---|:---|
| <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 Portfolios.

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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**<br> **Series - 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** |
| $3914301 | $96522 | $818740 | $103449 | $33255 | $3588893 | $261632 | $9401979 | $1153544 |
| 3546 | 2744 | 19005 | 775 | 2089 | 1128 | 8881 | 0 | 1649 |
| 589 | 0 | 45 | 15 | 2 | 111 | 134 | 0 | 4586 |
| 274 | 0 | 0 | 4 | 0 | 3932 | 12 | 0 | 0 |
| 0 | 1 | 105 | 236 | 0 | 0 | 243 | 10540 | 1 |
| 28230 | 0 | 1094 | 382 | 614 | 9802 | 3846 | 4011 | 695 |
| 0 | 0 | 123 | 0 | 2 | 1010 | 0 | 0 | 0 |
| 92 | 0 | 307482 | 0 | 26 | 562473 | 27 | 900 | 77 |
| 7383194 | 0 | 0 | 132113 | 0 | 446070 | 152916 | 0 | 55685 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14700 | 0 |
| 4285 | 1115 | 2153 | 193 | 479 | 38618 | 674 | 33328 | 10243 |
| 16 | 8 | 61 | 7 | 9 | 127 | 20 | 0 | 9 |
| 1 | 0 | 1 | 3 | 1 | 111 | 0 | 10 | 2 |
| 11334528 | 100390 | 1148809 | 237177 | 36477 | 4652275 | 428385 | 9465468 | 1226491 |
| $14451 | $0 | $686586 | $8045 | $0 | $1108357 | $0 | $0 | $0 |
| 0 | 0 | 0 | 0 | 0 | 12742 | 0 | 0 | 0 |
| 729025 | 0 | 0 | 13576 | 0 | 1986 | 7732 | 0 | 18684 |
| 1901 | 0 | 58 | 9 | 6 | 884 | 288 | 0 | 4115 |
| 0 | 0 | 0 | 7 | 4 | 2917 | 10 | 0 | 0 |
| 0 | 0 | 0 | 246 | 827 | 28776 | 0 | 992567 | 0 |
| 16 | 8 | 61 | 7 | 9 | 127 | 21 | 0 | 10 |
| 9446013 | 0 | 0 | 164076 | 0 | 651787 | 246752 | 0 | 37351 |
| 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 0 |
| 30974 | 0 | 0 | 0 | 0 | 7990 | 729 | 32563 | 0 |
| 0 | 0 | 0 | 0 | 0 | 1041 | 0 | 200 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46 | 0 |
| 0 | 0 | 0 | 0 | 4 | 1322 | 0 | 0 | 0 |
| 18 | 2 | 8 | 1 | 1 | 44 | 3 | 138 | 19 |
| 26 | 2 | 11 | 2 | 1 | 66 | 4 | 207 | 28 |
| 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10222424 | 12 | 686724 | 185969 | 872 | 1818042 | 255539 | 1025721 | 60207 |
| $1112104 | $100378 | $462085 | $51208 | $35605 | $2834233 | $172846 | $8439747 | $1166284 |
| $1525714 | $109183 | $504450 | $51650 | $35011 | $2794897 | $261564 | $8436621 | $2056153 |
| (413610) | (8805) | (42365) | (442) | 594 | 39336 | (88718) | 3126 | (889869) |
| $1112104 | $100378 | $462085 | $51208 | $35605 | $2834233 | $172846 | $8439747 | $1166284 |
| 141473 | 16845 | 37610 | 5072 | 3497 | 284178 | 19235 | 842556 | 184460 |
| $7.86 | $5.96 | $12.29 | $10.10 | $10.18 | $9.97 | $8.99 | $10.02 | $6.32 |
| $4022673 | $99271 | $820437 | $102987 | $33104 | $3567223 | $270491 | $9399569 | $1514802 |
| $3546 | $2743 | $19005 | $775 | $2088 | $1127 | $8883 | $0 | $1650 |
| $0 | $0 | $124 | $0 | $2 | $1006 | $0 | $0 | $0 |
| $729137 | $0 | $0 | $13559 | $0 | $1861 | $7706 | $0 | $18631 |
| $5745 | $0 | $(73) | $108 | $378 | $26649 | $1778 | $0 | $10073 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7688521 | $0 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Consolidated Statements of Assets and Liabilities March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| (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\* | $291810 | $6150293 | $21571228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 173246 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2374 | 1258 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1800 | 13095 | 32505 |
|  Cash | 545 | 15491 | 26627 |
|  Deposits with counterparty | 17274 | 59711 | 19580 |
|  Foreign currency, at value | 4413 | 4988 | 227 |
|  Receivable for investments sold | 42699 | 44394 | 0 |
|  Interest and/or dividends receivable | 2210 | 38920 | 49167 |
|  Dividends receivable from Affiliates | 499 | 0 | 0 |
|  Reimbursement receivable from PIMCO | 1 | 0 | 0 |
|  Other assets | 0 | 0 | 1 |
|  **Total Assets** | 536871 | 6328150 | 21699335 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $76135 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 50109 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1791 | 2207 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6997 | 9445 | 5256 |
|  Payable for investments purchased | 9667 | 140858 | 3574909 |
|  Payable for investments in Affiliates purchased | 520 | 0 | 0 |
|  Deposits from counterparty | 325 | 4588 | 16672 |
|  Payable for Portfolio shares redeemed | 0 | 0 | 300 |
|  Accrued investment advisory fees | 8 | 0 | 0 |
|  Accrued supervisory and administrative fees | 39 | 0 | 0 |
|  **Total Liabilities** | 19347 | 283342 | 3597137 |
|  **Commitments and Contingent Liabilities^** |  |  |  |
|  **Net Assets** | $517524 | $6044808 | $18102198 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $551619 | $6261226 | $18130927 |
|  Distributable earnings (accumulated loss) | (34095) | (216418) | (28729) |
|  **Net Assets** | $517524 | $6044808 | $18102198 |
|  **Shares Issued and Outstanding** | 80336 | 617546 | 1859776 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $6.44 | $9.79 | $9.73 |
|  Cost of investments in securities | $299366 | $6191751 | $21580051 |
|  Cost of investments in Affiliates | $173179 | $0 | $0 |
|  Cost of foreign currency held | $4380 | $5012 | $228 |
|  Proceeds received on short sales | $0 | $50045 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(7170) | $(15818) | $0 |
|  \* Includes repurchase agreements of: | $24600 | $368545 | $16345366 |

---

---

| | |
|:---|:---|
| <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 Portfolios.

---

| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |  |  |  |
| (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, net of foreign taxes\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100709 |
|  Dividends | 57 | 406 | 260 | 1728 | 5038 | 101 |
|  Dividends from Investments in Affiliates | 14251 | 2463 | 361 | 1601 | 12848 | 0 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 331 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 393373 | 25564 | 10744 | 147940 | 1445762 | 100810 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 1328 | 87 | 30 | 607 | 5083 | 416 |
|  Supervisory and administrative fees | 1992 | 437 | 45 | 911 | 7624 | 624 |
|  Trustee fees | 43 | 3 | 1 | 23 | 177 | 14 |
|  Interest expense | 3653 | 513 | 60 | 3734 | 188924 | 75 |
|  Loan fee expense | 0 | 0 | 8 | 0 | 0 | 0 |
|  Miscellaneous expense | 33 | 3 | 1 | 14 | 124 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 7049 | 1043 | 145 | 5289 | 201932 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (43) | (3) | (1) | (23) | (177) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 7006 | 1040 | 144 | 5266 | 201755 | 1125 |
|  **Net Investment Income (Loss)** | 386367 | 24524 | 10600 | 142674 | 1244007 | 99685 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 27860 | (9895) | 2244 | (25807) | (479825) | 1546 |
|  Investments in Affiliates | 11 | 55 | 5 | 27 | 440 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 27906 | (802) | 253 | 1379 | 168245 | 743 |
|  Over the counter financial derivative instruments | 8132 | 29963 | 187 | 2964 | 61038 | 0 |
|  Short sales | 71 | 0 | 1 | (51) | 57 | 0 |
|  Foreign currency | 46 | 3062 | (31) | 0 | (2639) | 0 |
|  **Net Realized Gain (Loss)** | 64026 | 22383 | 2659 | (21488) | (252684) | 2289 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 65058 | 779 | (855) | 87734 | 296224 | 20836 |
|  Investments in Affiliates | (58) | 5 | 75 | 0 | (3) | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (19396) | (3866) | (132) | 2309 | (64448) | 5301 |
|  Over the counter financial derivative instruments | (2450) | (1290) | (120) | (195) | (15485) | 0 |
|  Short sales | (9) | 0 | 0 | (10) | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 703 | 6 | 0 | (289) | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 43145 | (3669) | (1026) | 89838 | 215999 | 26137 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $493538 | $43238 | $12233 | $211024 | $1207322 | $128111 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Statements of Operations (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |  |  |  |
| (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>Sector Fund<br>Series - AM<sup>(a)</sup>** | **PIMCO<br>Sector Fund<br>Series - H** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $147592 | $55790 | $4257 | $36632 | $2294 | $2078 |
|  Dividends | 0 | 10 | 0 | 0 | 0 | 7 |
|  Dividends from Investments in Affiliates | 0 | 1416 | 221 | 506 | 172 | 171 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 0 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 147592 | 57216 | 4478 | 37138 | 2466 | 2261 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 640 | 243 | 22 | 87 | 8 | 7 |
|  Supervisory and administrative fees | 960 | 365 | 33 | 130 | 12 | 10 |
|  Trustee fees | 22 | 9 | 1 | 3 | 0 | 0 |
|  Interest expense | 286 | 3059 | 0 | 17814 | 484 | 36 |
|  Loan fee expense | 0 | 0 | 0 | 0 | 0 | 0 |
|  Miscellaneous expense | 16 | 8 | 1 | 2 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1924 | 3684 | 57 | 18036 | 504 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (22) | (9) | (1) | (3) | (19) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1902 | 3675 | 56 | 18033 | 485 | 36 |
|  **Net Investment Income (Loss)** | 145690 | 53541 | 4422 | 19105 | 1981 | 2225 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | (1632) | (30875) | (532) | (7125) | (782) | 61 |
|  Investments in Affiliates | 0 | 57 | 9 | 21 | 3 | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 6513 | (16245) | 0 | 116 | 158 | 223 |
|  Over the counter financial derivative instruments | 0 | 2939 | 0 | 235 | 70 | 3 |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 4 |
|  Foreign currency | 0 | 0 | 0 | 2 | 0 | 4 |
|  **Net Realized Gain (Loss)** | 4881 | (44124) | (523) | (6751) | (551) | 296 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 38201 | 25665 | (2559) | 18010 | 445 | 95 |
|  Investments in Affiliates | 0 | 2 | (1) | 0 | 0 | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 8244 | 20120 | 0 | 87 | (155) | (35) |
|  Over the counter financial derivative instruments | 0 | (1068) | 0 | (223) | 1 | (5) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 0 | 0 | 2 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 46445 | 44719 | (2560) | 17876 | 291 | 56 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $197016 | $54136 | $1339 | $30230 | $1721 | $2577 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **14** | **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** |
| $115351 | $9326 | $415652 | $52698 |
| 0 | 0 | 0 | 2 |
| 698 | 239 | 0 | 1044 |
| 0 | 0 | 0 | 0 |
| 116049 | 9565 | 415652 | 53744 |
| 398 | 36 | 1646 | 281 |
| 597 | 55 | 2469 | 421 |
| 11 | 1 | 58 | 11 |
| 12173 | 216 | 572 | 4811 |
| 0 | 0 | 0 | 0 |
| 0 | 1 | 40 | 7 |
| 13179 | 309 | 4785 | 5531 |
| (997) | (1) | (58) | (11) |
| 12182 | 308 | 4727 | 5520 |
| 103867 | 9257 | 410925 | 48224 |
| 8688 | 1102 | 2768 | (86462) |
| (26) | 4 | 0 | 15 |
| 8375 | 9099 | 0 | (17329) |
| 2668 | 366 | 0 | 0 |
| 28 | 0 | 0 | 0 |
| 135 | 0 | 0 | 0 |
| 19868 | 10571 | 2768 | (103776) |
| 7858 | 4160 | 600 | 99631 |
| 0 | (1) | 0 | 1 |
| (2090) | (9570) | 0 | 51215 |
| (2067) | (133) | 0 | 0 |
| (47) | 0 | 0 | 0 |
| 25 | 0 | 0 | 3 |
| 3679 | (5544) | 600 | 150850 |
| $127414 | $14284 | $414293 | $95298 |
| $3 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |
| (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 | $14019 | $268642 | $753941 |
|  Dividends from Investments in Affiliates | 6317 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 20336 | 268642 | 753941 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 108 | 0 | 0 |
|  Supervisory and administrative fees | 543 | 0 | 0 |
|  Trustee fees | 4 | 0 | 0 |
|  Interest expense | 379 | 122 | 0 |
|  Legal expense | 0 | 0 | 1 |
|  Miscellaneous expense | 5 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1039 | 123 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (4) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1035 | 123 | 2 |
|  **Net Investment Income (Loss)** | 19301 | 268519 | 753939 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | 1966 | (11603) | (142121) |
|  Investments in Affiliates | (1) | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 25113 | (4475) | 0 |
|  Over the counter financial derivative instruments | 19867 | 39073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201273 |
|  Short sales | 0 | 440 | 0 |
|  Foreign currency | (2852) | (4314) | (26269) |
|  **Net Realized Gain (Loss)** | 44093 | 19121 | 32883 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | (658) | 34691 | 27946 |
|  Investments in Affiliates | 76 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13479) | (2036) | 0 |
|  Over the counter financial derivative instruments | (6960) | (1936) | (24547) |
|  Short sales | 0 | (58) | 0 |
|  Foreign currency assets and liabilities | (378) | (838) | (463) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (21399) | 29823 | 2936 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $41995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317463 | $789758 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **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>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $386367 | $268355 | $24524 | $23016 | $10600 | $11951 |
|  Net realized gain (loss) | 64026 | (44051) | 22383 | (9672) | 2659 | (40209) |
|  Net change in unrealized appreciation (depreciation) | 43145 | 111584 | (3669) | 24257 | (1026) | 44114 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 493538 | 335888 | 43238 | 37601 | 12233 | 15856 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (392238) | (278206) | (5000) | (23501) | (7950) | (13565) |
|  **Total Distributions<sup>(a)</sup>** | (392238) | (278206) | (5000) | (23501) | (7950) | (13565) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | 1680176 | 1310995 | (70449) | 27801 | (16077) | (18116) |
|  **Total Increase (Decrease) in Net Assets** | 1781476 | 1368677 | (32211) | 41901 | (11794) | (15825) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 5637981 | 4269304 | 465137 | 423236 | 154524 | 170349 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154524 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

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>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $142674 | $145896 | $1244007 | $1170724 | $99685 | $98314 |
|  Net realized gain (loss) | (21488) | (34586) | (252684) | (894601) | 2289 | (15260) |
|  Net change in unrealized appreciation (depreciation) | 89838 | 112611 | 215999 | 559908 | 26137 | 12549 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 211024 | 223921 | 1207322 | 836031 | 128111 | 95603 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (145722) | (137707) | (1325209) | (1203051) | (109228) | (99854) |
|  **Total Distributions<sup>(a)</sup>** | (145722) | (137707) | (1325209) | (1203051) | (109228) | (99854) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | (1067613) | 133491 | 877035 | (118250) | 114136 | (119234) |
|  **Total Increase (Decrease) in Net Assets** | (1002311) | 219705 | 759148 | (485270) | 133019 | (123485) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 3470318 | 3250613 | 25606564 | 26091834 | 2083810 | 2207295 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26365712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25606564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083810 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **18** | **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** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $145690 | $137686 | $53541 | $57521 | $4422 | $4358 | $19105 | $8825 |
| 4881 | (127438) | (44124) | (11116) | (523) | (3565) | (6751) | (359) |
| 46445 | 91069 | 44719 | (31909) | (2560) | 3757 | 17876 | (13706) |
| 197016 | 101317 | 54136 | 14496 | 1339 | 4550 | 30230 | (5240) |
| (145851) | (138005) | (59899) | (66302) | (3600) | (4400) | (15001) | (9300) |
| (145851) | (138005) | (59899) | (66302) | (3600) | (4400) | (15001) | (9300) |
| 192832 | 23299 | (281389) | 82749 | (16697) | 7574 | 84766 | 220453 |
| 243997 | (13389) | (287152) | 30943 | (18958) | 7724 | 99995 | 205913 |
| 3183864 | 3197253 | 1399256 | 1368313 | 119336 | 111612 | 362090 | 156177 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362090 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series – H** | **PIMCO**<br> **Sector Fund Series – H** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>PIMCO**<br> **Sector Fund Series – I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>PIMCO**<br> **Sector Fund Series – I** |
| (Amounts in thousands<sup>†</sup>) | **Inception date through<br>March 31, 2025<sup>(b)</sup>** | **Year Ended<br>March 31, 2025** | **Inception date through<br>March 31, 2024<sup>(c)</sup>** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |
|  Net investment income (loss) | $1981 | $2225 | $200 | $103867 | $32409 |
|  Net realized gain (loss) | (551) | 296 | 19 | 19868 | 900 |
|  Net change in unrealized appreciation (depreciation) | 291 | 56 | 108 | 3679 | 15256 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1721 | 2577 | 327 | 127414 | 48565 |
|  **Distributions to Shareholders:** |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (2163) | (2310) | 0 | (108540) | (27302) |
|  **Total Distributions<sup>(a)</sup>** | (2163) | (2310) | 0 | (108540) | (27302) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | 51650 | 2310 | 32701 | 1563788 | 1079897 |
|  **Total Increase (Decrease) in Net Assets** | 51208 | 2577 | 33028 | 1582662 | 1101160 |
|  **Net Assets:** |  |  |  |  |  |
|  Beginning of year | 0 | 33028 | 0 | 1251571 | 150411 |
|  End of year | $51208 | $35605 | $33028 | $2834233 | $1251571 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>\*</sup> 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. 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.

<sup>(c)</sup> Inception date of the Portfolio was February 22, 2024.

---

| | | |
|:---|:---|:---|
| **20** | **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** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $9257 | $9049 | $410925 | $534216 | $48224 | $50539 |
| 10571 | 711 | 2768 | 2149 | (103776) | (29681) |
| (5544) | 6865 | 600 | 7426 | 150850 | (102373) |
| 14284 | 16625 | 414293 | 543791 | 95298 | (81515) |
| (12350) | (12901) | (412735) | (536119) | (49483) | (48854) |
| (12350) | (12901) | (412735) | (536119) | (49483) | (48854) |
| (27646) | (20239) | 1009489 | (5675364) | (663582) | 407091 |
| (25712) | (16515) | 1011047 | (5667692) | (617767) | 276722 |
| 198558 | 215073 | 7428700 | 13096392 | 1784051 | 1507329 |
| $172846 | $198558 | $8439747 | $7428700 | $1166284 | $1784051 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

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>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $19301 | $26552 | $268519 | $239865 | $753939 | $651228 |
|  Net realized gain (loss) | 44093 | (31154) | 19121 | (14756) | 32883 | 142170 |
|  Net change in unrealized appreciation (depreciation) | (21399) | 35357 | 29823 | 104042 | 2936 | 6959 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 41995 | 30755 | 317463 | 329151 | 789758 | 800357 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (14602) | 0 | (263409) | (222008) | (783389) | (792958) |
|  Tax basis return of capital | 0 | 0 | (27196) | (37095) | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (14602) | 0 | (290605) | (259103) | (783389) | (792958) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions<sup>\*</sup> | (84246) | 22001 | 782591 | 542906 | 3468709 | 3159629 |
|  **Total Increase (Decrease) in Net Assets** | (56853) | 52756 | 809449 | 612954 | 3475078 | 3167028 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 574377 | 521621 | 5235359 | 4622405 | 14627120 | 11460092 |
|  End of year | $517524 | $574377 | $6044808 | $5235359 | $18102198 | $14627120 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **22** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO Real<br>Return Portfolio** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $30230 |
|  **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 | (410520) |
|  Proceeds from sales of long-term securities | 253090 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (12633) |
| (Increase) decrease in deposits with counterparty | (475) |
| (Increase) decrease in receivable for investments sold | (307400) |
| (Increase) decrease in interest and/or dividends receivable | (984) |
| (Increase) decrease in dividends receivable from Affiliates | (41) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 215 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 12 |
|  Increase (decrease) in payable for investments purchased | 37 |
|  Increase (decrease) in deposits from counterparty | (929) |
|  Increase (decrease) in accrued investment advisory fees | 2 |
|  Increase (decrease) in accrued supervisory and administrative fees | 2 |
|  Proceeds from (Payments on) foreign currency transactions | 4 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (2) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (18010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (2) |
|  Net amortization (accretion) on investments | (7203) |
|  **Net Cash Provided by (Used for) Operating Activities** | (467718) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 166841 |
|  Payments on shares redeemed | (96703) |
|  Cash distributions paid\* | (373) |
|  Proceeds from reverse repurchase agreements | 33836184 |
|  Payments on reverse repurchase agreements | (33438016) |
|  Proceeds from sale-buyback transactions | 61672 |
|  Payments on sale-buyback transactions | (61672) |
|  **Net Cash Received from (Used for) Financing Activities** | 467933 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 215 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 13 |
|  End of year | $228 |
|  \*Reinvestment of distributions | $14628 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $18431 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the 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 the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

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 148.2% | INVESTMENTS IN SECURITIES 148.2% | INVESTMENTS IN SECURITIES 148.2% |
| 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% (f) | 43 | 59 |
|  Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  4.649% (US0003M + 0.350%) due 03/22/2038 ~ | 17390 | 16695 |
|  5.448% (US0003M + 0.860%) due 07/03/2033 ~ | 325 | 325 |
|  |  | 17079 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.880% due 01/10/2028 | 421 | 427 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 1034 | 1038 |
|  |  | 1465 |
|  Total Corporate Bonds & Notes (Cost $18,291) | Total Corporate Bonds & Notes (Cost $18,291) | 18544 |
| U.S. GOVERNMENT AGENCIES 63.2% | U.S. GOVERNMENT AGENCIES 63.2% | U.S. GOVERNMENT AGENCIES 63.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.546% due 11/25/2049 •(a) | 481 | 62 |
|  4.000% due 11/25/2033 - 01/01/2059 | 228 | 215 |
|  4.526% due 07/25/2037 •  | 396 | 389 |
|  4.574% due 08/25/2031 •  | 27 | 26 |
|  4.596% due 03/25/2036 •  | 6 | 6 |
|  4.704% due 05/01/2036 •  | 1 | 1 |
|  5.000% due 11/25/2032 | 433 | 429 |
|  5.062% due 11/18/2031 •  | 1 | 1 |
|  5.104% due 11/25/2031 •  | 11 | 11 |
|  5.454% due 04/25/2032 •  | 1 | 1 |
|  5.500% due 09/25/2035 | 2243 | 2291 |
|  5.540% due 12/25/2054 •  | 1880 | 1892 |
|  5.886% due 03/01/2044 - 10/01/2044 •  | 14 | 14 |
|  5.935% due 02/01/2033 •  | 7 | 7 |
|  6.086% due 10/01/2040 •  | 5 | 5 |
|  6.125% due 09/01/2033 •  | 10 | 11 |
|  6.129% due 03/01/2035 •  | 4 | 4 |
|  6.242% due 02/01/2035 •  | 2 | 2 |
|  6.275% due 03/01/2035 •  | 3 | 3 |
|  6.276% due 01/01/2035 •  | 3 | 3 |
|  6.298% due 12/01/2035 •  | 2 | 2 |
|  6.302% due 11/01/2032 •  | 7 | 7 |
|  6.331% due 06/01/2033 •  | 2 | 2 |
|  6.337% due 10/01/2032 •  | 3 | 4 |
|  6.350% due 11/01/2034 •  | 1 | 1 |
|  6.357% due 02/01/2035 •  | 1 | 1 |
|  6.375% due 03/01/2029 •  | 2 | 2 |
|  6.377% due 07/01/2035 •  | 2 | 2 |
|  6.390% due 11/01/2035 •  | 1 | 1 |
|  6.491% due 07/01/2033 •  | 1 | 1 |
|  6.500% due 06/25/2028 | 2 | 2 |
|  6.500% due 04/01/2032 •  | 3 | 3 |
|  6.535% due 03/01/2033 •  | 1 | 1 |
|  6.537% due 03/01/2035 •  | 1 | 1 |
|  6.583% due 12/01/2036 •  | 1 | 2 |
|  6.637% due 01/01/2037 •  | 2 | 2 |
|  6.701% due 12/01/2036 •  | 3 | 3 |
|  6.803% due 04/01/2036 •  | 1 | 1 |
|  6.854% due 10/01/2034 •  | 2 | 2 |
|  6.866% due 05/01/2034 •  | 8 | 8 |
|  6.952% due 05/01/2036 •  | 4 | 4 |
|  7.000% due 07/25/2042 | 3 | 3 |
|  7.008% due 04/01/2033 - 07/01/2033 •  | 5 | 5 |
|  7.267% due 09/01/2033 •  | 2 | 2 |
|  7.282% due 04/01/2036 •  | 7 | 7 |
|  7.285% due 11/01/2034 •  | 5 | 5 |
|  7.465% due 05/01/2033 •  | 7 | 7 |
|  7.500% due 09/01/2033 •  | 5 | 5 |
|  7.833% due 06/01/2033 •  | 46 | 47 |
|  8.500% due 11/01/2030 | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.481% due 01/25/2034 ~(a) | $— | 85821 | $— | 2562 |
|  0.775% due 03/25/2034 ~(a) |  | 66999 |  | 3191 |
|  3.000% due 09/01/2046 - 03/01/2048 |  | 9517 |  | 8400 |
|  3.500% due 07/01/2046 - 02/01/2048 |  | 115 |  | 106 |
|  4.000% due 10/15/2033 |  | 12 |  | 12 |
|  4.695% due 08/25/2031 •  |  | 18 |  | 19 |
|  4.713% due 10/15/2032 •  |  | 2 |  | 2 |
|  4.813% due 12/15/2029 •  |  | 3 |  | 3 |
|  4.913% due 12/15/2031 •  |  | 1 |  | 1 |
|  5.000% due 02/15/2036 |  | 78 |  | 80 |
|  5.013% due 08/15/2031 •  |  | 3 |  | 3 |
|  5.500% due 05/15/2036 |  | 6 |  | 6 |
|  5.540% due 12/25/2054 •  |  | 1919 |  | 1932 |
|  5.835% due 10/25/2044 - 02/25/2045 •  |  | 872 |  | 797 |
|  5.941% due 08/01/2031 •  |  | 4 |  | 4 |
|  6.035% due 07/25/2044 •  |  | 181 |  | 174 |
|  6.341% due 02/01/2035 •  |  | 7 |  | 7 |
|  6.439% due 11/01/2034 •  |  | 7 |  | 7 |
|  6.488% due 03/01/2034 - 02/01/2035 •  |  | 9 |  | 10 |
|  6.500% due 07/25/2043 |  | 232 |  | 240 |
|  6.532% due 12/01/2033 •  |  | 11 |  | 11 |
|  6.552% due 01/01/2035 •  |  | 2 |  | 2 |
|  6.598% due 04/01/2033 •  |  | 1 |  | 1 |
|  6.612% due 01/01/2035 •  |  | 4 |  | 4 |
|  6.645% due 02/01/2036 •  |  | 1 |  | 1 |
|  6.657% due 02/01/2035 •  |  | 3 |  | 3 |
|  6.671% due 11/01/2034 •  |  | 1 |  | 1 |
|  6.786% due 03/01/2032 •  |  | 9 |  | 9 |
|  6.798% due 04/01/2034 •  |  | 3 |  | 3 |
|  6.932% due 10/01/2034 •  |  | 4 |  | 4 |
|  7.000% due 06/15/2029 |  | 2 |  | 2 |
|  7.068% due 09/01/2035 •  |  | 2 |  | 2 |
|  7.090% due 09/01/2028 •  |  | 1 |  | 1 |
|  7.180% due 01/01/2035 •  |  | 1 |  | 2 |
|  7.306% due 09/01/2033 •  |  | 6 |  | 6 |
|  7.500% due 01/15/2031 |  | 1 |  | 1 |
|  7.590% due 09/01/2035 •  |  | 1 |  | 1 |
|  7.617% due 07/01/2037 •  |  | 1 |  | 1 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 10/20/2051 - 12/20/2052 |  | 21928 |  | 19442 |
|  3.500% due 05/20/2052 - 03/20/2055 |  | 7283 |  | 6679 |
|  4.500% due 07/20/2040 - 12/20/2053 |  | 7396 |  | 7147 |
|  4.625% due 01/20/2027 - 09/20/2033 •  |  | 20 |  | 20 |
|  4.723% due 03/20/2068 •  |  | 1113 |  | 1110 |
|  4.750% due 10/20/2026 - 10/20/2033 •  |  | 9 |  | 8 |
|  4.763% due 12/20/2062 •  |  | 713 |  | 711 |
|  4.773% due 10/20/2062 •  |  | 571 |  | 570 |
|  4.794% due 01/20/2072 •  |  | 295 |  | 294 |
|  4.873% due 02/20/2061 •  |  | 68 |  | 68 |
|  4.875% due 05/20/2030 - 05/20/2032 •  |  | 11 |  | 10 |
|  5.000% due 05/20/2030 - 07/20/2030 •  |  | 14 |  | 14 |
|  5.073% due 02/20/2070 •  |  | 268 |  | 269 |
|  5.173% due 09/20/2063 - 02/20/2067 •  |  | 763 |  | 763 |
|  5.423% due 12/20/2066 •  |  | 876 |  | 879 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 05/01/2055 |  | 3000 |  | 2454 |
|  2.500% due 04/01/2055 |  | 3600 |  | 3071 |
|  3.500% due 04/01/2055 |  | 50000 |  | 45754 |
|  4.000% due 04/01/2055 |  | 22400 |  | 20971 |
|  4.500% due 04/01/2055 - 05/01/2055 |  | 21200 |  | 20337 |
|  5.000% due 05/01/2055 |  | 2500 |  | 2458 |
|  5.500% due 04/01/2055 |  | 10800 |  | 10824 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 07/01/2037 |  | 873 |  | 809 |
|  3.000% due 12/01/2026 - 05/01/2052 |  | 14845 |  | 13368 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 03/01/2040 - 05/01/2052 | 17525 | 16020 |
|  4.000% due 08/01/2038 - 09/01/2052 | 15491 | 14824 |
|  4.500% due 07/01/2052 - 04/01/2053 | 70641 | 67736 |
|  5.000% due 06/01/2053 - 03/01/2055 | 1328 | 1303 |
|  5.500% due 11/01/2052 - 05/01/2053 | 63315 | 63373 |
|  6.000% due 12/01/2052 - 02/01/2054 | 8161 | 8307 |
|  6.500% due 02/01/2044 - 03/01/2054 | 120895 | 124895 |
|  7.000% due 05/01/2054 | 3737 | 3911 |
|  8.500% due 04/01/2030 - 06/01/2030 | 3 | 2 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2055 - 05/01/2055 | 29400 | 24449 |
|  3.000% due 04/01/2040 - 05/01/2055 | 128740 | 116349 |
|  3.500% due 06/01/2055 | 85000 | 76580 |
|  4.000% due 05/01/2055 | 263450 | 245120 |
|  5.000% due 04/01/2055 - 05/01/2055 | 677823 | 663853 |
|  5.500% due 04/01/2055 - 05/01/2055 | 749997 | 748539 |
|  6.000% due 04/01/2055 - 06/01/2055 | 1121310 | 1137320 |
|  6.500% due 04/01/2055 - 06/01/2055 | 1094931 | 1127427 |
|  7.000% due 05/01/2055 | 64700 | 67620 |
|  Total U.S. Government Agencies<br>(Cost $4,677,722) | Total U.S. Government Agencies<br>(Cost $4,677,722) | 4688776 |
| U.S. TREASURY OBLIGATIONS 1.2% | U.S. TREASURY OBLIGATIONS 1.2% | U.S. TREASURY OBLIGATIONS 1.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.000% due 11/15/2042 (i)(k) | 49800 | 46473 |
|  4.000% due 11/15/2052 (i)(k) | 37800 | 34100 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.375% due 05/15/2029 (i)(k) | 8900 | 8381 |
|  Total U.S. Treasury Obligations<br>(Cost $100,286) | Total U.S. Treasury Obligations<br>(Cost $100,286) | 88954 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 24.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 24.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 24.1% |
|  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 | 3981 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 2000 | 1892 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.502% due 09/15/2034 •  | 1400 | 1375 |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 961 | 960 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.995% due 11/25/2035 •  | 166 | 163 |
|  4.995% due 08/25/2036 •  | 29692 | 9287 |
|  5.075% due 01/25/2036 •  | 208 | 177 |
|  6.078% due 11/25/2037 ~ | 301 | 202 |
|  AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  | 3136 | 3143 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 7274 | 6471 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.690% due 04/25/2044 ~ | 193 | 197 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 116 | 110 |
|  4.800% due 11/25/2067 þ | 25853 | 25524 |
|  5.985% due 01/25/2069 þ | 810 | 815 |
|  6.197% due 01/25/2069 þ | 2713 | 2738 |
|  6.500% due 12/25/2067 þ | 796 | 804 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 •  | 3760 | 3374 |
|  1.483% due 10/25/2048 •  | 4947 | 4456 |
|  1.637% due 10/25/2048 ~ | 2509 | 2258 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 5039 | 5020 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2064 þ | 2092 | 2014 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  4.091% due 08/10/2038 •  | 1655 | 1604 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2034 | 399 | 369 |
|  6.000% due 04/25/2037 | 1356 | 1160 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  3.512% due 10/20/2046 ~ | 289 | 247 |
|  3.702% due 01/20/2047 ~ | 325 | 230 |
|  4.275% due 10/26/2036 ~ | 66269 | 63297 |
|  4.814% due 10/20/2036 ~ | 2310 | 1774 |
|  4.894% due 02/20/2047 ~ | 1369 | 1269 |
|  4.940% due 09/20/2046 ~ | 345 | 310 |
|  5.012% due 09/20/2046 ~ | 49 | 40 |
|  5.109% due 01/20/2047 ~ | 4 | 3 |
|  5.750% due 08/25/2036 | 79 | 67 |
|  6.878% due 09/20/2046 ~ | 278 | 269 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.649% due 11/20/2046 ~ | 22 | 18 |
|  4.889% due 10/25/2035 ~ | 167 | 157 |
|  5.761% due 06/25/2035 ~ | 211 | 203 |
|  6.222% due 06/25/2034 •  | 80 | 77 |
|  6.223% due 11/25/2033 ~ | 4 | 4 |
|  6.510% due 09/25/2033 ~ | 369 | 317 |
|  6.997% due 12/25/2033 ~ | 23 | 23 |
|  7.158% due 05/25/2034 ~ | 314 | 307 |
|  BankUnited Trust | BankUnited Trust | BankUnited Trust |
|  5.035% due 09/25/2045 ~ | 46 | 43 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.140% due 11/25/2054 •  | 1863 | 1856 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.714% due 11/26/2036 •  | 3999 | 3281 |
|  4.884% due 01/26/2036 •  | 8943 | 8200 |
|  6.835% due 10/25/2047 •  | 11733 | 8839 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.582% due 10/21/2042 •  | 2650 | 2646 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  0.000% due 10/25/2034 ~ | 16 | 12 |
|  3.250% due 02/25/2033 •  | 1 | 1 |
|  4.000% due 05/25/2034 ~ | 15 | 13 |
|  4.321% due 05/25/2047 ~ | 195 | 176 |
|  4.727% due 02/25/2035 ~ | 304 | 241 |
|  4.913% due 11/25/2030 •  | 33 | 32 |
|  5.169% due 04/25/2034 ~ | 34 | 29 |
|  5.321% due 01/25/2035 ~ | 966 | 903 |
|  5.954% due 01/25/2034 •  | 17 | 17 |
|  6.076% due 12/25/2035 •  | 77 | 66 |
|  6.100% due 12/25/2046 •  | 1560 | 1385 |
|  6.316% due 02/25/2036 •  | 37 | 34 |
|  6.526% due 08/25/2035 •  | 337 | 327 |
|  6.652% due 11/25/2034 ~ | 215 | 204 |
|  7.195% due 11/25/2034 •  | 74 | 70 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.687% due 11/25/2034 ~ | 196 | 164 |
|  3.767% due 04/25/2035 ~ | 1006 | 795 |
|  4.333% due 04/25/2035 •  | 11 | 11 |
|  4.536% due 08/25/2036 •  | 924 | 433 |
|  4.593% due 02/25/2036 •  | 1878 | 1319 |
|  4.770% due 08/25/2036 •  | 1398 | 901 |
|  5.449% due 01/25/2036 ~ | 567 | 537 |
|  5.526% due 01/25/2034 ~ | 205 | 193 |
|  5.588% due 07/25/2035 •  | 6236 | 3984 |
|  5.858% due 11/25/2035 ~ | 627 | 290 |
|  6.160% due 09/25/2034 ~ | 2668 | 2571 |
|  6.326% due 08/25/2034 ~ | 384 | 365 |
|  6.653% due 12/25/2033 ~ | 98 | 95 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.685% due 07/25/2036 •  | 9052 | 6957 |
|  5.500% due 01/25/2034 þ | 18 | 15 |
|  5.500% due 06/25/2034 þ | 170 | 163 |
|  5.500% due 12/25/2035 | 46 | 30 |
|  5.750% due 10/25/2033 þ | 51 | 57 |
|  11.779% due 02/25/2037 ~ | 2397 | 2127 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.595% due 12/25/2046 ~ | 4667 | 4162 |
|  4.645% due 01/25/2037 •  | 290 | 265 |
|  Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. |
|  5.892% due 06/25/2030 •  | 1 | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  | 2045 | 1591 |
|  5.116% due 01/26/2036 ~ | 1434 | 1025 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  7.714% due 11/20/2034 •  | 1884 | 1905 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  4.931% due 05/20/2045 ~ | 1176 | 783 |
|  5.175% due 02/25/2035 •  | 6962 | 4491 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.994% due 04/15/2054 •  | 8809 | 5777 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 7140 | 6929 |
|  BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 | 2726 | 2520 |
|  5.104% due 06/15/2038 ~ | 1173 | 1169 |
|  5.122% due 10/15/2038 ~ | 122 | 121 |
|  5.234% due 02/15/2036 ~ | 4152 | 4137 |
|  5.283% due 11/15/2038 ~ | 11383 | 11356 |
|  5.309% due 01/17/2039 ~ | 9600 | 9510 |
|  5.332% due 02/15/2039 •  | 1474 | 1471 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 «~ | 4300 | 4177 |
|  4.000% due 10/25/2054 •  | 5594 | 5464 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 6020 | 5428 |
|  3.250% due 09/25/2063 ~ | 6028 | 5413 |
|  3.250% due 03/25/2064 •  | 3788 | 3398 |
|  3.250% due 08/25/2064 •  | 2825 | 2508 |
|  3.250% due 09/25/2064 •  | 46774 | 41590 |
|  3.375% due 12/25/2064 •  | 9931 | 8898 |
|  3.500% due 06/25/2062 ~ | 3361 | 3117 |
|  5.590% due 09/25/2055 •  | 4349 | 4350 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.790% due 12/25/2035 •  | 472 | 416 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.848% due 01/25/2035 •  | 215 | 200 |
|  5.001% due 03/25/2035 •  | 583 | 472 |
|  CIM Trust | CIM Trust | CIM Trust |
|  3.000% due 01/25/2061 ~ | 3002 | 2779 |
|  3.250% due 10/25/2058 •  | 1085 | 975 |
|  3.750% due 12/25/2061 •  | 9685 | 9122 |
|  5.000% due 05/25/2062 ~ | 1392 | 1389 |
|  5.000% due 02/25/2099 þ | 2621 | 2581 |
|  5.500% due 08/25/2064 ~ | 19859 | 19938 |
|  6.639% due 12/25/2067 þ | 969 | 979 |
|  Citicorp Mortgage Securities REMIC Trust Pass-Through Certificates | Citicorp Mortgage Securities REMIC Trust Pass-Through Certificates | Citicorp Mortgage Securities REMIC Trust Pass-Through Certificates |
|  5.358% due 08/25/2035 •  | 1369 | 885 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 08/25/2036 | 456 | 418 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.098% due 04/10/2049 | 3749 | 3725 |
|  3.209% due 05/10/2049 | 700 | 687 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  4.935% due 05/25/2032 ~ | 16 | 16 |
|  8.500% due 05/25/2032 | 59 | 61 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.565% due 06/25/2036 ~ | 447 | 428 |
|  4.608% due 11/25/2036 ~ | 914 | 845 |
|  4.765% due 12/25/2034 ~ | 46 | 43 |
|  4.935% due 09/25/2036 ~ | 2031 | 1919 |
|  5.235% due 08/25/2035 •  | 692 | 672 |
|  5.600% due 05/25/2042 ~ | 463 | 449 |
|  6.210% due 08/25/2035 •  | 60 | 57 |
|  6.310% due 11/25/2035 ~ | 190 | 192 |
|  6.310% due 11/25/2036 ~ | 1957 | 1921 |
|  6.830% due 09/25/2035 •  | 61 | 60 |
|  6.980% due 12/25/2034 ~ | 25 | 24 |
|  7.230% due 10/25/2035 ~ | 8 | 8 |
|  7.410% due 05/25/2035 •  | 23 | 23 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | $— | 811 | $— | 726 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ |  | 7810 |  | 7721 |
|  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 ~ |  | 6600 |  | 6526 |
|  4.550% due 04/25/2067 •  |  | 9292 |  | 9253 |
|  6.393% due 06/25/2069 þ |  | 2290 |  | 2316 |
|  6.421% due 05/25/2069 þ |  | 896 |  | 908 |
|  6.467% due 08/25/2067 þ |  | 3787 |  | 3823 |
|  7.297% due 12/25/2067 •  |  | 7516 |  | 7497 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  3.545% due 02/10/2036 |  | 3800 |  | 3727 |
|  Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust |
|  4.500% due 04/01/2029 |  | 1 |  | 1 |
|  Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust |
|  6.000% due 08/25/2037 •  |  | 363 |  | 170 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.735% due 08/25/2035 ~ |  | 1788 |  | 1698 |
|  4.614% due 02/20/2047 ~ |  | 1151 |  | 926 |
|  4.629% due 12/20/2046 ~ |  | 5218 |  | 4561 |
|  4.735% due 10/25/2035 ~ |  | 1976 |  | 719 |
|  4.755% due 02/25/2047 •  |  | 4359 |  | 4247 |
|  4.815% due 07/25/2046 •  |  | 7156 |  | 6426 |
|  4.815% due 09/25/2046 •  |  | 177 |  | 171 |
|  4.834% due 07/20/2046 •  |  | 381 |  | 323 |
|  4.835% due 06/25/2037 •  |  | 499 |  | 458 |
|  4.854% due 03/20/2046 ~ |  | 190 |  | 164 |
|  4.855% due 06/25/2046 •  |  | 1139 |  | 913 |
|  4.935% due 05/25/2035 •  |  | 175 |  | 148 |
|  4.935% due 06/25/2035 ~ |  | 1196 |  | 1142 |
|  4.975% due 02/25/2036 ~ |  | 63 |  | 54 |
|  4.995% due 12/25/2035 •  |  | 336 |  | 303 |
|  5.011% due 05/25/2035 •  |  | 90 |  | 75 |
|  5.015% due 02/25/2036 •  |  | 170 |  | 155 |
|  5.074% due 11/20/2035 •  |  | 111 |  | 107 |
|  5.095% due 10/25/2035 •  |  | 2563 |  | 1705 |
|  5.135% due 01/25/2046 •  |  | 801 |  | 661 |
|  5.169% due 02/25/2036 •  |  | 1228 |  | 1138 |
|  5.195% due 12/25/2035 •  |  | 4565 |  | 3841 |
|  5.311% due 12/25/2034 •  |  | 1323 |  | 1276 |
|  5.475% due 03/25/2047 •  |  | 1686 |  | 1437 |
|  5.500% due 04/25/2035 |  | 772 |  | 531 |
|  5.500% due 11/25/2035 |  | 711 |  | 394 |
|  5.500% due 03/25/2036 |  | 62 |  | 27 |
|  5.635% due 02/25/2036 ~ |  | 419 |  | 381 |
|  5.750% due 03/25/2037 ~ |  | 243 |  | 127 |
|  5.750% due 04/25/2047 |  | 341 |  | 179 |
|  5.885% due 11/25/2047 •  |  | 2529 |  | 2180 |
|  5.975% due 11/25/2035 ~ |  | 1453 |  | 1278 |
|  6.000% due 03/25/2037 |  | 927 |  | 474 |
|  6.000% due 04/25/2037 |  | 3003 |  | 1610 |
|  6.015% due 11/25/2047 ~ |  | 4612 |  | 3976 |
|  6.250% due 12/25/2033 |  | 10 |  | 11 |
|  6.250% due 07/25/2036 |  | 3697 |  | 1042 |
|  6.500% due 11/25/2031 |  | 13 |  | 14 |
|  6.500% due 06/25/2036 |  | 3234 |  | 1484 |
|  7.000% due 10/25/2035 |  | 3000 |  | 1522 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.897% due 07/19/2033 •  |  | 44 |  | 42 |
|  4.491% due 04/25/2035 •  |  | 273 |  | 235 |
|  4.543% due 05/19/2033 •  |  | 6 |  | 5 |
|  4.643% due 07/19/2033 •  |  | 774 |  | 687 |
|  4.888% due 01/20/2035 ~ |  | 1705 |  | 1597 |
|  4.905% due 03/20/2036 •  |  | 3373 |  | 3010 |
|  4.915% due 03/25/2036 •  |  | 8573 |  | 8135 |
|  4.933% due 01/25/2036 •  |  | 15 |  | 15 |
|  4.935% due 03/25/2036 •  |  | 5213 |  | 4694 |
|  5.015% due 04/25/2035 ~ |  | 5 |  | 5 |
|  5.028% due 06/20/2036 •  |  | 576 |  | 514 |
|  5.035% due 03/25/2035 •  |  | 23 |  | 14 |
|  5.055% due 03/25/2035 •  |  | 17 |  | 15 |
|  5.075% due 03/25/2035 ~ |  | 1481 |  | 1410 |
|  5.098% due 05/20/2035 •  |  | 1464 |  | 952 |
|  5.115% due 02/25/2035 •  |  | 38 |  | 35 |
|  5.135% due 02/25/2035 •  |  | 307 |  | 278 |
|  5.135% due 05/25/2035 ~ |  | 1136 |  | 834 |
|  5.160% due 11/25/2034 ~ |  | 1077 |  | 670 |
|  5.215% due 02/25/2035 ~ |  | 54 |  | 50 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

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)** |
|  5.355% due 09/25/2034 •  | $— | 134 | $— | 116 |
|  5.415% due 02/20/2035 •  |  | 19 |  | 19 |
|  5.500% due 06/25/2034 |  | 1644 |  | 1291 |
|  5.500% due 06/25/2035 |  | 3486 |  | 1913 |
|  5.500% due 05/25/2036 |  | 1028 |  | 879 |
|  5.607% due 02/20/2036 •  |  | 325 |  | 283 |
|  5.750% due 12/25/2035 |  | 962 |  | 458 |
|  5.750% due 02/25/2036 |  | 3468 |  | 1581 |
|  6.000% due 03/25/2037 |  | 3063 |  | 1386 |
|  6.000% due 11/25/2037 |  | 68 |  | 30 |
|  6.164% due 12/19/2033 •  |  | 243 |  | 238 |
|  6.248% due 02/20/2036 •  |  | 632 |  | 584 |
|  6.306% due 06/19/2031 •  |  | 1 |  | 1 |
|  6.335% due 06/20/2034 •  |  | 1181 |  | 1096 |
|  6.662% due 02/20/2036 •  |  | 33 |  | 29 |
|  6.688% due 02/19/2034 ~ |  | 6 |  | 6 |
|  6.741% due 02/25/2034 •  |  | 5 |  | 5 |
|  6.932% due 02/19/2034 •  |  | 6 |  | 6 |
|  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. |
|  2.676% due 12/25/2032 •  |  | 26 |  | 21 |
|  4.679% due 12/25/2033 ~ |  | 81 |  | 81 |
|  5.083% due 03/25/2032 •  |  | 43 |  | 41 |
|  5.585% due 09/25/2034 ~ |  | 217 |  | 389 |
|  5.750% due 04/25/2033 |  | 5 |  | 5 |
|  5.994% due 06/25/2033 ~ |  | 85 |  | 81 |
|  6.250% due 07/25/2035 |  | 108 |  | 111 |
|  6.318% due 08/25/2033 ~ |  | 769 |  | 702 |
|  6.435% due 03/25/2034 ~ |  | 1130 |  | 764 |
|  7.000% due 02/25/2033 |  | 8 |  | 8 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  0.068% due 10/25/2033 ~ |  | 1193 |  | 1102 |
|  5.500% due 11/25/2035 |  | 120 |  | 88 |
|  7.338% due 10/25/2033 •  |  | 23 |  | 23 |
|  Credit Suisse First Boston Mortgage-Backed Trust | Credit Suisse First Boston Mortgage-Backed Trust | Credit Suisse First Boston Mortgage-Backed Trust | Credit Suisse First Boston Mortgage-Backed Trust | Credit Suisse First Boston Mortgage-Backed Trust |
|  5.635% due 10/25/2034 ~ |  | 1850 |  | 1744 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 ~ |  | 5827 |  | 5130 |
|  2.000% due 10/25/2060 •  |  | 5864 |  | 5271 |
|  2.257% due 08/15/2037 |  | 463 |  | 455 |
|  2.750% due 01/25/2060 |  | 9795 |  | 7533 |
|  2.750% due 01/25/2060 •  |  | 5626 |  | 4319 |
|  2.975% due 07/25/2057 ~ |  | 1000 |  | 851 |
|  3.250% due 01/25/2060 |  | 7373 |  | 5647 |
|  3.250% due 01/25/2060 ~ |  | 3775 |  | 2842 |
|  3.375% due 01/25/2060 |  | 1000 |  | 822 |
|  3.616% due 01/25/2060 •  |  | 3343 |  | 2276 |
|  3.689% due 02/25/2061 ~ |  | 4751 |  | 4736 |
|  3.904% due 04/25/2062 ~ |  | 5177 |  | 4930 |
|  4.097% due 04/28/2037 •  |  | 211 |  | 193 |
|  4.193% due 07/27/2061 •  |  | 8707 |  | 8682 |
|  4.516% due 02/27/2036 •  |  | 3678 |  | 2379 |
|  5.500% due 04/25/2036 |  | 566 |  | 401 |
|  5.750% due 12/26/2035 |  | 165 |  | 97 |
|  6.250% due 05/26/2048 |  | 5732 |  | 4698 |
|  6.284% due 10/15/2037 •  |  | 1000 |  | 991 |
|  6.421% due 10/25/2037 •  |  | 176 |  | 103 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ |  | 7477 |  | 7441 |
|  5.549% due 12/25/2069 •  |  | 985 |  | 985 |
|  6.093% due 04/25/2069 þ |  | 2172 |  | 2191 |
|  6.147% due 07/25/2069 þ |  | 22450 |  | 22709 |
|  6.272% due 06/25/2069 þ |  | 3090 |  | 3125 |
|  6.615% due 03/25/2068 þ |  | 1558 |  | 1576 |
|  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 |  | 1231 |
|  DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 |  | 2205 |  | 1987 |
|  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 ~ |  | 1563 |  | 1506 |
|  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 |
|  4.795% due 01/25/2047 ~ |  | 3484 |  | 3199 |
|  5.075% due 08/25/2047 ~ |  | 4074 |  | 3010 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  5.031% due 08/19/2045 ~ |  | 349 |  | 219 |
|  5.575% due 04/19/2046 ~ |  | 232 |  | 190 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | 972 | 975 |
|  5.655% due 02/25/2060 «þ | 1800 | 1805 |
|  5.726% due 01/25/2060 þ | 1093 | 1102 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 50237 | 50223 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  3.000% due 04/25/2036 •  | 388 | 355 |
|  4.606% due 09/25/2035 •  | 427 | 182 |
|  4.655% due 03/25/2035 •  | 73 | 42 |
|  4.813% due 02/25/2037 ~ | 1033 | 712 |
|  5.170% due 09/25/2034 •  | 174 | 176 |
|  5.537% due 07/25/2035 •  | 2439 | 2302 |
|  5.700% due 12/25/2035 ~ | 364 | 278 |
|  6.142% due 06/25/2034 ~ | 513 | 509 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.006% due 01/25/2036 •  | 1392 | 707 |
|  5.269% due 10/25/2035 ~ | 1261 | 1166 |
|  5.276% due 01/25/2036 ~ | 379 | 337 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ | 1500 | 1385 |
|  4.250% due 05/25/2067 •  | 15507 | 14533 |
|  6.007% due 01/25/2059 þ | 936 | 940 |
|  6.085% due 06/25/2059 þ | 1421 | 1431 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  4.323% due 05/25/2035 ~ | 730 | 674 |
|  4.837% due 09/19/2035 ~ | 771 | 631 |
|  7.250% due 05/25/2035 ~ | 5 | 5 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.855% due 04/25/2036 •  | 84 | 75 |
|  4.895% due 06/25/2045 ~ | 6451 | 5101 |
|  5.320% due 07/25/2035 ~ | 5062 | 4739 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.104% due 05/10/2034 | 15900 | 6879 |
|  5.690% due 12/15/2036 ~ | 4156 | 4141 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.621% due 10/10/2035 | 2000 | 1971 |
|  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 | 941 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.750% due 07/25/2061 •  | 2241 | 2164 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.986% due 11/25/2033 þ | 392 | 357 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.795% due 05/25/2036 •  | 634 | 612 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 09/25/2035 ~ | 13807 | 11828 |
|  4.785% due 01/25/2036 ~ | 17531 | 14152 |
|  7.000% due 06/25/2043 | 319 | 333 |
|  8.000% due 09/19/2027 •  | 142 | 137 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  5.044% due 11/26/2037 ~ | 12150 | 11409 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.739% due 01/25/2036 ~ | 91 | 85 |
|  4.785% due 01/25/2034 ~ | 1 | 1 |
|  4.935% due 07/25/2035 ~ | 306 | 272 |
|  5.063% due 06/25/2034 •  | 622 | 558 |
|  5.079% due 12/25/2034 •  | 966 | 128 |
|  5.293% due 04/25/2035 •  | 238 | 224 |
|  5.743% due 09/25/2035 ~ | 2496 | 2032 |
|  6.000% due 03/25/2032 | 5 | 5 |
|  6.425% due 01/25/2034 ~ | 1004 | 770 |
|  6.697% due 09/25/2035 •  | 8 | 8 |
|  7.320% due 04/25/2035 •  | 255 | 240 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.335% due 06/19/2036 ~ | 684 | 275 |
|  4.794% due 06/19/2045 ~ | 220 | 102 |
|  4.811% due 01/19/2038 •  | 19202 | 17187 |
|  4.811% due 02/19/2046 ~ | 166 | 154 |
|  4.841% due 12/19/2036 •  | 898 | 706 |
|  4.871% due 05/19/2035 •  | 517 | 497 |
|  4.911% due 06/19/2035 ~ | 2952 | 2879 |
|  4.911% due 01/19/2036 ~ | 21 | 21 |
|  4.911% due 03/19/2036 •  | 5065 | 4637 |
|  4.911% due 12/19/2036 •  | 6077 | 5743 |
|  5.131% due 01/19/2035 ~ | 10 | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.334% due 06/20/2035 ~ | $— | 114 | $— | 107 |
|  5.721% due 08/19/2034 •  |  | 48 |  | 44 |
|  5.740% due 11/19/2034 ~ |  | 3 |  | 3 |
|  5.757% due 08/19/2034 ~ |  | 649 |  | 464 |
|  6.159% due 06/20/2035 •  |  | 2299 |  | 1804 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 6500 |  | 5390 |
|  3.719% due 11/05/2038 |  | 1000 |  | 980 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.125% due 03/25/2035 ~ |  | 108 |  | 88 |
|  5.170% due 10/25/2035 •  |  | 9290 |  | 9248 |
|  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 |  | 378 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.655% due 05/25/2037 •  |  | 3274 |  | 2706 |
|  4.705% due 07/25/2035 •  |  | 853 |  | 543 |
|  4.745% due 07/25/2035 ~ |  | 806 |  | 520 |
|  5.135% due 05/25/2036 •  |  | 11 |  | 10 |
|  5.442% due 03/25/2034 þ |  | 317 |  | 294 |
|  6.326% due 07/25/2035 •  |  | 1170 |  | 733 |
|  IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust |
|  6.636% 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 |
|  3.290% due 11/25/2035 ~ |  | 1330 |  | 1013 |
|  5.653% due 01/25/2036 ~ |  | 305 |  | 289 |
|  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 |
|  2.916% due 06/25/2036 ~ |  | 407 |  | 323 |
|  3.351% due 06/25/2035 •  |  | 2753 |  | 2169 |
|  3.430% due 06/25/2036 •  |  | 2610 |  | 2043 |
|  3.474% due 06/25/2036 •  |  | 1539 |  | 962 |
|  3.515% due 06/25/2036 ~ |  | 722 |  | 627 |
|  3.681% due 02/25/2036 •  |  | 2912 |  | 2096 |
|  3.786% due 02/25/2036 •  |  | 2020 |  | 1593 |
|  3.800% due 05/25/2035 •  |  | 1242 |  | 1082 |
|  3.850% due 07/25/2035 ~ |  | 845 |  | 774 |
|  4.161% due 01/25/2036 •  |  | 2977 |  | 2689 |
|  4.352% due 06/25/2034 ~(a) |  | 1234 |  | 996 |
|  4.675% due 07/25/2036 •  |  | 11919 |  | 11586 |
|  4.715% due 09/25/2035 ~ |  | 7216 |  | 4884 |
|  4.735% due 06/25/2037 •  |  | 101 |  | 36 |
|  4.775% due 11/25/2036 •  |  | 151 |  | 149 |
|  4.795% due 07/25/2037 ~ |  | 5175 |  | 4744 |
|  4.795% due 08/25/2037 ~ |  | 2915 |  | 2667 |
|  4.799% due 07/25/2037 ~ |  | 2484 |  | 1054 |
|  4.815% due 09/25/2046 •  |  | 311 |  | 278 |
|  4.915% due 04/25/2035 ~ |  | 81 |  | 65 |
|  4.995% due 03/25/2035 •  |  | 5 |  | 5 |
|  5.075% due 02/25/2035 ~ |  | 448 |  | 411 |
|  5.075% due 07/25/2045 •  |  | 2956 |  | 2356 |
|  5.175% due 07/25/2045 ~ |  | 610 |  | 459 |
|  5.235% due 11/25/2034 ~ |  | 2016 |  | 1906 |
|  5.655% due 09/25/2034 ~ |  | 59 |  | 47 |
|  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 |
|  4.915% due 07/25/2036 ~ |  | 12591 |  | 11450 |
|  4.915% due 11/25/2036 ~ |  | 3143 |  | 2688 |
|  4.938% due 06/27/2037 ~ |  | 1022 |  | 626 |
|  4.995% due 06/25/2037 ~ |  | 31152 |  | 11348 |
|  6.039% due 06/27/2037 ~ |  | 13581 |  | 6502 |
|  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 |  | 16518 |
|  2.713% due 08/15/2049 |  | 1890 |  | 1874 |
|  3.648% due 12/15/2049 •  |  | 300 |  | 294 |
|  4.549% due 07/05/2033 |  | 23176 |  | 19653 |
|  5.417% due 02/15/2035 ~ |  | 5681 |  | 5632 |
|  5.699% due 11/15/2038 •  |  | 7000 |  | 6978 |
|  5.811% due 07/05/2033 ~ |  | 3239 |  | 2978 |
|  5.817% due 12/15/2031 ~ |  | 429 |  | 419 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 04/25/2037 ~ |  | 445 |  | 233 |
|  4.471% due 10/25/2036 ~ |  | 1102 |  | 623 |
|  4.625% due 07/25/2063 ~ |  | 1238 |  | 1200 |
|  4.915% due 08/25/2037 ~ |  | 2370 |  | 760 |
|  5.000% due 07/25/2036 |  | 210 |  | 82 |
|  5.061% due 06/25/2035 •  |  | 813 |  | 672 |
|  5.250% due 11/25/2063 ~ |  | 821 |  | 820 |
|  5.481% due 10/25/2035 •  |  | 24 |  | 16 |
|  5.590% due 03/25/2055 ~ |  | 5436 |  | 5450 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.690% due 02/25/2055 •  | $— | 3949 | $— | 3962 |
|  5.784% due 10/25/2035 •  |  | 164 |  | 154 |
|  5.990% due 07/25/2064 •  |  | 1227 |  | 1238 |
|  6.147% due 06/25/2035 ~ |  | 41 |  | 33 |
|  7.202% due 08/25/2034 •  |  | 799 |  | 763 |
|  7.700% due 08/25/2036 |  | 32 |  | 13 |
|  JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust |
|  4.451% due 01/25/2063 ~ |  | 983 |  | 944 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  4.650% due 11/25/2060 þ |  | 1654 |  | 1653 |
|  4.750% due 07/25/2061 þ |  | 7141 |  | 7126 |
|  5.250% due 07/25/2067 þ |  | 1866 |  | 1863 |
|  5.892% due 10/25/2066 þ |  | 1743 |  | 1744 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.500% due 02/25/2036 |  | 201 |  | 95 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 11/25/2035 ~ |  | 3580 |  | 3592 |
|  4.975% due 12/25/2035 •  |  | 2613 |  | 2422 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.855% due 05/25/2036 •  |  | 1915 |  | 1684 |
|  Lux Trust | Lux Trust | Lux Trust | Lux Trust | Lux Trust |
|  7.010% due 08/15/2040 •  |  | 2800 |  | 2832 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 |  | 3400 |  | 3171 |
|  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 |
|  3.919% due 07/25/2034 ~ |  | 635 |  | 571 |
|  4.673% due 02/25/2034 •  |  | 1120 |  | 986 |
|  4.735% due 03/25/2047 •  |  | 5280 |  | 4774 |
|  4.765% due 12/25/2034 •  |  | 179 |  | 166 |
|  5.269% due 05/25/2034 •  |  | 841 |  | 524 |
|  5.535% due 09/25/2037 •  |  | 3416 |  | 1359 |
|  5.585% due 07/25/2035 •  |  | 9248 |  | 4740 |
|  6.750% due 12/25/2033 •  |  | 3 |  | 3 |
|  6.817% due 12/21/2034 ~ |  | 29 |  | 28 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 04/25/2035 |  | 577 |  | 522 |
|  6.161% due 06/25/2033 •  |  | 228 |  | 145 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 03/25/2034 |  | 570 |  | 469 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 |  | 1796 |  | 282 |
|  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 | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  |  | 13 |  | 13 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.750% due 05/25/2037 |  | 79 |  | 76 |
|  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 |
|  5.055% due 08/25/2028 •  |  | 1 |  | 1 |
|  5.075% due 10/25/2028 ~ |  | 42 |  | 39 |
|  5.095% due 06/25/2028 •  |  | 1 |  | 1 |
|  5.155% due 08/25/2035 •  |  | 12000 |  | 11183 |
|  5.175% due 03/25/2028 ~ |  | 2 |  | 2 |
|  5.205% due 04/25/2035 •  |  | 6 |  | 5 |
|  5.255% due 05/25/2036 •  |  | 223 |  | 206 |
|  5.439% due 09/25/2029 •  |  | 471 |  | 457 |
|  5.635% due 03/25/2028 ~ |  | 172 |  | 132 |
|  6.039% due 11/25/2035 •  |  | 2722 |  | 2636 |
|  6.059% due 08/25/2033 ~ |  | 18 |  | 0 |
|  6.229% due 05/25/2036 •  |  | 4840 |  | 4370 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.947% due 04/25/2065 •  |  | 260 |  | 250 |
|  2.855% due 07/25/2060 ~ |  | 500 |  | 415 |
|  3.300% due 08/25/2061 •  |  | 8034 |  | 7489 |
|  4.400% due 03/25/2068 þ |  | 5097 |  | 5023 |
|  6.105% due 12/25/2068 þ |  | 15096 |  | 15194 |
|  6.775% due 10/25/2058 þ |  | 1209 |  | 1225 |
|  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 |
|  1.850% due 11/25/2060 ~ |  | 8550 |  | 7630 |
|  2.500% due 11/25/2060 ~ |  | 5358 |  | 4554 |
|  3.250% due 01/25/2061 •  |  | 97 |  | 81 |
|  3.721% due 09/25/2057 ~ |  | 71 |  | 70 |
|  3.968% due 11/25/2058 ~ |  | 1000 |  | 842 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.434% due 05/15/2036 •  |  | 5347 |  | 3683 |
|  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 |
|  3.416% due 10/25/2037 ~ |  | 2380 |  | 1363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.685% due 03/25/2036 •  | $— | 2007 | $— | 1327 |
|  4.695% due 03/25/2036 •  |  | 7892 |  | 5221 |
|  5.335% due 02/25/2036 •  |  | 219 |  | 207 |
|  5.791% due 10/25/2034 ~ |  | 12 |  | 12 |
|  7.625% due 11/25/2037 ~ |  | 1828 |  | 897 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  3.503% due 06/26/2047 •  |  | 11317 |  | 9989 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | 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 |  | 2188 |  | 2127 |
|  MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust |
|  5.717% due 03/15/2039 •  |  | 6165 |  | 6146 |
|  NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust |
|  7.500% due 03/25/2034 |  | 291 |  | 270 |
|  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 •  |  | 14239 |  | 13656 |
|  3.000% due 07/25/2059 •  |  | 1000 |  | 912 |
|  3.250% due 02/25/2059 •  |  | 6146 |  | 5952 |
|  3.500% due 12/25/2057 •  |  | 292 |  | 282 |
|  4.000% due 02/25/2057 •  |  | 15481 |  | 14984 |
|  4.500% due 05/25/2058 •  |  | 435 |  | 425 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  3.215% due 07/25/2061 |  | 250 |  | 215 |
|  3.514% due 07/25/2061 |  | 2000 |  | 1738 |
|  3.750% due 02/25/2068 ~ |  | 898 |  | 831 |
|  4.670% due 08/25/2061 þ |  | 1986 |  | 1975 |
|  5.379% due 06/25/2069 •  |  | 1161 |  | 1158 |
|  NLT Trust | NLT Trust | NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ |  | 11631 |  | 10546 |
|  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 |
|  5.535% due 08/25/2034 •  |  | 630 |  | 714 |
|  5.754% due 10/25/2034 þ |  | 6871 |  | 6731 |
|  6.159% due 05/25/2036 ~ |  | 202 |  | 38 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  |  | 3865 |  | 3839 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.646% due 03/25/2053 ~ |  | 3476 |  | 3409 |
|  3.665% due 04/25/2053 ~ |  | 5388 |  | 5325 |
|  5.110% due 08/25/2062 þ |  | 1271 |  | 1264 |
|  5.949% due 02/25/2063 þ |  | 5656 |  | 5670 |
|  6.030% due 01/25/2064 þ |  | 2095 |  | 2111 |
|  6.100% due 09/25/2062 þ |  | 13623 |  | 13633 |
|  6.113% due 03/25/2063 þ |  | 2739 |  | 2751 |
|  6.233% due 05/25/2064 þ |  | 1548 |  | 1568 |
|  6.465% due 10/25/2063 þ |  | 2273 |  | 2298 |
|  6.520% due 07/25/2063 þ |  | 1560 |  | 1578 |
|  6.567% due 06/25/2063 þ |  | 2468 |  | 2496 |
|  6.844% due 04/25/2063 þ |  | 982 |  | 994 |
|  7.045% due 09/25/2063 þ |  | 1857 |  | 1883 |
|  7.159% due 10/25/2063 þ |  | 3174 |  | 3238 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 |  | 2337 |  | 2195 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  |  | 9700 |  | 9304 |
|  ONE Park Mortgage Trust | ONE Park Mortgage Trust | ONE Park Mortgage Trust | ONE Park Mortgage Trust | ONE Park Mortgage Trust |
|  5.133% due 03/15/2036 •  |  | 2600 |  | 2564 |
|  OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  |  | 3189 |  | 3207 |
|  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 | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.410% due 07/25/2035 ~ |  | 5820 |  | 5846 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  3.900% due 10/25/2063 ~ |  | 1029 |  | 985 |
|  5.925% due 10/25/2054 þ |  | 5066 |  | 5062 |
|  5.963% due 11/25/2054 þ |  | 2643 |  | 2645 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ |  | 1000 |  | 958 |
|  4.000% due 07/25/2069 þ |  | 988 |  | 950 |
|  4.075% due 06/25/2064 •  |  | 937 |  | 887 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  3.942% due 10/25/2032 ~ |  | 414 |  | 366 |
|  5.250% due 06/25/2033 |  | 324 |  | 313 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 1543 |  | 1555 |
|  6.431% due 05/25/2059 þ |  | 835 |  | 844 |
|  6.584% due 09/25/2058 þ |  | 2067 |  | 2090 |
|  7.225% due 11/25/2058 þ |  | 1171 |  | 1194 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 849 | 826 |
|  3.750% due 04/25/2055 þ | 1300 | 1254 |
|  4.000% due 11/25/2053 þ | 387 | 381 |
|  4.000% due 01/25/2054 þ | 840 | 824 |
|  4.000% due 05/25/2054 þ | 813 | 798 |
|  4.000% due 07/25/2054 þ | 833 | 812 |
|  4.000% due 10/25/2054 þ | 924 | 898 |
|  4.000% due 11/25/2054 þ | 1933 | 1869 |
|  4.200% due 12/25/2064 þ | 897 | 878 |
|  4.500% due 02/25/2055 þ | 982 | 969 |
|  5.228% due 08/25/2069 þ | 7893 | 7847 |
|  5.699% due 11/25/2029 þ | 951 | 951 |
|  5.870% due 11/25/2029 þ | 2472 | 2472 |
|  5.897% due 12/25/2029 þ | 1520 | 1523 |
|  6.414% due 08/25/2029 þ | 919 | 921 |
|  7.026% due 03/25/2029 þ | 4763 | 4778 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 4252 | 4266 |
|  5.802% due 11/25/2069 þ | 3306 | 3318 |
|  6.221% due 11/25/2068 þ | 6035 | 6088 |
|  6.250% due 08/25/2068 þ | 1993 | 2005 |
|  6.265% due 12/25/2068 þ | 830 | 838 |
|  6.327% due 06/25/2069 þ | 18656 | 19011 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 3477 | 3462 |
|  5.553% due 03/25/2055 «þ | 4400 | 4402 |
|  5.582% due 12/25/2044 þ | 3970 | 3985 |
|  5.653% due 01/25/2045 þ | 4208 | 4226 |
|  5.846% due 08/25/2044 þ | 44801 | 44984 |
|  6.808% due 09/25/2043 ~ | 678 | 686 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.795% due 11/25/2036 ~ | 6089 | 3255 |
|  4.815% due 07/25/2036 •  | 518 | 471 |
|  4.815% due 07/25/2036 ~ | 4465 | 4090 |
|  4.815% due 08/25/2036 ~ | 4319 | 4326 |
|  4.815% due 04/25/2046 ~ | 988 | 920 |
|  4.835% due 10/25/2046 ~ | 5075 | 4884 |
|  4.929% due 02/25/2035 ~ | 427 | 378 |
|  5.517% due 12/25/2035 ~ | 618 | 541 |
|  5.544% due 10/25/2037 •  | 749 | 603 |
|  5.883% due 09/25/2034 ~ | 2 | 2 |
|  6.000% due 12/25/2035 | 2324 | 1994 |
|  6.169% due 12/26/2034 ~ | 125 | 80 |
|  6.500% due 10/25/2036 | 17467 | 15087 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.785% due 10/25/2048 | 2 | 2 |
|  4.885% due 02/25/2034 ~ | 14 | 13 |
|  4.885% due 04/25/2035 ~ | 3293 | 1715 |
|  4.935% due 08/25/2036 ~ | 2727 | 884 |
|  6.000% due 08/25/2036 | 6009 | 2662 |
|  6.250% due 08/25/2036 | 1752 | 1139 |
|  6.500% due 04/25/2037 | 4346 | 1194 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  3.200% due 02/25/2037 ~ | 202 | 172 |
|  4.415% due 06/25/2035 •  | 1593 | 899 |
|  5.552% due 02/25/2036 •  | 67 | 63 |
|  5.556% due 09/25/2035 ~ | 4271 | 2474 |
|  6.000% due 04/25/2037 | 82 | 63 |
|  6.001% due 02/25/2037 ~ | 498 | 449 |
|  6.098% due 02/25/2036 ~ | 30 | 28 |
|  6.423% due 10/25/2037 ~ | 1047 | 1022 |
|  RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust |
|  4.540% due 05/25/2047 ~ | 2334 | 2047 |
|  SACO Trust | SACO Trust | SACO Trust |
|  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 | 1000 | 1003 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.554% due 11/25/2063 ~ | 7801 | 7719 |
|  4.766% due 06/20/2034 •  | 33 | 31 |
|  4.801% due 01/20/2047 ~ | 288 | 207 |
|  4.894% due 02/20/2035 •  | 281 | 266 |
|  5.054% due 11/20/2034 •  | 12 | 12 |
|  5.131% due 10/19/2026 ~ | 10 | 9 |
|  5.194% due 10/20/2027 •  | 1 | 1 |
|  5.234% due 10/20/2027 •  | 2 | 2 |
|  5.290% due 02/20/2034 •  | 41 | 37 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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)** |
|  5.364% due 05/20/2034 •  | $— | 125 | $— | 118 |
|  5.794% due 10/20/2027 ~ |  | 50 |  | 49 |
|  5.817% due 08/20/2034 •  |  | 29 |  | 28 |
|  6.362% due 09/20/2032 •  |  | 9 |  | 8 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ |  | 1800 |  | 1776 |
|  SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust |
|  2.895% due 10/10/2048 |  | 389 |  | 387 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 þ |  | 13315 |  | 13286 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.320% due 01/15/2039 ~ |  | 25570 |  | 25394 |
|  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 |
|  3.955% due 05/25/2036 ~ |  | 2329 |  | 1334 |
|  4.080% due 02/25/2036 ~ |  | 53 |  | 45 |
|  4.815% due 07/25/2037 •  |  | 4547 |  | 4242 |
|  5.170% due 06/25/2034 ~ |  | 151 |  | 146 |
|  5.184% due 07/25/2035 ~ |  | 25 |  | 22 |
|  5.250% due 04/25/2035 ~ |  | 33 |  | 29 |
|  5.275% due 09/25/2034 ~ |  | 329 |  | 318 |
|  6.035% due 01/25/2035 ~ |  | 279 |  | 255 |
|  6.035% due 05/25/2035 ~ |  | 324 |  | 258 |
|  6.415% due 04/25/2034 ~ |  | 1 |  | 1 |
|  6.527% due 02/25/2034 •  |  | 17 |  | 17 |
|  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 |
|  4.735% due 02/25/2037 •  |  | 736 |  | 702 |
|  4.815% due 09/25/2047 •  |  | 7238 |  | 6707 |
|  4.975% due 08/25/2035 •  |  | 3621 |  | 3445 |
|  4.995% due 02/25/2036 ~ |  | 91 |  | 76 |
|  5.031% due 07/19/2034 ~ |  | 179 |  | 165 |
|  5.055% due 12/25/2035 ~ |  | 11329 |  | 9430 |
|  5.131% due 03/19/2034 ~ |  | 66 |  | 62 |
|  5.271% due 10/19/2033 •  |  | 32 |  | 29 |
|  5.331% due 11/19/2033 •  |  | 668 |  | 603 |
|  5.631% due 10/19/2033 •  |  | 724 |  | 739 |
|  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 | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.725% due 10/25/2036 •  |  | 184 |  | 153 |
|  7.500% due 10/25/2036 |  | 1019 |  | 587 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.710% due 01/25/2037 •  |  | 78 |  | 56 |
|  7.149% due 01/25/2037 ~ |  | 840 |  | 836 |
|  TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates | 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 |  | 402 |
|  6.500% due 07/25/2036 |  | 5765 |  | 2076 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  7.000% due 07/25/2036 |  | 863 |  | 368 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.334% due 09/25/2037 ~ |  | 15093 |  | 8038 |
|  4.585% due 09/25/2037 ~ |  | 861 |  | 854 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 •  |  | 32558 |  | 29452 |
|  2.250% due 12/25/2061 •  |  | 5720 |  | 5524 |
|  2.710% due 01/25/2060 ~ |  | 25275 |  | 24152 |
|  2.750% due 06/25/2057 ~ |  | 3665 |  | 3565 |
|  2.900% due 10/25/2059 ~ |  | 9495 |  | 9063 |
|  3.000% due 10/25/2057 ~ |  | 1000 |  | 942 |
|  3.250% due 07/25/2056 ~ |  | 695 |  | 685 |
|  4.107% due 04/25/2056 ~ |  | 1000 |  | 929 |
|  4.416% due 10/27/2064 •  |  | 6837 |  | 6842 |
|  4.492% due 10/25/2064 •  |  | 11749 |  | 11813 |
|  5.109% due 07/25/2065 •  |  | 863 |  | 872 |
|  5.435% due 10/25/2059 ~ |  | 257 |  | 261 |
|  5.725% due 11/25/2064 þ |  | 3211 |  | 3224 |
|  6.135% due 10/25/2059 ~ |  | 11615 |  | 11845 |
|  TTAN | TTAN | TTAN | TTAN | TTAN |
|  5.284% due 03/15/2038 •  |  | 1538 |  | 1534 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  5.217% due 02/15/2032 •  |  | 12366 |  | 12363 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  0.820% due 10/25/2063 •  |  | 863 |  | 831 |
|  1.057% due 10/25/2063 •  |  | 23 |  | 22 |
|  1.262% due 10/25/2063 •  |  | 35 |  | 34 |
|  4.130% due 02/25/2067 þ |  | 6290 |  | 5956 |
|  4.260% due 02/25/2067 þ |  | 1309 |  | 1249 |
|  5.041% due 08/25/2067 þ |  | 757 |  | 754 |
|  5.218% due 09/25/2069 ~ |  | 2349 |  | 2346 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.811% due 05/25/2068 þ | 2205 | 2209 |
|  5.999% due 02/25/2068 þ | 960 | 962 |
|  6.116% due 03/25/2069 þ | 12378 | 12488 |
|  6.192% due 06/25/2069 þ | 3032 | 3060 |
|  6.218% due 06/25/2069 þ | 2294 | 2324 |
|  6.338% due 04/25/2069 þ | 1787 | 1810 |
|  6.443% due 08/25/2068 þ | 1594 | 1609 |
|  6.476% due 06/25/2068 þ | 1041 | 1050 |
|  6.665% due 09/25/2068 þ | 7196 | 7272 |
|  6.876% due 11/25/2068 •  | 823 | 835 |
|  7.070% due 10/25/2068 þ | 3953 | 4032 |
|  Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ | 976 | 986 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.507% due 10/20/2035 ~ | 58 | 56 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  2.667% due 11/25/2041 ~ | 2 | 2 |
|  3.878% due 05/25/2037 •  | 781 | 672 |
|  4.805% due 05/25/2034 ~ | 14279 | 13248 |
|  4.975% due 12/25/2045 •  | 3723 | 3732 |
|  5.005% due 10/25/2035 ~ | 776 | 708 |
|  5.015% due 07/25/2045 •  | 3738 | 3674 |
|  5.175% due 11/25/2034 ~ | 72 | 69 |
|  5.178% due 09/25/2035 •  | 2814 | 2613 |
|  5.215% due 10/25/2044 •  | 206 | 200 |
|  5.275% due 06/25/2044 •  | 963 | 950 |
|  5.415% due 11/25/2034 •  | 460 | 437 |
|  5.415% due 10/25/2045 •  | 671 | 656 |
|  5.435% due 07/25/2044 ~ | 10 | 9 |
|  5.475% due 11/25/2046 ~ | 7691 | 6496 |
|  5.500% due 06/25/2033 ~ | 917 | 783 |
|  5.635% due 08/25/2046 •  | 4008 | 3677 |
|  5.664% due 06/25/2034 ~ | 19 | 18 |
|  5.664% due 06/25/2034 •  | 266 | 232 |
|  5.683% due 08/25/2046 •  | 10788 | 9237 |
|  5.760% due 03/25/2033 •  | 46 | 46 |
|  5.884% due 07/25/2034 •  | 489 | 445 |
|  6.035% due 06/25/2042 •  | 51 | 47 |
|  6.035% due 08/25/2042 •  | 664 | 641 |
|  6.035% due 04/25/2044 •  | 386 | 330 |
|  6.233% due 08/25/2033 •  | 4 | 4 |
|  6.343% due 01/25/2033 ~ | 676 | 668 |
|  6.366% due 12/19/2039 •  | 93 | 87 |
|  6.500% due 06/25/2034 •  | 130 | 128 |
|  6.712% due 10/25/2033 •  | 78 | 65 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.085% due 10/25/2035 •  | 297 | 267 |
|  5.385% due 02/25/2047 •  | 11139 | 10258 |
|  5.442% due 02/25/2033 ~ | 340 | 322 |
|  5.465% due 11/25/2046 ~ | 11614 | 9772 |
|  5.500% due 05/25/2035 | 1145 | 1003 |
|  5.500% due 06/25/2035 | 97 | 88 |
|  5.500% due 11/25/2035 | 151 | 133 |
|  5.750% due 03/25/2033 | 63 | 56 |
|  5.765% due 02/25/2033 ~ | 480 | 497 |
|  6.245% due 12/25/2032 •  | 82 | 78 |
|  6.647% due 12/25/2032 •  | 73 | 73 |
|  6.769% due 11/25/2030 •  | 3 | 3 |
|  7.500% due 04/25/2033 ~ | 106 | 36 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  4.212% due 09/27/2036 •  | 462 | 455 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  | 33 | 33 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 •  | 4800 | 4886 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,859,437) | Total Non-Agency Mortgage-Backed Securities (Cost $1,859,437) | 1792769 |
| ASSET-BACKED SECURITIES 59.3% | ASSET-BACKED SECURITIES 59.3% | ASSET-BACKED SECURITIES 59.3% |
| AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% |
|  Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust |
|  5.117% due 09/15/2032 | 418 | 420 |
|  5.215% due 09/15/2032 | 418 | 420 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.939% due 02/18/2028 ~ | 3053 | 3056 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.024% due 05/15/2028 •  | 3000 | 3001 |
|  5.079% due 09/15/2027 •  | 4376 | 4378 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  6.310% due 10/15/2027 | 983 | 986 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.709% due 06/16/2027 ~ | 15503 | 15505 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.849% due 05/15/2028 •  | 17850 | 17838 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  4.864% due 12/21/2026 ~ | 11473 | 11478 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.009% due 08/16/2027 •  | 2560 | 2564 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.779% due 09/15/2027 ~ | 295 | 295 |
|  |  | 59941 |
| AUTOMOBILE SEQUENTIAL 12.2% | AUTOMOBILE SEQUENTIAL 12.2% | AUTOMOBILE SEQUENTIAL 12.2% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 3500 | 3484 |
|  4.460% due 07/15/2027 | 4582 | 4580 |
|  Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust |
|  4.970% due 09/15/2032 | 1004 | 1011 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.810% due 03/13/2028 | 399 | 399 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 | 800 | 801 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.430% due 01/18/2029 | 5900 | 5969 |
|  5.750% due 02/18/2028 | 3336 | 3347 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.380% due 01/17/2034 | 2400 | 2396 |
|  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 | 2867 |
|  5.810% due 12/20/2029 | 1000 | 1037 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 | 1300 | 1310 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 5300 | 5287 |
|  4.290% due 01/25/2027 | 3851 | 3846 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 1500 | 1518 |
|  5.570% due 12/15/2026 | 1474 | 1478 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 1300 | 1302 |
|  4.840% due 09/15/2027 | 1655 | 1656 |
|  5.340% due 04/17/2028 | 12800 | 12849 |
|  5.540% due 02/16/2027 | 3615 | 3620 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.670% due 12/15/2027 | 2800 | 2802 |
|  4.750% due 10/15/2027 | 3368 | 3377 |
|  5.280% due 05/15/2028 | 4113 | 4145 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  4.760% due 05/15/2028 | 3600 | 3603 |
|  5.400% due 11/15/2028 | 6200 | 6267 |
|  5.780% due 09/15/2027 | 7565 | 7595 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 710 | 702 |
|  0.860% due 01/11/2027 | 335 | 333 |
|  4.260% due 10/10/2029 | 3900 | 3893 |
|  4.310% due 09/10/2030 | 2300 | 2287 |
|  4.500% due 06/12/2028 | 2600 | 2599 |
|  4.530% due 01/10/2029 | 4600 | 4600 |
|  4.550% due 05/10/2030 | 8200 | 8197 |
|  4.610% due 11/10/2027 | 1989 | 1989 |
|  4.620% due 02/10/2028 | 2400 | 2399 |
|  4.640% due 01/10/2030 | 3000 | 3010 |
|  4.740% due 12/10/2030 | 1800 | 1811 |
|  4.740% due 04/10/2031 | 5400 | 5408 |
|  4.780% due 05/10/2028 | 700 | 701 |
|  4.840% due 12/10/2027 | 963 | 964 |
|  4.910% due 08/10/2029 | 1100 | 1107 |
|  5.080% due 03/11/2030 | 2000 | 2033 |
|  5.210% due 06/10/2030 | 2600 | 2641 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.330% due 07/10/2029 | $— | 3300 | $— | 3331 |
|  5.500% due 08/10/2027 |  | 973 |  | 975 |
|  5.620% due 01/10/2029 |  | 9200 |  | 9311 |
|  5.630% due 11/10/2027 |  | 1629 |  | 1633 |
|  5.710% due 07/10/2028 |  | 1482 |  | 1499 |
|  5.710% due 07/10/2029 |  | 1300 |  | 1335 |
|  5.740% due 11/13/2029 |  | 9457 |  | 9752 |
|  5.770% due 04/12/2027 |  | 4667 |  | 4674 |
|  5.820% due 08/10/2028 |  | 1900 |  | 1918 |
|  5.900% due 08/10/2027 |  | 1384 |  | 1389 |
|  6.090% due 11/10/2026 |  | 28 |  | 28 |
|  6.160% due 10/10/2028 |  | 500 |  | 507 |
|  6.230% due 01/11/2027 |  | 66 |  | 66 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 |  | 2300 |  | 2289 |
|  4.400% due 11/26/2027 |  | 1784 |  | 1783 |
|  5.220% due 07/25/2029 |  | 25000 |  | 25375 |
|  5.530% due 09/27/2027 |  | 16735 |  | 16806 |
|  5.680% due 01/25/2029 |  | 3000 |  | 3042 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.830% due 02/15/2028 |  | 21600 |  | 21836 |
|  5.840% due 01/18/2028 |  | 2269 |  | 2288 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 |  | 1875 |  | 1875 |
|  5.880% due 02/15/2028 |  | 13919 |  | 13997 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.500% due 09/15/2028 |  | 3000 |  | 3001 |
|  4.940% due 12/15/2027 |  | 6787 |  | 6795 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.220% due 08/16/2027 |  | 438 |  | 439 |
|  6.240% due 01/16/2029 |  | 2000 |  | 2026 |
|  6.260% due 11/15/2029 |  | 1000 |  | 1030 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.560% due 11/20/2028 |  | 2700 |  | 2709 |
|  4.650% due 10/20/2027 |  | 1500 |  | 1503 |
|  4.650% due 05/21/2029 |  | 2164 |  | 2163 |
|  4.690% due 07/20/2027 |  | 2500 |  | 2503 |
|  4.820% due 02/20/2029 |  | 1500 |  | 1513 |
|  4.980% due 08/21/2028 |  | 12600 |  | 12772 |
|  5.310% due 04/20/2027 |  | 15100 |  | 15174 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.450% due 03/15/2028 |  | 1850 |  | 1847 |
|  4.780% due 06/15/2027 |  | 2200 |  | 2201 |
|  4.790% due 04/15/2027 |  | 2114 |  | 2114 |
|  5.280% due 08/15/2030 |  | 1400 |  | 1406 |
|  5.600% due 05/17/2027 |  | 4434 |  | 4439 |
|  5.650% due 12/15/2027 |  | 1000 |  | 1005 |
|  5.820% due 02/15/2027 |  | 1484 |  | 1486 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 500 |  | 510 |
|  5.540% due 04/16/2029 |  | 1200 |  | 1218 |
|  5.760% due 11/15/2027 |  | 1620 |  | 1628 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.920% due 02/15/2031 |  | 3800 |  | 3798 |
|  4.940% due 11/15/2030 |  | 1600 |  | 1604 |
|  5.690% due 02/15/2030 |  | 1795 |  | 1814 |
|  5.890% due 06/15/2030 |  | 1447 |  | 1466 |
|  6.790% due 10/15/2029 |  | 1352 |  | 1375 |
|  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 |  | 946 |  | 957 |
|  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 |  | 2724 |  | 2732 |
|  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 |  | 2888 |
|  4.320% due 08/15/2027 |  | 10500 |  | 10488 |
|  4.590% due 10/15/2027 |  | 6800 |  | 6807 |
|  4.610% due 08/15/2029 |  | 7050 |  | 7100 |
|  5.530% due 09/15/2028 |  | 7626 |  | 7726 |
|  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 |
|  4.750% due 07/17/2028 |  | 1000 |  | 1001 |
|  4.760% due 10/15/2027 |  | 3317 |  | 3318 |
|  5.770% due 06/15/2027 |  | 1976 |  | 1982 |
|  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 |  | 2797 |  | 2795 |
|  5.580% due 06/17/2030 |  | 2368 |  | 2397 |
|  5.590% due 10/15/2029 |  | 7542 |  | 7642 |
|  6.370% due 06/15/2028 |  | 1150 |  | 1161 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.210% due 10/20/2027 | 5000 | 4990 |
|  4.290% due 01/20/2027 | 3600 | 3594 |
|  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 | 4709 |
|  4.470% due 02/16/2028 | 1525 | 1524 |
|  4.530% due 10/18/2027 | 2400 | 2401 |
|  5.130% due 04/16/2029 | 20000 | 20239 |
|  5.350% due 06/16/2027 | 15503 | 15553 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 1727 | 1733 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 | 12200 | 12200 |
|  4.620% due 08/16/2027 | 21674 | 21683 |
|  5.650% due 02/16/2027 | 1857 | 1863 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 1500 | 1494 |
|  5.570% due 09/25/2029 | 10000 | 10177 |
|  Hertz Vehicle Financing LP | Hertz Vehicle Financing LP | Hertz Vehicle Financing LP |
|  1.680% due 12/27/2027 | 5321 | 5085 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 | 5200 | 5199 |
|  4.560% due 03/15/2027 | 12200 | 12202 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 | 45300 | 45564 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 6900 | 6914 |
|  4.530% due 09/15/2027 | 4400 | 4400 |
|  4.840% due 03/15/2029 | 52300 | 52709 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.520% due 03/15/2029 | 1200 | 1201 |
|  4.600% due 12/15/2027 | 3600 | 3599 |
|  4.640% due 11/15/2027 | 2000 | 2001 |
|  5.420% due 02/15/2028 | 600 | 602 |
|  5.460% due 07/16/2029 | 500 | 509 |
|  5.610% due 08/15/2028 | 1200 | 1210 |
|  5.700% due 03/15/2027 | 282 | 282 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.970% due 10/15/2029 | 1868 | 1870 |
|  5.100% due 10/15/2030 | 800 | 801 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.630% due 05/15/2028 | 29200 | 29235 |
|  5.220% due 02/17/2032 | 3600 | 3651 |
|  5.590% due 02/17/2032 | 2630 | 2639 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 12/15/2026 | 5734 | 5734 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 2800 | 2801 |
|  4.510% due 06/15/2027 | 2100 | 2100 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 900 | 903 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 7800 | 7888 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  4.470% due 03/12/2029 | 600 | 600 |
|  4.630% due 12/10/2027 | 2282 | 2285 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 | 2500 | 2509 |
|  5.040% due 09/15/2027 | 3086 | 3092 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 | 3500 | 3496 |
|  4.470% due 12/21/2026 | 2307 | 2306 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.090% due 06/25/2032 | 413 | 418 |
|  7.130% due 01/26/2032 | 1856 | 1868 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 700 | 701 |
|  4.710% due 06/15/2028 | 12400 | 12407 |
|  4.880% due 09/15/2027 | 6078 | 6081 |
|  5.630% due 01/16/2029 | 7900 | 7979 |
|  5.910% due 06/15/2027 | 2764 | 2769 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 2750 | 2751 |
|  4.830% due 04/20/2028 | 3000 | 3013 |
|  5.210% due 04/16/2029 | 1100 | 1112 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.320% due 12/15/2028 | 4200 | 4217 |
|  5.560% due 11/22/2027 | 6700 | 6765 |
|  5.670% due 11/20/2026 | 1837 | 1841 |
|  5.700% due 03/15/2027 | 405 | 405 |
|  6.520% due 04/20/2028 | 1000 | 1019 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 2800 | 2825 |
|  5.160% due 05/15/2030 | 3200 | 3257 |
|  5.450% due 12/15/2027 | 4117 | 4130 |
|  5.700% due 10/16/2028 | 1500 | 1520 |
|  5.700% due 08/15/2029 | 700 | 719 |
|  5.850% due 05/17/2027 | 714 | 716 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.550% due 06/20/2030 | 2900 | 2912 |
|  4.650% due 05/22/2028 | 5700 | 5705 |
|  4.710% due 05/22/2028 | 2291 | 2292 |
|  5.470% due 10/20/2028 | 3100 | 3125 |
|  5.890% due 03/22/2027 | 297 | 298 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 | 2118 | 2120 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 25000 | 25244 |
|  5.380% due 02/20/2029 | 12500 | 12743 |
|  5.540% due 12/21/2026 | 5966 | 5981 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 5000 | 5013 |
|  4.550% due 08/16/2027 | 4096 | 4098 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 228 | 230 |
|  United Auto Credit Securitization Trust | United Auto Credit Securitization Trust | United Auto Credit Securitization Trust |
|  6.170% due 08/10/2026 | 87 | 87 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 368 | 371 |
|  VStrong Auto Receivables Trust | VStrong Auto Receivables Trust | VStrong Auto Receivables Trust |
|  5.790% due 08/16/2027 | 231 | 231 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.710% due 04/17/2028 | 2500 | 2506 |
|  4.820% due 09/15/2027 | 8331 | 8340 |
|  5.560% due 02/15/2028 | 1400 | 1417 |
|  5.750% due 08/16/2027 | 5662 | 5686 |
|  5.960% due 10/15/2026 | 347 | 347 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.270% due 09/17/2029 | 2200 | 2224 |
|  5.480% due 09/15/2027 | 295 | 296 |
|  5.610% due 02/15/2028 | 727 | 731 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 20000 | 20175 |
|  5.370% due 02/15/2028 | 15043 | 15092 |
|  |  | 904786 |
| CMBS OTHER 1.9% | CMBS OTHER 1.9% | CMBS OTHER 1.9% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  5.622% due 08/18/2042 •  | 6400 | 6390 |
|  6.549% due 02/19/2038 •  | 2807 | 2824 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.431% due 08/17/2041 ~ | 3056 | 3068 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 6611 | 6617 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.754% due 12/15/2038 •  | 8054 | 8070 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.334% due 11/15/2037 •  | 8325 | 8286 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ | 804 | 801 |
|  LCCM Trust | LCCM Trust | LCCM Trust |
|  5.884% due 11/15/2038 •  | 3728 | 3762 |
|  Lument Finance Trust, Inc. | Lument Finance Trust, Inc. | Lument Finance Trust, Inc. |
|  5.604% due 06/15/2039 •  | 396 | 397 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.632% due 02/18/2040 •  | 9100 | 9078 |
|  6.054% due 03/19/2039 •  | 3500 | 3506 |
|  6.467% due 06/19/2037 ~ | 16314 | 16309 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 15637 | 15609 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.531% due 07/16/2036 •  | 8220 | 8220 |
|  5.667% due 02/19/2037 •  | 22029 | 22030 |
|  6.134% due 12/15/2035 •  | 8013 | 8017 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.154% due 09/17/2039 ~ | 4390 | 4413 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.694% due 10/25/2039 ~ | 1643 | 1651 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.634% due 03/15/2038 •  | 3327 | 3323 |
|  5.969% due 02/15/2039 •  | 6275 | 6256 |
|  |  | 138627 |
| CREDIT CARD BULLET 0.1% | CREDIT CARD BULLET 0.1% | CREDIT CARD BULLET 0.1% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  3.370% due 04/15/2028 | 11500 | 11493 |
| CREDIT CARD OTHER 0.8% | CREDIT CARD OTHER 0.8% | CREDIT CARD OTHER 0.8% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 26900 | 25742 |
|  1.970% due 01/15/2029 | 33100 | 31711 |
|  |  | 57453 |
| HOME EQUITY OTHER 18.0% | HOME EQUITY OTHER 18.0% | HOME EQUITY OTHER 18.0% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.350% due 10/25/2035 •  | 1900 | 1799 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.715% due 11/25/2036 ~ | 7741 | 4927 |
|  4.915% due 09/25/2036 •  | 3962 | 3907 |
|  5.115% due 04/25/2033 •  | 396 | 384 |
|  5.435% due 05/25/2037 ~ | 12189 | 8833 |
|  5.455% due 03/25/2032 •  | 148 | 149 |
|  5.685% due 06/25/2037 •  | 7518 | 5443 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ | 483 | 372 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.695% due 09/25/2036 •  | 304 | 303 |
|  6.093% due 04/25/2035 •  | 893 | 917 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.795% due 10/25/2036 ~ | 14692 | 4987 |
|  4.875% due 01/25/2037 •  | 22710 | 4992 |
|  4.875% due 05/25/2037 •  | 57164 | 8924 |
|  5.335% due 09/25/2033 •  | 665 | 661 |
|  5.485% due 12/25/2033 ~ | 454 | 464 |
|  5.485% due 07/25/2034 •  | 13 | 12 |
|  7.630% due 06/25/2034 ~ | 680 | 560 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  5.035% due 06/25/2028 ~ | 62 | 61 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.615% due 08/25/2035 •  | 3 | 3 |
|  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 |
|  4.723% due 06/25/2034 •  | 2626 | 2500 |
|  5.305% due 10/25/2035 •  | 9909 | 9764 |
|  5.350% due 01/25/2035 •  | 190 | 192 |
|  5.380% due 07/25/2035 ~ | 389 | 386 |
|  5.485% due 11/25/2034 •  | 7176 | 7077 |
|  5.545% due 03/25/2035 ~ | 3825 | 3786 |
|  6.490% due 11/25/2034 ~ | 3844 | 3424 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.435% due 10/25/2034 ~ | 1467 | 1467 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.595% due 10/25/2036 ~ | 18217 | 5338 |
|  4.675% due 10/25/2036 ~ | 3022 | 886 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.905% due 01/25/2036 •  | 7146 | 7079 |
|  5.170% due 10/25/2035 ~ | 151 | 149 |
|  5.200% due 10/25/2035 ~ | 37500 | 34588 |
|  5.560% due 05/25/2034 •  | 1231 | 1031 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.077% due 01/25/2036 ~ | 10181 | 9949 |
|  4.954% due 06/15/2031 ~ | 111 | 110 |
|  5.140% due 11/25/2035 ~ | 15516 | 15545 |
|  5.784% due 04/15/2033 •  | 13 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  5.042% due 12/28/2036 ~ | 7064 | 6014 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  2.802% due 09/25/2034 •  | 14 | 14 |
|  4.575% due 01/25/2037 •  | 792 | 770 |
|  4.755% due 08/25/2036 ~ | 274 | 264 |
|  5.085% due 01/25/2047 ~ | 6957 | 5678 |
|  5.175% due 11/25/2035 •  | 727 | 726 |
|  5.235% due 10/27/2032 ~ | 3 | 3 |
|  5.260% due 10/25/2036 •  | 15186 | 14392 |
|  5.335% due 12/25/2033 •  | 207 | 211 |
|  5.386% due 06/25/2043 ~ | 466 | 422 |
|  5.435% due 10/25/2037 •  | 5397 | 4637 |
|  5.435% due 11/25/2042 ~ | 42 | 41 |
|  5.530% due 01/25/2034 •  | 1109 | 1115 |
|  5.615% due 06/25/2043 ~ | 232 | 230 |
|  5.680% due 01/25/2035 ~ | 2235 | 2287 |
|  5.685% due 08/25/2037 ~ | 1923 | 1901 |
|  5.932% due 03/25/2035 •  | 8392 | 8465 |
|  5.935% due 11/25/2042 •  | 25 | 25 |
|  6.160% due 08/25/2034 ~ | 16 | 16 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.645% due 07/25/2037 •  | 63050 | 57919 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.002% due 06/25/2034 ~ | 212 | 207 |
|  5.455% due 03/25/2035 •  | 1413 | 1367 |
|  5.470% due 09/25/2034 •  | 7 | 7 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.537% due 09/25/2032 | 1 | 1 |
|  5.015% due 11/25/2034 •  | 1 | 1 |
|  5.335% due 05/25/2033 •  | 615 | 614 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  7.000% due 12/25/2027 | 341 | 81 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.595% due 01/25/2037 ~ | 531 | 386 |
|  4.715% due 01/25/2037 ~ | 9336 | 8682 |
|  4.755% due 09/25/2036 •  | 9148 | 8134 |
|  7.810% due 12/25/2033 •  | 2516 | 2521 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.430% due 01/25/2037 •  | 2682 | 2643 |
|  4.520% due 12/25/2034 •  | 363 | 330 |
|  4.620% due 12/25/2035 •  | 6936 | 6842 |
|  4.620% due 02/25/2036 •  | 6250 | 5642 |
|  4.635% due 10/25/2047 ~ | 13830 | 13072 |
|  4.689% due 01/25/2037 •  | 106 | 106 |
|  4.715% due 06/25/2035 ~ | 14796 | 13418 |
|  4.725% due 10/25/2047 •  | 47529 | 41019 |
|  4.855% due 08/25/2034 •  | 6267 | 6157 |
|  4.875% due 06/25/2047 •  | 15170 | 14369 |
|  4.935% due 04/25/2046 ~ | 5403 | 5296 |
|  4.995% due 04/25/2034 ~ | 379 | 355 |
|  5.020% due 06/25/2036 ~ | 15625 | 15371 |
|  5.125% due 12/25/2034 •  | 629 | 627 |
|  5.125% due 04/25/2036 ~ | 4446 | 4341 |
|  5.125% due 05/25/2036 •  | 11 | 11 |
|  5.155% due 05/25/2036 ~ | 50400 | 47962 |
|  5.175% due 12/25/2034 •  | 12 | 11 |
|  5.175% due 08/25/2047 •  | 485 | 473 |
|  5.215% due 11/25/2034 •  | 2289 | 2217 |
|  5.215% due 05/25/2036 ~ | 32300 | 27834 |
|  5.335% due 05/25/2032 ~ | 114 | 114 |
|  5.335% due 06/25/2034 •  | 587 | 583 |
|  5.405% due 08/25/2047 •  | 3000 | 2588 |
|  5.410% due 10/25/2034 •  | 295 | 302 |
|  5.435% due 09/25/2032 •  | 107 | 108 |
|  5.530% due 02/25/2036 ~ | 4003 | 3339 |
|  5.530% due 04/25/2036 ~ | 5500 | 5301 |
|  5.575% due 08/25/2035 ~ | 11400 | 11373 |
|  6.547% due 05/25/2036 þ | 294 | 240 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  | 13 | 13 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.208% due 05/25/2036 •  | 4156 | 2792 |
|  3.788% due 12/25/2035 •  | 1377 | 1309 |
|  4.955% due 03/25/2036 •  | 3682 | 3337 |
|  6.780% due 05/25/2035 þ | 179 | 165 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.409% due 04/25/2037 þ | 1601 | 1564 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.935% due 05/25/2037 ~ | 2023 | 1990 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.935% due 08/25/2040 ~ | 141 | 143 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.125% due 07/25/2035 ~ | 273 | 266 |
|  5.365% due 11/25/2035 •  | 11430 | 10869 |
|  5.485% due 01/25/2036 •  | 12708 | 10694 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  9.535% due 10/25/2034 •  | 2281 | 1900 |
|  Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust |
|  3.175% due 07/25/2034 •  | 2 | 2 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  4.000% due 10/01/2034 ~ | 4744 | 4713 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.575% due 08/25/2037 ~ | 24222 | 12090 |
|  4.715% due 08/25/2037 ~ | 1323 | 660 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 01/25/2037 ~ | 7478 | 3909 |
|  4.705% due 10/25/2036 •  | 26576 | 24043 |
|  5.290% due 07/25/2034 •  | 3107 | 2899 |
|  5.410% due 06/25/2035 ~ | 12456 | 10544 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.075% due 10/25/2035 ~ | 1008 | 1052 |
|  5.110% due 10/25/2035 •  | 3600 | 3491 |
|  5.140% due 10/25/2035 ~ | 4148 | 3883 |
|  5.860% due 12/25/2034 •  | 3437 | 3014 |
|  6.114% due 06/25/2034 þ | 4009 | 3962 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.610% due 10/25/2036 •  | 5045 | 24 |
|  4.575% due 12/25/2036 ~ | 758 | 403 |
|  4.885% due 06/25/2036 •  | 13061 | 11039 |
|  5.080% due 11/25/2035 •  | 24 | 23 |
|  5.170% due 09/25/2035 ~ | 5346 | 5280 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 11/25/2032 •  | 4 | 3 |
|  5.335% due 12/25/2035 ~ | 5520 | 5483 |
|  5.350% due 03/25/2035 ~ | 3138 | 3087 |
|  5.355% due 02/25/2033 •  | 1 | 1 |
|  5.635% due 07/25/2035 ~ | 1322 | 1309 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.625% due 04/25/2037 •  | 2389 | 2278 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% 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) | 4168 | 1124 |
|  4.635% due 07/25/2036 ~ | 2082 | 908 |
|  5.020% due 01/25/2036 •  | 673 | 666 |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  3.907% due 06/25/2031 •  | 319 | 325 |
|  3.942% due 07/25/2034 •  | 200 | 195 |
|  5.607% due 02/25/2030 þ | 208 | 108 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.595% due 07/25/2037 •  | 79 | 43 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.635% due 01/25/2037 •  | 15121 | 5174 |
|  4.755% due 08/25/2036 •  | 21286 | 5838 |
|  4.895% due 01/25/2037 •  | 41172 | 14088 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.595% due 08/25/2036 ~ | 453 | 199 |
|  4.655% due 08/25/2036 ~ | 544 | 406 |
|  4.735% due 03/25/2037 ~ | 3851 | 3731 |
|  4.805% due 03/25/2037 ~ | 20645 | 17798 |
|  5.065% due 05/25/2035 ~ | 21779 | 20595 |
|  5.410% due 12/25/2035 ~ | 5000 | 4668 |
|  6.235% due 07/25/2035 •  | 10000 | 9055 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 05/25/2036 ~ | 12809 | 6770 |
|  4.735% due 09/25/2036 •  | 1141 | 731 |
|  4.755% due 11/25/2036 •  | 12903 | 3859 |
|  4.795% due 05/25/2046 •  | 39948 | 12080 |
|  4.995% due 10/25/2034 ~ | 652 | 641 |
|  5.055% due 08/25/2033 ~ | 632 | 624 |
|  5.140% due 08/25/2045 ~ | 15859 | 13556 |
|  5.290% due 07/25/2034 •  | 4130 | 4053 |
|  5.485% due 10/25/2034 •  | 3 | 3 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.485% due 06/25/2035 •  | $— | 13256 | $— | 12966 |
|  5.860% due 03/25/2032 ~ |  | 9 |  | 12 |
|  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 |
|  4.494% due 08/25/2033 •  |  | 591 |  | 626 |
|  4.695% due 08/25/2036 ~ |  | 13254 |  | 6579 |
|  5.135% due 09/25/2034 ~ |  | 478 |  | 417 |
|  5.185% due 12/25/2034 •  |  | 261 |  | 259 |
|  5.260% due 10/25/2034 ~ |  | 405 |  | 394 |
|  5.335% due 10/25/2035 ~ |  | 1950 |  | 1783 |
|  5.535% due 08/25/2037 ~ |  | 11301 |  | 8984 |
|  10.435% due 11/25/2032 •  |  | 3559 |  | 3392 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.913% due 05/25/2037 •  |  | 231 |  | 39 |
|  Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust |
|  5.230% due 11/25/2035 ~ |  | 5749 |  | 5506 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.695% due 06/25/2037 ~ |  | 1290 |  | 1304 |
|  7.435% due 10/25/2037 ~ |  | 91 |  | 88 |
|  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 |
|  4.555% due 10/25/2037 •  |  | 5844 |  | 865 |
|  4.595% due 09/25/2037 •  |  | 124 |  | 25 |
|  4.615% due 06/25/2037 •  |  | 6405 |  | 1694 |
|  4.935% due 05/25/2037 ~ |  | 15223 |  | 1695 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  |  | 68 |  | 61 |
|  4.535% due 11/25/2036 •  |  | 7204 |  | 3450 |
|  4.565% due 01/25/2037 •  |  | 53244 |  | 20151 |
|  4.735% due 06/25/2036 •  |  | 440 |  | 378 |
|  4.775% due 03/25/2037 •  |  | 19265 |  | 8194 |
|  4.915% due 06/25/2036 •  |  | 5514 |  | 4772 |
|  4.930% due 03/25/2036 ~ |  | 19089 |  | 16442 |
|  4.975% due 02/25/2036 ~ |  | 2494 |  | 2352 |
|  4.975% due 03/25/2036 ~ |  | 5277 |  | 4374 |
|  4.990% due 01/25/2036 ~ |  | 7117 |  | 5818 |
|  5.095% due 11/25/2035 •  |  | 6139 |  | 5969 |
|  5.115% due 08/25/2034 ~ |  | 6064 |  | 5603 |
|  5.290% due 07/25/2034 ~ |  | 6322 |  | 6530 |
|  5.320% due 11/25/2034 ~ |  | 1604 |  | 1528 |
|  5.425% due 03/25/2035 ~ |  | 2513 |  | 2445 |
|  5.470% due 03/25/2035 ~ |  | 3788 |  | 3374 |
|  6.435% due 07/25/2037 ~ |  | 349 |  | 285 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.785% due 02/25/2033 •  |  | 24 |  | 25 |
|  6.910% due 01/25/2032 ~ |  | 43 |  | 98 |
|  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 |
|  4.755% due 11/25/2036 •  |  | 548 |  | 41 |
|  4.955% due 10/25/2036 •  |  | 1196 |  | 335 |
|  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 |
|  4.855% due 03/25/2037 •  |  | 5632 |  | 5419 |
|  4.990% due 09/25/2036 •  |  | 5483 |  | 5214 |
|  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 |
|  3.504% due 06/20/2031 •  |  | 1083 |  | 1016 |
|  4.795% due 05/25/2036 •  |  | 56 |  | 57 |
|  5.110% due 02/25/2036 •  |  | 6044 |  | 5851 |
|  5.215% due 03/25/2035 •  |  | 1980 |  | 1965 |
|  5.650% due 08/25/2034 •  |  | 56 |  | 62 |
|  6.385% due 07/25/2035 •  |  | 23641 |  | 19830 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  5.155% due 03/25/2036 ~ |  | 7700 |  | 7643 |
|  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 |
|  4.930% due 03/25/2036 ~ |  | 6676 |  | 6220 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.635% due 03/25/2037 •  |  | 10 |  | 3 |
|  4.735% due 09/25/2037 •  |  | 10352 |  | 9134 |
|  5.170% due 01/25/2036 ~ |  | 25000 |  | 24162 |
|  5.175% due 02/25/2034 ~ |  | 5602 |  | 5588 |
|  5.535% due 02/25/2034 ~ |  | 3 |  | 3 |
|  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 |
|  4.975% due 01/25/2036 •  |  | 24980 |  | 23429 |
|  5.215% due 02/25/2035 •  |  | 385 |  | 366 |
|  5.230% due 05/25/2034 ~ |  | 8 |  | 8 |
|  5.935% due 02/25/2035 ~ |  | 2932 |  | 2016 |
|  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 |
|  4.934% due 08/20/2030 ~ |  | 1 |  | 1 |
|  5.335% due 08/25/2033 •  |  | 25 |  | 27 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  5.485% due 10/25/2034 ~ | 3419 | 3377 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  3.312% due 01/25/2036 þ | 144 | 134 |
|  3.684% due 11/25/2035 ~ | 3928 | 3522 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.344% due 09/25/2044 þ | 1908 | 1905 |
|  6.025% due 02/25/2044 ~ | 759 | 764 |
|  6.141% due 04/25/2044 ~ | 5314 | 5361 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.434% due 08/25/2035 þ | 11 | 11 |
|  5.535% due 09/25/2037 •  | 671 | 274 |
|  5.635% due 08/25/2032 ~ | 430 | 414 |
|  5.675% due 03/25/2033 ~ | 7 | 7 |
|  5.784% due 11/25/2034 þ | 3772 | 3332 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.975% due 02/25/2036 ~ | 11135 | 10770 |
|  5.035% due 02/25/2036 ~ | 178 | 178 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.705% due 08/25/2036 ~ | 3481 | 3434 |
|  4.725% due 08/25/2036 ~ | 18508 | 16568 |
|  5.015% due 06/25/2033 ~ | 396 | 365 |
|  5.080% due 01/25/2036 ~ | 8264 | 8096 |
|  5.585% due 06/25/2035 •  | 3500 | 3480 |
|  6.085% due 07/25/2035 •  | 729 | 728 |
|  6.310% due 07/25/2035 ~ | 3000 | 2808 |
|  6.355% due 07/25/2035 ~ | 1645 | 1662 |
|  6.385% due 11/25/2034 •  | 2653 | 2640 |
|  SACO Trust | SACO Trust | SACO Trust |
|  4.795% due 05/25/2036 ~ | 61 | 95 |
|  4.955% due 06/25/2036 ~ | 14 | 14 |
|  5.185% due 07/25/2035 ~ | 53 | 53 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  2.101% due 03/25/2035 ~ | 1744 | 1527 |
|  2.133% due 11/25/2035 ~ | 758 | 525 |
|  4.675% due 05/25/2047 ~ | 7374 | 5350 |
|  4.745% due 09/25/2037 ~ | 623 | 597 |
|  5.305% due 08/25/2035 ~ | 3250 | 3423 |
|  6.185% due 12/25/2037 •  | 6406 | 6099 |
|  7.022% due 12/25/2032 ~ | 2971 | 2704 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.615% due 05/25/2037 •  | 19337 | 14715 |
|  4.715% due 09/25/2036 ~ | 11544 | 6617 |
|  4.735% due 12/25/2036 •  | 18037 | 8749 |
|  5.215% due 02/25/2034 •  | 1211 | 1241 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.695% due 07/25/2036 ~ | 46180 | 19296 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ | 3274 | 2144 |
|  4.605% due 07/25/2037 ~ | 23590 | 20747 |
|  4.605% due 08/25/2037 ~ | 20866 | 18096 |
|  4.685% due 08/25/2037 ~ | 3000 | 2763 |
|  4.810% due 07/25/2036 •  | 11146 | 9363 |
|  5.050% due 02/25/2036 •  | 11218 | 10229 |
|  5.140% due 11/25/2035 •  | 1167 | 1160 |
|  5.335% due 10/25/2037 ~ | 58968 | 44744 |
|  5.410% due 03/25/2036 ~ | 2200 | 2075 |
|  5.435% due 09/25/2037 ~ | 7391 | 5309 |
|  5.735% due 11/25/2033 •  | 6 | 6 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.200% due 08/25/2035 •  | 531 | 518 |
|  5.710% due 12/25/2034 •  | 813 | 786 |
|  7.360% due 04/25/2033 ~ | 3731 | 3846 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.590% due 09/25/2036 ~ | 6100 | 3734 |
|  4.595% due 01/25/2037 •  | 4023 | 3793 |
|  4.695% due 05/25/2047 ~ | 21126 | 18511 |
|  4.881% due 12/25/2034 ~ | 731 | 724 |
|  5.560% due 04/25/2035 •  | 285 | 293 |
|  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 | 3 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  6.125% due 02/25/2064 •  | 754 | 759 |
|  6.290% due 05/25/2064 •  | 4882 | 4930 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  | 74 | 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 |
|  4.780% due 01/25/2037 •  | 4372 | 4329 |
|  |  | 1332220 |
| 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 | 82 | 80 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.715% due 03/25/2047 ~ | 3481 | 3312 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.075% due 03/25/2037 •  | 230 | 219 |
|  |  | 3611 |
| 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 •  | 20 | 20 |
| 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 ~ | 962 | 976 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.260% due 12/01/2030 •  | 22467 | 4199 |
|  |  | 5175 |
| WHOLE LOAN COLLATERAL 4.7% | WHOLE LOAN COLLATERAL 4.7% | WHOLE LOAN COLLATERAL 4.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.935% due 05/25/2037 •  | 508 | 496 |
|  5.279% due 07/25/2036 •  | 14 | 14 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.840% due 06/25/2037 ~ | 24348 | 23299 |
|  4.855% due 08/25/2036 ~ | 6682 | 6583 |
|  4.900% due 08/25/2036 ~ | 11298 | 10027 |
|  6.050% due 08/25/2035 þ | 183 | 180 |
|  6.129% due 08/25/2035 þ | 1019 | 934 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.555% due 11/25/2036 •  | 32341 | 29788 |
|  4.655% due 12/25/2037 •  | 33859 | 31969 |
|  4.685% due 06/25/2036 ~ | 522 | 520 |
|  4.745% due 11/25/2036 •  | 25256 | 21250 |
|  4.755% due 06/25/2036 ~ | 9186 | 9073 |
|  5.110% due 11/25/2035 •  | 875 | 866 |
|  5.185% due 12/25/2035 ~ | 14534 | 14141 |
|  6.310% due 03/25/2034 •  | 1765 | 1678 |
|  6.310% due 07/25/2034 ~ | 1934 | 1937 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.835% due 06/25/2046 ~ | 4840 | 4423 |
|  4.855% due 04/25/2036 •  | 2092 | 1777 |
|  4.895% due 03/25/2036 ~ | 6885 | 6897 |
|  4.915% due 03/25/2037 •  | 10437 | 9678 |
|  5.035% due 06/25/2037 ~ | 20079 | 18078 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 5171 | 5152 |
|  4.843% due 09/25/2051 þ | 22898 | 22814 |
|  4.868% due 07/25/2051 þ | 2990 | 2988 |
|  5.000% due 06/25/2052 þ | 381 | 382 |
|  5.487% due 10/25/2051 ~ | 943 | 943 |
|  5.487% due 10/25/2051 þ | 12085 | 12088 |
|  5.851% due 12/25/2054 þ | 3774 | 3772 |
|  5.926% due 10/25/2054 þ | 2330 | 2327 |
|  5.963% due 09/25/2054 þ | 2150 | 2150 |
|  6.721% due 07/25/2051 þ | 14476 | 14491 |
|  7.125% due 04/25/2054 þ | 966 | 971 |
|  7.143% due 03/25/2054 þ | 2660 | 2679 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  5.487% due 11/25/2026 þ | 924 | 925 |
|  6.720% due 02/25/2027 þ | 8854 | 8866 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  6.535% due 05/25/2044 ~ | 500 | 497 |
|  8.185% due 12/25/2035 •  | 1447 | 1541 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.035% due 05/25/2036 •  | 18898 | 15932 |
|  5.215% due 09/25/2035 ~ | 2450 | 2361 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.535% due 10/25/2036 •  | 4288 | 1424 |
|  4.935% due 03/25/2036 ~ | 3285 | 2036 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.665% due 04/25/2037 •  | 8280 | 6011 |
|  4.715% due 06/25/2037 ~ | 24081 | 21811 |
|  4.735% due 06/25/2037 •  | 17562 | 10528 |
|  5.335% due 06/25/2036 •  | 8812 | 8448 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 2287 | 2294 |
|  5.977% due 01/25/2055 þ | 4037 | 4047 |
|  |  | 351086 |
| OTHER ABS 20.7% | OTHER ABS 20.7% | OTHER ABS 20.7% |
|  37 Capital CLO Ltd. |  |  |
|  5.386% due 04/15/2035 •  | 5000 | 4977 |
|  5.582% due 10/15/2034 ~ | 2900 | 2899 |
|  5.592% due 07/15/2034 ~ | 1600 | 1600 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.490% due 10/23/2034 ~ | 2600 | 2595 |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 41 | 41 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 700 | 699 |
|  5.010% due 12/26/2031 | 317 | 317 |
|  5.040% due 04/26/2032 | 700 | 699 |
|  5.900% due 04/25/2031 | 164 | 165 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 2529 | 2528 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.990% due 02/15/2033 | 8100 | 8147 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  | 6750 | 6750 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 4300 | 4301 |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.543% due 01/19/2033 •  | 1000 | 1000 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 2400 | 2393 |
|  AMSR Trust | AMSR Trust | AMSR Trust |
|  1.632% due 07/17/2037 | 21105 | 20930 |
|  2.033% due 07/17/2037 | 11000 | 10909 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 6500 | 6465 |
|  5.393% due 01/20/2035 •  | 1000 | 998 |
|  5.730% due 04/22/2034 ~ | 2700 | 2702 |
|  5.993% due 04/20/2037 •  | 11800 | 11832 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.871% due 01/28/2039 | 1725 | 1624 |
|  2.875% due 07/27/2039 | 1000 | 928 |
|  3.000% due 01/21/2040 | 1000 | 935 |
|  3.177% due 10/25/2038 | 2000 | 1924 |
|  3.400% due 04/25/2038 | 9300 | 8962 |
|  3.619% due 04/25/2038 | 1000 | 974 |
|  3.793% due 10/25/2037 | 1600 | 1574 |
|  3.900% due 07/28/2037 | 5590 | 5527 |
|  3.928% due 04/25/2038 | 2800 | 2718 |
|  4.169% due 04/25/2038 | 1000 | 948 |
|  4.300% due 07/25/2036 | 3245 | 3206 |
|  4.430% due 07/25/2037 | 1817 | 1781 |
|  4.620% due 04/25/2037 | 930 | 930 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.093% due 04/20/2036 •  | 6400 | 6455 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(c) | 7400 | 7400 |
|  5.615% due 04/20/2031 ~ | 625 | 625 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 6700 | 6679 |
|  5.623% due 04/17/2033 •  | 15300 | 15323 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 7400 | 7390 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  | 6800 | 6800 |
|  5.510% due 10/23/2032 ~ | 7309 | 7309 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 9750 | 9750 |
|  5.323% due 10/21/2034 •  | 4100 | 4080 |
|  5.354% due 07/24/2034 •  | 4000 | 3960 |
|  5.383% due 10/21/2034 •  | 3700 | 3685 |
|  5.440% due 10/23/2034 ~ | 1000 | 997 |
|  5.493% due 10/20/2034 ~ | 6800 | 6793 |
|  5.500% due 10/23/2034 •  | 2600 | 2597 |
|  5.533% due 07/19/2034 ~ | 4300 | 4305 |
|  5.743% due 10/20/2034 ~ | 1000 | 1001 |
|  5.943% due 10/20/2034 ~ | 1000 | 1001 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.705% due 01/18/2035 •  | 3700 | 3703 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.643% due 04/20/2034 •  | 8500 | 8500 |
|  5.655% due 01/20/2031 •  | 298 | 298 |
|  Betony CLO Ltd. | Betony CLO Ltd. | Betony CLO Ltd. |
|  5.629% due 04/30/2031 •  | 1645 | 1646 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  1.420% due 11/17/2033 | 860 | 843 |
|  4.820% due 04/17/2036 | 1700 | 1708 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 4865 | 4866 |
|  5.523% due 11/15/2030 ~ | 571 | 571 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.319% due 10/15/2034 •  | 2800 | 2784 |
|  5.382% due 07/15/2034 ~ | 1000 | 996 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 30000 | 30135 |
|  Carlyle CLO Ltd. | Carlyle CLO Ltd. | Carlyle CLO Ltd. |
|  5.579% due 04/30/2031 •  | 2363 | 2364 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 8300 | 8270 |
|  5.513% due 07/20/2032 •  | 755 | 755 |
|  5.534% due 04/17/2031 ~ | 332 | 332 |
|  5.612% due 07/27/2031 •  | 1763 | 1763 |
|  5.635% due 05/15/2031 •  | 2700 | 2701 |
|  5.704% due 07/15/2031 •  | 4948 | 4950 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 3650 | 3651 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 6200 | 6187 |
|  5.538% due 07/16/2031 •  | 4179 | 4182 |
|  Cathedral Lake Ltd. | Cathedral Lake Ltd. | Cathedral Lake Ltd. |
|  5.775% due 01/20/2035 ~ | 3300 | 3298 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.655% due 07/20/2031 ~ | 9990 | 9995 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.664% due 07/17/2031 ~ | 3219 | 3220 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 508 | 509 |
|  5.508% due 10/24/2030 ~ | 1166 | 1168 |
|  5.555% due 10/18/2030 •  | 3006 | 3007 |
|  5.704% due 07/15/2036 ~ | 7000 | 7005 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 6844 | 6177 |
|  3.280% due 12/28/2048 | 7067 | 6713 |
|  4.130% due 12/26/2047 | 3643 | 3561 |
|  5.535% due 07/25/2051 •  | 4082 | 4066 |
|  5.635% due 12/26/2047 ~ | 2670 | 2668 |
|  6.240% due 05/25/2055 •  | 1059 | 1083 |
|  CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust |
|  1.358% due 08/15/2053 | 4154 | 4044 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ | 3700 | 3721 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 1858 | 1856 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 6200 | 6210 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.484% due 10/15/2030 •  | 444 | 444 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | 11700 | 11717 |
|  6.132% due 01/15/2037 •  | 50000 | 50192 |
|  Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. |
|  3.940% due 01/25/2038 | 1000 | 978 |
|  4.600% due 07/25/2037 | 899 | 884 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 9100 | 9099 |
|  5.363% due 04/20/2034 ~ | 1000 | 997 |
|  5.443% due 10/19/2029 ~ | 5239 | 5241 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.454% due 01/27/2070 ~ | 5793 | 5809 |
|  5.604% due 11/25/2069 ~ | 4854 | 4896 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 6100 | 6063 |
|  5.600% due 01/25/2035 ~ | 6600 | 6597 |
|  5.900% due 01/25/2035 ~ | 1000 | 1001 |
|  6.150% due 01/25/2035 ~ | 1000 | 1002 |
|  FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
|  1.339% due 08/17/2037 | 2942 | 2897 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(c) | 2900 | 2900 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  | 2291 | 2288 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 8555 | 8565 |
|  Generate CLO Ltd. | Generate CLO Ltd. | Generate CLO Ltd. |
|  6.123% due 10/20/2036 ~ | 50000 | 50153 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.443% due 10/20/2034 ~ | 1000 | 997 |
|  5.447% due 04/24/2031 •  | 13625 | 13621 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  | 3859 | 3859 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 14300 | 14373 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.120% due 03/25/2060 | 3700 | 3709 |
|  5.150% due 10/27/2059 | 928 | 932 |
|  5.220% due 03/25/2060 | 1800 | 1805 |
|  5.320% due 03/25/2060 | 2400 | 2412 |
|  5.550% due 06/25/2059 | 500 | 508 |
|  5.880% due 06/25/2059 | 1446 | 1458 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.520% due 04/22/2033 •  | 6400 | 6401 |
|  5.592% due 04/26/2031 •  | 3661 | 3661 |
|  6.140% due 04/22/2033 •  | 2700 | 2709 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 3650 | 3650 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | 5179 | 4738 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.293% due 01/16/2033 •  | 3600 | 3594 |
|  5.443% due 10/20/2034 •  | 6700 | 6686 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 6500 | 6479 |
|  5.570% due 07/25/2035 •  | 6700 | 6701 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 208 | 208 |
|  5.564% due 04/15/2031 •  | 462 | 462 |
|  5.748% due 02/09/2035 ~ | 6000 | 5997 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.585% due 04/20/2031 •  | 6844 | 6847 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.393% due 07/20/2030 ~ | 2048 | 2049 |
|  5.400% due 10/15/2034 •  | 4400 | 4386 |
|  5.573% due 07/20/2034 •  | 40900 | 40858 |
|  5.625% due 01/20/2031 •  | 973 | 974 |
|  5.635% due 04/20/2031 •  | 884 | 883 |
|  Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust |
|  4.770% due 10/15/2029 | 41 | 41 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 389 | 383 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 1600 | 1581 |
|  5.530% due 06/21/2032 | 800 | 812 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 9200 | 9152 |
|  5.361% due 10/19/2034 •  | 6250 | 6227 |
|  5.495% due 10/21/2030 ~ | 2194 | 2195 |
|  5.532% due 07/27/2031 ~ | 1520 | 1523 |
|  5.540% due 10/22/2034 ~ | 1000 | 1001 |
|  5.545% due 04/20/2032 •  | 2245 | 2245 |
|  5.644% due 10/15/2032 ~ | 11820 | 11828 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 2351 | 2353 |
|  5.572% due 07/25/2031 •  | 2643 | 2644 |
|  5.762% due 01/25/2032 ~ | 684 | 685 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | 4103 | 4104 |
|  Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. |
|  5.493% due 01/20/2032 ~ | 862 | 861 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 1792 | 1818 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 90 | 90 |
|  MidOcean Credit CLO | MidOcean Credit CLO | MidOcean Credit CLO |
|  5.523% due 04/20/2033 •  | 15125 | 15127 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.461% due 10/15/2034 ~ | 6300 | 6264 |
|  5.684% due 07/15/2031 ~ | 545 | 546 |
|  5.762% due 04/15/2034 ~ | 3400 | 3403 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  | 2000 | 1998 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.910% due 12/15/2045 | 721 | 718 |
|  5.884% due 07/16/2040 ~ | 1494 | 1504 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 960 | 902 |
|  1.330% due 04/15/2069 | 1175 | 1085 |
|  1.690% due 05/15/2069 | 783 | 733 |
|  2.600% due 08/15/2068 | 1310 | 1260 |
|  5.434% due 04/15/2069 ~ | 1322 | 1323 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 1800 | 1809 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.414% due 12/15/2059 •  | 2442 | 2439 |
|  5.504% due 12/27/2066 ~ | 6365 | 6446 |
|  6.049% due 03/15/2072 •  | 5995 | 6037 |
|  7.230% due 03/15/2072 | 4300 | 4536 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.254% due 09/25/2065 •  | 5745 | 5745 |
|  5.354% due 06/27/2067 •  | 13883 | 13883 |
|  6.544% due 02/20/2041 •  | 3412 | 3494 |
|  6.640% due 02/20/2041 | 3173 | 3284 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 5300 | 5300 |
|  5.370% due 10/14/2036 •  | 6400 | 6400 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 522 | 521 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 3100 | 3101 |
|  5.565% due 11/13/2031 ~ | 714 | 714 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | 7300 | 7267 |
|  5.592% due 07/15/2034 •  | 7500 | 7498 |
|  5.602% due 10/15/2034 •  | 1000 | 999 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.642% due 04/26/2031 ~ | 1825 | 1825 |
|  5.675% due 07/20/2029 •  | 54 | 54 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 8900 | 8891 |
|  5.443% due 10/20/2030 •  | 3127 | 3127 |
|  5.534% due 04/15/2031 ~ | 2029 | 2030 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.563% due 04/20/2034 •  | 5200 | 5199 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 1791 | 1734 |
|  5.850% due 09/15/2036 ~ | 6000 | 6078 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 2500 | 2500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 1600 | 1601 |
|  6.334% due 04/08/2031 | 69 | 69 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.443% due 07/20/2030 ~ | 507 | 507 |
|  5.493% due 10/20/2031 ~ | 3005 | 3006 |
|  5.584% due 04/15/2031 ~ | 1884 | 1884 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.670% due 03/16/2026 | 6200 | 6200 |
|  4.708% due 02/17/2026 | 4800 | 4799 |
|  4.961% due 10/15/2032 | 500 | 500 |
|  5.156% due 07/15/2032 | 900 | 902 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.065% due 03/15/2032 | 1116 | 1117 |
|  5.183% due 06/15/2032 | 2019 | 2026 |
|  5.331% due 01/15/2032 | 1012 | 1017 |
|  6.093% due 11/15/2031 | 589 | 596 |
|  6.117% due 12/15/2031 | 8317 | 8414 |
|  6.258% due 10/15/2031 | 1627 | 1640 |
|  6.278% due 10/15/2031 | 615 | 622 |
|  6.319% due 08/15/2031 | 708 | 714 |
|  8.050% due 03/15/2030 •  | 869 | 871 |
|  8.803% due 12/16/2030 •  | 2441 | 2467 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.613% due 04/20/2035 ~ | 15600 | 15618 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | 118 | 118 |
|  5.364% due 10/15/2029 •  | 694 | 694 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 5700 | 5682 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 6100 | 6089 |
|  5.513% due 10/11/2034 •  | 6000 | 5989 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.530% due 04/25/2032 •  | 2392 | 2394 |
|  5.678% due 07/24/2032 •  | 10668 | 10676 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 | 2050 | 2051 |
|  5.880% due 07/15/2031 | 797 | 801 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  | 7100 | 7104 |
|  5.613% due 04/20/2035 ~ | 2100 | 2102 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 | 1800 | 1809 |
|  5.830% due 07/15/2036 | 900 | 919 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.585% due 04/20/2031 ~ | 6568 | 6571 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 | 1000 | 931 |
|  3.572% due 04/28/2038 | 3700 | 3608 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | 6300 | 6301 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 5200 | 5179 |
|  Shenton Aircraft Investment Ltd. | Shenton Aircraft Investment Ltd. | Shenton Aircraft Investment Ltd. |
|  4.750% due 10/15/2042 | 5809 | 5655 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | 5000 | 4999 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  5.545% due 06/15/2040 •  | 1670 | 1657 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.891% due 06/15/2039 •  | 940 | 916 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.718% due 07/25/2049 | 4494 | 4481 |
|  5.845% due 12/15/2033 ~ | 10313 | 10206 |
|  6.518% due 04/27/2025 | 2416 | 2419 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.600% due 09/15/2054 | 11853 | 11102 |
|  2.880% due 09/15/2034 | 133 | 132 |
|  3.940% due 02/16/2055 | 11385 | 11033 |
|  5.060% due 03/16/2054 | 3400 | 3424 |
|  5.090% due 10/16/2056 | 1847 | 1864 |
|  5.285% due 09/15/2054 •  | 5020 | 5008 |
|  5.380% due 01/15/2053 | 335 | 339 |
|  5.380% due 07/15/2053 | 36668 | 37304 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.447% due 06/17/2052 ~ | $— | 809 | $— | 810 |
|  5.447% due 07/15/2053 •  |  | 18334 |  | 18362 |
|  5.500% due 06/17/2052 |  | 3416 |  | 3487 |
|  5.799% due 02/16/2055 ~ |  | 13729 |  | 13919 |
|  6.199% due 05/16/2050 •  |  | 709 |  | 717 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.800% due 02/27/2034 |  | 2050 |  | 2052 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.370% due 11/16/2048 |  | 10618 |  | 10206 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  1.950% due 02/15/2046 |  | 808 |  | 754 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 2091 |  | 2089 |
|  5.564% due 04/15/2031 ~ |  | 6686 |  | 6683 |
|  5.580% due 01/25/2032 •  |  | 4478 |  | 4479 |
|  5.662% due 07/26/2031 ~ |  | 3683 |  | 3685 |
|  5.675% due 01/21/2031 ~ |  | 2199 |  | 2201 |
|  5.705% due 04/18/2031 •  |  | 6075 |  | 6071 |
|  5.734% due 07/15/2034 •  |  | 7000 |  | 7003 |
|  5.742% due 10/25/2034 ~ |  | 3500 |  | 3503 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.574% due 04/15/2031 •  |  | 8168 |  | 8176 |
|  5.625% due 04/21/2031 ~ |  | 456 |  | 455 |
|  5.814% due 10/15/2030 ~ |  | 1338 |  | 1339 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  |  | 2400 |  | 2404 |
|  6.093% due 01/20/2037 ~ |  | 1700 |  | 1703 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 |  | 2700 |  | 2694 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  |  | 31696 |  | 31708 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  |  | 7200 |  | 7193 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  4.830% due 12/03/2025 |  | 151 |  | 151 |
|  5.290% due 06/20/2050 |  | 600 |  | 603 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ |  | 19367 |  | 19361 |
|  5.719% due 01/16/2031 ~ |  | 178 |  | 178 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  |  | 4700 |  | 4699 |
|  5.520% due 10/25/2032 •  |  | 879 |  | 878 |
|  Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. |
|  5.725% due 10/20/2034 •  |  | 2400 |  | 2402 |
|  Tricon American Homes | Tricon American Homes | Tricon American Homes | Tricon American Homes | Tricon American Homes |
|  1.499% due 07/17/2038 |  | 26294 |  | 25430 |
|  2.049% due 07/17/2038 |  | 5280 |  | 5094 |
|  2.249% due 07/17/2038 |  | 3300 |  | 3188 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  |  | 4100 |  | 4074 |
|  5.370% due 01/25/2035 •  |  | 5300 |  | 5301 |
|  5.403% due 10/20/2033 •  |  | 6900 |  | 6892 |
|  5.630% due 01/25/2034 •  |  | 5100 |  | 5098 |
|  5.640% due 01/25/2034 •  |  | 9400 |  | 9395 |
|  5.655% due 07/20/2031 ~ |  | 807 |  | 807 |
|  5.670% due 04/25/2033 •  |  | 8300 |  | 8306 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ |  | 1000 |  | 998 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.443% due 07/20/2037 •  |  | 16412 |  | 16421 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 |  | 608 |  | 605 |
|  7.900% due 10/20/2028 |  | 6820 |  | 6925 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 289 |  | 286 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  |  | 800 |  | 798 |
|  5.575% due 09/07/2030 ~ |  | 4191 |  | 4193 |
|  5.605% due 07/20/2030 •  |  | 3999 |  | 3998 |
|  5.624% due 07/15/2031 ~ |  | 1178 |  | 1179 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ |  | 82304 |  | 82306 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  |  | 12400 |  | 12398 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.493% due 07/20/2032 •  | 1923 | 1923 |
|  5.564% due 10/15/2030 •  | 2177 | 2179 |
|  5.644% due 10/17/2032 ~ | 28266 | 28291 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 218 | 218 |
|  5.624% due 10/15/2034 •  | 4850 | 4831 |
|  5.704% due 01/15/2031 ~ | 230 | 230 |
|  |  | 1534087 |
|  Total Asset-Backed Securities<br>(Cost $4,504,331) | Total Asset-Backed Securities<br>(Cost $4,504,331) | 4398499 |
|  | **SHARES** |  |
| 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% |
|  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 |
|  4.400% (g) | 379506 | 379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.511% due 02/17/2026 | $— | 4875 | $— | 4876 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.325% due 04/10/2025 - 06/26/2025 (d)(e)(i)(k) |  | 5841 |  | 5825 |
| Total Short-Term Instruments<br>(Cost $11,079) | Total Short-Term Instruments<br>(Cost $11,079) | Total Short-Term Instruments<br>(Cost $11,079) |  | 11080 |
| Total Investments in Securities<br>(Cost $11,171,146) | Total Investments in Securities<br>(Cost $11,171,146) | Total Investments in Securities<br>(Cost $11,171,146) |  | 10998622 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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<br>Floating NAV Portfolio III | 69976037 | $— | 681147 |
| Total Short-Term Instruments<br>(Cost $681,204) | Total Short-Term Instruments<br>(Cost $681,204) |  | 681147 |
| Total Investments in Affiliates<br>(Cost $681,204) | Total Investments in Affiliates<br>(Cost $681,204) |  | 681147 |
| Total Investments 157.4%<br>(Cost $11,852,350) | Total Investments 157.4%<br>(Cost $11,852,350) | $— | 11679769 |
|  Financial Derivative<br>Instruments (h)(j) (0.1)%<br> (Cost or Premiums, net $44,829) | Financial Derivative<br>Instruments (h)(j) (0.1)%<br> (Cost or Premiums, net $44,829) |  | (5718) |
| Other Assets and Liabilities, net (57.3)% | Other Assets and Liabilities, net (57.3)% |  | (4254594) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 7419457 |

---

#### 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.

#### 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 (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; Uniform Mortgage-Backed Security, TBA | 4.500% | 06/01/2055 | $25200 | $(24066) | $(24085) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 58288 | (57202) | (57134) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126797 | (126560) | (126649) |
|  Total Short Sales (2.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207868) |

---

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(50,925) at a weighted average interest rate of 5.299%. 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

#### 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 June Futures  | 06/2025 | 809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167602 | $711 | $0 | $(7) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 2506 | 278714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | 39 | 0 |
|  |  |  |  | $5529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

34 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25058) | $382 | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 99 | (23740) | 473 | 3 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 89 | (21290) | 473 | 1 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 99 | (23883) | 328 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 81 | (19478) | 334 | 1 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 748 | (87726) | (1301) | 0 | (140) |
|  |  |  |  | $689 | $5 | $(140) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |

---

#### 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 | 2.688% | Annual | 04/04/2025 | $4200 | $(33) | $(67) | $(100) | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 04/04/2025 | 2100 | (16) | (34) | (50) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.697 | Annual | 04/04/2025 | 8300 | (65) | (131) | (196) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.781 | Annual | 04/09/2025 | 4800 | (37) | (71) | (108) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.721 | Annual | 04/10/2025 | 4100 | (31) | (64) | (95) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 15800 | 7 | 281 | 288 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 10100 | (11) | 398 | 387 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3031) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176400 | (2985) | 4267 | 1282 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 70230 | 3 | 1097 | 1100 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 2500 | (40) | 151 | 111 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 105400 | 2374 | 1297 | 3671 | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 14500 | (21) | (744) | (765) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 5300 | (7) | (253) | (260) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 10200 | (18) | (507) | (525) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 5000 | (5) | (253) | (258) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 10400 | (20) | (475) | (495) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 6800 | (12) | (275) | (287) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 11500 | (24) | (375) | (399) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.620 | Annual | 04/18/2027 | 10700 | (34) | (756) | (790) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.783 | Annual | 04/22/2027 | 8000 | (28) | (523) | (551) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | 8100 | (28) | (523) | (551) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 12600 | 501 | 608 | 1109 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 17800 | (71) | (851) | (922) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | 13600 | 517 | 161 | 678 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 12300 | (50) | (541) | (591) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 12100 | (61) | (433) | (494) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 11700 | (59) | (293) | (352) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 5900 | (30) | (110) | (140) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 36450 | (265) | (715) | (980) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 4800 | 0 | 54 | 54 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 9500 | 0 | 101 | 101 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 3400 | 0 | 16 | 16 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 62849 | (2404) | (4102) | (6506) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 1100 | (4) | 11 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 26150 | (3) | 656 | 653 | 0 | (10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 8100 | (10) | (736) | (746) | 41 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 35446 | 583 | (3459) | (2876) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 207390 | (314) | 691 | 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 7800 | (2) | 668 | 666 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 3000 | (5) | (269) | (274) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 5100 | (10) | (432) | (442) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 102000 | (244) | (7551) | (7795) | 48 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 15840 | (514) | 163 | (351) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 8500 | (23) | (531) | (554) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.185 | Annual | 04/21/2029 | 7400 | (19) | (585) | (604) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 4100 | (165) | (383) | (548) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 6660 | (716) | 58 | (658) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 361720 | 4175 | (2401) | 1774 | 0 | (249) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 5900 | (37) | (160) | (197) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 5900 | (37) | (146) | (183) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 14800 | (22) | 1199 | 1177 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 11800 | 250 | 955 | 1205 | 0 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

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** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117740 | $215 | $(513) | $(298) | $0 | $(111) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 49400 | (422) | 5434 | 5012 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 28600 | (363) | 2916 | 2553 | 0 | (23) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 4800 | (17) | (26) | (43) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 4000 | (14) | (45) | (59) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 1700 | (5) | (6) | (11) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 14100 | (13) | 1262 | 1249 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 78600 | 3058 | (711) | 2347 | 1 | (74) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 320180 | 9753 | 30283 | 40036 | 0 | (288) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 182090 | 2143 | 6202 | 8345 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 16900 | 0 | 168 | 168 | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 39300 | 0 | 388 | 388 | 0 | (53) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 33800 | 0 | 328 | 328 | 0 | (45) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 33500 | 0 | 284 | 284 | 0 | (45) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 60500 | 0 | 483 | 483 | 0 | (81) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 42300 | 0 | 306 | 306 | 0 | (57) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 76200 | 0 | 528 | 528 | 0 | (102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 76100 | 0 | 521 | 521 | 0 | (102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 33700 | 0 | 224 | 224 | 0 | (45) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 33600 | 0 | 192 | 192 | 0 | (45) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 22300 | 0 | 78 | 78 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 17800 | 0 | 50 | 50 | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 28300 | 0 | 63 | 63 | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 47100 | 0 | 100 | 100 | 0 | (64) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 35700 | 0 | 72 | 72 | 0 | (48) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 22300 | 0 | 8 | 8 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 22300 | 0 | 8 | 8 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 22300 | 0 | 2 | 2 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 14800 | 0 | (3) | (3) | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 22300 | 0 | (9) | (9) | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 22300 | 0 | (13) | (13) | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 22300 | 0 | (25) | (25) | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 9102 | 29 | 1336 | 1365 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 204570 | 1606 | 667 | 2273 | 0 | (282) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 17670 | (812) | 271 | (541) | 0 | (26) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 44422 | (3235) | (4617) | (7852) | 56 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 467700 | 6337 | (3979) | 2358 | 0 | (751) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 10100 | (44) | 1541 | 1497 | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 6100 | (14) | (875) | (889) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 6100 | (10) | (864) | (874) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 4000 | (9) | (563) | (572) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 4000 | (8) | (561) | (569) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 33720 | 47 | (108) | (61) | 0 | (62) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 4000 | (10) | (550) | (560) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 5000 | (14) | (710) | (724) | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 3800 | (11) | (509) | (520) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 6400 | (24) | (789) | (813) | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 1900 | 10 | 224 | 234 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 3100 | 12 | 367 | 379 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 5700 | (20) | (662) | (682) | 10 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 6100 | (23) | (720) | (743) | 11 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 2100 | (10) | (240) | (250) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 88270 | 3344 | (915) | 2429 | 0 | (165) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 23300 | (115) | (3326) | (3441) | 42 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 11800 | (61) | (1632) | (1693) | 21 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 71100 | (5283) | (7781) | (13064) | 129 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 51180 | (2503) | (5076) | (7579) | 96 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 1100 | (15) | (74) | (89) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 1100 | (15) | (73) | (88) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 8900 | (74) | (386) | (460) | 19 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 2500 | (10) | (41) | (51) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 2600 | (11) | (46) | (57) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 780 | (3) | (13) | (16) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 2600 | (9) | (67) | (76) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 5000 | (18) | (76) | (94) | 13 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 1530 | (9) | (93) | (102) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 14105 | 141 | 789 | 930 | 0 | (36) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 22500 | (969) | 520 | (449) | 61 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 30600 | 850 | (223) | 627 | 0 | (82) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 50910 | (1373) | 924 | (449) | 147 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 14440 | (97) | 134 | 37 | 0 | (45) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.524 | Semi-Annual | 01/19/2051 | 23500 | (169) | (9949) | (10118) | 108 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 65800 | 12519 | 18422 | 30941 | 0 | (312) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 | 22900 | (173) | 8208 | 8035 | 0 | (114) |

---

---

| | | |
|:---|:---|:---|
| **36** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.968% | Semi-Annual | 06/23/2051 | $69000 | $(526) | $24726 | $24200 | $0 | $(345) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 1000 | (8) | (381) | (389) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 1000 | (9) | (371) | (380) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 174500 | 20937 | 45100 | 66037 | 0 | (472) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 1300 | (12) | (155) | (167) | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 44800 | 4229 | 4765 | 8994 | 0 | (292) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 109800 | 5438 | 6149 | 11587 | 0 | (296) |
|  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;52757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5375) |

---

#### 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 March 31, 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;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | $&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;(5375) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5522) |

---

(i) Securities with an aggregate market value of $52,702 and cash of $39,028 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION<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 | $54 | $0 | $0 | $0 | $0 |
| GST | Structured Asset Investment Loan Trust 5.034% due 11/25/2034 | 1.950 | Monthly | 11/25/2034 | 1 | (1) | 1 | 0 | 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;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 | $8173 | $(2323) | $1681 | $0 | $(642) |
| DUB | ABX.HE.AA.6-2 Index | 0.170 | Monthly | 05/25/2046 | 107 | (43) | 25 | 0 | (18) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 35 | (1) | 1 | 0 | 0 |
| FBF | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 146 | (124) | 113 | 0 | (11) |
| GST | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 30000 | 232 | (217) | 15 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160600 | (84) | (330) | 0 | (414) |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 32 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 80249 | (4972) | 5007 | 35 | 0 |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3900 | (73) | 76 | 3 | 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 | 1378 | (63) | 63 | 0 | 0 |
| MYC | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 13500 | (38) | 23 | 0 | (15) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 11900 | (5) | (26) | 0 | (31) |
|  | 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) | 635 | 47 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 55100 | 197 | (170) | 27 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 135000 | (340) | 191 | 0 | (149) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 75000 | 300 | (493) | 0 | (193) |
|  |  |  |  |  |  | $(7927) | $6581 | $127 | $(1473) |
|  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;(7928) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1473) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 37

------

Schedule of Investments PIMCO ABS 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 March 31, 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 | $(642) | $(642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | $(62) |
|  DUB | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (18) | (18) | 189 | 171 |
|  FBF | 0 | 0 | 0 | 0 | 0 | 0 | (11) | (11) | (11) | 116 | 105 |
|  GST | 0 | 0 | 50 | 50 | 0 | 0 | (414) | (414) | (364) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364) |
|  JPS | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (46) | (46) | (46) | 19 | (27) |
|  SAL | 0 | 0 | 74 | 74 | 0 | 0 | (342) | (342) | (268) | 325 | 57 |
|  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;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&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;(1473) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1473) |  |  |  |

---

(k) Securities with an aggregate market value of $1,228 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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. 

<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 March 31, 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 | $44 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1106 | 1106 |
|  | $0 | $0 | $0 | $0 | $1150 | $1150 |
|  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 | $127 | $0 | $0 | $0 | $127 |
|  | $0 | $127 | $0 | $0 | $1150 | $1277 |
|  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 | $147 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5375 | 5375 |
|  | $0 | $0 | $0 | $0 | $5522 | $5522 |
|  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 | $1473 | $0 | $0 | $0 | $1473 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | $&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;5522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995 |

---

38 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $(447) | $(447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 28353 | 28353 |
|  | $0 | $0 | $0 | $0 | $27906 | $27906 |
|  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 | $1141 | $1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6991 | 0 | 0 | 0 | 6991 |
|  | $0 | $6991 | $0 | $0 | $1141 | $8132 |
|  | $0 | $6991 | $0 | $0 | $29047 | $36038 |
|  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 | $2279 | $2279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (21675) | (21675) |
|  | $0 | $0 | $0 | $0 | $(19396) | $(19396) |
|  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 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2445) | 0 | 0 | 0 | (2445) |
|  | $0 | $(2445) | $0 | $0 | $(5) | $(2450) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2445) | $&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;(19401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21846) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $17079 | $0 | $17079 |
| &nbsp;&nbsp; Industrials | 0 | 1465 | 0 | 1465 |
|  U.S. Government Agencies | 0 | 4688776 | 0 | 4688776 |
|  U.S. Treasury Obligations | 0 | 88954 | 0 | 88954 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1782385 | 10384 | 1792769 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 59941 | 0 | 59941 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 904786 | 0 | 904786 |
| &nbsp;&nbsp; CMBS Other | 0 | 138627 | 0 | 138627 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 11493 | 0 | 11493 |
| &nbsp;&nbsp; Credit Card Other | 0 | 57453 | 0 | 57453 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1332220 | 0 | 1332220 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 3611 | 0 | 3611 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 20 | 0 | 20 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 5175 | 0 | 5175 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 351086 | 0 | 351086 |
| &nbsp;&nbsp; Other ABS | 0 | 1534087 | 0 | 1534087 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 379 | 0 | 379 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 4876 | 0 | 4876 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5825 | 0 | 5825 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10998622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $681147 | $0 | $0 | $681147 |
|  Total Investments | $681147 | $10988238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11679769 |
|  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 | $(207868) | $0 | $(207868) |
|  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 | 1150 | 0 | 1150 |
|  Over the counter | 0 | 127 | 0 | 127 |
|  | $0 | $1277 | $0 | $1277 |
|  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 | (5522) | 0 | (5522) |
|  Over the counter | 0 | (820) | (653) | (1473) |
|  | $0 | $(6342) | $(653) | $(6995) |
|  Total Financial Derivative Instruments | $0 | $(5065) | $(653) | $(5718) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10775305 | $9731 | $11466183 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO EM Bond 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 97.9% | INVESTMENTS IN SECURITIES 97.9% | INVESTMENTS IN SECURITIES 97.9% |
| BRAZIL 6.3% | BRAZIL 6.3% | BRAZIL 6.3% |
| 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 | 3404 |
| SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.000% due 04/07/2026 | 200 | 202 |
|  6.125% due 03/15/2034 | 5000 | 4873 |
|  7.125% due 05/13/2054 | 10000 | 9585 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (b) | 54600 | 8928 |
|  |  | 23588 |
|  Total Brazil (Cost $27,360) | Total Brazil (Cost $27,360) | 26992 |
| CHILE 2.3% | CHILE 2.3% | CHILE 2.3% |
| 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 | 471 |
|  4.700% due 05/07/2050 | 2000 | 1668 |
|  |  | 2139 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.100% due 01/22/2061 | 500 | 300 |
|  4.340% due 03/07/2042 | 5000 | 4303 |
|  4.850% due 01/22/2029 | 3000 | 3026 |
|  |  | 7629 |
|  Total Chile (Cost $10,803) | Total Chile (Cost $10,803) | 9768 |
| COLOMBIA 7.2% | COLOMBIA 7.2% | COLOMBIA 7.2% |
| 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 | 2632 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  3.125% due 04/15/2031 | 200 | 162 |
|  3.875% due 04/25/2027 | 19800 | 19279 |
|  8.000% due 04/20/2033 | 8000 | 8235 |
|  8.000% due 11/14/2035 | 800 | 806 |
|  |  | 28482 |
|  Total Colombia (Cost $30,740) | Total Colombia (Cost $30,740) | 31114 |
| 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 Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  4.875% due 09/23/2032 | 2500 | 2276 |
|  5.950% due 01/25/2027 | 200 | 201 |
|  Total Dominican Republic (Cost $2,832) | Total Dominican Republic (Cost $2,832) | 2477 |
| 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. | Adani Renewable Energy RJ Ltd. | Adani Renewable Energy RJ Ltd. |
|  4.625% due 10/15/2039 | 1019 | 805 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1000 | 963 |
|  Total India (Cost $2,011) | Total India (Cost $2,011) | 1768 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDONESIA 2.6% | INDONESIA 2.6% | INDONESIA 2.6% |
| 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 | 185 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  3.500% due 02/14/2050 | 2000 | 1420 |
|  4.750% due 07/18/2047 | 755 | 670 |
|  5.125% due 01/15/2045 | 1865 | 1749 |
|  5.250% due 01/17/2042 | 500 | 480 |
|  5.250% due 01/08/2047 | 1249 | 1181 |
|  5.950% due 01/08/2046 | 918 | 942 |
|  6.750% due 01/15/2044 | 2400 | 2687 |
|  7.750% due 01/17/2038 | 1025 | 1241 |
|  Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia |
|  2.300% due 06/23/2025 | 1000 | 996 |
|  |  | 11366 |
|  Total Indonesia (Cost $14,020) | Total Indonesia (Cost $14,020) | 11551 |
| ISRAEL 3.2% | ISRAEL 3.2% | ISRAEL 3.2% |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  3.375% due 01/15/2050 | 5400 | 3515 |
|  3.875% due 07/03/2050 | 5000 | 3537 |
|  5.500% due 03/12/2034 | 7000 | 6972 |
|  Total Israel (Cost $18,479) | Total Israel (Cost $18,479) | 14024 |
| IVORY COAST 1.0% | IVORY COAST 1.0% | IVORY COAST 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  5.250% due 03/22/2030 | 2300 | 2374 |
|  5.875% due 10/17/2031 | 2000 | 2031 |
|  Total Ivory Coast (Cost $4,764) | Total Ivory Coast (Cost $4,764) | 4405 |
| LUXEMBOURG 5.2% | LUXEMBOURG 5.2% | LUXEMBOURG 5.2% |
|  | SHARES |  |
| COMMON STOCKS 1.0% | COMMON STOCKS 1.0% | COMMON STOCKS 1.0% |
|  Drillco Holding Lux SA «(e) | 123735 | 3116 |
|  Foresea Holdings SA « | 48750 | 1228 |
|  |  | 4344 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 4.2% | CORPORATE BONDS & NOTES 4.2% | CORPORATE BONDS & NOTES 4.2% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2149 | 2077 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 200 | 203 |
|  6.103% due 08/23/2042 | 3300 | 3314 |
|  6.129% due 02/23/2038 | 7000 | 7197 |
|  6.510% due 02/23/2042 | 5000 | 5227 |
|  |  | 18018 |
|  Total Luxembourg (Cost $19,850) | Total Luxembourg (Cost $19,850) | 22362 |
| MALAYSIA 0.8% | MALAYSIA 0.8% | MALAYSIA 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. |
|  3.500% due 04/21/2030 | 2500 | 2360 |
|  4.550% due 04/21/2050 | 500 | 426 |
|  4.800% due 04/21/2060 | 200 | 173 |
|  Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. |
|  2.112% due 03/23/2028 | 500 | 465 |
|  Total Malaysia (Cost $3,760) | Total Malaysia (Cost $3,760) | 3424 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MEXICO 11.5% | MEXICO 11.5% | MEXICO 11.5% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  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 | 1754 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 498 | 438 |
|  7.690% due 01/23/2050 | 500 | 375 |
|  10.000% due 02/07/2033 | 3100 | 3232 |
|  |  | 5799 |
| SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  1.350% due 09/18/2027 | 300 | 310 |
|  2.750% due 11/27/2031 (c) | 185788 | 7933 |
|  3.000% due 12/03/2026 (c) | 28803 | 1355 |
|  4.000% due 11/30/2028 (c) | 53058 | 2512 |
|  4.000% due 08/24/2034 (c) | 184693 | 8413 |
|  4.490% due 05/25/2032 | 3000 | 3204 |
|  4.750% due 04/27/2032 | 3000 | 2798 |
|  5.000% due 04/27/2051 | 7300 | 5614 |
|  6.000% due 05/13/2030 | 4500 | 4595 |
|  6.000% due 05/07/2036 | 1200 | 1162 |
|  6.400% due 05/07/2054 | 2000 | 1830 |
|  6.875% due 05/13/2037 | 4500 | 4615 |
|  |  | 44341 |
|  Total Mexico (Cost $56,661) | Total Mexico (Cost $56,661) | 50140 |
| PARAGUAY 0.2% | PARAGUAY 0.2% | PARAGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  4.950% due 04/28/2031 | 1000 | 971 |
|  Total Paraguay (Cost $1,108) | Total Paraguay (Cost $1,108) | 971 |
| PERU 9.6% | PERU 9.6% | PERU 9.6% |
| SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  2.783% due 01/23/2031 | 1000 | 879 |
|  5.375% due 02/08/2035 | 1000 | 983 |
|  5.625% due 11/18/2050 | 2680 | 2556 |
|  5.875% due 08/08/2054 | 1000 | 971 |
|  6.150% due 08/12/2032 | 48170 | 13174 |
|  6.350% due 08/12/2028 | 3500 | 1013 |
|  6.950% due 08/12/2031 | 47600 | 13855 |
|  7.300% due 08/12/2033 | 28400 | 8164 |
|  Total Peru (Cost $42,662) | Total Peru (Cost $42,662) | 41595 |
| POLAND 0.5% | POLAND 0.5% | POLAND 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.125% due 09/18/2034 | 2000 | 1984 |
|  Total Poland (Cost $1,972) | Total Poland (Cost $1,972) | 1984 |
| QATAR 4.3% | QATAR 4.3% | QATAR 4.3% |
| 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 | 606 |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  3.750% due 04/16/2030 | 4100 | 3976 |
|  4.000% due 03/14/2029 | 3200 | 3160 |
|  4.400% due 04/16/2050 | 7000 | 6016 |
|  4.500% due 04/23/2028 | 2000 | 2014 |
|  4.817% due 03/14/2049 | 1200 | 1102 |
|  5.103% due 04/23/2048 | 2000 | 1918 |
|  |  | 18186 |
|  Total Qatar (Cost $19,892) | Total Qatar (Cost $19,892) | 18792 |

---

40 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ROMANIA 4.3% | ROMANIA 4.3% | ROMANIA 4.3% |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 01/28/2032 | 3000 | 2572 |
|  2.000% due 04/14/2033 | 3000 | 2417 |
|  3.624% due 05/26/2030 | 3000 | 3031 |
|  5.375% due 03/22/2031 | 3000 | 3216 |
|  5.625% due 05/30/2037 | 6000 | 5927 |
|  7.500% due 02/10/2037 | 1500 | 1527 |
|  Total Romania (Cost $18,888) | Total Romania (Cost $18,888) | 18690 |
| SAUDI ARABIA 9.7% | SAUDI ARABIA 9.7% | SAUDI ARABIA 9.7% |
| 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 | 3021 |
|  5.750% due 07/17/2054 | 3000 | 2837 |
|  5.875% due 07/17/2064 | 4000 | 3746 |
|  |  | 9604 |
| SOVEREIGN ISSUES 7.5% | SOVEREIGN ISSUES 7.5% | SOVEREIGN ISSUES 7.5% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/26/2026 | 400 | 394 |
|  3.625% due 03/04/2028 | 1500 | 1460 |
|  4.750% due 01/18/2028 | 5000 | 5029 |
|  4.750% due 01/16/2030 | 5000 | 5002 |
|  4.875% due 07/18/2033 | 5000 | 4943 |
|  5.000% due 01/18/2053 | 2000 | 1718 |
|  5.125% due 01/13/2028 | 3000 | 3038 |
|  5.375% due 01/13/2031 | 3000 | 3076 |
|  5.750% due 01/16/2054 | 8000 | 7640 |
|  |  | 32300 |
|  Total Saudi Arabia (Cost $42,198) | Total Saudi Arabia (Cost $42,198) | 41904 |
| SERBIA 4.1% | SERBIA 4.1% | SERBIA 4.1% |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 3000 | 2914 |
|  1.500% due 06/26/2029 | 5400 | 5223 |
|  1.650% due 03/03/2033 | 150 | 126 |
|  2.050% due 09/23/2036 | 2500 | 1971 |
|  3.125% due 05/15/2027 | 6900 | 7359 |
|  Total Serbia (Cost $21,211) | Total Serbia (Cost $21,211) | 17593 |
| SOUTH AFRICA 12.2% | SOUTH AFRICA 12.2% | SOUTH AFRICA 12.2% |
| SOVEREIGN ISSUES 12.2% | SOVEREIGN ISSUES 12.2% | SOVEREIGN ISSUES 12.2% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  4.875% due 04/14/2026 | 200 | 199 |
|  5.750% due 09/30/2049 | 400 | 295 |
|  7.100% due 11/19/2036 | 2000 | 1941 |
|  7.950% due 11/19/2054 | 2000 | 1884 |
|  8.500% due 01/31/2037 | 103500 | 4695 |
|  8.875% due 02/28/2035 | 276500 | 13501 |
|  10.500% due 12/21/2026 | 539300 | 30446 |
|  Total South Africa (Cost $59,503) | Total South Africa (Cost $59,503) | 52961 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TURKEY 1.2% | TURKEY 1.2% | TURKEY 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  7.625% due 05/15/2034 | 5000 | 5045 |
|  Total Turkey (Cost $4,921) | Total Turkey (Cost $4,921) | 5045 |
| UNITED ARAB EMIRATES 3.3% | UNITED ARAB EMIRATES 3.3% | UNITED ARAB EMIRATES 3.3% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.375% due 10/09/2031 | 3000 | 2936 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 2000 | 1965 |
|  |  | 4901 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  1.700% due 03/02/2031 | 2100 | 1809 |
|  2.700% due 09/02/2070 | 4500 | 2492 |
|  3.125% due 04/16/2030 | 4900 | 4644 |
|  3.875% due 04/16/2050 | 793 | 620 |
|  |  | 9565 |
|  Total United Arab Emirates (Cost $17,553) | Total United Arab Emirates (Cost $17,553) | 14466 |
| UNITED STATES 5.3% | UNITED STATES 5.3% | UNITED STATES 5.3% |
| 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 |
|  5.035% due 03/25/2037 •  | 173 | 69 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 199 | 53 |
|  |  | 122 |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 354 | 362 |
|  9.750% due 01/06/2027 | 2005 | 2065 |
|  |  | 2427 |
| 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 |
|  5.068% due 02/25/2036 •  | 4 | 3 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.732% due 03/25/2037 ~ | 11 | 10 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.607% due 07/25/2046 •  | 7 | 7 |
|  6.760% due 03/25/2034 •  | 1 | 1 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.490% due 10/20/2035 •  | 2 | 2 |
|  4.933% due 09/25/2047 •  | 5 | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.023% due 08/19/2036 ~ | 0 | 1 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.795% due 12/25/2036 ~ | 4 | 4 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.915% due 05/25/2037 •  | 82 | 33 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.578% due 06/25/2037 •  | 74 | 34 |
|  5.035% due 03/25/2037 •  | 211 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.369% due 04/25/2037 •  | 14 | 13 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.283% due 06/25/2036 •  | 2 | 2 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ | 5 | 4 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.423% due 05/25/2037 ~ | 17 | 14 |
|  3.727% due 04/25/2037 •  | 10 | 9 |
|  3.846% due 01/25/2037 •  | 14 | 12 |
|  4.313% due 12/25/2036 •  | 31 | 28 |
|  4.356% due 12/25/2036 •  | 9 | 8 |
|  4.834% due 09/25/2036 •  | 13 | 11 |
|  |  | 250 |
| U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2054 (f)(i) | 20000 | 20071 |
|  Total United States (Cost $22,799) | Total United States (Cost $22,799) | 22870 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% |
| 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 |
|  4.400% (d) | 561136 | 561 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| U.S. TREASURY BILLS 2.0% | U.S. TREASURY BILLS 2.0% | U.S. TREASURY BILLS 2.0% |
|  4.294% due 04/10/2025 - 06/26/2025 (a)(b)(i) | 8521 | 8461 |
| Total Short-Term Instruments<br>(Cost $9,022) | Total Short-Term Instruments<br>(Cost $9,022) | 9022 |
| Total Investments in Securities<br>(Cost $453,009) | Total Investments in Securities<br>(Cost $453,009) | 423918 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1981403 | 19287 |
| Total Short-Term Instruments<br>(Cost $19,288) | Total Short-Term Instruments<br>(Cost $19,288) | 19287 |
| Total Investments in Affiliates<br>(Cost $19,288) | Total Investments in Affiliates<br>(Cost $19,288) | 19287 |
| Total Investments 102.4%<br>(Cost $472,297) | Total Investments 102.4%<br>(Cost $472,297) | 443205 |
|  Financial Derivative Instruments (g)(h) 0.8%<br> (Cost or Premiums, net $(2585)) | Financial Derivative Instruments (g)(h) 0.8%<br> (Cost or Premiums, net $(2585)) | 3465 |
| Other Assets and Liabilities, net (3.2)% | Other Assets and Liabilities, net (3.2)% | (13744) |
| Net Assets 100.0% | Net Assets 100.0% | 432926 |

---

#### 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.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

• 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) Principal amount of security is adjusted for inflation.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holding Lux SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | 0.72% |

---

#### 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 |
|  NOM | 4.500% | 03/28/2025 | 04/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19776) | $(19786) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19786) |

---

#### 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 March 31, 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 |
|  NOM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(19786) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19786) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
|  Total Borrowings and Other Financing Transactions | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19786) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight<br>and 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 | $(19786) | $0 | $0 | $(19786) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19786) | $&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;(19786) |
|  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  | $(19786) |

---

(f) Securities with an aggregate market value of $19,896 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(742) at a weighted average interest rate of 4.442%. 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. 

---

| | | |
|:---|:---|:---|
| **42** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&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 June Futures  | 06/2025 | 124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10698 | $159 | $11 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 18 | 2002 | 43 | 0 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 42 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&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 |
|  Pay | 1-Year BRL-CDI | 9.760% | Maturity | 01/04/2027 | BRL | 38500 | $0 | $(540) | $(540) | $12 | $0 |
|  Pay | 1-Year BRL-CDI | 10.145 | Maturity | 01/04/2027 |  | 32100 | 0 | (640) | (640) | 10 | 0 |
|  Pay | 1-Year BRL-CDI | 10.231 | Maturity | 01/04/2027 |  | 132400 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2557) | (2557) | 40 | 0 |
|  Pay | 1-Year BRL-CDI | 12.198 | Maturity | 01/04/2027 |  | 30000 | 0 | (200) | (200) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 12.350 | Maturity | 01/04/2027 |  | 101000 | 0 | (580) | (580) | 30 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 16500 | (345) | (384) | (729) | 0 | (31) |
|  |  |  |  |  |  |  | $(345) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4901) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5246) | $101 | $(31) |
|  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;(314) | $(4905) | $(5219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |

---

#### 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 March 31, 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;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&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;(31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |

---

Cash of $3,204 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

&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 | 04/2025 | 90477 | $600 | $0 | $(4) |
|  | 04/2025 | $46296 | 73184 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) |
|  | 04/2025 | 630 | 94061 | 0 | (2) |
|  | 04/2025 | 20135 | 26919 | 0 | (100) |
|  | 05/2025 | 73184 | $46307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | 0 |
|  | 05/2025 | 26880 | 20135 | 95 | 0 |
|  | 05/2025 | $6237 | 45161 | 3 | (7) |
|  | 05/2025 | 600 | 90173 | 3 | 0 |
|  | 06/2025 | 39869 | $5456 | 0 | (60) |
|  | 06/2025 | $3784 | 27304 | 0 | (6) |
|  | 07/2025 | 22474 | $3119 | 6 | (1) |
|  | 08/2025 | 22478 | 3117 | 0 | (5) |
|  BOA | 04/2025 | 13027665 | 788 | 5 | 0 |
|  | 04/2025 | 1804555 | 1231 | 6 | 0 |
|  | 04/2025 | $2174 | 2013 | 3 | 0 |
|  | 04/2025 | 787 | 13027665 | 0 | (4) |
|  | 05/2025 | 7294 | $997 | 0 | (10) |
|  | 05/2025 | 15692378 | 942 | 2 | 0 |
|  | 05/2025 | $998 | 85760 | 3 | 0 |
|  | 06/2025 | 13120 | $1815 | 2 | (2) |
|  | 06/2025 | 65474 | 46 | 1 | 0 |
|  | 06/2025 | $1853 | 13391 | 0 | (1) |
|  | 06/2025 | 1429 | 2084367 | 0 | (9) |
|  | 08/2025 | 21782 | $3045 | 19 | 0 |
|  | 08/2025 | 1575 | 48 | 0 | 0 |
|  BPS | 04/2025 | 45159 | 7834 | 0 | (80) |
|  | 04/2025 | 76936 | 80673 | 0 | (2518) |
|  | 04/2025 | 3406 | 4306 | 0 | (94) |
|  | 04/2025 | 208068996 | 12552 | 58 | 0 |
|  | 04/2025 | 62290 | 417 | 2 | (1) |
|  | 04/2025 | 206 | 20 | 0 | 0 |
|  | 04/2025 | 2131 | 1601 | 15 | 0 |
|  | 04/2025 | 1120662 | 34106 | 360 | 0 |
|  | 04/2025 | $2607 | 4119 | 0 | (33) |
|  | 04/2025 | 7897 | 45159 | 22 | (6) |
|  | 04/2025 | 3571 | 2775 | 14 | 0 |
|  | 04/2025 | 10809 | 176560584 | 0 | (204) |
|  | 04/2025 | 9506 | 825573 | 141 | 0 |
|  | 04/2025 | 6206 | 925225 | 0 | (37) |
|  | 04/2025 | 8593 | 12477046 | 0 | (121) |
|  | 04/2025 | 11272 | 15102 | 0 | (31) |
|  | 04/2025 | 27026 | 885392 | 0 | (363) |
|  | 04/2025 | 68582 | $3749 | 13 | 0 |
|  | 05/2025 | 39846 | 5491 | 3 | (11) |
|  | 05/2025 | 48023947 | 2887 | 9 | 0 |
|  | 05/2025 | 15078 | 11272 | 30 | 0 |
|  | 05/2025 | 665 | 17 | 0 | 0 |
|  | 05/2025 | $534 | 3065 | 0 | 0 |
|  | 05/2025 | 10141 | 168306227 | 0 | (53) |
|  | 05/2025 | 8983 | 770626 | 11 | 0 |
|  | 05/2025 | 215 | 32182 | 0 | 0 |
|  | 05/2025 | 20 | 206 | 0 | 0 |
|  | 06/2025 | 28885 | $3972 | 0 | (24) |
|  | 06/2025 | 212618 | 149 | 4 | 0 |
|  | 06/2025 | 2297 | 595 | 3 | 0 |
|  | 06/2025 | $15443 | 59719 | 35 | (99) |
|  | 07/2025 | 394826 | $12147 | 186 | 0 |
|  | 08/2025 | 407151 | 12491 | 124 | 0 |
|  | 10/2025 | 25100 | 4191 | 2 | (21) |
|  BRC | 04/2025 | 11116 | 127 | 0 | (3) |
|  | 04/2025 | 3061 | 79 | 1 | 0 |
|  | 04/2025 | $17124 | 15758 | 0 | (85) |
|  | 04/2025 | 7052 | 115444668 | 0 | (128) |
|  | 04/2025 | 598 | 2194 | 0 | (7) |
|  | 04/2025 | 130 | 11103 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 04/2025 | $34 | 383 | $2 | $0 |
|  | 04/2025 | 1598 | 2137 | 0 | (8) |
|  | 04/2025 | 27899 | 1064902 | 117 | (85) |
|  | 05/2025 | 11135 | $130 | 0 | 0 |
|  | 05/2025 | 1909 | 48 | 1 | 0 |
|  | 05/2025 | $17 | 177 | 0 | 0 |
|  | 05/2025 | 31339 | 1233225 | 0 | (792) |
|  | 06/2025 | 3231 | $876 | 0 | (1) |
|  | 06/2025 | 1162 | 29 | 1 | 0 |
|  | 06/2025 | $831 | 3220 | 0 | (2) |
|  | 06/2025 | 22757 | 912529 | 0 | (790) |
|  | 07/2025 | 1400 | 63625 | 93 | 0 |
|  BSH | 04/2025 | 77624 | $49180 | 676 | 0 |
|  | 04/2025 | 31900 | 5650 | 60 | 0 |
|  | 04/2025 | 1139571 | 7588 | 0 | (10) |
|  | 04/2025 | $5555 | 31900 | 35 | 0 |
|  | 04/2025 | 3613 | 13112 | 0 | (44) |
|  | 05/2025 | 7588 | 1135733 | 10 | 0 |
|  | 06/2025 | 9687 | $2641 | 12 | (3) |
|  | 06/2025 | $6082 | 23444 | 0 | (45) |
|  | 07/2025 | 9455 | $2602 | 35 | 0 |
|  | 09/2025 | 5440 | 1485 | 11 | 0 |
|  CBK | 04/2025 | 1231 | 1400 | 9 | 0 |
|  | 04/2025 | 223202326 | 13455 | 52 | 0 |
|  | 04/2025 | 22970 | 6302 | 122 | 0 |
|  | 04/2025 | 226582 | 2645 | 0 | (6) |
|  | 04/2025 | 8422 | 2272 | 0 | (20) |
|  | 04/2025 | 1978015 | 60373 | 804 | 0 |
|  | 04/2025 | $91571 | 130515 | 0 | (871) |
|  | 04/2025 | 7887 | 7299 | 5 | 0 |
|  | 04/2025 | 1000 | 771 | 0 | (4) |
|  | 04/2025 | 23198 | 380133512 | 0 | (382) |
|  | 04/2025 | 27043 | 2355981 | 468 | 0 |
|  | 04/2025 | 506 | 740180 | 0 | (3) |
|  | 04/2025 | 457 | 4587 | 0 | (1) |
|  | 04/2025 | 41814 | 1372254 | 0 | (490) |
|  | 05/2025 | 121436 | $85376 | 862 | 0 |
|  | 05/2025 | 56349558 | 3392 | 15 | 0 |
|  | 05/2025 | 4578 | 457 | 1 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $10105 | 167887892 | 0 | (43) |
|  | 06/2025 | 8755 | $1208 | 0 | (3) |
|  | 06/2025 | 39477511 | 27441 | 552 | 0 |
|  | 06/2025 | 471 | 128 | 0 | 0 |
|  | 06/2025 | $1046 | 992121 | 0 | (2) |
|  | 06/2025 | 1685 | 12164 | 0 | (2) |
|  | 07/2025 | 624975 | $19210 | 278 | 0 |
|  | 08/2025 | 3719 | 999 | 0 | (10) |
|  | 08/2025 | 841401 | 25803 | 246 | 0 |
|  DUB | 04/2025 | 1582 | 997 | 9 | 0 |
|  | 04/2025 | 533015 | 92811 | 0 | (595) |
|  | 04/2025 | 130 | 91 | 0 | 0 |
|  | 04/2025 | 28307 | 7763 | 147 | 0 |
|  | 04/2025 | 529400 | 3599 | 69 | 0 |
|  | 04/2025 | 3900 | 2227 | 13 | 0 |
|  | 04/2025 | 4710 | 3513 | 10 | (2) |
|  | 04/2025 | $92824 | 533015 | 582 | 0 |
|  | 04/2025 | 767 | 687 | 10 | 0 |
|  | 04/2025 | 63 | 1051075 | 0 | 0 |
|  | 04/2025 | 1501 | 129121 | 6 | 0 |
|  | 04/2025 | 2442 | 4250 | 0 | (29) |
|  | 04/2025 | 10288 | 13776 | 0 | (35) |
|  | 05/2025 | 6883609 | $414 | 1 | 0 |
|  | 05/2025 | 4250 | 2444 | 29 | 0 |
|  | 05/2025 | 13756 | 10288 | 33 | 0 |
|  | 05/2025 | $998 | 1582 | 0 | (9) |
|  | 05/2025 | 92811 | 535990 | 545 | 0 |
|  | 06/2025 | 66549037 | $46313 | 1004 | 0 |
|  FAR | 04/2025 | 1264 | 796 | 7 | 0 |
|  | 04/2025 | 604938 | 105347 | 0 | (663) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

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** |
|  | 04/2025 | 50317 | $56449 | $0 | $(425) |
|  | 04/2025 | 24391 | 6719 | 157 | 0 |
|  | 04/2025 | 815296 | 5415 | 0 | (20) |
|  | 04/2025 | $105419 | 604938 | 590 | 0 |
|  | 04/2025 | 4810 | 717711 | 0 | (25) |
|  | 04/2025 | 491 | 16088 | 0 | (6) |
|  | 04/2025 | 30 | 551 | 0 | 0 |
|  | 05/2025 | 1591 | 11476 | 0 | (7) |
|  | 05/2025 | 5415 | 812549 | 20 | 0 |
|  | 06/2025 | 6057 | 35241 | 40 | 0 |
|  | 06/2025 | 9833 | 38011 | 0 | (45) |
|  | 07/2025 | 11432 | $1591 | 6 | 0 |
|  | 07/2025 | 79710 | 21240 | 0 | (395) |
|  GLM | 04/2025 | 234221 | 40908 | 97 | (235) |
|  | 04/2025 | 761572 | 46 | 0 | 0 |
|  | 04/2025 | 2747308 | 1872 | 7 | 0 |
|  | 04/2025 | 10885 | 2912 | 0 | (49) |
|  | 04/2025 | 158 | 4 | 0 | 0 |
|  | 04/2025 | $40434 | 234221 | 610 | 0 |
|  | 04/2025 | 6046 | 99046679 | 0 | (106) |
|  | 04/2025 | 690 | 1008502 | 0 | (4) |
|  | 04/2025 | 37291 | $2044 | 12 | 0 |
|  | 05/2025 | 7092 | 968 | 0 | (10) |
|  | 05/2025 | 27076318 | 1624 | 1 | 0 |
|  | 05/2025 | 10362 | 2782 | 0 | (36) |
|  | 05/2025 | $46 | 762260 | 0 | 0 |
|  | 06/2025 | 237676 | $32754 | 0 | (129) |
|  | 06/2025 | $3796 | 27388 | 2 | (9) |
|  | 06/2025 | 1872 | 2737329 | 0 | (7) |
|  | 06/2025 | 7316 | 28249 | 0 | (42) |
|  | 07/2025 | 75418 | $2319 | 34 | 0 |
|  | 10/2025 | 29500 | 4861 | 0 | (88) |
|  IND | 04/2025 | 95830 | 2931 | 45 | 0 |
|  | 04/2025 | $49 | 43 | 0 | 0 |
|  | 05/2025 | 43 | $49 | 0 | 0 |
|  JPM | 04/2025 | 13118 | 2286 | 0 | (13) |
|  | 04/2025 | 18642853 | 1127 | 8 | 0 |
|  | 04/2025 | 27897 | 7659 | 154 | 0 |
|  | 04/2025 | 310019 | 2059 | 0 | (8) |
|  | 04/2025 | 3906 | 2925 | 17 | 0 |
|  | 04/2025 | 662 | 20 | 0 | 0 |
|  | 04/2025 | $1001 | 1582 | 0 | (13) |
|  | 04/2025 | 2284 | 13118 | 14 | 0 |
|  | 04/2025 | 47211 | 43771 | 118 | 0 |
|  | 04/2025 | 3232 | 53113911 | 0 | (46) |
|  | 04/2025 | 25241 | 2200361 | 452 | 0 |
|  | 04/2025 | 5167 | 770223 | 0 | (32) |
|  | 04/2025 | 506 | 739853 | 0 | (3) |
|  | 04/2025 | 19117 | 626878 | 0 | (239) |
|  | 05/2025 | 7581 | $1038 | 0 | (8) |
|  | 05/2025 | 43771 | 47288 | 0 | (118) |
|  | 05/2025 | 18071114 | 1089 | 6 | 0 |
|  | 05/2025 | 38305 | 862 | 0 | (103) |
|  | 05/2025 | $5844 | 42364 | 8 | (5) |
|  | 05/2025 | 1260 | 189581 | 8 | 0 |
|  | 05/2025 | 39976 | 1796921 | 4443 | 0 |
|  | 06/2025 | 11732 | $1607 | 0 | (16) |
|  | 06/2025 | 5289 | 256 | 0 | 0 |
|  | 06/2025 | $2624 | 53949 | 0 | (15) |
|  | 06/2025 | 17153 | 66376 | 10 | (72) |
|  | 06/2025 | 7018 | 277796 | 0 | (245) |
|  | 07/2025 | 21660 | $3001 | 2 | (3) |
|  | 07/2025 | 399213 | 12273 | 180 | 0 |
|  | 07/2025 | $2286 | 13376 | 13 | 0 |
|  | 08/2025 | 20509 | $2843 | 1 | (7) |
|  | 08/2025 | 400763 | 12285 | 112 | 0 |
|  MBC | 04/2025 | 3022 | 3414 | 0 | (2) |
|  | 04/2025 | 6808 | 653 | 1 | (25) |
|  | 04/2025 | 33243 | 24884 | 142 | 0 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 04/2025 | 278650 | $8614 | $222 | $0 |
|  | 04/2025 | $28 | 40 | 0 | 0 |
|  | 04/2025 | 60946 | 53839 | 0 | (91) |
|  | 04/2025 | 8835 | 8095 | 0 | (82) |
|  | 04/2025 | 4200 | 3250 | 1 | (2) |
|  | 04/2025 | 3066 | 265970 | 42 | 0 |
|  | 04/2025 | 14142 | 464574 | 0 | (151) |
|  | 04/2025 | 80254 | $4390 | 18 | 0 |
|  | 05/2025 | 40 | 28 | 0 | 0 |
|  | 05/2025 | 53647 | 60946 | 90 | 0 |
|  | 05/2025 | 26204 | 3616 | 3 | (2) |
|  | 05/2025 | 10862858 | 653 | 2 | 0 |
|  | 05/2025 | 1301 | 39 | 0 | 0 |
|  | 05/2025 | $2882 | 20894 | 4 | (2) |
|  | 06/2025 | 8589612 | $5970 | 119 | 0 |
|  | 06/2025 | $5033 | 19427 | 0 | (32) |
|  | 07/2025 | 10384 | $1441 | 2 | 0 |
|  | 07/2025 | 237644 | 7292 | 93 | 0 |
|  | 08/2025 | 36471 | 5074 | 13 | (5) |
|  | 08/2025 | 224124 | 6850 | 42 | 0 |
|  MYI | 04/2025 | 130424 | 91623 | 987 | 0 |
|  | 04/2025 | 13938 | 10413 | 39 | 0 |
|  | 04/2025 | 118 | 3 | 0 | 0 |
|  | 04/2025 | $997 | 1585 | 0 | (7) |
|  | 04/2025 | 1356 | 44339 | 0 | (21) |
|  | 04/2025 | 13636 | 249277 | 0 | (55) |
|  | 05/2025 | 9946812 | $598 | 2 | 0 |
|  | 06/2025 | $409 | 1624 | 9 | 0 |
|  NGF | 06/2025 | 3234770 | $2270 | 68 | 0 |
|  RYL | 04/2025 | $218 | 2205 | 1 | 0 |
|  SCX | 04/2025 | 255142 | $1722 | 23 | (2) |
|  | 04/2025 | 350 | 200 | 1 | 0 |
|  | 04/2025 | 9428 | 2557 | 0 | (10) |
|  | 04/2025 | 147587 | 4547 | 103 | 0 |
|  | 04/2025 | $8791 | 143835993 | 0 | (165) |
|  | 04/2025 | 506 | 739067 | 0 | (4) |
|  | 04/2025 | 4109 | 135177 | 0 | (38) |
|  | 05/2025 | 39032 | $5415 | 28 | 0 |
|  | 05/2025 | 4241610 | 255 | 1 | 0 |
|  | 05/2025 | $402 | 60366 | 2 | 0 |
|  | 06/2025 | 7305 | $1006 | 0 | (5) |
|  | 08/2025 | 134058 | 4109 | 37 | 0 |
|  SSB | 04/2025 | 235097 | 40958 | 0 | (241) |
|  | 04/2025 | 3390 | 4384 | 5 | 0 |
|  | 05/2025 | $40958 | 236411 | 220 | 0 |
|  | 05/2025 | 4384 | 3390 | 0 | (5) |
|  | 06/2025 | 225505 | $31119 | 0 | (80) |
|  UAG | 04/2025 | 29360855 | 1770 | 6 | 0 |
|  | 04/2025 | 54 | 1 | 0 | 0 |
|  | 04/2025 | $1819 | 30135394 | 0 | (10) |
|  | 04/2025 | 4743 | 705667 | 0 | (38) |
|  | 05/2025 | 1770 | 29402147 | 0 | (8) |
|  | 06/2025 | 572 | 2206 | 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;18172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13317) |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Put - OTC USD versus TRY | TRY | 40.755 | 05/22/2025 | 39000 | $(814) | $(1462) |
|  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;(814) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1462) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 47

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

#### 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>March 31, 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>March 31, 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 Bond | 1.000% | Quarterly | 12/20/2025 | 0.153% | $6000 | $142 | $(104) | $38 | $0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 400 | (18) | 18 | 0 | 0 |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 2800 | (134) | 127 | 0 | (7) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 700 | (62) | 56 | 0 | (6) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 3000 | (31) | 40 | 9 | 0 |
| BRC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.153 | 5700 | 136 | (99) | 37 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 2110 | (100) | 101 | 1 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 2300 | (116) | 117 | 1 | 0 |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 3500 | (312) | 283 | 0 | (29) |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 4500 | (401) | 364 | 0 | (37) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 12700 | (561) | 545 | 0 | (16) |
|  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;(1457) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) |

---

#### 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 March 31, 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 | 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 | 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 | $673 | $0 | $0 | $673 | $— | (752) | $0 | $0 | $(752) | $(79) | $0 | $(79) |
|  BOA | 41 | 0 | 38 | 79 |  | (26) | 0 | 0 | (26) | 53 | 0 | 53 |
|  BPS | 1032 | 0 | 9 | 1041 |  | (3696) | 0 | (13) | (3709) | (2668) | 2614 | (54) |
|  BRC | 215 | 0 | 38 | 253 |  | (1901) | 0 | 0 | (1901) | (1648) | 2030 | 382 |
|  BSH | 839 | 0 | 0 | 839 |  | (102) | 0 | 0 | (102) | 737 | (240) | 497 |
|  CBK | 3414 | 0 | 1 | 3415 |  | (1837) | 0 | 0 | (1837) | 1578 | (1317) | 261 |
|  DUB | 2458 | 0 | 0 | 2458 |  | (670) | 0 | 0 | (670) | 1788 | (790) | 998 |
|  FAR | 820 | 0 | 0 | 820 |  | (1586) | 0 | 0 | (1586) | (766) | 1540 | 774 |
|  GLM | 763 | 0 | 0 | 763 |  | (715) | (1462) | 0 | (2177) | (1414) | 1430 | 16 |
|  GST | 0 | 0 | 0 | 0 |  | 0 | 0 | (29) | (29) | (29) | 0 | (29) |
|  IND | 45 | 0 | 0 | 45 |  | 0 | 0 | 0 | 0 | 45 | 0 | 45 |
|  JPM | 5546 | 0 | 0 | 5546 |  | (946) | 0 | 0 | (946) | 4600 | (4284) | 316 |
|  MBC | 794 | 0 | 0 | 794 |  | (394) | 0 | 0 | (394) | 400 | (330) | 70 |
|  MYC | 0 | 0 | 0 | 0 |  | 0 | 0 | (53) | (53) | (53) | 112 | 59 |
|  MYI | 1037 | 0 | 0 | 1037 |  | (83) | 0 | 0 | (83) | 954 | (225) | 729 |
|  NGF | 68 | 0 | 0 | 68 |  | 0 | 0 | 0 | 0 | 68 | 0 | 68 |
|  RYL | 1 | 0 | 0 | 1 |  | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 195 | 0 | 0 | 195 |  | (224) | 0 | 0 | (224) | (29) | 0 | (29) |
|  SSB | 225 | 0 | 0 | 225 |  | (326) | 0 | 0 | (326) | (101) | 303 | 202 |
|  UAG | 6 | 0 | 0 | 6 |  | (59) | 0 | 0 | (59) | (53) | 0 | (53) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18258 | $— | (13317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1462) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14874) |  |  |  |

---

(i) Securities with an aggregate market value of $8,029 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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. 

---

| | | |
|:---|:---|:---|
| **48** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

<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 March 31, 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 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 101 | 101 |
|  | $0 | $0 | $0 | $0 | $112 | $112 |
|  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 | $18172 | $0 | $18172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 86 | 0 | 0 | 0 | 86 |
|  | $0 | $86 | $0 | $18172 | $0 | $18258 |
|  | $0 | $86 | $0 | $18172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18370 |
|  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  | $0 | $0 | $0 | $0 | $31 | $31 |
|  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 | $13317 | $0 | $13317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1462 | 0 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 95 | 0 | 0 | 0 | 95 |
|  | $0 | $95 | $0 | $14779 | $0 | $14874 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14779 | $31 | $14905 |
| <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $176 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 29 | 0 | 0 | (1007) | (978) |
|  | $0 | $29 | $0 | $0 | $(831) | $(802) |
|  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 | $28601 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 785 | 0 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 577 | 0 | 0 | 0 | 577 |
|  | $0 | $577 | $0 | $29386 | $0 | $29963 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29386 | $(831) | $29161 |
|  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 | $133 | $133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3) | 0 | 0 | (3996) | (3999) |
|  | $0 | $(3) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3863) | $(3866) |
|  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 | $(558) | $0 | $(558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (648) | 0 | (648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (84) | 0 | 0 | 0 | (84) |
|  | $0 | $(84) | $0 | $(1206) | $0 | $(1290) |
|  | $0 | $(87) | $0 | $(1206) | $(3863) | $(5156) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 49

------

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 March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>03/31/2025** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3404 | $0 | $3404 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23588 | 0 | 23588 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2139 | 0 | 2139 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7629 | 0 | 7629 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2632 | 0 | 2632 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 28482 | 0 | 28482 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2477 | 0 | 2477 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1768 | 0 | 1768 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 185 | 0 | 185 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11366 | 0 | 11366 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14024 | 0 | 14024 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4405 | 0 | 4405 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 4344 | 4344 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18018 | 0 | 18018 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3424 | 0 | 3424 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5799 | 0 | 5799 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 44341 | 0 | 44341 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 971 | 0 | 971 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41595 | 0 | 41595 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1984 | 0 | 1984 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 606 | 0 | 606 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18186 | 0 | 18186 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18690 | 0 | 18690 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9604 | 0 | 9604 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32300 | 0 | 32300 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br>**Value at<br>03/31/2025** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $17593 | $0 | $17593 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 52961 | 0 | 52961 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5045 | 0 | 5045 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4901 | 0 | 4901 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9565 | 0 | 9565 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 122 | 0 | 122 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2427 | 0 | 2427 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 250 | 0 | 250 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 20071 | 0 | 20071 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 561 | 0 | 561 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 8461 | 0 | 8461 |
|  | $0 | $419574 | $4344 | $423918 |
|  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 | $19287 | $0 | $0 | $19287 |
|  Total Investments | $19287 | $419574 | $4344 | $443205 |
|  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 | 11 | 101 | 0 | 112 |
|  Over the counter | 0 | 18258 | 0 | 18258 |
|  | $11 | $18359 | $0 | $18370 |
|  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 | (31) | 0 | (31) |
|  Over the counter | 0 | (14874) | 0 | (14874) |
|  | $0 | $(14905) | $0 | $(14905) |
|  Total Financial Derivative Instruments | $11 | $3454 | $0 | $3465 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446670 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | 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 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025 <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 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | $4161 | $0 | $0 | $0 | $0 | $183 | $0 | $0 | $4344 | $183 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163 | $&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;183 | $&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;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |

---

50 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

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 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | 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 |
|  Luxembourg<br>Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | Indicative Market Quotation | Broker Quote | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.188 |  |
|  Total | $4344 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

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 101.4% | INVESTMENTS IN SECURITIES 101.4% | INVESTMENTS IN SECURITIES 101.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 7.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.9% |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.825% due 10/10/2029 ~ | 323 | 318 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.322% due 01/27/2032 | 150 | 149 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.549% due 07/06/2029 ~ | 50 | 43 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% due 03/26/2032 | 172 | 171 |
|  TBD% due 03/26/2032 µ | 3 | 3 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.073% due 05/01/2031 | 248 | 243 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  6.299% due 12/31/2030 | 595 | 594 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.152% due 07/20/2026 « | 1056 | 1056 |
|  12.277% due 11/03/2028 « | 5021 | 5097 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  8.075% due 06/27/2031 | 174 | 174 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 100 | 99 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.790% due 10/31/2028 ~ | 226 | 226 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.573% due 06/04/2029 ~ | 99 | 96 |
|  Hudson's Bay Co. | Hudson's Bay Co. | Hudson's Bay Co. |
|  TBD% due 04/03/2026 « | 197 | 194 |
|  Lifepoint Health, Inc. | Lifepoint Health, Inc. | Lifepoint Health, Inc. |
|  7.817% due 05/19/2031 ~ | 100 | 96 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.575% due 10/23/2028 ~ | 529 | 529 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 233 | 226 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  7.799% due 11/12/2029 | 100 | 96 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  TBD% due 09/18/2031 | 100 | 100 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  7.296% due 04/04/2029 ~ | 100 | 99 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.549% due 05/30/2031 | 100 | 99 |
|  TGP Holdings III LLC | TGP Holdings III LLC | TGP Holdings III LLC |
|  7.675% due 06/29/2028 | 85 | 78 |
|  The Stepstone Group MidCo 2 GmbH | The Stepstone Group MidCo 2 GmbH | The Stepstone Group MidCo 2 GmbH |
|  TBD% due 12/04/2031 ~ | 550 | 544 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 | 298 | 297 |
|  7.049% due 03/22/2030 | 297 | 297 |
|  X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ | 375 | 373 |
|  Total Loan Participations and Assignments<br>(Cost $11,126) | Total Loan Participations and Assignments<br>(Cost $11,126) | 11297 |
| CORPORATE BONDS & NOTES 83.4% | CORPORATE BONDS & NOTES 83.4% | CORPORATE BONDS & NOTES 83.4% |
| BANKING & FINANCE 13.6% | BANKING & FINANCE 13.6% | BANKING & FINANCE 13.6% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 | 525 | 516 |
|  7.000% due 01/15/2031 | 350 | 351 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 75 | 71 |
|  6.375% due 02/15/2029 | 325 | 328 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 1000 | 972 |
|  Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
|  7.125% due 05/15/2031 | 100 | 101 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  8.500% due 09/10/2030 ~ | 400 | 442 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  8.000% due 05/25/2028 | 100 | 107 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(g) | 200 | 210 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  4.550% due 10/01/2029 | 200 | 182 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 ~ | 25 | 24 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 750 | 746 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 375 | 339 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 25 | 25 |
|  9.250% due 12/15/2028 | 125 | 132 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 350 | 361 |
|  9.250% due 04/01/2029 | 100 | 105 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  6.750% due 09/15/2031 | 125 | 123 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.271% due 01/09/2027 | 25 | 24 |
|  5.918% due 03/20/2028 | 50 | 50 |
|  6.800% due 05/12/2028 | 25 | 26 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  7.000% due 05/01/2031 | 450 | 458 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 800 | 797 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 50 | 49 |
|  9.125% due 05/15/2031 | 225 | 227 |
|  9.250% due 02/01/2029 | 125 | 127 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  6.875% due 04/15/2029 | 225 | 228 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 125 | 120 |
|  GN Bondco LLC | GN Bondco LLC | GN Bondco LLC |
|  9.500% due 10/15/2031 | 550 | 551 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 325 | 335 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 200 | 174 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  6.250% due 05/15/2026 | 180 | 178 |
|  10.000% due 11/15/2029 | 175 | 174 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 400 | 359 |
|  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 | 231 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 75 | 69 |
|  4.875% due 09/15/2027 | 25 | 25 |
|  5.250% due 07/15/2030 | 50 | 48 |
|  5.625% due 07/15/2032 | 175 | 167 |
|  6.250% due 01/15/2033 | 400 | 396 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  4.500% due 11/15/2029 | 500 | 473 |
|  6.125% due 11/01/2032 | 150 | 148 |
|  7.125% due 04/30/2031 | 275 | 283 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 100 | 107 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.750% due 06/15/2029 | 75 | 71 |
|  7.000% due 07/15/2031 | 150 | 154 |
|  MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
|  8.500% due 02/15/2032 | 150 | 153 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 | 400 | 401 |
|  6.500% due 08/01/2029 | 250 | 254 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 200 | 196 |
|  6.750% due 06/15/2026 | 200 | 202 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 700 | 735 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 50 | 47 |
|  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. |
|  6.625% due 05/15/2029 | 150 | 150 |
|  7.125% due 11/15/2031 | 100 | 101 |
|  7.500% due 05/15/2031 | 150 | 153 |
|  9.000% due 01/15/2029 | 1275 | 1339 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 150 | 106 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 675 | 688 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 325 | 304 |
|  7.000% due 02/01/2030 | 25 | 25 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 150 | 148 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 500 | 475 |
|  7.125% due 11/15/2030 | 275 | 280 |
|  7.875% due 12/15/2029 | 100 | 104 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 125 | 131 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 75 | 74 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  6.500% due 04/01/2032 | 325 | 325 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 175 | 157 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  8.375% due 06/15/2029 | 450 | 450 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 | 25 | 26 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 25 | 24 |
|  6.000% due 04/15/2030 | 75 | 73 |
|  6.500% due 07/01/2030 | 125 | 125 |
|  6.500% due 10/15/2030 (a) | 75 | 74 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(f)(g) | 100 | 109 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 226 | 231 |
|  VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
|  7.500% due 06/15/2031 | 150 | 154 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 100 | 85 |
|  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 | 74 |
|  |  | 19441 |
| INDUSTRIALS 65.3% | INDUSTRIALS 65.3% | INDUSTRIALS 65.3% |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 100 | 102 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.000% due 04/15/2029 | 25 | 24 |
|  Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
|  7.500% due 02/15/2033 | 100 | 94 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 400 | 376 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  3.500% due 03/15/2032 | 200 | 168 |
|  3.900% due 04/15/2030 | 25 | 22 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 275 | 241 |
|  Affinity Interactive | Affinity Interactive | Affinity Interactive |
|  6.875% due 12/15/2027 | 75 | 57 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  4.625% due 01/15/2027 | 375 | 370 |
|  4.875% due 02/15/2030 | 475 | 454 |
|  5.875% due 02/15/2028 | 125 | 125 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  8.750% due 04/15/2027 | 200 | 204 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  4.125% due 03/31/2029 | 200 | 186 |
|  Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
|  7.250% due 08/15/2027 | 150 | 146 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 300 | 304 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.500% due 10/15/2029 | 1000 | 794 |
|  8.125% due 02/01/2027 | 125 | 112 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 400 | 399 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 400 | 301 |
|  10.250% due 01/15/2029 | 200 | 207 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 125 | 123 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 125 | 128 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 52 | 51 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 208 | 208 |
|  5.750% due 04/20/2029 | 900 | 881 |
|  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 | 161 |
|  4.000% due 01/15/2028 | 275 | 263 |
|  Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
|  6.375% due 03/15/2033 | 225 | 224 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 275 | 255 |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 150 | 152 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 125 | 127 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  6.625% due 10/15/2032 | 500 | 498 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 500 | 453 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 175 | 164 |
|  Avis Budget Car Rental LLC | Avis Budget Car Rental LLC | Avis Budget Car Rental LLC |
|  4.750% due 04/01/2028 | 150 | 138 |
|  5.375% due 03/01/2029 | 75 | 68 |
|  8.000% due 02/15/2031 | 100 | 98 |
|  8.250% due 01/15/2030 | 225 | 220 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 100 | 101 |
|  6.250% due 03/15/2033 | 75 | 76 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 25 | 25 |
|  B.C. Ltd. | B.C. Ltd. | B.C. Ltd. |
|  10.000% due 04/15/2032 (a) | 325 | 323 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  3.500% due 02/15/2029 | 1125 | 1041 |
|  4.000% due 10/15/2030 | 1050 | 951 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 75 | 65 |
|  3.125% due 09/15/2031 | 25 | 22 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 500 | 519 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 300 | 243 |
|  11.000% due 09/30/2028 | 250 | 238 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.625% due 05/01/2027 | 1225 | 1206 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  6.500% due 05/15/2032 | 200 | 202 |
|  Borr IHC Ltd. | Borr IHC Ltd. | Borr IHC Ltd. |
|  10.000% due 11/15/2028 | 46 | 44 |
|  10.375% due 11/15/2030 | 24 | 22 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 12/01/2027 | 75 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  6.750% due 02/01/2030 | 150 | 152 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 325 | 291 |
|  6.375% due 03/01/2034 | 325 | 323 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 25 | 24 |
|  4.125% due 04/15/2029 | 125 | 117 |
|  Cable One, Inc. | Cable One, Inc. | Cable One, Inc. |
|  4.000% due 11/15/2030 | 100 | 79 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  7.000% due 02/15/2030 | 375 | 380 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 25 | 25 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 200 | 206 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 75 | 72 |
|  5.750% due 03/01/2027 | 575 | 576 |
|  5.750% due 03/15/2030 | 1125 | 1121 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 200 | 212 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (b) | 50 | 56 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.250% due 02/01/2031 | 225 | 200 |
|  4.250% due 01/15/2034 | 850 | 700 |
|  4.750% due 02/01/2032 | 500 | 445 |
|  5.000% due 02/01/2028 | 1700 | 1651 |
|  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 | 298 |
|  6.629% due 07/15/2032 | 200 | 206 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 | 175 | 154 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.250% due 06/15/2029 | 25 | 22 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 | 150 | 135 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 575 | 590 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.375% due 12/01/2031 | 50 | 52 |
|  Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
|  9.500% due 01/01/2031 | 50 | 53 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  3.500% due 02/11/2027 | 425 | 441 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 425 | 423 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 575 | 559 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 275 | 253 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.625% due 11/01/2030 | 25 | 26 |
|  8.750% due 07/01/2031 | 175 | 180 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.750% due 02/15/2030 | 50 | 51 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  4.875% due 07/01/2029 | 700 | 625 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  6.875% due 11/01/2029 | 125 | 122 |
|  7.000% due 03/15/2032 | 450 | 432 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 500 | 486 |
|  8.250% due 06/30/2032 | 225 | 229 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 (a) | 400 | 403 |
|  6.875% due 01/15/2030 | 475 | 479 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 | 200 | 186 |
|  CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
|  7.250% due 03/01/2032 | 75 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 75 | 59 |
|  5.250% due 05/15/2030 | 700 | 578 |
|  5.625% due 03/15/2027 | 25 | 24 |
|  6.000% due 01/15/2029 | 500 | 445 |
|  10.875% due 01/15/2032 | 275 | 271 |
|  Connect Finco SARL | Connect Finco SARL | Connect Finco SARL |
|  9.000% due 09/15/2029 | 300 | 274 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 | 100 | 96 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 225 | 217 |
|  7.625% due 04/01/2032 | 175 | 173 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  6.875% due 09/01/2032 | 100 | 101 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 250 | 258 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 50 | 50 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 | 75 | 78 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 | 525 | 509 |
|  10.000% due 02/15/2031 | 100 | 96 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 700 | 736 |
|  Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 275 | 268 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 175 | 173 |
|  Embecta Corp. | Embecta Corp. | Embecta Corp. |
|  5.000% due 02/15/2030 | 300 | 269 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
|  6.750% due 07/15/2031 | 200 | 202 |
|  Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. |
|  8.500% due 04/15/2031 | 75 | 78 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  4.500% due 01/15/2029 | 93 | 90 |
|  4.750% due 01/15/2031 | 100 | 96 |
|  7.500% due 06/01/2030 | 1000 | 1081 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
|  9.000% due 05/15/2028 | 50 | 52 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  6.750% due 01/15/2030 | 225 | 195 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 325 | 298 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  7.500% due 06/01/2031 | 275 | 278 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 | 350 | 351 |
|  8.625% due 03/15/2031 | 75 | 80 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 850 | 768 |
|  3.875% due 10/01/2031 | 100 | 86 |
|  Genesee & Wyoming, Inc. | Genesee & Wyoming, Inc. | Genesee & Wyoming, Inc. |
|  6.250% due 04/15/2032 | 300 | 300 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.000% due 08/01/2028 | 100 | 95 |
|  4.375% due 08/15/2029 | 375 | 354 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 | 151 | 151 |
|  Global Partners LP | Global Partners LP | Global Partners LP |
|  8.250% due 01/15/2032 | 100 | 103 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 475 | 465 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 125 | 123 |
|  7.375% due 10/01/2030 (a) | 275 | 270 |
|  7.625% due 07/01/2029 | 25 | 25 |
|  9.250% due 12/01/2028 | 500 | 525 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 300 | 293 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  6.375% due 07/15/2032 | 250 | 251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  4.750% due 10/15/2030 | 100 | 64 |
|  5.375% due 11/15/2031 | 175 | 109 |
|  10.500% due 07/15/2029 | 75 | 78 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
|  8.750% due 11/15/2029 | 50 | 50 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 325 | 318 |
|  Gulfport Energy Corp. | Gulfport Energy Corp. | Gulfport Energy Corp. |
|  6.750% due 09/01/2029 | 75 | 76 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 150 | 140 |
|  Helios Software Holdings, Inc. | Helios Software Holdings, Inc. | Helios Software Holdings, Inc. |
|  4.625% due 05/01/2028 | 25 | 23 |
|  8.750% due 05/01/2029 | 100 | 100 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 | 150 | 151 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 800 | 702 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 | 300 | 264 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 525 | 538 |
|  Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. |
|  9.000% due 02/15/2029 | 50 | 50 |
|  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 | 173 |
|  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 | 73 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 800 | 760 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 25 | 25 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 700 | 654 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 | 25 | 25 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 425 | 414 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 200 | 190 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  7.000% due 09/01/2032 | 325 | 289 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 800 | 790 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  4.500% due 06/01/2031 | 125 | 111 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 25 | 24 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 50 | 51 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 150 | 153 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 350 | 342 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  5.875% due 11/01/2028 | 25 | 20 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.500% due 04/01/2030 | 50 | 40 |
|  10.750% due 12/15/2030 | 25 | 28 |
|  11.000% due 11/15/2029 | 465 | 519 |
|  LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
|  7.000% due 11/15/2032 | 125 | 118 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 175 | 176 |
|  11.000% due 10/15/2030 | 600 | 653 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 100 | 103 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 | 200 | 195 |
|  Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC |
|  6.875% due 12/01/2032 | 125 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Masterbrand, Inc. | Masterbrand, Inc. | Masterbrand, Inc. |
|  7.000% due 07/15/2032 | 50 | 50 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 600 | 587 |
|  Match Group Holdings LLC | Match Group Holdings LLC | Match Group Holdings LLC |
|  3.625% due 10/01/2031 | 150 | 129 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 25 | 24 |
|  7.375% due 09/01/2031 | 225 | 226 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 800 | 748 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 350 | 344 |
|  Methanex U.S. Operations, Inc. | Methanex U.S. Operations, Inc. | Methanex U.S. Operations, Inc. |
|  6.250% due 03/15/2032 | 100 | 98 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  6.125% due 09/15/2029 | 25 | 25 |
|  6.500% due 04/15/2032 | 225 | 221 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 350 | 329 |
|  Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. |
|  6.750% due 04/01/2032 | 150 | 149 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 05/15/2032 | 200 | 176 |
|  4.375% due 06/15/2028 | 125 | 119 |
|  6.250% due 01/15/2033 | 200 | 197 |
|  Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
|  6.625% due 11/15/2027 | 200 | 191 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 50 | 49 |
|  Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. |
|  6.000% due 10/01/2032 | 225 | 217 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 150 | 133 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.375% due 05/15/2027 | 100 | 99 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  6.750% due 02/01/2032 | 375 | 371 |
|  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 | 261 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.625% due 05/15/2032 | 43 | 42 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 500 | 410 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 232 | 196 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 40 | 38 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 525 | 525 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.250% due 08/01/2031 | 50 | 43 |
|  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 | 200 | 202 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 375 | 350 |
|  Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
|  6.875% due 01/30/2030 | 150 | 152 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 250 | 253 |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 | 75 | 78 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  6.625% due 04/01/2033 | 125 | 122 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 850 | 786 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 75 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Opal BIDCO | Opal BIDCO | Opal BIDCO |
|  6.500% due 03/31/2032 | 700 | 700 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 450 | 411 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 275 | 257 |
|  6.750% due 05/15/2034 | 275 | 270 |
|  Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer LLC |
|  4.375% due 10/15/2028 | 175 | 179 |
|  Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. |
|  4.000% due 10/15/2027 | 525 | 530 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.500% due 10/01/2029 | 100 | 94 |
|  6.625% due 08/15/2032 | 75 | 75 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  7.000% due 01/15/2032 | 600 | 614 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 12/15/2044 | 700 | 555 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | 1250 | 173 |
|  5.500% due 04/12/2037 ^(c) | 1250 | 175 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 150 | 136 |
|  5.500% due 12/15/2029 | 300 | 292 |
|  6.250% due 10/15/2034 | 875 | 864 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 900 | 850 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 50 | 48 |
|  6.250% due 04/01/2029 | 200 | 200 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 200 | 193 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 375 | 378 |
|  6.750% due 03/01/2033 | 100 | 100 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 125 | 133 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 50 | 50 |
|  9.750% due 04/15/2029 | 200 | 218 |
|  11.250% due 02/15/2027 | 200 | 217 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 1000 | 991 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 500 | 487 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
|  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 | 125 | 127 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.625% due 09/30/2031 | 675 | 663 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 150 | 149 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 125 | 124 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 125 | 119 |
|  Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
|  3.875% due 01/15/2029 | 100 | 79 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 450 | 450 |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.091% due 06/01/2029 | 225 | 212 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
|  6.625% due 07/15/2032 | 425 | 421 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 275 | 245 |
|  Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC |
|  6.750% due 08/15/2032 | 100 | 101 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 1000 | 928 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
|  8.125% due 02/15/2033 | 175 | 173 |
|  Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
|  3.875% due 09/01/2031 | 875 | 751 |
|  4.125% due 07/01/2030 | 100 | 89 |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  6.500% due 10/01/2028 | 150 | 151 |
|  SK Invictus Intermediate SARL | SK Invictus Intermediate SARL | SK Invictus Intermediate SARL |
|  5.000% due 10/30/2029 | 25 | 23 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 200 | 197 |
|  7.000% due 08/01/2032 | 225 | 221 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 100 | 100 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.750% due 10/15/2029 | 100 | 92 |
|  Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/06/2030 ^(b)(c) | 662 | 586 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  6.500% due 06/01/2032 | 350 | 354 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 275 | 262 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.375% due 07/15/2030 | 1000 | 924 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 175 | 168 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 75 | 72 |
|  4.625% due 12/01/2031 | 325 | 292 |
|  6.625% due 03/15/2032 | 225 | 223 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 100 | 102 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 300 | 300 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 05/15/2029 | 225 | 213 |
|  6.250% due 07/01/2033 | 25 | 25 |
|  7.000% due 05/01/2029 | 150 | 154 |
|  7.250% due 05/01/2032 | 100 | 103 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 200 | 198 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 350 | 332 |
|  Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. |
|  8.000% due 11/17/2028 | 50 | 48 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 125 | 118 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 175 | 181 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 425 | 394 |
|  4.125% due 02/15/2032 | 400 | 356 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.375% due 03/01/2029 | 100 | 101 |
|  6.875% due 12/15/2030 | 500 | 511 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 45 | 46 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.000% due 02/01/2027 | 175 | 174 |
|  8.250% due 05/15/2029 | 150 | 147 |
|  8.750% due 02/15/2030 | 20 | 21 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  5.500% due 08/15/2026 | 175 | 172 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 125 | 113 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 325 | 324 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  5.750% due 04/15/2033 | 300 | 293 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 300 | 305 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 275 | 243 |
|  4.000% due 07/15/2030 | 266 | 246 |
|  6.125% due 03/15/2034 | 150 | 150 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  6.625% due 06/01/2027 | 250 | 248 |
|  8.000% due 08/15/2028 | 550 | 552 |
|  8.500% due 07/31/2031 | 575 | 562 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 675 | 676 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 175 | 183 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 325 | 283 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 525 | 452 |
|  4.125% due 08/15/2031 | 300 | 273 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.500% due 02/01/2029 | 1300 | 1395 |
|  9.875% due 02/01/2032 | 900 | 956 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 | 225 | 239 |
|  Vermilion Energy, Inc. | Vermilion Energy, Inc. | Vermilion Energy, Inc. |
|  7.250% due 02/15/2033 | 50 | 48 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 150 | 143 |
|  Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
|  4.625% due 07/15/2029 | 75 | 66 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 1425 | 1255 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 625 | 641 |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  6.375% due 02/01/2030 | 50 | 44 |
|  7.875% due 05/01/2027 | 100 | 98 |
|  9.500% due 06/01/2028 | 100 | 99 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 200 | 186 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.750% due 07/15/2031 | 1000 | 870 |
|  Walgreen Co. | Walgreen Co. | Walgreen Co. |
|  4.400% due 09/15/2042 | 30 | 26 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  4.100% due 04/15/2050 | 50 | 43 |
|  4.650% due 06/01/2046 | 25 | 22 |
|  4.800% due 11/18/2044 | 25 | 23 |
|  8.125% due 08/15/2029 | 400 | 409 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 300 | 307 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 150 | 151 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 150 | 144 |
|  7.750% due 09/15/2030 | 250 | 242 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  8.625% due 04/30/2030 | 200 | 203 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 200 | 181 |
|  3.100% due 02/01/2032 | 150 | 126 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 75 | 74 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 | 375 | 380 |
|  6.625% due 04/15/2030 | 50 | 51 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 | 50 | 51 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.000% due 02/15/2031 | 450 | 402 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  6.250% due 03/15/2033 | 25 | 24 |
|  7.125% due 02/15/2031 | 750 | 777 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 800 | 747 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 | 200 | 182 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 200 | 190 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 100 | 92 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 625 | 550 |
|  |  | 93160 |
| UTILITIES 4.5% | UTILITIES 4.5% | UTILITIES 4.5% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 175 | 167 |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 | 175 | 178 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  5.750% due 03/01/2027 | 400 | 399 |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.625% due 09/01/2032 | 75 | 75 |
|  Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC |
|  7.000% due 07/15/2029 | 100 | 102 |
|  7.250% due 07/15/2032 | 100 | 104 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 | 400 | 365 |
|  5.000% due 02/01/2031 | 700 | 669 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 200 | 201 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 225 | 254 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 234 | 226 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.875% due 05/15/2032 | 200 | 202 |
|  8.000% due 05/15/2033 | 150 | 151 |
|  8.250% due 01/15/2029 | 75 | 77 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  5.750% due 02/01/2029 | 175 | 169 |
|  6.000% due 04/15/2030 | 400 | 381 |
|  6.250% due 11/01/2028 | 50 | 50 |
|  Iliad Holding SASU | Iliad Holding SASU | Iliad Holding SASU |
|  7.000% due 04/15/2032 | 250 | 251 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 | 200 | 206 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  4.125% due 04/15/2029 | 130 | 123 |
|  4.125% due 04/15/2030 | 25 | 23 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.625% due 02/15/2031 | 175 | 155 |
|  5.750% due 07/15/2029 | 275 | 271 |
|  6.000% due 02/01/2033 | 75 | 73 |
|  6.250% due 11/01/2034 | 275 | 271 |
|  PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC |
|  7.875% due 09/15/2030 | 200 | 175 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  | 100 | 99 |
|  Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP |
|  6.000% due 12/31/2030 | 375 | 356 |
|  7.375% due 02/15/2029 | 100 | 101 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 50 | 48 |
|  6.875% due 04/15/2032 | 375 | 383 |
|  7.750% due 10/15/2031 | 100 | 105 |
|  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 |
|  |  | 6436 |
|  Total Corporate Bonds & Notes<br>(Cost $120,691) | Total Corporate Bonds & Notes<br>(Cost $120,691) | 119037 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  Sunrise, Florida Special Assessment Bonds, Series 2015 | Sunrise, Florida Special Assessment Bonds, Series 2015 | Sunrise, Florida Special Assessment Bonds, Series 2015 |
|  4.800% due 05/01/2025 | 130 | 130 |
|  Total Municipal Bonds & Notes<br>(Cost $130) | Total Municipal Bonds & Notes<br>(Cost $130) | 130 |
| 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 | 5411 |
|  Total U.S. Treasury Obligations<br>(Cost $5,462) | Total U.S. Treasury Obligations<br>(Cost $5,462) | 5411 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 55

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| COMMON STOCKS 5.6% | COMMON STOCKS 5.6% | COMMON STOCKS 5.6% | COMMON STOCKS 5.6% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 163228 | $— | 181 |
| ENERGY 0.5% | ENERGY 0.5% | ENERGY 0.5% | ENERGY 0.5% |
|  California Resources Corp. | 14960 |  | 658 |
|  New Fortress Energy, Inc. «(d) | 4910 |  | 38 |
|  |  |  | 696 |
| FINANCIALS 1.0% | FINANCIALS 1.0% | FINANCIALS 1.0% | FINANCIALS 1.0% |
|  Hipotecaria Su Casita SA «(d) | 78886 |  | 0 |
|  Intelsat Emergence SA «(i) | 26145 |  | 881 |
|  Mr. Cooper Group, Inc. (d) | 4374 |  | 523 |
|  |  |  | 1404 |
| HEALTH CARE 3.4% | HEALTH CARE 3.4% | HEALTH CARE 3.4% | HEALTH CARE 3.4% |
|  Amsurg Equity «(d)(i) | 78042 |  | 3648 |
|  NVHL SA 'A' «(d)(i) | 197572 |  | 121 |
|  NVHL SA 'B' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'C' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'D' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'E' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'F' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'G' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'H' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'I' «(d)(i) | 197572 |  | 122 |
|  NVHL SA 'J' «(d)(i) | 197572 |  | 122 |
|  |  |  | 4867 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Foresea Holdings SA « | 22653 | $— | 570 |
|  Spirit Aviation Holdings Inc. «(d) | 15646 |  | 235 |
|  |  |  | 805 |
|  Total Common Stocks (Cost $13,196) | Total Common Stocks (Cost $13,196) |  | 7953 |
| WARRANTS 0.2% | WARRANTS 0.2% | WARRANTS 0.2% | WARRANTS 0.2% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(i) | 3 |  | 0 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 « | 17784 |  | 267 |
|  Total Warrants (Cost $219) | Total Warrants (Cost $219) |  | 267 |
| 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% |
|  First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
|  8.533% due 01/04/2027 ~(f) | 350000 |  | 359 |
|  Total Preferred Securities (Cost $350) | Total Preferred Securities (Cost $350) |  | 359 |
| 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 4.400% (h) | 291971 |  | 292 |
|  Total Short-Term Instruments<br> (Cost $292) | Total Short-Term Instruments<br> (Cost $292) |  | 292 |
|  Total Investments in Securities<br> (Cost $151,466) | Total Investments in Securities<br> (Cost $151,466) |  | 144746 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.7% | 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% | COMMON STOCKS 0.1% |
| AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% |
|  Xfit Brands, Inc. «(d) | 68040639 | $— | 193 |
| Total Common Stocks (Cost $4,074) | Total Common Stocks (Cost $4,074) |  | 193 |
| 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<br>Floating NAV Portfolio III | 232499 |  | 2263 |
| Total Short-Term Instruments<br>(Cost $2,263) | Total Short-Term Instruments<br>(Cost $2,263) |  | 2263 |
| Total Investments in Affiliates<br>(Cost $6,337) | Total Investments in Affiliates<br>(Cost $6,337) |  | 2456 |
| Total Investments 103.1%<br>(Cost $157,803) | Total Investments 103.1%<br>(Cost $157,803) | $— | 147202 |
|  Financial Derivative<br>Instruments (k)(l) (0.0)%<br> (Cost or Premiums, net $220) |  |  | (68) |
| Other Assets and Liabilities, net (3.1)% | Other Assets and Liabilities, net (3.1)% |  | (4404) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 142730 |

---

#### 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 Equity | 11/02/2023 - 11/06/2023 | $3261 | $3648 | 2.55% |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Intelsat Emergence SA | 09/05/2018 - 02/23/2024 | 2449 | 881 | 0.61 |
|  NVHL SA 'A' | 03/09/2012 - 05/01/2013 | 0 | 121 | 0.08 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  NVHL SA 'B' | 03/09/2012 - 05/01/2013 | $0 | $122 | 0.08% |
|  NVHL SA 'C' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.08 |
|  NVHL SA 'D' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'E' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'F' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'G' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'H' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'I' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  NVHL SA 'J' | 03/09/2012 - 05/01/2013 | 0 | 122 | 0.09 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748 | 4.03% |

---

#### 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 | 4.440% | 03/20/2025 | 04/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3517) | $(3522) |
|  JPS | 4.450 | 03/19/2025 | 04/02/2025 | (1871) | (1875) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5397) |

---

#### 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 March 31, 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 | $(3522) | $0 | $(3522) | $3533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  JPS | 0 | (1875) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | 3 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5397) | $&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 | $(5397) | $0 | $0 | $(5397) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5397) | $&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;(5397) |
|  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  | $(5397) |

---

(j) Securities with an aggregate market value of $5,411 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(375) at a weighted average interest rate of 4.429%. 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

&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 2-Year Note June Futures  | 06/2025 | 40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | $50 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 49 | 5300 | 32 | 0 | (1) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 45 | 5005 | 20 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 2 | 228 | 2 | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 2 | 245 | 6 | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 |
|  Euro-Bund June Futures  | 06/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $3 | $0 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</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>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</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 | 1.605% | EUR | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 |

---

#### 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-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $72 | $0 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 2200 | 110 | 7 | 117 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&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 | 3.500% | Annual | 03/19/2030 |  | 1275 | $(36) | $(2) | $(38) | $6 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 |  | $3100 | 22 | (15) | 7 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.742 | Annual | 08/31/2029 |  | 3700 | 0 | (19) | (19) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 725 | 6 | (7) | (1) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 12/31/2031 |  | 2400 | 0 | (16) | (16) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 |  | 975 | 42 | (15) | 27 | 0 | (2) |
|  |  |  |  |  |  |  | $34 | $(74) | $(40) | $6 | $(11) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $220 | $(77) | $143 | $10 | $(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 March 31, 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&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;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

58 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

Cash of $949 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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.

&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 |
|  BOA | 05/2025 | $352 | 2736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  BPS | 04/2025 | 2070 | 2171 | 0 | (68) |
|  JPM | 04/2025 | $2233 | 2070 | 6 | 0 |
|  | 05/2025 | 2070 | $2236 | 0 | (5) |
|  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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |

---

#### 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 March 31, 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> |
|  BPS | $&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 | $(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
|  JPM | 6 | 0 | 0 | 6 | (5) | 0 | 0 | (5) | 1 | 0 | 1 |
|  Total Over the Counter | $&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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&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;(73) |  |  |  |

---

<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 March 31, 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;2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 6 | 10 |
|  | $0 | $4 | $0 | $0 | $8 | $&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 | $6 | $0 | $6 |
|  | $0 | $4 | $0 | $6 | $8 | $18 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 59

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (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; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11 | 11 |
|  | $0 | $0 | $0 | $0 | $13 | $13 |
|  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 | $73 | $0 | $73 |
|  | $&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;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170) | $(170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 342 | 0 | 0 | 81 | 423 |
|  | $0 | $342 | $0 | $0 | $(89) | $253 |
|  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 | $187 | $0 | $187 |
|  | $0 | $342 | $0 | $187 | $(89) | $440 |
|  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 | $69 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (128) | 0 | 0 | (73) | (201) |
|  | $0 | $(128) | $0 | $0 | $(4) | $(132) |
|  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 | $(120) | $0 | $(120) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $4950 | $6347 | $11297 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 19441 | 0 | 19441 |
| &nbsp;&nbsp; Industrials | 0 | 92750 | 410 | 93160 |
| &nbsp;&nbsp; Utilities | 0 | 6436 | 0 | 6436 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Florida | 0 | 130 | 0 | 130 |
|  U.S. Treasury Obligations | 0 | 5411 | 0 | 5411 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 181 | 0 | 0 | 181 |
| &nbsp;&nbsp; Energy | 658 | 0 | 38 | 696 |
| &nbsp;&nbsp; Financials | 523 | 0 | 881 | 1404 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 4867 | 4867 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 805 | 805 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 267 | 267 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 359 | 0 | 359 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 292 | 0 | 292 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144746 |
|  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; Affiliated Investments | 0 | 0 | 193 | 193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2263 | $0 | $0 | $2263 |
|  | $2263 | $0 | $193 | $2456 |
|  Total Investments | $3625 | $129769 | $13808 | $147202 |
|  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 | 12 | 0 | 12 |
|  Over the counter | 0 | 6 | 0 | 6 |
|  | $0 | $18 | $0 | $18 |
|  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) | (12) | 0 | (13) |
|  Over the counter | 0 | (73) | 0 | (73) |
|  | $(1) | $(85) | $0 | $(86) |
|  Total Financial Derivative Instruments | $(1) | $(67) | $0 | $(68) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147134 |

---

60 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | 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 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<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 | $5818 | $456 | $0 | $18 | $0 | $55 | $0 | $0 | $6347 | $55 |
|  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 | 29 | 0 | (36) | 0 | 0 | 7 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 0 | 0 | 0 | 0 | 410 | 0 | 410 | 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; Communication Services | 57 | 0 | (41) | 0 | (522) | 506 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Energy | 311 | 0 | (529) | 0 | 218 | 38 | 0 | 0 | 38 | 38 |
| &nbsp;&nbsp; Financials | 717 | 0 | 0 | 0 | 0 | 164 | 0 | 0 | 881 | 164 |
| &nbsp;&nbsp; Health Care | 4926 | 0 | 0 | 0 | 0 | (59) | 0 | 0 | 4867 | (59) |
| &nbsp;&nbsp; Industrials | 1646 | 233 | (1039) | 0 | 797 | (832) | 0 | 0 | 805 | 26 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 219 | 0 | 0 | 0 | 48 | 0 | 0 | 267 | 48 |
|  | $13504 | $908 | $(1645) | $18 | $493 | $(73) | $410 | $0 | $13615 | $272 |
|  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 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Consumer Discretionary | 120 | 0 | 0 | 0 | 0 | 73 | 0 | 0 | 193 | 73 |
|  Totals | $13624 | $908 | $(1645) | $18 | $493 | $0 | $410 | $0 | $13808 | $345 |

---

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 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | 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 | $1056 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
|  | 194 | Discounted Cash Flow | Discount Rate |  | 14.360 |  |
|  | 5097 | Third Party Vendor | Broker Quote |  | 101.500 |  |
|  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 | 410 | Indicative Market Quotation | Broker Quote |  | 82.000 |  |
| Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 38 | Reference Instrument | Stock Price w/Liquidity Discount |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 881 | Comparable Companies | EBITDA Multiple |  | 4.660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3649 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
|  | 1218 | Discounted Cash Flow | Discount Rate |  | 20.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 805 | Indicative Market Quotation | Broker Quote | $— | 15.000-25.188 | 22.218 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 267 | Indicative Market Quotation | Broker Quote | $— | 15.000 |  |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |  |  |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 193 | Reference Instrument/Discounted Cash Flow | Stock Price w/Liquidity Discount/Discount Rate |  | 0.003/20.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13808 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

Schedule of Investments PIMCO Investment Grade 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 115.3% | INVESTMENTS IN SECURITIES 115.3% | INVESTMENTS IN SECURITIES 115.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 | 1548 | 1548 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 «•  | 5404 | 5098 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.310% due 12/07/2030 ~ | 6913 | 6884 |
|  Total Loan Participations and Assignments (Cost $13,831) | Total Loan Participations and Assignments (Cost $13,831) | 13530 |
| CORPORATE BONDS & NOTES 85.4% | CORPORATE BONDS & NOTES 85.4% | CORPORATE BONDS & NOTES 85.4% |
| BANKING & FINANCE 45.1% | BANKING & FINANCE 45.1% | BANKING & FINANCE 45.1% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 5061 | 4892 |
|  4.450% due 04/03/2026 | 10275 | 10268 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.900% due 04/06/2028 | 540 | 532 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 8600 | 8121 |
|  5.950% due 02/15/2029 | 2471 | 2542 |
|  6.500% due 07/18/2028 | 1000 | 1042 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.450% due 04/30/2025 | 300 | 300 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 2068 | 2158 |
|  8.000% due 11/01/2031 (j) | 4000 | 4459 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 6900 | 6090 |
|  6.150% due 10/01/2034 | 3000 | 3002 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.625% due 04/15/2032 | 9000 | 8175 |
|  4.250% due 02/15/2028 | 962 | 952 |
|  4.900% due 02/15/2029 | 340 | 341 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.500% due 01/31/2028 | 1000 | 918 |
|  2.700% due 04/15/2031 | 4000 | 3539 |
|  2.750% due 01/15/2027 | 8800 | 8522 |
|  3.550% due 07/15/2027 | 2711 | 2651 |
|  3.950% due 03/15/2029 | 1000 | 972 |
|  4.050% due 03/15/2032 | 10100 | 9539 |
|  5.000% due 01/31/2030 | 5300 | 5346 |
|  5.200% due 02/15/2029 | 600 | 610 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.600% due 05/15/2032 (a) | 100 | 100 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 6000 | 5714 |
|  3.750% due 07/15/2027 | 6100 | 5832 |
|  3.950% due 07/15/2026 | 5400 | 5300 |
|  6.350% due 10/23/2029 | 3500 | 3505 |
|  6.500% due 02/08/2029 | 2000 | 2012 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.150% due 03/01/2029 | 1650 | 1680 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.700% due 07/29/2031 | 2700 | 2787 |
|  6.900% due 04/13/2029 | 1700 | 1764 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 1235 | 898 |
|  Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC |
|  4.125% due 06/30/2051 •  | 100 | 97 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  6.375% due 11/10/2028 | 8200 | 8650 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  5.700% due 03/15/2028 | 3000 | 3001 |
|  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 | 6290 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.573% due 03/25/2027 ~ | 15000 | 15102 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 2036 | 1989 |
|  3.500% due 11/01/2027 | 9876 | 9543 |
|  4.125% due 08/01/2025 | 943 | 940 |
|  4.875% due 10/01/2025 | 1500 | 1500 |
|  5.375% due 07/15/2029 | 6400 | 6454 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 18679 | 17490 |
|  4.950% due 01/15/2028 | 2000 | 1992 |
|  5.150% due 01/15/2030 | 1000 | 992 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 1000 | 1028 |
|  7.883% due 11/15/2034 •  | 1800 | 2026 |
|  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 | 1681 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 2000 | 1980 |
|  5.294% due 08/18/2027 | 2000 | 2026 |
|  5.538% due 03/14/2030 •  | 1000 | 1021 |
|  6.607% due 11/07/2028 (j) | 18700 | 19878 |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  3.466% due 09/23/2036 •(g) | 200 | 177 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.319% due 06/19/2026 •(j) | 10000 | 9929 |
|  1.898% due 07/23/2031 •  | 2000 | 1721 |
|  1.922% due 10/24/2031 •  | 2000 | 1712 |
|  3.824% due 01/20/2028 •  | 3000 | 2963 |
|  5.371% due 01/24/2031 ~ | 3900 | 3901 |
|  5.819% due 09/15/2029 •  | 6845 | 7095 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.645% due 06/24/2031 •  | 14600 | 12969 |
|  5.304% due 08/09/2026 •  | 325 | 326 |
|  5.501% due 08/09/2028 •  | 1470 | 1492 |
|  6.224% due 05/09/2034 •  | 10500 | 10943 |
|  6.238% due 09/13/2027 •  | 15000 | 15268 |
|  7.385% due 11/02/2028 •  | 500 | 531 |
|  7.437% due 11/02/2033 •  | 1400 | 1563 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 6200 | 6174 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 7200 | 6562 |
|  2.500% due 01/10/2030 | 1200 | 1092 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  5.875% due 11/15/2027 | 1400 | 1423 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 100 | 88 |
|  4.125% due 10/07/2051 | 2300 | 1645 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.219% due 06/09/2026 •  | 6400 | 6369 |
|  2.871% due 04/19/2032 •  | 7400 | 6509 |
|  5.738% due 02/20/2035 •  | 7600 | 7777 |
|  5.786% due 01/13/2033 ~ | 6200 | 6341 |
|  7.375% due 09/10/2034 •(f)(g) | 8500 | 8520 |
|  8.500% due 08/14/2028 •(f)(g) | 2000 | 2097 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 750 | 738 |
|  5.716% due 01/18/2030 •  | 600 | 612 |
|  5.876% due 01/14/2031 ~ | 6400 | 6558 |
|  5.936% due 05/30/2035 •  | 2491 | 2511 |
|  5.975% due 01/18/2027 •  | 4919 | 4964 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 6000 | 6306 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.900% due 01/25/2028 | 1598 | 1570 |
|  5.675% due 01/15/2035 | 1000 | 1024 |
|  5.968% due 03/04/2054 | 450 | 453 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 1800 | 1861 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 5000 | 5278 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.312% due 06/08/2029 •  | 2500 | 2600 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 1127 | 985 |
|  4.100% due 06/15/2051 | 1000 | 719 |
|  7.500% due 05/30/2029 | 800 | 839 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.488% due 12/04/2026 | 6000 | 6102 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.887% due 01/10/2028 •  | 2000 | 1976 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
|  2.250% due 04/28/2025 | 1000 | 998 |
|  3.750% due 02/18/2026 | 1170 | 1161 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.500% due 06/15/2033 | 5600 | 5713 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 8371 | 8573 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 2500 | 2524 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 3000 | 2672 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 4000 | 3686 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 1600 | 1472 |
|  4.999% due 09/11/2030 •  | 3600 | 3584 |
|  5.706% due 02/08/2028 •  | 4200 | 4265 |
|  6.720% due 01/18/2029 •  | 6807 | 7127 |
|  7.146% due 07/13/2027 •  | 1729 | 1778 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  5.550% due 01/15/2028 | 500 | 512 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 5200 | 4522 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2000 | 1876 |
|  4.500% due 04/01/2025 | 3500 | 3500 |
|  4.500% due 06/01/2027 | 1200 | 1184 |
|  4.750% due 12/15/2026 | 8200 | 8166 |
|  4.950% due 04/15/2028 | 4700 | 4656 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.800% due 03/08/2028 | 7000 | 6470 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.000% due 01/15/2030 | 4200 | 3868 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 1600 | 1339 |
|  3.875% due 12/15/2027 | 2274 | 2236 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 3300 | 3360 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 4300 | 4244 |
|  6.000% due 12/07/2033 | 3600 | 3753 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.991% 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 | 1915 |
|  FMR LLC | FMR LLC | FMR LLC |
|  4.950% due 02/01/2033 | 1600 | 1600 |
|  5.150% due 02/01/2043 | 300 | 290 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 400 | 386 |
|  3.815% due 11/02/2027 | 6595 | 6293 |
|  4.125% due 08/17/2027 | 5790 | 5595 |
|  4.271% due 01/09/2027 | 3330 | 3262 |
|  4.542% due 08/01/2026 | 4765 | 4705 |
|  4.950% due 05/28/2027 | 1050 | 1035 |
|  5.125% due 11/05/2026 | 8016 | 7967 |
|  5.800% due 03/05/2027 | 10315 | 10364 |
|  5.800% due 03/08/2029 | 4000 | 3963 |
|  5.850% due 05/17/2027 | 1574 | 1583 |
|  6.950% due 03/06/2026 | 1889 | 1910 |
|  6.950% due 06/10/2026 | 2950 | 2996 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 | 100 | 95 |
|  6.125% due 01/15/2030 | 4000 | 3981 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 1056 | 1030 |
|  3.850% due 04/11/2025 | 2000 | 1999 |
|  5.500% due 01/08/2029 | 3000 | 3062 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 | 200 | 193 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 1200 | 1040 |
|  4.000% due 01/15/2030 | 4270 | 4040 |
|  4.000% due 01/15/2031 | 6200 | 5785 |
|  5.300% due 01/15/2029 | 2800 | 2806 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.375% due 04/15/2026 | $— | 100 | $— | 100 |
|  5.750% due 06/01/2028 |  | 1200 |  | 1222 |
|  6.750% due 12/01/2033 |  | 1300 |  | 1380 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.600% due 02/07/2030 |  | 4180 |  | 3789 |
|  3.615% due 03/15/2028 •  |  | 9062 |  | 8897 |
|  4.223% due 05/01/2029 •  |  | 460 |  | 454 |
|  6.208% due 03/15/2028 •  |  | 600 |  | 613 |
|  6.484% due 10/24/2029 •  |  | 14837 |  | 15676 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  2.050% due 02/15/2027 |  | 2400 |  | 2262 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | 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 |  | 1940 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | 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 |  | 15163 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 |  | 1500 |  | 1318 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  3.875% due 05/01/2025 |  | 160 |  | 160 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 |  | 1000 |  | 849 |
|  3.050% due 02/15/2030 |  | 3500 |  | 3128 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 |  | 3700 |  | 3440 |
|  3.500% due 09/15/2030 |  | 1700 |  | 1559 |
|  5.500% due 04/15/2035 |  | 6800 |  | 6668 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 |  | 1200 |  | 1184 |
|  6.750% due 01/30/2029 |  | 100 |  | 103 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.546% due 03/04/2030 •(j) |  | 19363 |  | 19790 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 |  | 1000 |  | 885 |
|  Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
|  2.800% due 02/10/2031 |  | 2400 |  | 2130 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  3.875% due 05/16/2027 •(f)(g) |  | 200 |  | 184 |
|  5.525% due 03/25/2036 ~ |  | 1000 |  | 1002 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 |  | 7100 |  | 7879 |
|  8.248% due 11/21/2033 •  |  | 3700 |  | 4251 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 |  | 4421 |  | 3702 |
|  2.300% due 11/15/2028 |  | 1800 |  | 1651 |
|  5.500% due 08/15/2033 |  | 1000 |  | 1007 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  |  | 750 |  | 714 |
|  2.545% due 11/08/2032 •  |  | 7000 |  | 6056 |
|  2.580% due 04/22/2032 •  |  | 500 |  | 439 |
|  3.509% due 01/23/2029 •  |  | 200 |  | 194 |
|  3.960% due 01/29/2027 •  |  | 10700 |  | 10648 |
|  4.452% due 12/05/2029 •  |  | 120 |  | 119 |
|  4.851% due 07/25/2028 •  |  | 9300 |  | 9361 |
|  4.995% due 07/22/2030 •  |  | 5100 |  | 5147 |
|  5.012% due 01/23/2030 •  |  | 1300 |  | 1315 |
|  5.140% due 01/24/2031 ~ |  | 7600 |  | 7720 |
|  5.299% due 07/24/2029 •  |  | 1463 |  | 1493 |
|  5.581% due 04/22/2030 •  |  | 5000 |  | 5158 |
|  6.070% due 10/22/2027 •  |  | 3600 |  | 3686 |
|  6.087% due 10/23/2029 •  |  | 8300 |  | 8692 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 |  | 7533 |  | 6708 |
|  4.375% due 10/01/2025 |  | 4300 |  | 4290 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 |  | 5000 |  | 5199 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 1000 |  | 700 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 01/11/2027 (j) |  | 2600 |  | 2566 |
|  4.375% due 03/22/2028 |  | 1600 |  | 1586 |
|  5.985% due 08/07/2027 •  |  | 2737 |  | 2783 |
|  8.000% due 09/27/2029 •(f)(g) |  | 2300 |  | 2393 |
|  Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. |
|  3.200% due 05/15/2030 |  | 1900 |  | 1779 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.700% due 09/15/2030 |  | 2400 |  | 2115 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.100% due 04/26/2048 •  | 600 | 598 |
|  6.100% due 06/11/2055 ~ | 6100 | 6094 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.839% due 09/13/2026 | 3946 | 3859 |
|  2.869% due 09/13/2030 •  | 800 | 738 |
|  5.594% due 07/10/2035 •  | 2000 | 2048 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.210% due 04/20/2028 •  | 600 | 596 |
|  5.164% due 04/20/2029 •  | 2507 | 2541 |
|  5.173% due 01/16/2030 •  | 2600 | 2635 |
|  5.320% due 07/19/2035 •  | 2500 | 2501 |
|  5.656% due 04/18/2030 •  | 4000 | 4125 |
|  6.407% due 11/01/2029 •  | 3000 | 3167 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 2000 | 1979 |
|  6.150% due 05/17/2029 | 1000 | 1011 |
|  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 | 2028 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 2600 | 2254 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 11599 | 11441 |
|  6.557% due 10/18/2027 •  | 453 | 465 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | 1900 | 1439 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 | 100 | 131 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 20035 | 20168 |
|  7.300% due 11/19/2034 •(f)(g) | 4500 | 4449 |
|  Neuberger Berman Group LLC | Neuberger Berman Group LLC | Neuberger Berman Group LLC |
|  4.500% due 03/15/2027 | 884 | 880 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  | 200 | 173 |
|  6.250% due 09/13/2053 •  | 2000 | 2080 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2700 | 2750 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 8409 | 8095 |
|  2.679% due 07/16/2030 | 5000 | 4460 |
|  3.103% due 01/16/2030 | 3200 | 2952 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  3.625% due 09/30/2059 | 2000 | 1360 |
|  Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
|  6.340% due 02/27/2030 | 500 | 498 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.500% due 04/01/2027 | 3657 | 3641 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  1.600% due 09/21/2028 | 4900 | 4450 |
|  4.980% due 06/04/2026 •  | 1700 | 1705 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 | 600 | 813 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 | 1000 | 679 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 | 3400 | 3533 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.737% due 09/21/2030 | 4800 | 4135 |
|  4.772% due 12/09/2029 (j) | 12500 | 12537 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 3973 | 3474 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 200 | 172 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.500% due 01/11/2031 | 1000 | 1029 |
|  6.000% due 11/21/2028 | 4000 | 4188 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  5.125% due 08/15/2026 | 1800 | 1799 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 3400 | 3442 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 8220 | 8034 |
|  5.353% due 09/06/2030 •  | 2400 | 2391 |
|  5.807% due 09/09/2026 •  | 500 | 502 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  | 3500 | 3365 |
|  5.694% due 04/15/2031 ~ | 5000 | 5106 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.631% due 05/15/2051 | 15600 | 14820 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.500% due 03/11/2029 | 3500 | 3578 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1000 | 878 |
|  5.400% due 04/30/2030 | 1400 | 1403 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 | 8418 | 7704 |
|  5.522% due 07/09/2029 •  | 10000 | 10098 |
|  5.784% due 01/13/2026 ~ | 4800 | 4843 |
|  6.600% due 06/05/2034 •(f)(g) | 2000 | 2001 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 | 100 | 87 |
|  4.200% due 04/15/2032 | 1900 | 1784 |
|  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 | 2440 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.994% due 04/05/2029 | 200 | 203 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 (j) | 4500 | 4215 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 9600 | 9016 |
|  UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 (j) | 15100 | 16264 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 2000 | 1781 |
|  4.875% due 02/12/2027 •(f)(g) | 1000 | 972 |
|  5.699% due 02/08/2035 •  | 4066 | 4171 |
|  5.959% due 01/12/2034 •(j) | 20400 | 21231 |
|  6.301% due 09/22/2034 •  | 6900 | 7337 |
|  6.537% due 08/12/2033 •  | 250 | 268 |
|  6.850% due 09/10/2029 •(f)(g) | 1000 | 997 |
|  9.250% due 11/13/2028 •(f)(g) | 1350 | 1470 |
|  9.250% due 11/13/2033 •(f)(g) | 3000 | 3431 |
|  9.250% due 11/13/2033 ~(f)(g) | 1000 | 1144 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 4600 | 4522 |
|  Unum Group | Unum Group | Unum Group |
|  3.875% due 11/05/2025 | 4760 | 4719 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 7600 | 7266 |
|  4.750% due 02/15/2028 | 1900 | 1901 |
|  5.125% due 05/15/2032 | 1600 | 1567 |
|  5.625% due 04/01/2035 (a) | 700 | 697 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.879% due 10/30/2030 •  | 2000 | 1844 |
|  5.211% due 12/03/2035 •  | 4000 | 3974 |
|  5.244% due 01/24/2031 ~ | 4800 | 4881 |
|  5.389% due 04/24/2034 •  | 1700 | 1712 |
|  5.574% due 07/25/2029 •  | 6076 | 6242 |
|  5.707% due 04/22/2028 •  | 2000 | 2044 |
|  6.303% due 10/23/2029 •  | 6300 | 6626 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 12000 | 11566 |
|  4.750% due 05/15/2026 | 4100 | 4107 |
|  |  | 1112822 |
| INDUSTRIALS 28.5% | INDUSTRIALS 28.5% | INDUSTRIALS 28.5% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 | 5205 | 4919 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1600 | 1541 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 3870 | 3632 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 4563 | 4552 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.600% due 05/27/2030 | 7700 | 6929 |
|  Allegion PLC | Allegion PLC | Allegion PLC |
|  3.500% due 10/01/2029 | 3000 | 2853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 87 | 76 |
|  3.000% due 04/15/2030 | 4047 | 3827 |
|  3.150% due 08/15/2033 | 4103 | 3769 |
|  3.200% due 12/15/2029 | 1681 | 1603 |
|  3.350% due 04/15/2031 | 5963 | 5666 |
|  3.375% due 11/01/2028 | 630 | 611 |
|  3.575% due 07/15/2029 | 2621 | 2537 |
|  3.600% due 03/22/2029 | 4353 | 4221 |
|  3.700% due 04/01/2028 | 362 | 355 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.050% due 08/18/2029 | 4936 | 4828 |
|  5.250% due 03/02/2030 | 6400 | 6548 |
|  5.600% due 03/02/2043 | 2100 | 2083 |
|  5.650% due 03/02/2053 (j) | 6500 | 6381 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 2656 | 2667 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 | 4000 | 3884 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  3.400% due 04/15/2030 | 800 | 750 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 8500 | 8463 |
|  4.375% due 12/15/2028 | 6800 | 6626 |
|  6.125% due 11/21/2026 | 10800 | 11004 |
|  6.375% due 11/21/2030 | 4567 | 4784 |
|  6.500% due 11/21/2033 | 19600 | 20602 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  4.875% due 07/15/2026 | 6700 | 6700 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 2300 | 2305 |
|  4.750% due 03/21/2028 | 2900 | 2907 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 24300 | 23780 |
|  5.705% due 05/01/2040 | 1400 | 1362 |
|  5.805% due 05/01/2050 | 4600 | 4384 |
|  5.930% due 05/01/2060 | 13200 | 12430 |
|  6.259% due 05/01/2027 | 8000 | 8233 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 5700 | 5416 |
|  5.950% due 08/04/2033 | 1000 | 998 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.500% due 11/15/2035 | 3000 | 3330 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 85 | 76 |
|  3.300% due 06/15/2034 | 76 | 71 |
|  3.350% due 12/15/2030 | 2665 | 2542 |
|  3.800% due 03/20/2033 | 1130 | 1092 |
|  4.125% due 03/20/2033 | 1412 | 1343 |
|  4.250% due 05/15/2034 | 227 | 219 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 27858 | 24518 |
|  2.600% due 02/15/2033 | 8300 | 6998 |
|  3.419% due 04/15/2033 | 6543 | 5828 |
|  3.469% due 04/15/2034 | 19767 | 17408 |
|  4.926% due 05/15/2037 | 12249 | 11783 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 | 100 | 84 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  2.450% due 12/02/2031 | 6000 | 5177 |
|  CDW LLC | CDW LLC | CDW LLC |
|  2.670% due 12/01/2026 | 2500 | 2414 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 1000 | 913 |
|  2.500% due 03/01/2031 | 2000 | 1688 |
|  2.625% due 08/01/2031 | 1600 | 1346 |
|  3.000% due 10/15/2030 | 3625 | 3174 |
|  4.250% due 12/15/2027 | 1346 | 1314 |
|  4.625% due 12/15/2029 | 2491 | 2388 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 9500 | 9087 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.900% due 06/01/2052 | 6000 | 3882 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.850% due 11/01/2028 | 1160 | 1163 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  4.700% due 01/15/2030 | 3200 | 3220 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 100 | 85 |
|  Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical |
|  5.550% due 07/01/2033 «(i) | 1100 | 1102 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  1.800% due 10/01/2030 | 4400 | 3709 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 1053 | 1122 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 400 | 382 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 2600 | 2274 |
|  5.125% due 05/15/2029 | 200 | 201 |
|  5.375% due 07/15/2025 | 7000 | 7004 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 | 5000 | 4686 |
|  7.375% due 01/15/2026 | 1104 | 1124 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  4.625% due 11/02/2031 | 100 | 83 |
|  Edwards Lifesciences Corp. | Edwards Lifesciences Corp. | Edwards Lifesciences Corp. |
|  4.300% due 06/15/2028 | 970 | 958 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.250% due 05/15/2030 | 10124 | 9021 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 900 | 892 |
|  4.950% due 05/15/2028 | 900 | 907 |
|  5.550% due 02/15/2028 | 600 | 614 |
|  5.950% due 12/01/2025 | 1100 | 1105 |
|  6.050% due 12/01/2026 | 6900 | 7053 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 2000 | 2017 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  5.100% due 06/01/2028 | 3000 | 3040 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  6.750% due 04/15/2029 | 1300 | 1317 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 1100 | 1017 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 9700 | 8549 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 100 | 100 |
|  Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. |
|  1.875% due 12/01/2026 | 1200 | 1147 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 1900 | 1954 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 (a) | 2500 | 2491 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 16400 | 15213 |
|  5.500% due 06/01/2033 | 6800 | 6828 |
|  5.625% due 09/01/2028 | 1334 | 1365 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  5.749% due 01/15/2035 | 5000 | 5043 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 04/23/2030 | 7100 | 7301 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 2000 | 1926 |
|  5.511% due 08/04/2025 ~ | 4000 | 4008 |
|  6.000% due 07/11/2025 | 4000 | 4011 |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  5.809% due 05/08/2027 | 3178 | 3245 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  4.250% due 07/21/2025 | 430 | 429 |
|  Infor, Inc. | Infor, Inc. | Infor, Inc. |
|  1.750% due 07/15/2025 | 3800 | 3762 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1998 | 1737 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  5.050% due 03/15/2029 | 2000 | 2027 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  8.050% due 10/15/2030 | 6500 | 7387 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.400% due 03/15/2035 | 5321 | 5366 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  2.900% due 06/25/2025 | 2200 | 2189 |
|  3.500% due 08/18/2026 | 4250 | 4171 |
|  3.900% due 08/08/2029 | 5300 | 4989 |
|  5.900% due 06/01/2027 | 16000 | 16262 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.625% due 06/15/2030 | 3900 | 3871 |
|  5.550% due 10/15/2028 | 3800 | 3910 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 4000 | 4018 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 1000 | 987 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 2900 | 2628 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  5.375% due 11/15/2029 | 3525 | 3640 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 2550 | 2481 |
|  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 | 1036 |
|  Northwest Pipeline LLC | Northwest Pipeline LLC | Northwest Pipeline LLC |
|  4.000% due 04/01/2027 | 3500 | 3462 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 2760 | 2530 |
|  NXP BV | NXP BV | NXP BV |
|  4.300% due 06/18/2029 | 500 | 490 |
|  5.550% due 12/01/2028 | 600 | 615 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 1500 | 1500 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.250% due 11/15/2027 | 2800 | 2715 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  5.650% due 05/15/2028 | 600 | 615 |
|  6.250% due 07/15/2033 | 1000 | 1033 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.350% due 02/12/2028 | 5000 | 4637 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  4.750% due 05/20/2032 | 800 | 790 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 250 | 256 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.750% due 09/02/2027 | 1100 | 1027 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 13000 | 12765 |
|  5.875% due 06/30/2026 | 8000 | 8070 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 11430 | 10367 |
|  4.125% due 09/14/2027 | 2200 | 2159 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 2400 | 2311 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.700% due 04/30/2030 | 2500 | 2383 |
|  4.850% due 03/15/2035 | 2000 | 1937 |
|  5.500% due 03/15/2029 | 1100 | 1135 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 3500 | 3438 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 200 | 197 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 2435 | 2170 |
|  4.100% due 10/01/2029 | 103 | 96 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 | 2500 | 2470 |
|  4.850% due 12/08/2028 | 4000 | 4053 |
|  4.850% due 02/10/2030 | 2900 | 2930 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 11/15/2031 | 10000 | 8500 |
|  2.400% due 03/15/2029 | 2889 | 2655 |
|  2.700% due 03/15/2032 | 7900 | 6836 |
|  3.875% due 04/15/2030 | 14000 | 13425 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.800% due 07/15/2028 | 3141 | 3166 |
|  4.950% due 03/15/2028 | 3034 | 3070 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  6.125% due 03/15/2033 | 6700 | 6997 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 | 7225 | 6924 |
|  2.375% due 08/09/2028 | 100 | 92 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 5000 | 4564 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  3.375% due 03/01/2028 | 1500 | 1447 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 1523 | 1513 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 3101 | 2757 |
|  2.875% due 04/07/2030 | 581 | 546 |
|  2.900% due 11/01/2029 | 2652 | 2479 |
|  3.500% due 09/01/2031 | 1277 | 1215 |
|  4.000% due 10/11/2027 | 578 | 572 |
|  4.150% due 02/25/2033 | 1249 | 1198 |
|  4.300% due 02/15/2027 | 574 | 572 |
|  5.450% due 08/15/2038 | 1586 | 1604 |
|  5.800% due 07/15/2037 | 6687 | 6802 |
|  5.875% due 04/15/2029 | 8780 | 8950 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 1700 | 1644 |
|  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 | 1500 |
|  5.250% due 03/22/2029 | 7065 | 7056 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 | 19800 | 19231 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 | 3677 | 3662 |
|  4.700% due 09/15/2028 | 8003 | 8018 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 2500 | 2470 |
|  5.100% due 09/12/2034 | 6000 | 5825 |
|  Yara International ASA | Yara International ASA | Yara International ASA |
|  3.800% due 06/06/2026 | 3300 | 3263 |
|  |  | 703843 |
| UTILITIES 11.8% | UTILITIES 11.8% | UTILITIES 11.8% |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 3700 | 3471 |
|  5.450% due 06/01/2028 | 13000 | 13229 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.200% due 01/15/2029 | 200 | 203 |
|  5.750% due 11/01/2027 | 200 | 206 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  2.650% due 01/15/2032 | 2200 | 1890 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  2.300% due 06/01/2027 | 600 | 574 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  2.500% due 06/15/2030 | 2200 | 1953 |
|  6.150% due 05/15/2034 | 2700 | 2831 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.300% due 04/15/2041 | 3000 | 2212 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.100% due 03/01/2029 | 1258 | 1275 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.250% due 01/15/2082 •  | 1002 | 948 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  6.900% due 06/01/2025 | 4000 | 4012 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 3100 | 3061 |
|  5.750% due 06/15/2027 | 4000 | 4040 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.950% due 01/26/2039 | 1400 | 1549 |
|  9.125% due 03/15/2033 •(f) | 1200 | 1353 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  3.500% due 04/06/2028 | 395 | 382 |
|  5.125% due 06/26/2029 | 6967 | 7044 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  1.900% due 06/15/2028 | 9900 | 9101 |
|  3.750% due 06/15/2050 | 2900 | 2071 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  5.250% due 03/15/2035 | 2000 | 2009 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 3400 | 3295 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 1100 | 1082 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 7000 | 6588 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 266 | 257 |
|  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 | 4436 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.004% due 02/23/2027 | 1455 | 1474 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  4.100% due 09/26/2028 | 500 | 492 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 3787 | 3607 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 | 8684 | 8647 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 | 1200 | 1192 |
|  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 | 134 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 | 623 | 575 |
|  4.900% due 02/28/2028 | 1100 | 1111 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 5000 | 4936 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  6.875% due 07/15/2036 | 1100 | 1240 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.400% due 09/01/2029 | 3000 | 2832 |
|  4.250% due 09/24/2027 | 19276 | 19110 |
|  4.550% due 07/15/2028 | 900 | 897 |
|  5.050% due 11/01/2034 | 10000 | 9658 |
|  6.000% due 06/15/2035 | 100 | 103 |
|  6.050% due 09/01/2033 | 11500 | 11979 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 3700 | 3480 |
|  3.450% due 07/01/2025 | 9765 | 9727 |
|  3.500% due 06/15/2025 | 20300 | 20242 |
|  4.200% due 03/01/2029 | 4200 | 4065 |
|  4.500% due 12/15/2041 | 1269 | 1019 |
|  4.950% due 06/08/2025 | 3400 | 3397 |
|  5.900% due 10/01/2054 | 600 | 569 |
|  6.150% due 03/01/2055 | 2500 | 2449 |
|  6.750% due 01/15/2053 | 4600 | 4808 |
|  6.950% due 03/15/2034 | 23000 | 24937 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 1700 | 1315 |
|  5.300% due 02/15/2031 | 2600 | 2654 |
|  5.450% due 02/15/2034 | 5200 | 5245 |
|  5.800% due 01/15/2055 | 1174 | 1147 |
|  7.375% due 09/15/2055 ~ | 2000 | 2031 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  2.200% due 08/15/2031 | 544 | 462 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 130 | 134 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 800 | 776 |
|  2.850% due 08/01/2029 | 2000 | 1839 |
|  3.900% due 12/01/2041 | 400 | 306 |
|  4.200% due 03/01/2029 | 1000 | 973 |
|  4.700% due 06/01/2027 | 5055 | 5051 |
|  4.875% due 03/01/2049 | 4277 | 3577 |
|  5.350% due 03/01/2026 | 200 | 201 |
|  5.650% due 10/01/2028 | 1700 | 1741 |
|  5.850% due 11/01/2027 | 12405 | 12711 |
|  6.650% due 04/01/2029 | 4500 | 4651 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.950% due 02/15/2050 | 1500 | 1140 |
|  5.200% due 06/01/2033 | 6200 | 6189 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spire, Inc. | Spire, Inc. | Spire, Inc. |
|  5.300% due 03/01/2026 | 2500 | 2515 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  2.140% due 12/09/2025 | 3300 | 3241 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  3.850% due 06/01/2025 | 400 | 399 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.100% due 03/22/2028 | 2828 | 2644 |
|  4.329% due 09/21/2028 | 2978 | 2964 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.950% due 10/15/2033 | 952 | 1023 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  3.400% due 06/01/2030 | 886 | 828 |
|  5.600% due 04/15/2035 | 4400 | 4421 |
|  |  | 291930 |
|  Total Corporate Bonds & Notes (Cost $2,142,535) | Total Corporate Bonds & Notes (Cost $2,142,535) | 2108595 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  1.250% due 05/01/2025 | 1000 | 1000 |
|  Total Convertible Bonds & Notes (Cost $1,247) | Total Convertible Bonds & Notes (Cost $1,247) | 1000 |
| 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 | 113 |
|  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 | 117 |
|  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 | 329 |
|  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 | 8144 | 8944 |
| 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 | 651 |
| 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 | 308 |
| 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 | 240 |
| 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 | 7878 |
|  Total Municipal Bonds & Notes (Cost $21,832) | Total Municipal Bonds & Notes (Cost $21,832) | 18940 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 65

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. GOVERNMENT AGENCIES 18.3% | U.S. GOVERNMENT AGENCIES 18.3% | U.S. GOVERNMENT AGENCIES 18.3% |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  8.500% due 08/15/2030 | 2 | 2 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.000% due 04/01/2055 - 05/01/2055 | 30800 | 28835 |
|  5.000% due 05/01/2055 | 11600 | 11404 |
|  6.000% due 05/01/2055 | 4400 | 4462 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 08/01/2047 - 08/01/2048 | 2605 | 2379 |
|  4.000% due 08/01/2049 | 895 | 844 |
|  4.500% due 10/01/2052 - 01/01/2053 | 26042 | 24959 |
|  5.500% due 08/01/2054 - 01/01/2055 | 15211 | 15200 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 20310 | 17600 |
|  4.000% due 05/01/2055 | 103240 | 96057 |
|  5.000% due 05/01/2055 | 10700 | 10479 |
|  5.500% due 05/01/2055 | 92600 | 92405 |
|  6.000% due 04/01/2055 - 06/01/2055 | 138017 | 139940 |
|  6.500% due 06/01/2055 | 5900 | 6074 |
|  Total U.S. Government Agencies (Cost $448,563) | Total U.S. Government Agencies (Cost $448,563) | 450640 |
| U.S. TREASURY OBLIGATIONS 0.5% | U.S. TREASURY OBLIGATIONS 0.5% | U.S. TREASURY OBLIGATIONS 0.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 02/15/2055 | 4281 | 4310 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.750% due 02/15/2045 (l) | 7013 | 5328 |
|  1.500% due 02/15/2053 (l)(n) | 3463 | 2884 |
|  Total U.S. Treasury Obligations (Cost $13,611) | Total U.S. Treasury Obligations (Cost $13,611) | 12522 |
| 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 |  |  |
|  3.508% due 06/05/2037 | 3100 | 2994 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.547% due 12/15/2036 ~ | 2204 | 2166 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 3599 | 3232 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.550% due 04/25/2067 •  | 5927 | 5901 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.904% due 04/25/2062 ~ | 780 | 742 |
|  5.834% due 07/15/2038 •  | 1000 | 904 |
|  DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 | 10500 | 9464 |
|  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 | 1815 |
|  4.916% due 04/15/2037 •  | 976 | 958 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 179 | 173 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 3815 | 3658 |
|  6.864% due 10/25/2063 þ | 1583 | 1602 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ | 780 | 796 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.250% due 08/25/2068 þ | 399 | 401 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.131% due 03/19/2034 •  | 172 | 163 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.193% due 03/25/2068 þ | 1282 | 1286 |
|  6.876% due 11/25/2068 •  | 823 | 835 |
|  7.070% due 10/25/2068 þ | 353 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VNDO Mortgage Trust | VNDO Mortgage Trust | VNDO Mortgage Trust |
|  3.805% due 01/10/2035 | 200 | 196 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $37,998) | Total Non-Agency Mortgage-Backed Securities (Cost $37,998) | 37646 |
| ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% |
| AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% |
|  First Help Financial LLC 6.570% due 06/15/2028 | 1234 | 1247 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 1000 | 1002 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.667% due 02/19/2037 •  | 2501 | 2501 |
|  |  | 3503 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.594% due 11/26/2036 •  | 71 | 70 |
| OTHER ABS 1.4% | OTHER ABS 1.4% | OTHER ABS 1.4% |
|  37 Capital CLO Ltd. |  |  |
|  5.386% due 04/15/2035 •  | 8600 | 8561 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.383% due 10/21/2034 •  | 1700 | 1693 |
|  Betony CLO Ltd. | Betony CLO Ltd. | Betony CLO Ltd. |
|  5.629% due 04/30/2031 •  | 514 | 514 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 508 | 509 |
|  5.662% due 01/22/2031 •  | 486 | 486 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.484% due 10/15/2030 •  | 666 | 667 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.564% due 04/15/2031 •  | 693 | 693 |
|  5.748% due 02/09/2035 ~ | 1000 | 1000 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.762% due 01/25/2032 ~ | 684 | 685 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | 3400 | 3385 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.525% due 07/19/2030 •  | 249 | 249 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.734% due 07/15/2034 •  | 2000 | 2001 |
|  Start Ltd. | Start Ltd. | Start Ltd. |
|  4.089% due 03/15/2044 | 380 | 376 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.490% due 01/23/2032 •  | 824 | 824 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.670% due 04/25/2033 •  | 9000 | 9006 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  2.636% due 09/15/2050 | 4200 | 4147 |
|  |  | 34796 |
|  Total Asset-Backed Securities (Cost $39,590) | Total Asset-Backed Securities (Cost $39,590) | 39616 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 03/12/2029 | 4100 | 4136 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  4.850% due 09/30/2029 | 6000 | 5658 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  2.250% due 02/02/2033 | 9300 | 7640 |
|  4.875% due 07/18/2033 | 1600 | 1582 |
|  5.125% due 01/13/2028 | 9600 | 9721 |
|  Total Sovereign Issues (Cost $30,497) | Total Sovereign Issues (Cost $30,497) | 28737 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNEQ Holdings, Inc. «(b)(i) | 2033 | 9 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « | 25822 | 651 |
|  Total Common Stocks (Cost $556) | Total Common Stocks (Cost $556) | 660 |
| 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 | 15839 |
|  Total Convertible Preferred Securities<br>(Cost $10,405) | Total Convertible Preferred Securities<br>(Cost $10,405) | 15839 |
| PREFERRED SECURITIES 4.7% | PREFERRED SECURITIES 4.7% | PREFERRED SECURITIES 4.7% |
| BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% |
|  AGFC Capital Trust | AGFC Capital Trust | AGFC Capital Trust |
|  6.314% due 01/15/2067 ~ | 3080000 | 2174 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(f) | 2000000 | 1938 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(f)(g) | 2000000 | 2082 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(f) | 14085000 | 14212 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(f) | 3250000 | 3109 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(f) | 10100000 | 8998 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.875% due 02/18/2026 •(f) | 12500000 | 12265 |
|  6.950% due 02/15/2030 ~(f) | 900000 | 899 |
|  7.200% due 05/15/2029 •(f) | 2800000 | 2863 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(f) | 4200000 | 4032 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(f) | 2000000 | 1939 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(f) | 3000000 | 2936 |
|  6.850% due 02/10/2030 ~(f) | 4100000 | 4167 |
|  7.500% due 02/10/2029 •(f) | 2500000 | 2635 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(f) | 2500000 | 2448 |
|  4.000% due 07/01/2025 •(f)(j) | 11000000 | 11064 |
|  4.200% due 09/01/2026 (f) | 250000 | 4585 |
|  4.625% due 06/01/2026 (f) | 110000 | 2194 |
|  6.500% due 04/01/2030 ~(f) | 4400000 | 4511 |
|  6.875% due 06/01/2029 •(f) | 3300000 | 3469 |
|  USB Capital Ltd. | USB Capital Ltd. | USB Capital Ltd. |
|  5.584% due 05/01/2025 •(f) | 14250000 | 12341 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(f) | 6500000 | 6749 |
|  7.625% due 09/15/2028 •(f) | 1400000 | 1500 |
|  |  | 113110 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (c) | 228000 | 5 |
|  11.000% due 11/07/2032 | 2317 | 1135 |
|  |  | 1140 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Sempra Energy | Sempra Energy | Sempra Energy |
|  4.875% due 10/15/2025 •(f) | 1000000 | 993 |
|  Total Preferred Securities (Cost $126,229) | Total Preferred Securities (Cost $126,229) | 115243 |

---

66 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **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% | SHORT-TERM INSTRUMENTS 0.0% |
| 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 |  |  |  |  |
|  4.400% (h) |  | 788060 | $— | 788 |
|  | **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% |
|  4.290% due 06/05/2025 (c)(d) | $— | 374 |  | 371 |
| Total Short-Term Instruments<br>(Cost $1,159) | Total Short-Term Instruments<br>(Cost $1,159) | Total Short-Term Instruments<br>(Cost $1,159) |  | 1159 |
| Total Investments in Securities (Cost $2,888,053) | Total Investments in Securities (Cost $2,888,053) | Total Investments in Securities (Cost $2,888,053) |  | 2844127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 0.8% | INVESTMENTS IN AFFILIATES 0.8% | INVESTMENTS IN AFFILIATES 0.8% | INVESTMENTS IN AFFILIATES 0.8% |
| SHORT-TERM INSTRUMENTS 0.8% | SHORT-TERM INSTRUMENTS 0.8% | SHORT-TERM INSTRUMENTS 0.8% | SHORT-TERM INSTRUMENTS 0.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2054424 | $— | 19998 |
| Total Short-Term Instruments<br>(Cost $19,999) | Total Short-Term Instruments<br>(Cost $19,999) |  | 19998 |
| Total Investments in Affiliates<br>(Cost $19,999) | Total Investments in Affiliates<br>(Cost $19,999) |  | 19998 |
| Total Investments 116.1%<br> (Cost $2,908,052) | Total Investments 116.1%<br> (Cost $2,908,052) | $— | 2864125 |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Financial Derivative Instruments (k)(m) 0.1%<br> (Cost or Premiums, net $9,951) | $— | 2165 |
| Other Assets and Liabilities, net (16.2)% |  | (398283) |
| Net Assets 100.0% | $— | 2468007 |

---

#### 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) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Principal amount of security is adjusted for inflation.

(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 |
|  Constellation Pharmaceutical 5.550% due 07/01/2033 | 01/16/2025 | $1100 | $1102 | 0.05% |
|  MNEQ Holdings, Inc. | 04/26/2022 | 40 | 9 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | 0.05% |

---

#### 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 | 4.400% | 12/20/2024 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14280) | $(14458) |
|  | 4.400 | 03/17/2025 | TBD<sup>(2)</sup> | (4275) | (4282) |
|  NOM | 3.250 | 12/20/2024 | TBD<sup>(2)</sup> | (4048) | (4086) |
|  TDM | 4.500 | 02/07/2025 | TBD<sup>(2)</sup> | (8081) | (8081) |
|  | 4.500 | 03/13/2025 | TBD<sup>(2)</sup> | (2431) | (2437) |
|  | 4.510 | 03/17/2025 | TBD<sup>(2)</sup> | (18793) | (18824) |
|  | 4.520 | 12/20/2024 | TBD<sup>(2)</sup> | (30157) | (30543) |
|  | 4.520 | 03/12/2025 | TBD<sup>(2)</sup> | (15744) | (15779) |
|  | 4.520 | 03/13/2025 | TBD<sup>(2)</sup> | (9334) | (9353) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107843) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 67

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117 | $(5175) | $(5192) |
|  Total Short Sales (0.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5192) |

---

#### 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 March 31, 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 | $(18740) | $0 | $(18740) | $19426 | $686 |
|  NOM | 0 | (4086) | 0 | (4086) | 4216 | 130 |
|  TDM | 0 | (85017) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107843) | $&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 | $(98201) | $(98201) |
|  Preferred Securities | 0 | 0 | 0 | (9642) | (9642) |
|  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;(107843) | $(107843) |
|  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;(107843) |

---

(j) Securities with an aggregate market value of $112,208 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(66404) at a weighted average interest rate of 4.751%. 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. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### 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 - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 37 | $37 | $(9) | $(3) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | (9) | (5) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 70 | 70 | (19) | (15) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 37 | 37 | (13) | (20) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 37 | 37 | (11) | (17) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 70 | 70 | (23) | (26) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |

---

68 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 | $73872 | $411 | $6 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 306 | 73834 | 360 | 6 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 306 | 73857 | 386 | 6 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 306 | 73811 | 326 | 9 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 141 | 29211 | 11 | 8 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 302 | 32663 | 95 | 25 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 936 | 106821 | 137 | 358 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 | 0 |
|  |  |  |  | $176 | $3234 | $&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 June Futures  | 06/2025 | 66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7340) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $0 | $(14) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### 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>March 31, 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>March 31, 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 | 0.767% | $1200 | $17 | $(28) | $(11) | $1 | $0 |
|  Citigroup, Inc. | (1.000) | Quarterly | 12/20/2032 | 0.825 | 5000 | 204 | (263) | (59) | 5 | 0 |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | 161 | (343) | (182) | 7 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&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>March 31, 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>March 31, 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 | 0.317% | $5000 | $1022 | $(733) | $289 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.920 | 1000 | 124 | 18 | 142 | 0 | (1) |
|  AES Corp. | 5.000 | Quarterly | 12/20/2029 | 1.174 | 3000 | 540 | (48) | 492 | 0 | (2) |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.354 | 2500 | (15) | 58 | 43 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2025 | 0.257 | 1770 | (45) | 49 | 4 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 8500 | 164 | (95) | 69 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 16800 | (91) | 344 | 253 | 0 | (7) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 9600 | 115 | (16) | 99 | 0 | (3) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.393 | 800 | (6) | 12 | 6 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | (84) | 243 | 159 | 0 | (9) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.920 | 400 | 1 | 1 | 2 | 0 | 0 |
|  Citigroup, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.245 | 5700 | 37 | (4) | 33 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 61400 | 473 | 228 | 701 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 7800 | 92 | 29 | 121 | 0 | (1) |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 3710 | 701 | (413) | 288 | 0 | (3) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 6450 | 811 | 10 | 821 | 3 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2026 | 0.492 | 4200 | 867 | (543) | 324 | 0 | (4) |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.240 | 2600 | 59 | (34) | 25 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 69

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

#### 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251500 | $4927 | $(88) | $4839 | $2 | $(14) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 128200 | 2311 | 47 | 2358 | 45 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### 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 | 3.842% | Annual | 03/04/2030 | $3700 | $(7) | $(24) | $(31) | $0 | $(4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.796 | Annual | 12/31/2031 | 1200 | 0 | (9) | (9) | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 65090 | (1288) | (354) | (1642) | 0 | (124) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 11010 | (99) | (41) | (140) | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2460 | (9) | 64 | 55 | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.751 | Annual | 11/15/2034 | 3900 | 0 | (3) | (3) | 0 | (12) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/15/2034 | 58410 | (1779) | (117) | (1896) | 0 | (183) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 2000 | (7) | (16) | (23) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1000 | (4) | (5) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2200 | (8) | (11) | (19) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2200 | (7) | (17) | (24) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2000 | (6) | (17) | (23) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2500 | (7) | (37) | (44) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 4200 | (12) | (46) | (58) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2100 | (6) | (15) | (21) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/15/2040 | 27400 | 0 | 1883 | 1883 | 0 | (117) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 31200 | 1231 | 790 | 2021 | 0 | (231) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 3900 | 0 | (7) | (7) | 0 | (7) |
|  |  |  |  |  |  | $(2008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | $10 | $0 | $(778) |
|  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;10377 | $449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825) |

---

#### 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 March 31, 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 | Variation Margin<br>Liability | |
|  | 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 | $3234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | $(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825) | $(925) |

---

(l) Securities with an aggregate market value of $4,597 and cash of $95,944 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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 (h) 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 (h) 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. 

---

| | | |
|:---|:---|:---|
| **70** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

<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;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### 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-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 4200 | $(6) | $(3) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 4200 | (8) | (5) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 9000 | (12) | (9) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 7900 | (7) | (8) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 7900 | (9) | (9) |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 3800 | (4) | (4) |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 3700 | (4) | (5) |
|  |  |  |  |  |  | $(50) | $(43) |

---

#### 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 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715% | 04/24/2025 | 2300 | $(8) | $(16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 2300 | (9) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 2200 | (9) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 2200 | (9) | (8) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 3600 | (15) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 3600 | (15) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 1900 | (9) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 1900 | (9) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 1800 | (8) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 1800 | (8) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 1900 | (7) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 1900 | (7) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 1800 | (7) | (14) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 1800 | (7) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 1900 | (8) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 1900 | (8) | (7) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 2000 | (9) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 2000 | (9) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | $(129) |
|  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;(211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |

---

#### 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>March 31, 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>March 31, 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 | 0.152% | $1400 | $30 | $(21) | $9 | $0 |
| JPM | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 | 1100 | (12) | 21 | 9 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 | 200 | (1) | 2 | 1 | 0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.383 | 11400 | (145) | 77 | 0 | (68) |
| MYC | Brookfield Asset Management, Inc. | 1.000 | Quarterly | 06/20/2025 | 0.186 | 1400 | 0 | 3 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 | 500 | 1 | 2 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 | 1200 | (4) | 12 | 8 | 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;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 71

------

Schedule of Investments PIMCO Investment Grade 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 March 31, 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> |
|  BRC | $0 | $0 | $9 | $9 | $0 | $0 | $0 | $0 | $9 | $0 | $9 |
|  FAR | 0 | 0 | 0 | 0 | 0 | (37) | 0 | (37) | (37) | 0 | (37) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (80) | 0 | (80) | (80) | 0 | (80) |
|  GST | 0 | 0 | 0 | 0 | 0 | (34) | 0 | (34) | (34) | 0 | (34) |
|  JPM | 0 | 0 | 10 | 10 | 0 | (4) | (68) | (72) | (62) | 158 | 96 |
|  MYC | 0 | 0 | 14 | 14 | 0 | (12) | 0 | (12) | 2 | 158 | 160 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (5) | 0 | (5) | (5) | 0 | (5) |
|  Total Over the Counter | $0 | $0 | $33 | $33 | $0 | $(172) | $(68) | $(240) |  |  |  |

---

(n) Securities with an aggregate market value of $316 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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 (h) 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 March 31, 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 | $3234 | $3234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63 | 0 | 0 | 0 | 63 |
|  | $0 | $63 | $0 | $0 | $3234 | $3297 |
|  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 | $33 | $0 | $0 | $0 | $33 |
|  | $0 | $96 | $0 | $0 | $3234 | $3330 |
|  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 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 47 | 0 | 0 | 778 | 825 |
|  | $0 | $47 | $0 | $0 | $878 | $925 |

---

72 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 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** |
|  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 | $43 | $0 | $0 | $129 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 68 | 0 | 0 | 0 | 68 |
|  | $0 | $111 | $0 | $0 | $129 | $240 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | $&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;1007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $669 | $669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (5287) | (5287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4416 | 0 | 0 | 1581 | 5997 |
|  | $0 | $4416 | $0 | $0 | $(3037) | $1379 |
|  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 | $141 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2478 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 345 | 0 | 0 | 0 | 345 |
|  | $0 | $345 | $0 | $0 | $2619 | $2964 |
|  | $0 | $4761 | $0 | $0 | $(418) | $4343 |
|  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 | $(74) | $(74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2976 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2545) | 0 | 0 | 1952 | (593) |
|  | $0 | $(2545) | $0 | $0 | $4854 | $2309 |
|  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 | $193 | $193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | (230) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (165) | 0 | 0 | 0 | (165) |
|  | $0 | $(158) | $0 | $0 | $(37) | $(195) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2703) | $&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;4817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  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 | $8432 | $5098 | $13530 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1112822 | 0 | 1112822 |
| &nbsp;&nbsp; Industrials | 0 | 702741 | 1102 | 703843 |
| &nbsp;&nbsp; Utilities | 0 | 291930 | 0 | 291930 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 1000 | 0 | 1000 |
|  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 | 8944 | 0 | 8944 |
| &nbsp;&nbsp; Illinois | 0 | 651 | 0 | 651 |
| &nbsp;&nbsp; Massachusetts | 0 | 308 | 0 | 308 |
| &nbsp;&nbsp; New York | 0 | 240 | 0 | 240 |
| &nbsp;&nbsp; Ohio | 0 | 7878 | 0 | 7878 |
|  U.S. Government Agencies | 0 | 450640 | 0 | 450640 |
|  U.S. Treasury Obligations | 0 | 12522 | 0 | 12522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2025** |
|  Non-Agency Mortgage-Backed Securities | $0 | $37646 | $0 | $37646 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1247 | 0 | 1247 |
| &nbsp;&nbsp; CMBS Other | 0 | 3503 | 0 | 3503 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp; Other ABS | 0 | 34796 | 0 | 34796 |
|  Sovereign Issues | 0 | 28737 | 0 | 28737 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 9 | 9 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 651 | 651 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 15839 | 0 | 0 | 15839 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 6779 | 106331 | 0 | 113110 |
| &nbsp;&nbsp; Industrials | 0 | 1140 | 0 | 1140 |
| &nbsp;&nbsp; Utilities | 0 | 993 | 0 | 993 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.) March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $788 | $0 | $788 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 371 | 0 | 371 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844127 |
|  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 | $19998 | $0 | $0 | $19998 |
|  Total Investments | $42616 | $2814649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864125 |
|  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 | $(5192) | $0 | $(5192) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  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 | $3297 | $0 | $3297 |
|  Over the counter | 0 | 33 | 0 | 33 |
|  | $0 | $3330 | $0 | $3330 |
|  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 | (925) | 0 | (925) |
|  Over the counter | 0 | (240) | 0 | (240) |
|  | $0 | $(1165) | $0 | $(1165) |
|  Total Financial Derivative Instruments | $0 | $2165 | $0 | $2165 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811622 | $6860 | $2861098 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio March 31, 2025

#### (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 140.2% | INVESTMENTS IN SECURITIES 140.2% | INVESTMENTS IN SECURITIES 140.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 | 3677 | 3677 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 «•  | 31960 | 30150 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.560% due 12/15/2031 | 55065 | 54934 |
|  Delos Aircraft DAC | Delos Aircraft DAC | Delos Aircraft DAC |
|  6.049% due 10/31/2027 ~ | 10121 | 10143 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « | 8700 | 8700 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(k) | 5198 | 5620 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 12500 | 12669 |
|  Setanta Aircraft Leasing DAC | Setanta Aircraft Leasing DAC | Setanta Aircraft Leasing DAC |
|  6.049% due 11/05/2028 | 12500 | 12560 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  8.043% due 10/20/2027 | 7353 | 7437 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.325% due 04/30/2031 ~ | 4677 | 4526 |
|  Total Loan Participations and Assignments (Cost $151,800) | Total Loan Participations and Assignments (Cost $151,800) | 150416 |
| CORPORATE BONDS & NOTES 78.7% | CORPORATE BONDS & NOTES 78.7% | CORPORATE BONDS & NOTES 78.7% |
| BANKING & FINANCE 29.2% | BANKING & FINANCE 29.2% | BANKING & FINANCE 29.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.875% due 09/22/2031 ~(h)(i) | 1200 | 1358 |
|  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 | 102714 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 17061 | 16037 |
|  3.875% due 01/23/2028 | 150 | 147 |
|  4.625% due 10/15/2027 | 16500 | 16436 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | 3900 | 3003 |
|  3.900% due 04/06/2028 | 2200 | 2166 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 11500 | 10859 |
|  5.250% due 03/15/2030 | 1600 | 1595 |
|  6.500% due 07/18/2028 | 2088 | 2176 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 8600 | 7013 |
|  4.000% due 02/01/2050 | 8000 | 5960 |
|  4.850% due 04/15/2049 | 900 | 772 |
|  5.500% due 10/01/2035 | 15000 | 15076 |
|  Alleghany Corp. | Alleghany Corp. | Alleghany Corp. |
|  4.900% due 09/15/2044 | 5400 | 4958 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 11000 | 11477 |
|  8.000% due 11/01/2031 | 10725 | 11957 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 30500 | 26920 |
|  6.150% due 10/01/2034 | 8800 | 8805 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 ~ | 20900 | 21137 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 40300 | 33491 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 700 | 601 |
|  3.375% due 07/15/2051 | 10700 | 7096 |
|  3.625% due 04/15/2032 | 18877 | 17147 |
|  4.250% due 02/15/2028 | 7483 | 7407 |
|  4.300% due 04/15/2052 | 10700 | 8356 |
|  5.250% due 03/15/2035 | 5655 | 5552 |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
|  4.375% due 06/30/2050 | 4124 | 3424 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  0.950% due 10/05/2030 | 4300 | 4082 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.100% due 06/15/2030 | $— | 17100 | $— | 14960 |
|  2.950% due 01/15/2051 (l) |  | 26346 |  | 16652 |
|  3.100% due 06/15/2050 |  | 14059 |  | 9195 |
|  3.125% due 01/15/2027 |  | 7300 |  | 7114 |
|  3.375% due 10/15/2026 |  | 2666 |  | 2619 |
|  3.600% due 01/15/2028 |  | 2250 |  | 2192 |
|  3.700% due 10/15/2049 |  | 7300 |  | 5318 |
|  3.800% due 08/15/2029 |  | 61400 |  | 58983 |
|  3.950% due 03/15/2029 |  | 25300 |  | 24591 |
|  4.050% due 03/15/2032 |  | 1300 |  | 1228 |
|  4.400% due 02/15/2026 |  | 3100 |  | 3094 |
|  5.250% due 07/15/2028 |  | 2095 |  | 2133 |
|  5.550% due 07/15/2033 |  | 14100 |  | 14418 |
|  5.650% due 03/15/2033 |  | 11900 |  | 12271 |
|  5.900% due 11/15/2033 |  | 22000 |  | 23066 |
|  AmFam Holdings, Inc. | AmFam Holdings, Inc. | AmFam Holdings, Inc. | AmFam Holdings, Inc. | AmFam Holdings, Inc. |
|  2.805% due 03/11/2031 |  | 11960 |  | 9927 |
|  3.833% due 03/11/2051 |  | 10315 |  | 6561 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 |  | 7700 |  | 7332 |
|  3.750% due 07/15/2027 |  | 18400 |  | 17592 |
|  3.950% due 07/15/2026 |  | 4100 |  | 4024 |
|  6.500% due 02/08/2029 |  | 10000 |  | 10061 |
|  7.950% due 08/11/2028 |  | 5500 |  | 5808 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.750% due 03/01/2054 |  | 6165 |  | 6085 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.550% due 03/15/2032 |  | 7500 |  | 7603 |
|  6.700% due 07/29/2031 |  | 15000 |  | 15485 |
|  6.900% due 04/13/2029 |  | 10000 |  | 10380 |
|  Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
|  5.031% due 12/15/2046 |  | 4100 |  | 3729 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 (l) |  | 23025 |  | 16751 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  5.950% due 07/15/2029 |  | 3740 |  | 3803 |
|  Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC |
|  3.250% due 06/15/2030 |  | 6400 |  | 5970 |
|  3.650% due 02/01/2052 |  | 5100 |  | 3645 |
|  4.125% due 06/30/2051 •  |  | 12400 |  | 11991 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  5.600% due 10/11/2054 |  | 12000 |  | 11163 |
|  6.375% due 11/10/2028 |  | 38000 |  | 40087 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  5.600% due 02/15/2030 |  | 9800 |  | 9664 |
|  5.700% due 03/15/2028 |  | 10000 |  | 10003 |
|  6.200% due 03/21/2032 |  | 8000 |  | 7958 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  3.500% due 05/20/2051 |  | 17500 |  | 12181 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | 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 |  | 7116 |
|  6.125% due 09/15/2028 |  | 8400 |  | 8806 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 |  | 12000 |  | 12014 |
|  5.516% due 03/25/2027 |  | 11300 |  | 11490 |
|  5.526% due 07/11/2031 |  | 14400 |  | 14617 |
|  5.583% due 01/09/2029 |  | 6700 |  | 6845 |
|  Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
|  5.875% due 01/15/2034 |  | 7000 |  | 7115 |
|  6.250% due 04/01/2054 |  | 4971 |  | 4984 |
|  Augustar Life Insurance Co. | Augustar Life Insurance Co. | Augustar Life Insurance Co. | Augustar Life Insurance Co. | Augustar Life Insurance Co. |
|  6.875% due 06/15/2042 |  | 400 |  | 374 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 |  | 2050 |  | 1981 |
|  6.250% due 04/15/2028 |  | 6600 |  | 6835 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 38606 |  | 36149 |
|  5.375% due 05/30/2030 |  | 5400 |  | 5409 |
|  5.500% due 01/15/2026 |  | 15000 |  | 15065 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 |  | 4000 |  | 3850 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  |  | 15000 |  | 15426 |
|  7.883% due 11/15/2034 •  |  | 10000 |  | 11257 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 5044 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  3.306% due 06/27/2029 | 3600 | 3407 |
|  4.875% due 10/18/2031 | 4300 | 4974 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 ~(i) | 7500 | 7737 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 12355 | 10557 |
|  2.687% due 04/22/2032 •  | 10000 | 8804 |
|  2.972% due 07/21/2052 •  | 1700 | 1091 |
|  3.194% due 07/23/2030 •  | 30600 | 28710 |
|  3.311% due 04/22/2042 •  | 8700 | 6619 |
|  3.419% due 12/20/2028 •  | 85251 | 82638 |
|  3.593% due 07/21/2028 •  | 9800 | 9592 |
|  3.974% due 02/07/2030 •  | 14862 | 14465 |
|  4.083% due 03/20/2051 •  | 12200 | 9595 |
|  4.271% due 07/23/2029 •  | 3000 | 2964 |
|  4.571% due 04/27/2033 •  | 88000 | 85063 |
|  5.080% due 01/20/2027 •  | 1300 | 1305 |
|  5.202% due 04/25/2029 •  | 8725 | 8866 |
|  5.288% due 04/25/2034 •  | 5000 | 5025 |
|  5.371% due 01/24/2031 ~ | 14000 | 14002 |
|  5.468% due 01/23/2035 •  | 22300 | 22634 |
|  5.511% due 01/24/2036 ~ | 30000 | 30543 |
|  5.872% due 09/15/2034 •  | 2521 | 2632 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  6.000% due 10/15/2036 | 9200 | 9671 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.900% due 06/04/2025 •(h)(i) | 6600 | 6571 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 28114 | 28211 |
|  5.088% due 06/20/2030 •  | 2075 | 2062 |
|  5.746% due 08/09/2033 •  | 2400 | 2440 |
|  5.851% due 03/21/2035 ~ | 12100 | 15410 |
|  6.224% due 05/09/2034 •  | 12195 | 12709 |
|  6.375% due 12/15/2025 ~(h)(i) | 4000 | 5172 |
|  6.692% due 09/13/2034 •  | 13720 | 14717 |
|  7.437% due 11/02/2033 •  | 8500 | 9491 |
|  9.250% due 09/15/2028 ~(h)(i) | 21100 | 28892 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  5.875% due 09/13/2034 •(i) | 1000 | 963 |
|  7.625% due 02/11/2035 •(i) | 10000 | 10122 |
|  8.450% due 06/29/2038 •(i) | 400 | 418 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  2.875% due 03/15/2032 | 7900 | 7148 |
|  3.850% due 03/15/2052 | 13600 | 10482 |
|  4.200% due 08/15/2048 | 13700 | 11449 |
|  Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
|  4.500% due 02/11/2043 | 245 | 229 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 6100 | 6075 |
|  6.150% due 04/02/2030 (b) | 9800 | 9762 |
|  6.600% due 06/10/2029 | 3500 | 3597 |
|  8.000% due 05/25/2028 | 5600 | 5981 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.000% due 01/30/2032 | 5300 | 4379 |
|  2.800% due 09/30/2050 | 10500 | 6432 |
|  3.200% due 01/30/2052 | 43000 | 28355 |
|  3.500% due 09/10/2049 | 5500 | 3846 |
|  4.000% due 10/02/2047 | 4600 | 3626 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.750% due 09/16/2026 | 8300 | 8019 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  2.500% due 07/15/2028 | 4181 | 3872 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 28800 | 25306 |
|  4.125% due 10/07/2051 | 10500 | 7508 |
|  4.375% due 02/15/2032 | 11000 | 10321 |
|  6.250% due 04/18/2034 | 13000 | 13322 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.052% due 01/13/2031 •  | 10700 | 9789 |
|  3.132% due 01/20/2033 •(l) | 12400 | 10812 |
|  5.125% due 01/13/2029 •  | 10100 | 10210 |
|  5.738% due 02/20/2035 •(l) | 4650 | 4758 |
|  5.786% due 01/13/2033 ~ | 9400 | 9614 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.375% due 06/11/2030 ~(h)(i) |  | 4200 | $— | 4883 |
|  7.375% due 09/10/2034 •(h)(i) | $— | 12400 |  | 12429 |
|  8.500% due 08/14/2028 •(h)(i)(l) |  | 47900 |  | 50215 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  |  | 4200 |  | 4284 |
|  5.936% due 05/30/2035 •  |  | 3800 |  | 3831 |
|  6.293% due 01/14/2036 ~ |  | 16450 |  | 17020 |
|  7.003% due 10/19/2034 •  |  | 15544 |  | 16937 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 |  | 200 |  | 189 |
|  4.550% due 10/01/2029 (l) |  | 5400 |  | 4917 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  3.850% due 12/22/2051 |  | 13100 |  | 8487 |
|  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 |  | 10510 |
|  Brookfield Finance LLC | Brookfield Finance LLC | Brookfield Finance LLC | Brookfield Finance LLC | Brookfield Finance LLC |
|  3.450% due 04/15/2050 |  | 19000 |  | 12901 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 |  | 14900 |  | 10271 |
|  3.625% due 02/15/2052 |  | 33900 |  | 23727 |
|  4.700% due 09/20/2047 |  | 34350 |  | 29221 |
|  5.813% due 03/03/2055 |  | 12000 |  | 11718 |
|  5.968% due 03/04/2054 |  | 32700 |  | 32932 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.500% due 03/15/2029 |  | 10300 |  | 10224 |
|  4.950% due 03/17/2052 |  | 14800 |  | 12769 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 |  | 14500 |  | 14350 |
|  7.200% due 12/12/2028 |  | 15000 |  | 15833 |
|  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 |  | 3743 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 |  | 5700 |  | 5535 |
|  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 |  | 3421 |
|  Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC |
|  5.625% due 03/30/2043 |  | 2614 |  | 2563 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 |  | 10000 |  | 10461 |
|  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 |  | 8500 |  | 5464 |
|  3.050% due 12/15/2061 |  | 17548 |  | 10831 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 |  | 2500 |  | 2185 |
|  4.100% due 06/15/2051 |  | 38200 |  | 27482 |
|  7.500% due 05/30/2029 |  | 17800 |  | 18672 |
|  Cibanco SA Ibm | Cibanco SA Ibm | Cibanco SA Ibm | Cibanco SA Ibm | Cibanco SA Ibm |
|  4.962% due 07/18/2029 |  | 7200 |  | 6964 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 |  | 22200 |  | 22120 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 |  | 2200 |  | 2237 |
|  6.375% due 01/23/2032 |  | 2900 |  | 2977 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 |  | 2000 |  | 2056 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.561% due 05/01/2032 •  |  | 2445 |  | 2125 |
|  3.200% due 10/21/2026 |  | 14852 |  | 14564 |
|  3.668% due 07/24/2028 •  |  | 12300 |  | 12035 |
|  4.075% due 04/23/2029 •  |  | 48000 |  | 47208 |
|  5.333% due 03/27/2036 ~ |  | 15000 |  | 14951 |
|  5.827% due 02/13/2035 •  |  | 13400 |  | 13347 |
|  CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. |
|  4.150% due 06/15/2048 |  | 2875 |  | 2431 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.125% due 02/15/2034 |  | 3500 |  | 3478 |
|  5.500% due 06/15/2033 |  | 7400 |  | 7550 |
|  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 |  | 12426 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.758% due 04/06/2033 •  |  | 37195 |  | 34119 |
|  4.375% due 06/29/2027 ~(h)(i) |  | 21400 |  | 22898 |
|  4.625% due 12/29/2025 ~(h)(i) |  | 9200 |  | 9995 |
|  5.447% due 03/05/2030 •  | $— | 10000 |  | 10241 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.250% due 03/15/2026 | 3600 | 3509 |
|  2.900% due 12/01/2033 | 4000 | 3243 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.900% due 04/05/2032 | 18900 | 17483 |
|  4.350% due 04/05/2042 | 10400 | 8707 |
|  4.400% due 04/05/2052 | 45700 | 36616 |
|  6.375% due 09/15/2054 •(l) | 7000 | 6972 |
|  6.875% due 12/15/2052 •  | 12500 | 12778 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 3700 | 3735 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 11400 | 10155 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 20000 | 20471 |
|  7.250% due 09/23/2028 ~(h)(i) | 27700 | 31798 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 500 | 421 |
|  2.250% due 01/15/2031 | 4553 | 3893 |
|  3.100% due 11/15/2029 | 7500 | 6911 |
|  3.250% due 01/15/2051 | 22025 | 14296 |
|  3.800% due 02/15/2028 | 14700 | 14309 |
|  4.000% due 11/15/2049 | 39410 | 29279 |
|  4.300% due 02/15/2029 | 4400 | 4303 |
|  4.450% due 02/15/2026 | 13095 | 13059 |
|  4.750% due 05/15/2047 | 16840 | 14390 |
|  5.200% due 09/01/2034 | 17324 | 16963 |
|  5.200% due 02/15/2049 | 18710 | 16734 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 5000 | 4963 |
|  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 | 8447 |
|  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 |
|  2.129% due 11/24/2026 •  | 12200 | 11982 |
|  3.547% due 09/18/2031 •  | 4393 | 4041 |
|  3.729% due 01/14/2032 •  | 36000 | 32385 |
|  3.742% due 01/07/2033 •  | 17700 | 15561 |
|  4.999% due 09/11/2030 •  | 3544 | 3528 |
|  5.706% due 02/08/2028 •  | 2300 | 2336 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  4.450% due 07/15/2028 | 9100 | 9042 |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  3.950% due 01/15/2028 | 7900 | 7747 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 36000 | 31308 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 2700 | 2411 |
|  3.750% due 08/15/2029 | 11360 | 10656 |
|  4.500% due 04/01/2025 | 200 | 200 |
|  4.500% due 06/01/2027 | 9325 | 9203 |
|  4.750% due 12/15/2026 | 100 | 100 |
|  4.950% due 04/15/2028 | 14200 | 14068 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 | 17681 | 11169 |
|  3.900% due 04/15/2032 (l) | 48565 | 45296 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 12207 | 12106 |
|  4.572% due 02/15/2029 | 6032 | 5946 |
|  5.000% due 04/20/2048 | 15017 | 13481 |
|  6.700% due 03/28/2055 ~ | 13000 | 12932 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 ~(h)(i) | 8000 | 8420 |
|  8.500% due 10/15/2028 ~(h)(i)(l) | 1200 | 1429 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | 5000 | 4339 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.550% due 06/15/2031 | 7500 | 6578 |
|  2.650% due 09/01/2050 | 11800 | 7046 |
|  3.625% due 05/01/2027 | 900 | 883 |
|  5.375% due 04/01/2035 | 8000 | 8021 |
|  5.500% due 04/01/2034 | 1011 | 1021 |
|  Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. |
|  3.500% due 10/15/2050 | 1500 | 1011 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 10000 | 8369 |
|  3.900% due 04/01/2029 | 2900 | 2801 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 | 5200 | 5040 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 5000 | 5091 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 7200 | 7106 |
|  4.850% due 04/17/2028 | 9600 | 9620 |
|  5.625% due 08/16/2032 | 7450 | 7613 |
|  6.000% due 12/07/2033 | 15000 | 15638 |
|  6.100% due 03/15/2055 (l) | 19700 | 19405 |
|  6.350% due 03/22/2054 | 11900 | 12138 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 21600 | 17570 |
|  7.000% due 10/15/2064 •  | 11100 | 11359 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 3300 | 3152 |
|  5.450% due 09/30/2034 | 2200 | 2154 |
|  FMR LLC | FMR LLC | FMR LLC |
|  5.150% due 02/01/2043 | 1550 | 1496 |
|  6.450% due 11/15/2039 | 500 | 563 |
|  6.500% due 12/14/2040 | 10000 | 11244 |
|  Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC |
|  9.300% due 03/01/2030 | 13100 | 14896 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.850% due 05/17/2027 | 5000 | 5028 |
|  5.918% due 03/20/2028 | 4000 | 4019 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 | 2800 | 1778 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 9431 | 8584 |
|  6.125% due 01/15/2030 | 8000 | 7961 |
|  6.875% due 08/15/2029 | 10000 | 10261 |
|  7.875% due 01/15/2029 | 15000 | 15902 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 4000 | 3980 |
|  5.400% due 01/13/2030 | 2700 | 2752 |
|  5.500% due 01/08/2029 | 4200 | 4287 |
|  5.900% due 01/13/2035 | 10000 | 10148 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 10310 | 10476 |
|  7.950% due 06/15/2033 | 25000 | 28201 |
|  7.950% due 10/15/2054 •  | 5500 | 5721 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 13000 | 11264 |
|  4.000% due 01/15/2030 | 13040 | 12337 |
|  4.000% due 01/15/2031 | 3100 | 2893 |
|  5.300% due 01/15/2029 | 28800 | 28866 |
|  5.625% due 09/15/2034 | 19234 | 18929 |
|  5.750% due 06/01/2028 | 1166 | 1187 |
|  6.250% due 09/15/2054 | 15000 | 14753 |
|  6.750% due 12/01/2033 | 4400 | 4672 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 4000 | 3494 |
|  3.102% due 02/24/2033 •  | 1700 | 1499 |
|  3.436% due 02/24/2043 •  | 14100 | 10680 |
|  3.691% due 06/05/2028 •  | 18644 | 18291 |
|  4.411% due 04/23/2039 •  | 9100 | 8103 |
|  5.016% due 10/23/2035 •  | 50000 | 48636 |
|  5.049% due 07/23/2030 •  | 9600 | 9682 |
|  5.330% due 07/23/2035 •  | 17724 | 17644 |
|  5.536% due 01/28/2036 •  | 20000 | 20287 |
|  5.734% due 01/28/2056 ~ | 30800 | 30701 |
|  6.750% due 10/01/2037 | 92900 | 100539 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  2.050% due 02/15/2027 | 21800 | 20547 |
|  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 | 20538 |
|  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 | 19355 |
|  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 | 10789 |
|  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 | 20850 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2574 |
|  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 | 6759 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 16600 | 16418 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  4.500% due 04/15/2026 | 6600 | 6584 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(b)(k) | 2600 | 2610 |
|  5.070% due 06/07/2030 «(b)(k) | 1700 | 1707 |
|  5.210% due 06/07/2032 «(b)(k) | 4200 | 4229 |
|  Hartford Financial Services Group, Inc. | Hartford Financial Services Group, Inc. | Hartford Financial Services Group, Inc. |
|  3.600% due 08/19/2049 | 600 | 442 |
|  6.710% due 02/12/2047 ~ | 3600 | 3323 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  5.375% due 02/15/2035 | 15000 | 14955 |
|  6.750% due 02/01/2041 | 3500 | 3847 |
|  High Street Funding Trust | High Street Funding Trust | High Street Funding Trust |
|  4.682% due 02/15/2048 | 8800 | 7503 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 | 2700 | 2292 |
|  4.200% due 04/15/2029 | 2198 | 2108 |
|  7.650% due 02/01/2034 | 2200 | 2457 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 18000 | 17549 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.700% due 07/01/2034 | 4125 | 4129 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 10000 | 9869 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.804% due 05/24/2032 •  | 51510 | 45071 |
|  4.583% due 06/19/2029 •  | 7050 | 6989 |
|  5.402% due 08/11/2033 •  | 500 | 506 |
|  5.450% due 03/03/2036 ~ | 20000 | 19934 |
|  5.546% due 03/04/2030 •  | 1500 | 1533 |
|  5.875% due 09/28/2026 ~(h)(i) | 17200 | 22106 |
|  6.500% due 03/23/2028 •(h)(i)(l) | 17900 | 17978 |
|  6.500% due 09/15/2037 | 18115 | 18745 |
|  6.800% due 06/01/2038 | 4300 | 4594 |
|  7.000% due 04/07/2038 | 1900 | 2557 |
|  7.625% due 05/17/2032 | 11347 | 12528 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 7600 | 5245 |
|  3.950% due 11/01/2027 | 4281 | 3791 |
|  4.650% due 04/01/2029 (l) | 7637 | 5783 |
|  5.950% due 02/15/2028 | 2400 | 2087 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 17696 | 17850 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.000% due 09/15/2060 | 9146 | 5529 |
|  4.600% due 03/15/2033 | 17886 | 17562 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 15000 | 16070 |
|  7.778% due 06/20/2054 •  | 26000 | 28903 |
|  7.800% due 11/28/2053 | 34100 | 39502 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 3600 | 3015 |
|  2.700% due 01/15/2034 | 7800 | 6356 |
|  4.150% due 04/15/2032 | 14500 | 13535 |
|  4.875% due 02/01/2035 | 2600 | 2489 |
|  5.450% due 08/15/2030 | 4400 | 4509 |
|  5.500% due 08/15/2033 | 2200 | 2215 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 1571 | 1339 |
|  3.750% due 05/28/2051 | 5200 | 3465 |
|  4.500% due 04/08/2052 | 60700 | 46722 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 22200 | 22635 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  | 12500 | 10815 |
|  2.739% due 10/15/2030 •  | 20175 | 18519 |
|  2.963% due 01/25/2033 •  | 31000 | 27376 |
|  3.509% due 01/23/2029 •  | 16200 | 15749 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.702% due 05/06/2030 •  | $— | 5000 | $— | 4813 |
|  3.897% due 01/23/2049 •  |  | 4720 |  | 3686 |
|  4.005% due 04/23/2029 •  |  | 12113 |  | 11908 |
|  4.323% due 04/26/2028 •  |  | 1500 |  | 1493 |
|  4.586% due 04/26/2033 •  |  | 23000 |  | 22415 |
|  4.946% due 10/22/2035 •  |  | 13500 |  | 13216 |
|  4.995% due 07/22/2030 •  |  | 7300 |  | 7367 |
|  5.012% due 01/23/2030 •  |  | 30500 |  | 30845 |
|  5.294% due 07/22/2035 •  |  | 12300 |  | 12355 |
|  5.336% due 01/23/2035 •  |  | 15000 |  | 15165 |
|  5.350% due 06/01/2034 •  |  | 33100 |  | 33653 |
|  5.502% due 01/24/2036 ~ |  | 15600 |  | 15942 |
|  5.534% due 11/29/2045 •  |  | 40340 |  | 39963 |
|  5.581% due 04/22/2030 •  |  | 5300 |  | 5468 |
|  5.766% due 04/22/2035 •  |  | 9460 |  | 9836 |
|  6.087% due 10/23/2029 •  |  | 3356 |  | 3514 |
|  6.254% due 10/23/2034 •  |  | 11400 |  | 12248 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 |  | 10000 |  | 10133 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 ~(h)(i) |  | 600 |  | 661 |
|  8.000% due 09/05/2028 ~(h)(i) |  | 1600 |  | 1887 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.650% due 11/15/2033 | $— | 15850 |  | 12340 |
|  3.050% due 02/15/2030 |  | 1500 |  | 1336 |
|  4.250% due 08/15/2029 (l) |  | 12400 |  | 11814 |
|  4.750% due 12/15/2028 |  | 2000 |  | 1970 |
|  6.250% due 01/15/2036 |  | 3300 |  | 3274 |
|  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 |  | 15321 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.500% due 08/25/2050 |  | 43777 |  | 30019 |
|  3.625% due 02/25/2050 |  | 26000 |  | 18320 |
|  4.850% due 05/17/2032 |  | 19000 |  | 18698 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 400 |  | 396 |
|  6.000% due 03/15/2031 |  | 4000 |  | 4159 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 (l) |  | 18493 |  | 18167 |
|  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 |  | 13845 |
|  4.300% due 02/01/2061 |  | 14500 |  | 9053 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 10000 |  | 6996 |
|  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 |  | 24200 |  | 24115 |
|  5.590% due 11/26/2035 •  |  | 18500 |  | 18589 |
|  5.679% due 01/05/2035 •(l) |  | 15629 |  | 15816 |
|  8.000% due 09/27/2029 •(h)(i) |  | 750 |  | 780 |
|  8.500% due 09/27/2027 ~(h)(i) |  | 4600 |  | 6140 |
|  LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC |
|  3.200% due 04/06/2041 | $— | 2700 |  | 2066 |
|  M&G PLC | M&G PLC | M&G PLC | M&G PLC | M&G PLC |
|  5.560% due 07/20/2055 ~ |  | 1900 |  | 2220 |
|  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 |  | 4053 |
|  4.350% due 01/30/2047 |  | 4800 |  | 4063 |
|  4.900% due 03/15/2049 |  | 5200 |  | 4719 |
|  5.000% due 03/15/2035 |  | 10000 |  | 9900 |
|  5.350% due 11/15/2044 |  | 20000 |  | 19558 |
|  5.400% due 03/15/2055 |  | 34900 |  | 33721 |
|  5.450% due 03/15/2053 |  | 10800 |  | 10490 |
|  5.700% due 09/15/2053 (l) |  | 20000 |  | 20324 |
|  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 |  | 7387 |
|  4.900% due 04/01/2077 |  | 4800 |  | 3992 |
|  5.077% due 02/15/2069 •  |  | 27500 |  | 24397 |
|  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 |  | 7073 |
|  6.100% due 06/11/2055 ~ |  | 15000 |  | 14985 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 |  | 4495 |  | 4424 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  |  | 15100 |  | 15151 |
|  9.250% due 04/08/2068 |  | 51066 |  | 60383 |
|  10.750% due 08/01/2069 |  | 5132 |  | 6800 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 13900 | 12102 |
|  2.309% due 07/20/2032 •  | 3000 | 2570 |
|  3.751% due 07/18/2039 | 1200 | 1023 |
|  4.153% due 03/07/2039 | 2300 | 2108 |
|  4.315% due 04/19/2033 •  | 25000 | 23974 |
|  5.133% due 07/20/2033 •  | 17300 | 17344 |
|  5.441% due 02/22/2034 •  | 11600 | 11841 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  | 18400 | 15846 |
|  2.172% due 05/22/2032 •  | 6556 | 5588 |
|  2.201% due 07/10/2031 •  | 9800 | 8570 |
|  5.422% due 05/13/2036 ~ | 10000 | 10072 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) | 62100 | 41679 |
|  2.239% due 07/21/2032 •  | 28500 | 24275 |
|  2.943% due 01/21/2033 •  | 5200 | 4563 |
|  3.217% due 04/22/2042 •  | 15200 | 11393 |
|  4.654% due 10/18/2030 •  | 15800 | 15677 |
|  4.889% due 07/20/2033 •  | 2700 | 2661 |
|  5.042% due 07/19/2030 •  | 3400 | 3429 |
|  5.250% due 04/21/2034 •  | 6500 | 6506 |
|  5.297% due 04/20/2037 •  | 31519 | 30926 |
|  5.320% due 07/19/2035 •  | 18000 | 18009 |
|  5.424% due 07/21/2034 •  | 11400 | 11537 |
|  5.466% due 01/18/2035 •  | 8373 | 8475 |
|  5.587% due 01/18/2036 ~ | 15600 | 15938 |
|  5.656% due 04/18/2030 •  | 5800 | 5981 |
|  5.831% due 04/19/2035 •  | 10000 | 10368 |
|  5.948% due 01/19/2038 •  | 4400 | 4449 |
|  6.627% due 11/01/2034 •  | 8255 | 9007 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  6.150% due 05/17/2029 | 1100 | 1112 |
|  MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. |
|  6.250% due 05/31/2030 (b) | 10000 | 9901 |
|  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 | 3184 |
|  Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. |
|  6.144% due 01/16/2064 •  | 25000 | 25480 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 10600 | 9188 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 5500 | 5425 |
|  6.557% due 10/18/2027 •  | 14655 | 15057 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | 10000 | 7572 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  4.350% due 04/30/2050 | 2250 | 1725 |
|  9.375% due 08/15/2039 | 32300 | 42474 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 1900 | 1863 |
|  4.600% due 06/28/2031 •(h)(i)(l) | 19400 | 16465 |
|  5.076% due 01/27/2030 •  | 46350 | 46659 |
|  5.778% due 03/01/2035 •  | 14453 | 14753 |
|  7.300% due 11/19/2034 •(h)(i) | 10000 | 9887 |
|  8.125% due 11/10/2033 •(h)(i) | 5000 | 5262 |
|  Neuberger Berman Group LLC | Neuberger Berman Group LLC | Neuberger Berman Group LLC |
|  4.500% due 03/15/2027 | 6200 | 6170 |
|  4.875% due 04/15/2045 | 13688 | 11731 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
|  4.450% due 05/15/2069 | 16700 | 13050 |
|  6.750% due 11/15/2039 | 4260 | 4832 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 3300 | 3464 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  | 36900 | 31968 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 39200 | 37774 |
|  2.750% due 03/09/2028 | 9503 | 8737 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 10000 | 10187 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 15900 | 14682 |
|  2.608% due 07/14/2031 | 12400 | 10711 |
|  2.679% due 07/16/2030 | 11200 | 9991 |
|  2.999% due 01/22/2032 | 14100 | 12312 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.103% due 01/16/2030 | $— | 4700 | $— | 4335 |
|  5.613% due 07/02/2027 ~ |  | 3800 |  | 3834 |
|  5.842% due 01/18/2028 |  | 12400 |  | 12739 |
|  6.181% due 01/18/2033 |  | 30000 |  | 31550 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(h)(i) |  | 2500 |  | 2224 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 2400 |  | 2422 |
|  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 |  | 21884 |
|  3.625% due 09/30/2059 |  | 62990 |  | 42843 |
|  3.850% due 09/30/2047 |  | 10340 |  | 7914 |
|  6.063% due 03/30/2040 |  | 1 |  | 1 |
|  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 |  | 3200 |  | 3188 |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 |  | 2400 |  | 2452 |
|  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 |  | 27017 |
|  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 |  | 451 |
|  3.625% due 10/01/2029 |  | 4000 |  | 3742 |
|  4.750% due 01/15/2028 |  | 7000 |  | 6986 |
|  5.250% due 01/15/2026 |  | 10061 |  | 10080 |
|  OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. |
|  4.250% due 10/15/2050 |  | 5400 |  | 4101 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | 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 |  | 3842 |
|  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 |  | 63816 |  | 86468 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 |  | 5700 |  | 3870 |
|  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 (e) |  | 17987 |  | 12685 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  3.800% due 04/29/2061 |  | 40000 |  | 26367 |
|  7.625% due 06/15/2040 |  | 32535 |  | 36908 |
|  Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP |
|  5.750% due 07/15/2034 |  | 5300 |  | 5346 |
|  Pine Street Trust | Pine Street Trust | Pine Street Trust | Pine Street Trust | Pine Street Trust |
|  5.568% due 02/15/2049 |  | 23800 |  | 22400 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(k) |  | 24000 |  | 26494 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 |  | 14700 |  | 15253 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  3.700% due 03/15/2052 |  | 4500 |  | 3344 |
|  4.125% due 04/15/2047 |  | 1700 |  | 1392 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  5.000% due 01/31/2035 |  | 500 |  | 496 |
|  5.250% due 03/15/2054 |  | 4010 |  | 3807 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | 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 |  | 3489 |
|  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 |  | 20000 |  | 20539 |
|  5.467% due 12/08/2028 |  | 2000 |  | 2058 |
|  Rayonier LP | Rayonier LP | Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 |  | 7500 |  | 6558 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.700% due 02/15/2032 |  | 11400 |  | 9869 |
|  3.200% due 02/15/2031 |  | 11100 |  | 10164 |
|  3.400% due 01/15/2028 |  | 1265 |  | 1228 |
|  3.400% due 01/15/2030 |  | 1725 |  | 1627 |
|  3.950% due 08/15/2027 |  | 3316 |  | 3280 |
|  4.450% due 09/15/2026 |  | 2350 |  | 2350 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.125% due 03/15/2028 |  | 1100 |  | 1088 |
|  4.400% due 02/01/2047 |  | 4200 |  | 3507 |
|  4.650% due 03/15/2049 |  | 1500 |  | 1292 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 |  | 11800 |  | 10145 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 6900 |  | 7028 |
|  5.500% due 01/11/2031 |  | 4500 |  | 4631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 11/21/2028 | $— | 3000 | $— | 3141 |
|  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 |  | 7659 |  | 6657 |
|  3.900% due 10/15/2029 |  | 3368 |  | 3168 |
|  5.125% due 08/15/2026 |  | 1600 |  | 1599 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 |  | 18300 |  | 16394 |
|  6.875% due 04/15/2034 |  | 8000 |  | 8544 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.400% due 07/13/2027 |  | 3080 |  | 3057 |
|  5.473% due 03/20/2029 ~ |  | 4100 |  | 4125 |
|  5.741% due 03/20/2031 ~ |  | 3200 |  | 3225 |
|  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 |
|  2.896% due 03/15/2032 •  |  | 17160 |  | 15108 |
|  3.823% due 11/03/2028 •  |  | 51925 |  | 50532 |
|  4.858% due 09/11/2030 •  |  | 5680 |  | 5628 |
|  5.694% due 04/15/2031 ~ |  | 8900 |  | 9088 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 |  | 10300 |  | 9599 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.375% due 03/01/2049 |  | 8800 |  | 8073 |
|  5.900% due 04/15/2035 |  | 600 |  | 606 |
|  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 |  | 11300 |  | 11197 |
|  6.125% due 07/15/2030 |  | 1900 |  | 1913 |
|  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 |
|  2.300% due 06/15/2028 |  | 4200 |  | 3891 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.221% due 06/15/2033 •(l) |  | 10500 |  | 10675 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.265% due 02/18/2036 •  |  | 15500 |  | 13713 |
|  3.603% due 01/12/2033 •  |  | 3200 |  | 2825 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 |  | 5600 |  | 5359 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 |  | 1900 |  | 1668 |
|  5.400% due 04/30/2030 |  | 5000 |  | 5009 |
|  Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners |
|  6.520% due 03/20/2028 «(k) |  | 6900 |  | 6972 |
|  6.740% due 03/20/2030 «(k) |  | 8200 |  | 8342 |
|  Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. |
|  3.375% due 04/15/2081 •  |  | 16300 |  | 14586 |
|  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. |
|  2.130% due 07/08/2030 |  | 37100 |  | 32511 |
|  3.040% due 07/16/2029 |  | 11300 |  | 10571 |
|  5.424% due 07/09/2031 |  | 34930 |  | 35922 |
|  5.558% due 07/09/2034 |  | 20100 |  | 20635 |
|  5.710% due 01/13/2030 |  | 18400 |  | 19134 |
|  5.808% due 09/14/2033 (l) |  | 6800 |  | 7145 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 |  | 6800 |  | 5921 |
|  5.700% due 01/15/2033 |  | 8000 |  | 8168 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.750% due 03/01/2031 ~(h)(i)(l) |  | 6000 |  | 5404 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | 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 |  | 20068 |
|  4.270% due 05/15/2047 |  | 11300 |  | 9190 |
|  4.900% due 09/15/2044 |  | 18400 |  | 16523 |
|  6.850% due 12/16/2039 |  | 5129 |  | 5825 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  6.052% due 10/13/2039 |  | 282 |  | 369 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  8.125% due 10/31/2082 •(i) | $— | 20000 |  | 20738 |
|  Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
|  8.000% due 11/30/2039 |  | 7933 |  | 9755 |
|  Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. |
|  4.050% due 03/07/2048 |  | 4000 |  | 3228 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  6.123% due 10/28/2033 •  |  | 12000 |  | 12626 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 |  | 23500 |  | 18945 |
|  6.950% due 01/30/2044 |  | 25270 |  | 22024 |
|  7.375% due 02/13/2034 |  | 2900 |  | 2917 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 |  | 54700 |  | 51372 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 | 34800 | 37483 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.746% due 02/11/2033 •  | 10900 | 9334 |
|  3.091% due 05/14/2032 •  | 57529 | 51230 |
|  3.179% due 02/11/2043 •  | 1100 | 803 |
|  3.869% due 01/12/2029 •  | 10550 | 10307 |
|  4.125% due 09/24/2025 | 400 | 399 |
|  4.125% due 04/15/2026 | 34600 | 34470 |
|  4.194% due 04/01/2031 •  | 2250 | 2170 |
|  4.282% due 01/09/2028 | 17400 | 17186 |
|  4.550% due 04/17/2026 | 13000 | 13008 |
|  4.875% due 02/12/2027 •(h)(i) | 7400 | 7197 |
|  4.988% due 08/05/2033 •  | 5000 | 4912 |
|  5.379% due 09/06/2045 •  | 15000 | 14337 |
|  5.617% due 09/13/2030 •  | 5000 | 5134 |
|  5.699% due 02/08/2035 •  | 11400 | 11694 |
|  5.959% due 01/12/2034 •  | 40000 | 41630 |
|  6.301% due 09/22/2034 •  | 12900 | 13717 |
|  6.537% due 08/12/2033 •  | 38750 | 41534 |
|  6.850% due 09/10/2029 •(h)(i) | 8500 | 8472 |
|  7.000% due 02/10/2030 ~(h)(i) | 17000 | 16785 |
|  7.125% due 08/10/2034 ~(h)(i) | 7700 | 7593 |
|  9.250% due 11/13/2028 ~(h)(i) | 11000 | 11974 |
|  9.250% due 11/13/2028 •(h)(i) | 8900 | 9688 |
|  9.250% due 11/13/2033 •(h)(i) | 7000 | 8006 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.500% due 07/01/2027 | 3323 | 3248 |
|  Unum Group | Unum Group | Unum Group |
|  4.046% due 08/15/2041 | 15000 | 12098 |
|  6.000% due 06/15/2054 | 3800 | 3814 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.125% due 08/15/2030 | 4633 | 4366 |
|  4.750% due 04/01/2028 (b) | 1200 | 1203 |
|  5.125% due 11/15/2031 | 3200 | 3158 |
|  5.125% due 05/15/2032 | 11100 | 10874 |
|  5.625% due 04/01/2035 (b) | 11500 | 11444 |
|  5.625% due 05/15/2052 | 24400 | 22273 |
|  5.750% due 04/01/2034 | 2400 | 2415 |
|  6.125% due 04/01/2054 | 4000 | 3902 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  2.000% due 08/15/2050 | 262 | 144 |
|  4.300% due 12/14/2045 | 400 | 349 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | 6800 | 6441 |
|  5.000% due 09/20/2034 | 5200 | 5009 |
|  W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. |
|  4.000% due 05/12/2050 | 4900 | 3788 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 13500 | 12887 |
|  2.572% due 02/11/2031 •  | 16817 | 15163 |
|  2.879% due 10/30/2030 •  | 30900 | 28491 |
|  3.000% due 04/22/2026 | 2000 | 1970 |
|  3.584% due 05/22/2028 •  | 25300 | 24775 |
|  4.611% due 04/25/2053 •  | 64700 | 54943 |
|  5.211% due 12/03/2035 •  | 47750 | 47438 |
|  5.428% due 04/22/2028 ~ | 13700 | 13806 |
|  5.557% due 07/25/2034 •  | 63737 | 64879 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.850% due 02/01/2037 | 5901 | 6124 |
|  5.950% due 08/26/2036 | 800 | 834 |
|  6.600% due 01/15/2038 | 22877 | 25160 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  6.500% due 03/15/2041 | 29850 | 32338 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.875% due 12/15/2033 | 14477 | 15958 |
|  6.950% due 10/01/2027 | 4500 | 4756 |
|  7.375% due 03/15/2032 | 39647 | 44548 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 | 13550 | 9960 |
|  5.350% due 05/15/2033 | 3944 | 3978 |
|  |  | 7697609 |
| INDUSTRIALS 32.8% | INDUSTRIALS 32.8% | INDUSTRIALS 32.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 15352 | 9009 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 8499 | 7047 |
|  4.300% due 05/14/2036 | 20236 | 18922 |
|  4.400% due 11/06/2042 | 40050 | 35383 |
|  4.450% due 05/14/2046 | 33150 | 28827 |
|  4.500% due 05/14/2035 | 20877 | 20045 |
|  4.700% due 05/14/2045 | 12000 | 10845 |
|  4.850% due 06/15/2044 | 36900 | 34267 |
|  5.200% due 03/15/2035 | 10900 | 11078 |
|  5.400% due 03/15/2054 | 6800 | 6684 |
|  5.500% due 03/15/2064 | 7800 | 7680 |
|  5.600% due 03/15/2055 | 14300 | 14483 |
|  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 | 7092 |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 4185 | 3583 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 17500 | 15987 |
|  Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. |
|  2.211% due 06/15/2030 | 11150 | 9959 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  2.750% due 08/15/2051 | 5402 | 3287 |
|  3.150% due 09/15/2049 | 6000 | 4029 |
|  3.650% due 04/01/2050 | 2700 | 1974 |
|  4.250% due 09/15/2048 | 1474 | 1206 |
|  5.400% due 03/15/2053 | 11300 | 10826 |
|  Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA |
|  1.750% due 07/30/2031 | 4600 | 4478 |
|  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 |
|  4.125% due 11/15/2026 | 8837 | 8822 |
|  5.250% due 10/01/2030 | 5012 | 5040 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.800% due 10/01/2054 | 9900 | 9036 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 (l) | 12816 | 12784 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.000% due 09/23/2029 | 500 | 465 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.700% due 06/03/2060 | 2900 | 1688 |
|  3.100% due 05/12/2051 | 19800 | 13462 |
|  3.250% due 05/12/2061 | 40500 | 26765 |
|  4.100% due 04/13/2062 | 10000 | 7930 |
|  4.250% due 08/22/2057 | 19550 | 16112 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 18358 | 16154 |
|  3.000% due 04/15/2030 | 436 | 412 |
|  3.150% due 08/15/2033 | 6300 | 5786 |
|  3.200% due 12/15/2029 | 5461 | 5208 |
|  3.350% due 04/15/2031 | 3241 | 3079 |
|  3.375% due 11/01/2028 | 5457 | 5293 |
|  3.500% due 08/15/2033 | 2842 | 2557 |
|  3.575% due 07/15/2029 | 5897 | 5709 |
|  3.600% due 03/22/2029 | 5815 | 5639 |
|  3.600% due 04/15/2031 | 2499 | 2340 |
|  3.650% due 02/15/2029 | 1968 | 1900 |
|  3.700% due 04/01/2028 | 5284 | 5184 |
|  4.000% due 01/15/2027 | 2448 | 2432 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.000% due 03/08/2031 | 5600 | 5953 |
|  3.250% due 03/08/2034 | 5600 | 5865 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.800% due 08/15/2041 | 3700 | 2656 |
|  3.375% due 02/21/2050 | 7300 | 5113 |
|  4.663% due 06/15/2051 | 144713 | 123733 |
|  4.950% due 10/01/2041 | 4650 | 4281 |
|  5.250% due 03/02/2033 (l) | 30706 | 31161 |
|  5.650% due 03/02/2053 | 40439 | 39699 |
|  5.750% due 03/02/2063 | 35790 | 34906 |
|  Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
|  5.300% due 04/01/2054 | 3771 | 3643 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 9100 | 8591 |
|  Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC |
|  4.700% due 02/01/2036 | 88170 | 85077 |
|  4.900% due 02/01/2046 | 105682 | 97536 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
|  4.900% due 02/01/2046 | 320 | 293 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.950% due 01/15/2042 | 2250 | 2122 |
|  5.450% due 01/23/2039 | 7150 | 7265 |
|  5.800% due 01/23/2059 | 30901 | 31982 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  2.800% due 02/08/2061 | 7100 | 4296 |
|  2.850% due 08/05/2061 | 8400 | 5115 |
|  2.950% due 09/11/2049 | 21100 | 14282 |
|  3.750% due 09/12/2047 | 21600 | 17183 |
|  3.850% due 08/04/2046 | 54395 | 44339 |
|  4.375% due 05/13/2045 | 1000 | 888 |
|  4.850% due 05/10/2053 (l) | 8000 | 7680 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  3.250% due 03/01/2032 | 2248 | 1960 |
|  5.400% due 03/15/2049 | 10000 | 8632 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  2.950% due 02/15/2032 | 600 | 515 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 14400 | 14494 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  5.000% due 02/26/2034 | 22061 | 22283 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  4.375% due 11/16/2045 | 1400 | 1220 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.150% due 05/15/2038 | 22540 | 20719 |
|  5.300% due 05/15/2048 | 21150 | 18622 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  3.000% due 09/15/2050 | 11700 | 7701 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 15000 | 10832 |
|  Barrick North America Finance LLC | Barrick North America Finance LLC | Barrick North America Finance LLC |
|  5.700% due 05/30/2041 | 4768 | 4751 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  4.540% due 08/15/2047 | 147 | 118 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.200% due 07/15/2034 | 14484 | 12791 |
|  4.375% due 12/15/2028 | 9800 | 9549 |
|  4.400% due 07/15/2044 | 4000 | 3054 |
|  4.625% due 06/25/2038 | 2400 | 2074 |
|  4.875% due 06/25/2048 | 24000 | 19215 |
|  6.250% due 01/21/2029 | 400 | 415 |
|  6.375% due 11/21/2030 | 6400 | 6705 |
|  6.500% due 11/21/2033 | 21900 | 23019 |
|  6.875% due 11/21/2053 (l) | 12600 | 13037 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.794% due 05/20/2050 | 17200 | 12910 |
|  5.110% due 02/08/2034 | 6646 | 6644 |
|  Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL |
|  4.029% due 06/07/2036 | 6200 | 6718 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  3.080% due 07/01/2051 | 14000 | 8949 |
|  Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
|  3.700% due 03/15/2032 | 5527 | 4990 |
|  Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
|  3.250% due 02/15/2051 | 7181 | 4605 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 2300 | 2305 |
|  4.750% due 03/21/2028 | 4900 | 4912 |
|  5.050% due 03/21/2030 | 5300 | 5330 |
|  5.141% due 03/19/2027 ~ | 3300 | 3296 |
|  5.281% due 03/21/2028 ~ | 6000 | 5995 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2035 | 1755 | 1446 |
|  3.600% due 05/01/2034 | 8470 | 7295 |
|  3.625% due 02/01/2031 | 1700 | 1577 |
|  3.650% due 03/01/2047 | 1945 | 1351 |
|  3.750% due 02/01/2050 | 3200 | 2245 |
|  3.825% due 03/01/2059 | 4515 | 2991 |
|  3.950% due 08/01/2059 | 9500 | 6479 |
|  5.040% due 05/01/2027 | 8000 | 8039 |
|  5.705% due 05/01/2040 | 63800 | 62058 |
|  5.805% due 05/01/2050 | 115490 | 110056 |
|  5.930% due 05/01/2060 | 106500 | 100290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.259% due 05/01/2027 | $— | 3600 | $— | 3705 |
|  6.528% due 05/01/2034 |  | 14500 |  | 15545 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.205% due 06/01/2050 |  | 12000 |  | 8253 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 08/04/2033 |  | 5900 |  | 5890 |
|  5.950% due 04/15/2035 |  | 5200 |  | 5200 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.500% due 11/15/2035 |  | 43837 |  | 48656 |
|  7.375% due 01/15/2040 |  | 42000 |  | 50962 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  4.893% due 09/11/2033 |  | 61879 |  | 60993 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  3.700% due 03/15/2052 |  | 8400 |  | 6202 |
|  4.250% due 10/26/2049 |  | 9728 |  | 7964 |
|  4.350% due 11/15/2047 |  | 2884 |  | 2418 |
|  5.550% due 02/22/2054 |  | 12500 |  | 12327 |
|  5.650% due 02/22/2064 |  | 28925 |  | 28362 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 |  | 17574 |  | 16406 |
|  3.350% due 12/15/2030 |  | 1190 |  | 1135 |
|  4.250% due 05/15/2034 |  | 2629 |  | 2537 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 |  | 42501 |  | 35831 |
|  3.137% due 11/15/2035 |  | 57112 |  | 47358 |
|  3.187% due 11/15/2036 |  | 2674 |  | 2196 |
|  3.419% due 04/15/2033 |  | 23395 |  | 20838 |
|  3.469% due 04/15/2034 |  | 67546 |  | 59483 |
|  3.500% due 02/15/2041 |  | 22400 |  | 17551 |
|  4.150% due 11/15/2030 |  | 918 |  | 889 |
|  4.150% due 04/15/2032 |  | 44100 |  | 41846 |
|  4.300% due 11/15/2032 |  | 21250 |  | 20291 |
|  5.150% due 11/15/2031 |  | 1600 |  | 1623 |
|  5.200% due 04/15/2032 |  | 10000 |  | 10150 |
|  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 |  | 23773 |
|  4.450% due 01/15/2053 |  | 4909 |  | 4160 |
|  5.200% due 04/15/2054 |  | 47583 |  | 45338 |
|  5.500% due 03/15/2055 |  | 16700 |  | 16655 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 |  | 26700 |  | 22491 |
|  3.701% due 01/15/2039 |  | 1430 |  | 1195 |
|  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 |  | 9034 |
|  4.300% due 05/15/2043 |  | 5000 |  | 4289 |
|  4.700% due 05/01/2048 |  | 17700 |  | 15547 |
|  4.950% due 08/15/2045 |  | 24795 |  | 22966 |
|  6.125% due 09/15/2115 |  | 51558 |  | 52329 |
|  CDW LLC | CDW LLC | CDW LLC | CDW LLC | CDW LLC |
|  3.569% due 12/01/2031 |  | 11800 |  | 10674 |
|  5.550% due 08/22/2034 |  | 16600 |  | 16427 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 25913 |  | 23664 |
|  2.500% due 03/01/2031 |  | 4478 |  | 3780 |
|  2.625% due 08/01/2031 |  | 1487 |  | 1251 |
|  3.000% due 10/15/2030 |  | 365 |  | 320 |
|  3.375% due 02/15/2030 |  | 1790 |  | 1620 |
|  4.625% due 12/15/2029 |  | 3300 |  | 3164 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 |  | 20066 |  | 19510 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.500% due 06/01/2041 |  | 15877 |  | 11008 |
|  3.500% due 03/01/2042 |  | 13700 |  | 9380 |
|  3.700% due 04/01/2051 |  | 7500 |  | 4733 |
|  3.850% due 04/01/2061 |  | 94400 |  | 57377 |
|  3.900% due 06/01/2052 |  | 22775 |  | 14737 |
|  4.400% due 12/01/2061 |  | 65700 |  | 43661 |
|  4.800% due 03/01/2050 |  | 37000 |  | 27913 |
|  5.050% due 03/30/2029 |  | 8 |  | 8 |
|  5.125% due 07/01/2049 |  | 39500 |  | 31374 |
|  5.250% due 04/01/2053 (l) |  | 24971 |  | 20192 |
|  6.484% due 10/23/2045 |  | 19 |  | 18 |
|  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 |  | 16821 |
|  3.700% due 11/15/2029 |  | 5000 |  | 4777 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.750% due 08/15/2034 |  | 19155 |  | 19435 |
|  5.950% due 06/30/2033 |  | 15570 |  | 15998 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 9400 | 9513 |
|  Chevron Corp. | Chevron Corp. | Chevron Corp. |
|  3.078% due 05/11/2050 | 860 | 585 |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
|  5.350% due 02/26/2064 | 300 | 292 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
|  2.500% due 03/15/2051 | 19600 | 11727 |
|  2.750% due 06/01/2060 | 7500 | 4496 |
|  4.650% due 08/14/2034 | 1100 | 1094 |
|  5.200% due 01/14/2055 | 500 | 482 |
|  5.400% due 05/13/2064 | 975 | 954 |
|  Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC |
|  6.850% due 06/15/2037 | 10900 | 11693 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.650% due 08/15/2062 | 18400 | 9678 |
|  2.800% due 01/15/2051 | 500 | 302 |
|  2.887% due 11/01/2051 | 2199 | 1342 |
|  2.937% due 11/01/2056 | 127727 | 75109 |
|  3.200% due 07/15/2036 | 1027 | 849 |
|  3.250% due 11/01/2039 | 200 | 155 |
|  3.450% due 02/01/2050 | 20000 | 13858 |
|  3.969% due 11/01/2047 | 34422 | 26602 |
|  3.999% due 11/01/2049 | 98621 | 75733 |
|  4.000% due 03/01/2048 | 12260 | 9502 |
|  5.500% due 05/15/2064 | 169 | 159 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  3.347% due 10/01/2029 | 10000 | 9429 |
|  4.187% due 10/01/2049 | 2100 | 1636 |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  5.500% due 01/15/2055 | 1119 | 1082 |
|  5.650% due 01/15/2065 | 8000 | 7728 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.100% due 02/15/2048 | 12200 | 9475 |
|  4.500% due 05/09/2047 | 8100 | 6645 |
|  4.750% due 05/09/2032 | 2761 | 2696 |
|  Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical |
|  0.000% due 07/01/2033 «(k) | 10100 | 10116 |
|  Corning, Inc. | Corning, Inc. | Corning, Inc. |
|  5.450% due 11/15/2079 | 5155 | 4702 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  4.500% due 06/30/2043 | 21841 | 17576 |
|  4.700% due 12/15/2042 | 4070 | 3321 |
|  4.800% due 02/01/2035 | 13000 | 12041 |
|  5.800% due 12/15/2053 | 19854 | 18078 |
|  CSL Finanace PLC Co. | CSL Finanace PLC Co. | CSL Finanace PLC Co. |
|  4.750% due 04/27/2052 | 12170 | 10593 |
|  4.950% due 04/27/2062 | 9200 | 8060 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.625% due 04/01/2027 | 2900 | 2846 |
|  3.750% due 04/01/2030 | 4900 | 4626 |
|  4.125% due 04/01/2040 | 4543 | 3697 |
|  5.050% due 03/25/2048 | 36900 | 31514 |
|  5.125% due 07/20/2045 | 6975 | 6086 |
|  5.250% due 02/21/2033 | 3000 | 2963 |
|  5.300% due 12/05/2043 | 7100 | 6397 |
|  5.625% due 02/21/2053 | 22700 | 20769 |
|  5.875% due 06/01/2053 | 8900 | 8408 |
|  6.000% due 06/01/2063 | 6500 | 6139 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 | 7061 | 6459 |
|  5.773% due 01/10/2033 | 823 | 824 |
|  5.880% due 01/10/2028 | 1290 | 1306 |
|  5.926% due 01/10/2034 | 19888 | 20069 |
|  6.036% due 12/10/2028 | 668 | 673 |
|  6.943% due 01/10/2030 | 16168 | 16620 |
|  7.507% due 01/10/2032 | 47903 | 51066 |
|  8.353% due 07/10/2031 | 8876 | 9687 |
|  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 | 6449 |
|  2.500% due 12/14/2031 | 8904 | 7580 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 5612 | 4908 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  3.450% due 12/15/2051 | 13152 | 8896 |
|  4.900% due 10/01/2026 | 13398 | 13453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.300% due 10/01/2029 | $— | 14602 | $— | 14873 |
|  6.020% due 06/15/2026 |  | 23645 |  | 23954 |
|  8.100% due 07/15/2036 |  | 129 |  | 154 |
|  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 (l) |  | 45863 |  | 42983 |
|  4.375% due 04/19/2028 |  | 4000 |  | 3924 |
|  4.750% due 10/20/2028 |  | 2150 |  | 2142 |
|  7.375% due 01/15/2026 |  | 35442 |  | 36084 |
|  Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |
|  8.750% due 06/15/2030 |  | 295 |  | 346 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.750% due 09/15/2054 |  | 7775 |  | 7124 |
|  7.950% due 04/15/2032 |  | 5535 |  | 6337 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  4.250% due 03/15/2052 |  | 7100 |  | 5394 |
|  5.550% due 04/01/2035 |  | 11300 |  | 11352 |
|  5.750% due 04/18/2054 |  | 14100 |  | 13305 |
|  5.900% due 04/18/2064 |  | 4000 |  | 3766 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 |  | 17400 |  | 16203 |
|  5.800% due 12/15/2034 |  | 5984 |  | 6017 |
|  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 |  | 6957 |
|  6.200% due 01/15/2055 |  | 5000 |  | 5234 |
|  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 |  | 3515 |
|  4.800% due 11/01/2043 |  | 800 |  | 717 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 (l) |  | 25700 |  | 22043 |
|  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 |  | 8704 |
|  8.375% due 06/15/2032 |  | 25670 |  | 29789 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  3.600% due 03/15/2051 |  | 1350 |  | 958 |
|  3.700% due 09/15/2049 |  | 5640 |  | 4092 |
|  4.375% due 12/01/2047 |  | 30200 |  | 24792 |
|  4.550% due 03/01/2048 |  | 7500 |  | 6285 |
|  4.550% due 05/15/2052 |  | 12100 |  | 9957 |
|  4.625% due 05/15/2042 |  | 7700 |  | 6797 |
|  5.100% due 01/15/2044 |  | 13244 |  | 12251 |
|  5.125% due 02/15/2053 |  | 2000 |  | 1796 |
|  5.200% due 02/15/2035 |  | 7700 |  | 7729 |
|  5.650% due 06/15/2054 |  | 2500 |  | 2413 |
|  5.700% due 02/15/2055 |  | 7400 |  | 7218 |
|  5.850% due 11/01/2064 |  | 10000 |  | 9801 |
|  6.100% due 10/15/2052 |  | 1900 |  | 1944 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.600% due 08/14/2034 |  | 1679 |  | 1651 |
|  5.050% due 08/14/2054 |  | 49500 |  | 46807 |
|  5.200% due 08/14/2064 |  | 4370 |  | 4147 |
|  Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA |
|  3.950% due 01/21/2050 |  | 3600 |  | 2738 |
|  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 |  | 2898 |
|  7.375% due 10/15/2045 |  | 19892 |  | 22816 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 |  | 19815 |  | 16221 |
|  3.400% due 08/01/2051 |  | 29500 |  | 19872 |
|  4.500% due 06/10/2044 |  | 10948 |  | 9181 |
|  5.625% due 04/05/2034 |  | 6930 |  | 7043 |
|  5.700% due 03/08/2033 (l) |  | 35800 |  | 36757 |
|  5.950% due 04/05/2054 |  | 4500 |  | 4482 |
|  6.700% due 11/15/2053 |  | 20000 |  | 21626 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.900% due 03/15/2035 |  | 14773 |  | 14054 |
|  4.950% due 01/15/2043 |  | 27800 |  | 24092 |
|  5.000% due 05/15/2044 |  | 44517 |  | 38445 |
|  5.000% due 05/15/2050 |  | 5300 |  | 4467 |
|  5.150% due 02/01/2043 |  | 26785 |  | 23909 |
|  5.150% due 03/15/2045 |  | 42386 |  | 37123 |
|  5.300% due 04/01/2044 |  | 12314 |  | 11054 |
|  5.300% due 04/15/2047 |  | 22750 |  | 20135 |
|  5.350% due 05/15/2045 |  | 20088 |  | 18054 |
|  5.400% due 10/01/2047 |  | 5038 |  | 4515 |
|  5.550% due 05/15/2034 |  | 7558 |  | 7557 |
|  5.700% due 04/01/2035 |  | 7100 |  | 7157 |
|  5.950% due 05/15/2054 |  | 12300 |  | 11754 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 06/15/2048 | $— | 600 | $— | 582 |
|  6.050% due 09/01/2054 |  | 7000 |  | 6803 |
|  6.125% due 12/15/2045 |  | 23548 |  | 23175 |
|  6.200% due 04/01/2055 |  | 9200 |  | 9128 |
|  6.500% due 02/01/2042 |  | 4134 |  | 4278 |
|  6.550% due 12/01/2033 |  | 11400 |  | 12196 |
|  6.625% due 10/15/2036 |  | 7500 |  | 8069 |
|  7.500% due 07/01/2038 |  | 900 |  | 1027 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 |  | 3200 |  | 3227 |
|  5.950% due 05/15/2054 |  | 17900 |  | 17525 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.900% due 03/15/2051 |  | 8400 |  | 5194 |
|  3.100% due 06/15/2041 |  | 14600 |  | 10662 |
|  4.200% due 09/01/2048 |  | 1410 |  | 1129 |
|  4.750% due 09/15/2052 |  | 15800 |  | 13744 |
|  5.000% due 07/15/2044 |  | 4300 |  | 3992 |
|  5.150% due 09/15/2034 |  | 5175 |  | 5162 |
|  5.700% due 03/15/2054 |  | 4500 |  | 4441 |
|  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 |  | 10568 |  | 8398 |
|  4.450% due 02/15/2043 |  | 77745 |  | 67340 |
|  4.800% due 02/01/2049 |  | 3575 |  | 3137 |
|  4.850% due 08/15/2042 |  | 11300 |  | 10327 |
|  4.850% due 03/15/2044 |  | 32362 |  | 29386 |
|  4.950% due 02/15/2035 |  | 750 |  | 740 |
|  5.100% due 02/15/2045 |  | 31665 |  | 29459 |
|  5.250% due 08/16/2077 •  |  | 5601 |  | 5529 |
|  5.550% due 02/16/2055 |  | 11500 |  | 11178 |
|  5.750% due 03/01/2035 |  | 13761 |  | 14178 |
|  7.571% due 08/16/2077 ~ |  | 8000 |  | 7976 |
|  Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
|  3.250% due 11/18/2049 |  | 5000 |  | 3500 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 |  | 2600 |  | 2680 |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
|  5.300% due 05/01/2052 |  | 6633 |  | 6062 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 |  | 1795 |  | 1699 |
|  5.700% due 01/15/2035 |  | 6300 |  | 6329 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 |  | 5000 |  | 4505 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  5.100% due 01/15/2044 |  | 10877 |  | 9618 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 |  | 2800 |  | 2727 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  4.300% due 01/15/2029 |  | 700 |  | 690 |
|  6.150% due 10/01/2038 |  | 2409 |  | 2562 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 |  | 11248 |  | 9278 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 |  | 6400 |  | 5640 |
|  4.317% due 12/30/2039 |  | 55500 |  | 43897 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 |  | 15685 |  | 15561 |
|  Ford Foundation | Ford Foundation | Ford Foundation | Ford Foundation | Ford Foundation |
|  2.415% due 06/01/2050 |  | 3800 |  | 2282 |
|  2.815% due 06/01/2070 |  | 7100 |  | 4038 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 |  | 666 |  | 664 |
|  5.576% due 01/25/2049 (l) |  | 12400 |  | 11623 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  5.400% due 11/14/2034 |  | 1770 |  | 1772 |
|  Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. |
|  3.000% due 12/01/2031 |  | 24600 |  | 21166 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 |  | 9751 |  | 9518 |
|  Georgetown University | Georgetown University | Georgetown University | Georgetown University | Georgetown University |
|  5.115% due 04/01/2053 |  | 3300 |  | 3119 |
|  Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
|  5.550% due 10/25/2042 |  | 8730 |  | 8269 |
|  6.900% due 11/15/2037 |  | 100 |  | 109 |
|  Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
|  3.125% due 03/26/2026 |  | 500 |  | 636 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.893% due 04/04/2054 | 2000 | 1950 |
|  6.141% due 04/01/2055 (b) | 8400 | 8460 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 4400 | 3316 |
|  5.950% due 08/15/2052 (l) | 10290 | 9967 |
|  GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
|  4.634% due 07/31/2029 | 2648 | 2619 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 4600 | 4663 |
|  6.103% due 08/23/2042 | 6000 | 6025 |
|  6.129% due 02/23/2038 | 2600 | 2673 |
|  6.510% due 02/23/2042 | 10700 | 11185 |
|  GTP Acquisition Partners LLC | GTP Acquisition Partners LLC | GTP Acquisition Partners LLC |
|  3.482% due 06/15/2050 | 7500 | 7474 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.625% due 03/24/2032 | 3700 | 3408 |
|  4.000% due 03/24/2052 | 3053 | 2364 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 (b) | 15500 | 15443 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | 24950 | 16467 |
|  3.625% due 03/15/2032 | 17875 | 16164 |
|  4.625% due 03/15/2052 | 39825 | 31730 |
|  5.250% due 06/15/2049 | 10000 | 8807 |
|  5.450% due 09/15/2034 | 4900 | 4860 |
|  5.500% due 06/01/2033 | 850 | 854 |
|  5.500% due 06/15/2047 | 26202 | 24150 |
|  5.750% due 03/01/2035 | 14400 | 14538 |
|  5.900% due 06/01/2053 | 5300 | 5069 |
|  5.950% due 09/15/2054 | 10000 | 9613 |
|  6.000% due 04/01/2054 | 10000 | 9683 |
|  6.100% due 04/01/2064 | 5200 | 5030 |
|  6.200% due 03/01/2055 | 11000 | 10929 |
|  Heineken NV | Heineken NV | Heineken NV |
|  4.350% due 03/29/2047 | 7848 | 6635 |
|  Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
|  5.875% due 02/26/2035 | 800 | 816 |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 | 8800 | 6764 |
|  Holcim Finance U.S. LLC | Holcim Finance U.S. LLC | Holcim Finance U.S. LLC |
|  4.750% due 09/22/2046 | 2400 | 2062 |
|  Holcim Sterling Finance Netherlands BV | Holcim Sterling Finance Netherlands BV | Holcim Sterling Finance Netherlands BV |
|  2.250% due 04/04/2034 | 5200 | 5163 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  3.625% due 04/15/2052 | 990 | 727 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  5.875% due 03/01/2033 | 8351 | 8541 |
|  8.150% due 06/15/2038 | 1000 | 1199 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  4.375% due 09/15/2028 | 1100 | 1083 |
|  5.050% due 03/30/2028 | 1100 | 1105 |
|  5.375% due 12/15/2031 | 1900 | 1893 |
|  5.750% due 04/23/2030 | 5850 | 6016 |
|  5.750% due 03/30/2032 | 1200 | 1207 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.000% due 06/15/2028 | 12713 | 11641 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  4.250% due 07/21/2025 | 2021 | 2016 |
|  6.125% due 07/27/2027 | 9798 | 10101 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 10800 | 8020 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  5.700% due 02/10/2053 | 4200 | 3863 |
|  5.900% due 02/10/2063 | 2479 | 2326 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  5.450% due 02/01/2029 | 1600 | 1631 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1921 | 1670 |
|  4.000% due 05/15/2034 | 9966 | 9361 |
|  Juniper Networks, Inc. | Juniper Networks, Inc. | Juniper Networks, Inc. |
|  5.950% due 03/15/2041 | 42478 | 42547 |
|  Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
|  4.150% due 05/01/2047 | 14300 | 11912 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  4.500% due 04/15/2052 (l) | 52043 | 43437 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
|  4.700% due 11/01/2042 | 6209 | 5289 |
|  5.000% due 03/01/2043 | 33335 | 29565 |
|  5.400% due 09/01/2044 | 300 | 277 |
|  5.500% due 03/01/2044 | 5536 | 5210 |
|  5.625% due 09/01/2041 | 1700 | 1608 |
|  5.800% due 03/15/2035 | 10942 | 11193 |
|  6.375% due 03/01/2041 | 10715 | 11038 |
|  6.500% due 02/01/2037 | 12219 | 13033 |
|  6.500% due 09/01/2039 | 36840 | 38974 |
|  6.550% due 09/15/2040 | 30300 | 31982 |
|  6.950% due 01/15/2038 | 800 | 882 |
|  7.400% due 03/15/2031 | 5000 | 5565 |
|  7.500% due 11/15/2040 | 25567 | 29656 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.300% due 12/01/2034 | 1190 | 1175 |
|  5.550% due 06/01/2045 | 4190 | 3930 |
|  7.800% due 08/01/2031 | 2000 | 2281 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.125% due 07/01/2027 | 1000 | 1276 |
|  4.375% due 06/01/2046 | 3000 | 2454 |
|  4.875% due 10/01/2049 | 5800 | 5023 |
|  5.000% due 06/04/2042 | 7013 | 6397 |
|  5.500% due 06/01/2050 | 3400 | 3212 |
|  6.500% due 02/09/2040 | 44238 | 47536 |
|  7.125% due 08/01/2039 | 1043 | 1189 |
|  Kroger Co. | Kroger Co. | Kroger Co. |
|  5.500% due 09/15/2054 | 3721 | 3512 |
|  5.650% due 09/15/2064 | 2746 | 2595 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.500% due 08/15/2054 | 16948 | 16370 |
|  Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
|  4.800% due 10/01/2034 | 11845 | 11410 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 35500 | 34836 |
|  3.900% due 08/08/2029 (l) | 70142 | 66031 |
|  6.200% due 08/15/2034 | 17615 | 17676 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 7900 | 6796 |
|  4.375% due 05/15/2030 | 2000 | 1945 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  2.413% due 06/01/2050 | 12600 | 7529 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 23300 | 18454 |
|  5.200% due 02/15/2055 | 30410 | 28834 |
|  5.200% due 02/15/2064 | 16312 | 15142 |
|  5.700% due 11/15/2054 | 34998 | 35580 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  5.800% due 09/15/2062 | 956 | 929 |
|  5.850% due 04/01/2063 | 16400 | 16040 |
|  LYB International Finance LLC | LYB International Finance LLC | LYB International Finance LLC |
|  3.625% due 04/01/2051 | 360 | 242 |
|  Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP |
|  7.700% due 02/15/2026 | 8555 | 8783 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 6087 | 5058 |
|  2.850% due 04/15/2031 | 9700 | 8630 |
|  3.500% due 10/15/2032 | 20101 | 17932 |
|  4.625% due 06/15/2030 | 7099 | 7047 |
|  5.350% due 03/15/2035 | 1375 | 1363 |
|  5.500% due 04/15/2037 | 1950 | 1930 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 3100 | 3114 |
|  5.200% due 03/01/2035 | 13500 | 13573 |
|  5.650% due 05/01/2045 | 9500 | 9526 |
|  5.700% due 05/01/2055 | 18500 | 18498 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 | 10094 | 9012 |
|  4.875% due 06/22/2028 | 10200 | 10248 |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  5.600% due 07/01/2111 | 1668 | 1699 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  3.625% due 09/01/2049 | 10972 | 8013 |
|  5.150% due 09/09/2052 | 100 | 93 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.450% due 08/14/2053 | $— | 400 | $— | 387 |
|  MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. |
|  3.966% due 08/06/2061 (l) |  | 10300 |  | 7894 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
|  2.750% due 12/10/2051 |  | 8782 |  | 5441 |
|  2.900% due 12/10/2061 |  | 10500 |  | 6132 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.450% due 08/15/2052 |  | 1000 |  | 852 |
|  4.650% due 08/15/2062 |  | 26200 |  | 22474 |
|  4.750% due 08/15/2034 |  | 16324 |  | 16214 |
|  5.400% due 08/15/2054 (l) |  | 16400 |  | 16080 |
|  5.550% due 08/15/2064 |  | 20000 |  | 19694 |
|  5.750% due 05/15/2063 |  | 12000 |  | 12198 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.327% due 02/06/2029 |  | 6565 |  | 6664 |
|  6.750% due 11/01/2029 |  | 575 |  | 617 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  2.500% due 09/15/2050 |  | 29800 |  | 18530 |
|  2.675% due 06/01/2060 |  | 29510 |  | 17650 |
|  2.921% due 03/17/2052 |  | 17621 |  | 11828 |
|  Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC |
|  6.500% due 06/20/2027 |  | 2880 |  | 2894 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 |  | 6000 |  | 3683 |
|  4.875% due 12/17/2048 |  | 9000 |  | 8046 |
|  5.250% due 07/15/2044 |  | 4144 |  | 3952 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  5.500% due 09/01/2044 (l) |  | 5686 |  | 5526 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  4.700% due 04/15/2048 |  | 600 |  | 491 |
|  4.900% due 04/15/2058 |  | 19120 |  | 15668 |
|  4.950% due 03/14/2052 |  | 45804 |  | 38518 |
|  5.200% due 03/01/2047 |  | 5000 |  | 4402 |
|  5.200% due 12/01/2047 |  | 2100 |  | 1849 |
|  5.500% due 02/15/2049 |  | 200 |  | 182 |
|  5.950% due 04/01/2055 |  | 19200 |  | 18515 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 |  | 5000 |  | 4319 |
|  3.875% due 02/15/2031 |  | 600 |  | 558 |
|  National Football League | National Football League | National Football League | National Football League | National Football League |
|  5.580% due 10/05/2033 «(k) |  | 10000 |  | 10022 |
|  5.680% due 10/05/2035 «(k) |  | 5000 |  | 5012 |
|  5.890% due 10/05/2043 «(k) |  | 5000 |  | 4926 |
|  National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
|  2.000% due 09/16/2038 |  | 919 |  | 754 |
|  2.000% due 04/17/2040 |  | 3300 |  | 2557 |
|  Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. |
|  4.556% due 11/01/2052 | $— | 2500 |  | 2192 |
|  NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
|  4.450% due 01/15/2043 |  | 19107 |  | 16497 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 |  | 1400 |  | 1411 |
|  5.700% due 03/17/2035 |  | 5900 |  | 5893 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  4.875% due 04/15/2028 |  | 5195 |  | 5271 |
|  4.900% due 08/15/2034 |  | 5283 |  | 5289 |
|  5.400% due 08/15/2054 |  | 5000 |  | 4909 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  5.450% due 06/09/2044 |  | 16100 |  | 15721 |
|  5.750% due 11/15/2041 |  | 22905 |  | 23036 |
|  6.250% due 10/01/2039 |  | 1710 |  | 1838 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  3.155% due 05/15/2055 |  | 3800 |  | 2437 |
|  3.942% due 11/01/2047 |  | 3535 |  | 2766 |
|  4.100% due 05/15/2121 |  | 9700 |  | 6903 |
|  4.450% due 03/01/2033 |  | 5000 |  | 4834 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  3.400% due 10/16/2051 |  | 3500 |  | 2340 |
|  4.100% due 09/15/2042 |  | 14000 |  | 11341 |
|  4.300% due 01/15/2049 |  | 18375 |  | 14772 |
|  5.625% due 02/01/2054 |  | 1500 |  | 1472 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 |  | 7600 |  | 7876 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  3.850% due 04/15/2045 |  | 9500 |  | 7528 |
|  5.200% due 06/01/2054 |  | 10600 |  | 9935 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 | 14900 | 11181 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 800 | 628 |
|  NXP BV | NXP BV | NXP BV |
|  3.150% due 05/01/2027 | 1800 | 1749 |
|  5.000% due 01/15/2033 | 3910 | 3851 |
|  5.350% due 03/01/2026 | 10000 | 10049 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.375% due 01/01/2032 | 1500 | 1479 |
|  5.550% due 10/01/2034 | 3600 | 3520 |
|  6.050% due 10/01/2054 | 14000 | 13117 |
|  6.200% due 03/15/2040 | 1190 | 1178 |
|  6.450% due 09/15/2036 | 846 | 871 |
|  6.600% due 03/15/2046 | 2800 | 2825 |
|  6.625% due 09/01/2030 | 1985 | 2087 |
|  7.500% due 05/01/2031 | 5000 | 5508 |
|  8.875% due 07/15/2030 | 3000 | 3438 |
|  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 | 4485 |
|  OCI NV | OCI NV | OCI NV |
|  6.700% due 03/16/2033 | 4800 | 5120 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 21327 | 21562 |
|  6.200% due 09/15/2043 | 47644 | 48206 |
|  6.650% due 10/01/2036 | 4765 | 5146 |
|  6.850% due 10/15/2037 | 8494 | 9272 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.600% due 04/01/2040 | 22300 | 17549 |
|  3.600% due 04/01/2050 | 28506 | 19820 |
|  3.650% due 03/25/2041 | 13880 | 10777 |
|  3.800% due 11/15/2037 | 8405 | 7086 |
|  3.850% due 07/15/2036 | 1500 | 1301 |
|  3.850% due 04/01/2060 | 65142 | 44809 |
|  3.900% due 05/15/2035 | 5000 | 4453 |
|  3.950% due 03/25/2051 | 17100 | 12569 |
|  4.000% due 07/15/2046 | 2750 | 2105 |
|  4.000% due 11/15/2047 | 62830 | 47675 |
|  4.100% due 03/25/2061 | 50490 | 36118 |
|  4.125% due 05/15/2045 | 500 | 395 |
|  4.500% due 07/08/2044 | 1400 | 1180 |
|  4.700% due 09/27/2034 | 300 | 287 |
|  4.900% due 02/06/2033 | 2295 | 2258 |
|  5.375% due 09/27/2054 | 13255 | 12096 |
|  5.500% due 08/03/2035 | 20000 | 20168 |
|  5.500% due 09/27/2064 | 11069 | 10043 |
|  5.550% due 02/06/2053 (l) | 35400 | 33114 |
|  6.000% due 08/03/2055 | 24100 | 24086 |
|  6.500% due 04/15/2038 | 500 | 540 |
|  6.900% due 11/09/2052 | 8500 | 9378 |
|  Orlando Health Obligated Group | Orlando Health Obligated Group | Orlando Health Obligated Group |
|  3.327% due 10/01/2050 | 8500 | 6096 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  6.625% due 08/15/2037 | 3310 | 3462 |
|  Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. |
|  4.750% due 03/22/2028 | 14885 | 14498 |
|  Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 | 1100 | 1065 |
|  6.875% due 04/30/2036 | 130 | 133 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  4.787% due 11/15/2048 | 2200 | 1885 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 13300 | 12718 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.350% due 02/12/2028 | 7200 | 6677 |
|  6.750% due 09/21/2047 | 39095 | 26771 |
|  6.950% due 01/28/2060 | 8284 | 5659 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  5.110% due 05/19/2043 | 16238 | 15495 |
|  5.340% due 05/19/2063 | 15900 | 14816 |
|  Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
|  5.600% due 09/15/2040 | 16865 | 17294 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.875% due 08/21/2042 | 1875 | 1506 |
|  4.125% due 03/04/2043 | 2575 | 2124 |
|  4.250% due 11/10/2044 | 24400 | 20460 |
|  4.375% due 11/15/2041 | 11100 | 9584 |
|  4.875% due 11/15/2043 | 2500 | 2276 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  1.900% due 08/15/2030 | 14227 | 12370 |
|  7.200% due 01/15/2028 | 24475 | 26342 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 200 | 150 |
|  3.300% due 07/12/2051 | 22880 | 15818 |
|  QatarEnergy LNG S3 | QatarEnergy LNG S3 | QatarEnergy LNG S3 |
|  5.838% due 09/30/2027 | 2348 | 2398 |
|  6.332% due 09/30/2027 | 1345 | 1369 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  2.375% due 03/15/2033 | 200 | 167 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
|  6.150% due 09/15/2043 | 6700 | 6696 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  7.500% due 07/15/2038 | 7162 | 7236 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 7440 | 6757 |
|  4.550% due 03/15/2052 | 2987 | 2384 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.300% due 09/02/2040 | 8584 | 6342 |
|  3.350% due 09/02/2051 | 500 | 317 |
|  3.550% due 09/02/2050 | 1000 | 671 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.150% due 05/15/2045 | 1200 | 984 |
|  4.450% due 11/16/2038 | 6200 | 5661 |
|  4.500% due 06/01/2042 | 2200 | 1936 |
|  5.375% due 02/27/2053 | 15674 | 14973 |
|  6.100% due 03/15/2034 (l) | 37200 | 39911 |
|  6.400% due 03/15/2054 | 38412 | 42075 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.900% due 03/01/2032 | 460 | 410 |
|  3.250% due 12/01/2049 | 1700 | 1190 |
|  3.700% due 03/01/2052 (l) | 13101 | 9895 |
|  3.900% due 03/01/2062 | 2800 | 2124 |
|  4.250% due 05/01/2029 | 1500 | 1489 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 | 23923 | 23661 |
|  4.500% due 05/15/2030 | 25932 | 25464 |
|  5.000% due 03/15/2027 | 35565 | 35740 |
|  5.875% due 06/30/2026 | 2871 | 2896 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 35700 | 32380 |
|  6.875% due 09/19/2033 | 25000 | 26802 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.250% due 11/24/2050 | 14600 | 9578 |
|  3.500% due 11/24/2070 | 19600 | 12181 |
|  5.250% due 07/17/2034 | 3800 | 3827 |
|  5.750% due 07/17/2054 | 5200 | 4916 |
|  5.875% due 07/17/2064 | 6400 | 5994 |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.125% due 01/15/2031 | 1263 | 1148 |
|  9.625% due 12/01/2032 | 1790 | 2015 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  3.000% due 06/01/2031 | 21130 | 18260 |
|  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 | 3727 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 | 28000 | 23784 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 13400 | 13046 |
|  4.250% due 07/01/2036 | 9300 | 8448 |
|  4.850% due 03/15/2035 | 8600 | 8328 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
|  8.000% due 03/01/2032 (l) | 8346 | 9536 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 2400 | 2362 |
|  4.600% due 06/15/2028 | 800 | 768 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 4977 | 4646 |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
|  5.152% due 09/20/2029 | 13260 | 13295 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  2.900% due 06/15/2050 | 7400 | 4872 |
|  4.625% due 09/11/2034 | 7376 | 7185 |
|  4.625% due 03/15/2046 | 6475 | 5772 |
|  4.850% due 12/08/2028 | 3010 | 3050 |
|  5.200% due 02/10/2035 | 14600 | 14747 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
|  7.000% due 11/15/2028 | 17772 | 19147 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 1950 | 1494 |
|  3.361% due 08/15/2050 | 2600 | 1824 |
|  5.164% due 08/15/2033 | 3500 | 3529 |
|  5.547% due 08/15/2053 | 2600 | 2627 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.700% due 04/01/2055 | 6400 | 6359 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  6.600% due 04/01/2050 | 1353 | 1470 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 11600 | 10837 |
|  2.550% due 02/15/2031 | 12715 | 11213 |
|  2.700% due 03/15/2032 | 8014 | 6935 |
|  3.300% due 02/15/2051 | 47800 | 31934 |
|  3.400% due 10/15/2052 | 32101 | 21712 |
|  3.500% due 04/15/2031 | 1100 | 1018 |
|  3.600% due 11/15/2060 | 47797 | 32026 |
|  3.750% due 04/15/2027 | 9120 | 8989 |
|  4.375% due 04/15/2040 | 18700 | 16469 |
|  4.500% due 04/15/2050 (l) | 52300 | 43526 |
|  5.200% due 01/15/2033 | 600 | 605 |
|  5.250% due 06/15/2055 | 12005 | 11033 |
|  5.500% due 01/15/2055 | 3600 | 3427 |
|  5.650% due 01/15/2053 (l) | 29000 | 28311 |
|  5.750% due 01/15/2054 | 10000 | 9902 |
|  5.800% due 09/15/2062 | 9300 | 9136 |
|  5.875% due 11/15/2055 | 16600 | 16723 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 | 760 | 760 |
|  5.500% due 03/11/2035 | 11800 | 11668 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  5.500% due 02/15/2035 | 2200 | 2188 |
|  6.250% due 07/01/2052 | 14300 | 14457 |
|  6.500% due 02/15/2053 | 3000 | 3123 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 9200 | 8499 |
|  2.650% due 08/09/2031 | 2450 | 2094 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.895% due 03/06/2048 | 13730 | 11551 |
|  5.213% due 03/08/2047 | 14700 | 13005 |
|  5.520% due 03/01/2049 | 1685 | 1542 |
|  7.045% due 06/20/2036 (l) | 11697 | 12975 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4500 | 4108 |
|  7.625% due 04/01/2037 | 320 | 373 |
|  Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP |
|  4.150% due 01/15/2048 | 400 | 313 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2031 | 23100 | 18485 |
|  5.125% due 09/28/2037 | 2200 | 2114 |
|  6.500% due 02/09/2032 | 400 | 388 |
|  Thomas Jefferson University | Thomas Jefferson University | Thomas Jefferson University |
|  3.847% due 11/01/2057 | 4754 | 3414 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 18420 | 21035 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 18500 | 14105 |
|  5.500% due 09/01/2041 | 16243 | 14100 |
|  5.875% due 11/15/2040 | 5200 | 4772 |
|  6.550% due 05/01/2037 | 7306 | 7252 |
|  6.750% due 06/15/2039 | 52495 | 52502 |
|  7.300% due 07/01/2038 | 2080 | 2185 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 4308 | 3850 |
|  TotalEnergies Capital International SA | TotalEnergies Capital International SA | TotalEnergies Capital International SA |
|  3.386% due 06/29/2060 | 5700 | 3746 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.275% due 09/10/2054 | 1102 | 1039 |
|  5.425% due 09/10/2064 | 11000 | 10367 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  5.650% due 11/23/2043 | 10791 | 10753 |
|  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 | 17775 |
|  5.400% due 08/15/2041 | 21385 | 20549 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2131 |
|  Trustees of Tufts College | Trustees of Tufts College | Trustees of Tufts College |
|  5.017% due 04/15/2112 | 3000 | 2642 |
|  TTX Co. | TTX Co. | TTX Co. |
|  4.600% due 02/01/2049 | 3700 | 3230 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 3363 | 3341 |
|  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 | 1779 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  3.550% due 05/20/2061 | 22710 | 15467 |
|  3.750% due 02/05/2070 | 7987 | 5464 |
|  3.799% due 04/06/2071 | 12500 | 8645 |
|  3.950% due 08/15/2059 | 10 | 7 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 2973 | 2643 |
|  3.100% due 01/07/2030 | 20726 | 19710 |
|  3.100% due 04/07/2030 | 2730 | 2533 |
|  3.450% due 06/01/2029 | 1826 | 1770 |
|  3.450% due 01/07/2030 | 642 | 611 |
|  3.500% due 09/01/2031 | 3265 | 3108 |
|  3.750% due 03/03/2028 | 4419 | 4355 |
|  4.000% due 10/11/2027 | 8528 | 8430 |
|  4.150% due 02/25/2033 | 7168 | 6873 |
|  4.300% due 02/15/2027 | 8727 | 8693 |
|  4.550% due 08/25/2031 | 11273 | 10630 |
|  5.450% due 08/15/2038 | 38859 | 39299 |
|  5.875% due 04/15/2029 | 19947 | 20332 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.050% due 05/15/2041 | 22160 | 16329 |
|  3.250% due 05/15/2051 | 20000 | 13381 |
|  3.700% due 08/15/2049 | 5800 | 4267 |
|  3.875% due 08/15/2059 | 700 | 502 |
|  4.200% due 01/15/2047 | 285 | 232 |
|  4.950% due 05/15/2062 | 5000 | 4345 |
|  5.000% due 04/15/2034 | 125 | 124 |
|  5.050% due 04/15/2053 | 500 | 453 |
|  5.150% due 07/15/2034 | 19100 | 19236 |
|  5.200% due 04/15/2063 | 67307 | 60892 |
|  5.375% due 04/15/2054 | 15000 | 14261 |
|  5.500% due 07/15/2044 | 20000 | 19713 |
|  5.500% due 04/15/2064 | 639 | 606 |
|  5.625% due 07/15/2054 | 19650 | 19302 |
|  5.750% due 07/15/2064 | 17400 | 17127 |
|  5.875% due 02/15/2053 | 835 | 848 |
|  UPMC | UPMC | UPMC |
|  5.377% due 05/15/2043 | 3000 | 2898 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 | 2285 | 2124 |
|  6.400% due 06/28/2054 | 3800 | 3754 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  3.650% due 12/01/2051 | 10500 | 7089 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 9800 | 11042 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | 15400 | 13554 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
|  3.625% due 05/15/2050 | 11900 | 8547 |
|  VMware LLC | VMware LLC | VMware LLC |
|  4.500% due 05/15/2025 | 2400 | 2398 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  1.800% due 08/15/2028 | 5600 | 5107 |
|  4.700% due 05/15/2030 | 25900 | 25682 |
|  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 | 3506 |
|  5.050% due 03/27/2028 | 6700 | 6699 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | 2450 | 2548 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  2.750% due 09/01/2049 | 10716 | 6742 |
|  3.500% due 05/13/2040 | 500 | 406 |
|  3.800% due 05/13/2060 | 13554 | 9937 |
|  4.750% due 09/15/2044 | 1600 | 1453 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.050% due 03/15/2042 | 10440 | 8354 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.141% due 03/15/2052 | $| 9950 | 7259 |
|  5.391% due 03/15/2062 |  | 42174 | 30550 |
|  Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
|  2.950% due 01/15/2052 |  | 800 | 510 |
|  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 | 2857 |
|  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 | 16859 |
|  5.150% due 01/15/2049 |  | 16000 | 14627 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.250% due 02/01/2050 |  | 351 | 299 |
|  5.300% due 03/01/2048 |  | 8415 | 7230 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  5.150% due 03/01/2043 |  | 5800 | 4920 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.300% due 08/15/2052 |  | 10250 | 9404 |
|  5.600% due 03/15/2035 |  | 8900 | 9076 |
|  5.800% due 11/15/2054 |  | 3641 | 3587 |
|  6.000% due 03/15/2055 |  | 5783 | 5831 |
|  8.750% due 03/15/2032 |  | 1710 | 2058 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  4.500% due 03/04/2029 |  | 3809 | 3758 |
|  5.100% due 09/12/2034 |  | 14400 | 13979 |
|  5.700% due 09/12/2054 |  | 25000 | 23339 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 |  | 25524 | 23634 |
|  Yale University | Yale University | Yale University | Yale University |
|  2.402% due 04/15/2050 |  | 6900 | 4154 |
|  Yara International ASA | Yara International ASA | Yara International ASA | Yara International ASA |
|  3.148% due 06/04/2030 |  | 4800 | 4374 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  1.164% due 11/15/2027 | EUR | 3300 | 3420 |
|  4.250% due 08/15/2035 | $| 1681 | 1525 |
|  5.200% due 09/15/2034 |  | 24169 | 24097 |
|  5.500% due 02/19/2035 |  | 15000 | 15272 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  3.950% due 09/12/2047 |  | 9000 | 7139 |
|  4.450% due 08/20/2048 |  | 7500 | 6400 |
|  |  |  | 8642261 |
| UTILITIES 16.7% | UTILITIES 16.7% | UTILITIES 16.7% | UTILITIES 16.7% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.450% due 05/15/2051 |  | 10000 | 6763 |
|  4.150% due 05/01/2049 |  | 14400 | 11044 |
|  6.650% due 02/15/2033 |  | 1000 | 1071 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 (l) |  | 7000 | 6568 |
|  5.450% due 06/01/2028 |  | 2019 | 2055 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.125% due 07/15/2051 |  | 1300 | 859 |
|  3.450% due 10/01/2049 |  | 3600 | 2553 |
|  3.700% due 12/01/2047 |  | 100 | 75 |
|  3.850% due 12/01/2042 |  | 2950 | 2374 |
|  3.940% due 09/01/2032 |  | 5500 | 5183 |
|  4.300% due 07/15/2048 |  | 8700 | 7205 |
|  5.200% due 06/01/2041 |  | 200 | 192 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  3.600% due 03/01/2032 |  | 13500 | 12200 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  2.900% due 06/15/2051 |  | 32500 | 20834 |
|  3.250% due 03/15/2050 |  | 2600 | 1789 |
|  3.700% due 12/01/2047 |  | 2200 | 1663 |
|  4.150% due 03/15/2046 |  | 5451 | 4513 |
|  5.625% due 03/01/2055 |  | 5000 | 4983 |
|  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 | 7534 |
|  5.625% due 03/01/2033 |  | 1870 | 1919 |
|  5.950% due 11/01/2032 |  | 435 | 457 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  5.000% due 09/01/2044 |  | 13395 | 12320 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  3.750% due 09/01/2047 |  | 5000 | 3786 |
|  4.300% due 12/01/2042 |  | 8700 | 7513 |
|  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 | GBP | 2900 | 3542 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.400% due 05/15/2044 | 6350 | 5236 |
|  4.500% due 08/01/2032 | 3800 | 3642 |
|  5.800% due 10/01/2035 | 2176 | 2252 |
|  6.375% due 04/01/2036 | 5146 | 5427 |
|  6.700% due 08/15/2037 | 3600 | 3971 |
|  7.000% due 04/01/2038 | 2978 | 3307 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.500% due 12/01/2049 | 7100 | 4882 |
|  4.500% due 04/01/2042 | 6104 | 5236 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.150% due 09/04/2036 | 2800 | 2802 |
|  3.500% due 06/01/2041 | 1200 | 926 |
|  3.500% due 09/15/2053 | 65422 | 44645 |
|  3.550% due 09/15/2055 | 124782 | 84632 |
|  3.650% due 06/01/2051 | 11750 | 8328 |
|  3.650% due 09/15/2059 | 273568 | 184652 |
|  3.800% due 12/01/2057 | 215880 | 151672 |
|  3.850% due 06/01/2060 | 28820 | 20096 |
|  4.500% due 05/15/2035 | 100 | 94 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  2.850% due 02/15/2052 | 10536 | 6515 |
|  3.375% due 09/15/2049 | 5000 | 3486 |
|  4.125% due 03/15/2049 | 5300 | 4220 |
|  4.300% due 10/01/2048 | 6200 | 5142 |
|  Avista Corp. | Avista Corp. | Avista Corp. |
|  4.000% due 04/01/2052 | 12800 | 9549 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  2.900% due 06/15/2050 | 1681 | 1052 |
|  3.200% due 09/15/2049 | 2400 | 1603 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.250% due 10/15/2050 | 3400 | 2709 |
|  4.450% due 01/15/2049 | 24790 | 20616 |
|  4.500% due 02/01/2045 | 580 | 502 |
|  4.600% due 05/01/2053 | 18900 | 15794 |
|  6.125% due 04/01/2036 | 5200 | 5540 |
|  BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC |
|  5.125% due 10/15/2041 | 30145 | 28669 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  4.200% due 09/15/2046 | 4284 | 3454 |
|  6.000% due 01/15/2035 | 5625 | 5826 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  4.487% due 02/15/2042 | 7784 | 6614 |
|  5.843% due 01/10/2035 | 3000 | 3078 |
|  6.119% due 07/20/2053 | 17500 | 17818 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.487% due 03/04/2049 | 7500 | 6007 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  2.900% due 07/01/2050 | 4400 | 2809 |
|  3.350% due 04/01/2051 | 13900 | 9711 |
|  3.600% due 03/01/2052 | 16270 | 11758 |
|  4.950% due 04/01/2033 | 7000 | 6955 |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  6.000% due 12/01/2040 | 18175 | 18908 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  5.950% due 12/15/2036 | 7000 | 7248 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  4.700% due 03/31/2043 | 3837 | 3339 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.695% due 10/01/2054 | 10000 | 9367 |
|  6.497% due 08/15/2043 | 4675 | 4875 |
|  6.544% due 11/15/2053 | 20000 | 21010 |
|  6.714% due 08/15/2063 | 9800 | 10435 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.000% due 03/01/2050 | 5200 | 3373 |
|  3.125% due 03/15/2051 | 19200 | 12634 |
|  3.850% due 03/15/2052 | 8400 | 6316 |
|  Connecticut Light & Power Co. | Connecticut Light & Power Co. | Connecticut Light & Power Co. |
|  2.050% due 07/01/2031 | 4845 | 4143 |
|  4.000% due 04/01/2048 | 1300 | 1030 |
|  4.300% due 04/15/2044 | 13009 | 11028 |
|  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 | 3842 |
|  3.600% due 06/15/2061 | 22385 | 15221 |
|  4.125% due 05/15/2049 | 18110 | 14308 |
|  4.200% due 03/15/2042 | 5000 | 4240 |
|  4.300% due 12/01/2056 | 1270 | 1005 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 05/15/2058 | $— | 33831 | $— | 27511 |
|  5.700% due 06/15/2040 |  | 4900 |  | 4990 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 |  | 21664 |  | 20984 |
|  5.750% due 03/15/2054 |  | 10200 |  | 9825 |
|  5.800% due 03/01/2033 |  | 10871 |  | 11264 |
|  6.250% due 10/01/2039 |  | 12875 |  | 13526 |
|  6.500% due 10/01/2053 |  | 7080 |  | 7431 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 |  | 8100 |  | 6546 |
|  4.100% due 11/15/2045 |  | 2150 |  | 1761 |
|  4.350% due 04/15/2049 |  | 14000 |  | 11870 |
|  Dayton Power & Light Co. | Dayton Power & Light Co. | Dayton Power & Light Co. | Dayton Power & Light Co. | Dayton Power & Light Co. |
|  3.950% due 06/15/2049 |  | 11000 |  | 8265 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.250% due 08/15/2031 |  | 12500 |  | 10643 |
|  4.600% due 03/15/2049 |  | 4046 |  | 3357 |
|  4.850% due 08/15/2052 |  | 17000 |  | 14530 |
|  5.375% due 11/15/2032 |  | 934 |  | 943 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  3.250% due 04/01/2051 |  | 8400 |  | 5805 |
|  3.650% due 03/01/2052 |  | 5600 |  | 4139 |
|  3.950% due 06/15/2042 |  | 500 |  | 408 |
|  4.300% due 07/01/2044 |  | 9150 |  | 7855 |
|  5.400% due 04/01/2053 |  | 14000 |  | 13724 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.850% due 03/15/2032 |  | 3600 |  | 3170 |
|  3.200% due 08/15/2049 |  | 16000 |  | 10813 |
|  3.450% due 04/15/2051 |  | 5600 |  | 3935 |
|  3.550% due 03/15/2052 |  | 8000 |  | 5663 |
|  3.700% due 12/01/2047 |  | 15355 |  | 11526 |
|  3.750% due 06/01/2045 |  | 4358 |  | 3376 |
|  3.875% due 03/15/2046 |  | 2034 |  | 1593 |
|  3.950% due 03/15/2048 |  | 9915 |  | 7692 |
|  4.000% due 09/30/2042 |  | 3500 |  | 2875 |
|  4.250% due 12/15/2041 |  | 16400 |  | 14030 |
|  4.850% due 01/15/2034 |  | 1110 |  | 1096 |
|  4.950% due 01/15/2033 |  | 2500 |  | 2501 |
|  5.350% due 01/15/2053 |  | 11400 |  | 10898 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.300% due 06/15/2041 |  | 3025 |  | 2242 |
|  3.500% due 06/15/2051 |  | 4450 |  | 3032 |
|  3.950% due 08/15/2047 |  | 4670 |  | 3512 |
|  4.200% due 06/15/2049 |  | 5000 |  | 3856 |
|  6.100% due 09/15/2053 |  | 8396 |  | 8548 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  4.200% due 07/15/2048 |  | 7600 |  | 6137 |
|  5.650% due 04/01/2040 |  | 6000 |  | 6165 |
|  Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
|  5.400% due 04/01/2053 |  | 14500 |  | 13786 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.650% due 04/01/2053 |  | 2000 |  | 1967 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.500% due 08/15/2050 |  | 25000 |  | 14644 |
|  3.600% due 09/15/2047 |  | 44900 |  | 33142 |
|  4.000% due 04/01/2052 |  | 3687 |  | 2840 |
|  4.100% due 03/15/2043 |  | 6026 |  | 4965 |
|  5.250% due 03/15/2033 |  | 9850 |  | 10036 |
|  5.350% due 03/15/2053 |  | 9300 |  | 8860 |
|  5.550% due 03/15/2055 |  | 5000 |  | 4895 |
|  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 |  | 3267 |
|  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 |  | 1653 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 7200 |  | 7296 |
|  8.125% due 06/15/2053 •  |  | 7200 |  | 7039 |
|  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 |  | 16972 |
|  5.000% due 09/21/2048 |  | 12622 |  | 10963 |
|  6.000% due 04/22/2064 |  | 41474 |  | 39247 |
|  6.000% due 01/22/2114 (l) |  | 17924 |  | 17381 |
|  6.250% due 05/23/2033 |  | 10000 |  | 10586 |
|  6.375% due 01/13/2055 |  | 10800 |  | 10860 |
|  6.900% due 05/23/2053 |  | 8492 |  | 9142 |
|  9.125% due 03/15/2033 •(h) |  | 5400 |  | 6087 |
|  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 |  | 18100 |  | 12385 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.750% due 05/25/2047 | 29580 | 25343 |
|  5.500% due 06/26/2034 | 2300 | 2311 |
|  7.750% due 10/14/2052 | 13700 | 16430 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  2.650% due 06/15/2051 | 9375 | 5506 |
|  3.350% due 06/15/2052 | 7400 | 5002 |
|  4.200% due 04/01/2049 | 5800 | 4663 |
|  5.750% due 06/01/2054 | 10000 | 9969 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 (l) | 13000 | 9282 |
|  Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
|  3.500% due 06/01/2051 | 1500 | 1053 |
|  5.000% due 09/01/2033 | 6800 | 6740 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  4.500% due 03/30/2039 | 4000 | 3624 |
|  5.000% due 09/15/2052 | 11900 | 10617 |
|  5.800% due 09/01/2053 | 2200 | 2206 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  3.450% due 04/15/2050 | 8300 | 5814 |
|  5.250% due 03/15/2035 | 5000 | 5022 |
|  5.700% due 03/15/2053 | 6500 | 6474 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  4.125% due 04/01/2049 | 15431 | 12184 |
|  4.200% due 06/15/2047 | 1200 | 972 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  | 1000 | 986 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  3.350% due 03/15/2026 | 2838 | 2804 |
|  5.125% due 05/15/2033 | 3976 | 3933 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  5.600% due 03/15/2053 | 11450 | 11036 |
|  5.625% due 06/15/2035 | 2529 | 2570 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 20000 | 19385 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 | 7500 | 5098 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 2600 | 2447 |
|  4.550% due 04/01/2049 | 2969 | 2543 |
|  5.450% due 07/15/2044 | 10100 | 9853 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  2.875% due 12/04/2051 | 3894 | 2472 |
|  3.700% due 12/01/2047 | 16800 | 12797 |
|  4.050% due 10/01/2044 | 4200 | 3472 |
|  5.300% due 04/01/2053 | 6816 | 6569 |
|  5.700% due 03/15/2055 | 10000 | 10218 |
|  5.800% due 03/15/2065 | 6100 | 6248 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 1851 | 1790 |
|  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 | 151 |
|  2.950% due 01/27/2029 | 21000 | 14332 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 03/15/2051 | 25300 | 17182 |
|  4.750% due 09/01/2040 | 1425 | 1318 |
|  5.125% due 05/15/2052 (l) | 34800 | 32299 |
|  5.400% due 06/01/2040 | 9085 | 9010 |
|  Idaho Power Co. | Idaho Power Co. | Idaho Power Co. |
|  4.850% due 08/15/2040 | 8000 | 7333 |
|  5.500% due 03/15/2053 | 14978 | 14443 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  3.250% due 05/01/2051 | 19500 | 13013 |
|  4.250% due 08/15/2048 | 5000 | 4008 |
|  4.550% due 03/15/2046 | 500 | 427 |
|  5.625% due 04/01/2053 | 13219 | 12979 |
|  Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. |
|  5.650% due 12/01/2032 | 30000 | 31037 |
|  5.700% due 04/01/2054 | 3600 | 3584 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  6.250% due 07/15/2039 | 5000 | 5420 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 14524 | 13833 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  2.750% due 03/01/2032 | 6000 | 5188 |
|  6.150% due 06/01/2037 | 8562 | 9084 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 | 4910 | 3341 |
|  4.375% due 10/01/2045 | 7100 | 5942 |
|  5.125% due 11/01/2040 | 14500 | 14023 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  3.586% due 01/18/2052 | 14200 | 9630 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.869% due 01/31/2034 | 10000 | 10195 |
|  Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. |
|  4.250% due 04/01/2049 | 1900 | 1516 |
|  5.450% due 04/15/2033 | 15000 | 15343 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  5.867% due 02/26/2054 | 9100 | 9157 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  2.700% due 08/01/2052 | 1000 | 611 |
|  3.150% due 04/15/2050 | 1200 | 806 |
|  3.650% due 08/01/2048 | 6000 | 4491 |
|  3.950% due 08/01/2047 | 8262 | 6487 |
|  4.250% due 07/15/2049 | 5300 | 4323 |
|  4.400% due 10/15/2044 | 500 | 432 |
|  5.300% due 02/01/2055 | 17000 | 16160 |
|  5.350% due 01/15/2034 | 5000 | 5136 |
|  5.850% due 09/15/2054 | 19415 | 19966 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 | 12200 | 12118 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.100% due 07/30/2051 | 18550 | 12090 |
|  4.250% due 03/15/2042 | 7400 | 6269 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.400% due 12/15/2043 | 9061 | 8816 |
|  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 | 10700 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.809% due 06/12/2033 | 3700 | 3815 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  6.000% due 03/15/2054 | 5000 | 5107 |
|  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 | 6860 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 | 11864 | 10407 |
|  7.768% due 12/15/2037 | 1100 | 1244 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.119% due 11/28/2042 | 3850 | 3152 |
|  5.664% due 01/17/2054 | 1665 | 1618 |
|  5.783% due 09/16/2052 | 10550 | 10471 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 (l) | 6830 | 5266 |
|  4.375% due 05/15/2047 | 14845 | 12225 |
|  5.650% due 02/01/2045 | 8640 | 8435 |
|  5.800% due 02/01/2042 | 6723 | 6650 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  2.600% due 06/01/2051 | 187 | 112 |
|  3.200% due 04/01/2052 | 1400 | 943 |
|  4.500% due 06/01/2052 | 6800 | 5752 |
|  5.400% due 03/15/2054 | 6881 | 6688 |
|  5.650% due 06/15/2054 | 2000 | 2019 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.400% due 03/01/2044 | 1500 | 1282 |
|  4.550% due 06/01/2052 | 5900 | 4969 |
|  4.950% due 09/15/2052 | 9200 | 8319 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  3.750% due 08/01/2050 | 10600 | 7512 |
|  4.500% due 04/01/2047 | 35100 | 28779 |
|  5.050% due 10/01/2048 | 28500 | 25236 |
|  5.250% due 09/01/2050 | 25000 | 22612 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  5.500% due 01/15/2033 | 4000 | 4056 |
|  6.875% due 07/15/2036 | 3500 | 3945 |
|  8.250% due 10/15/2038 | 1000 | 1278 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  2.900% due 10/01/2051 | 5600 | 3476 |
|  5.000% due 06/01/2033 | 7600 | 7501 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
|  5.850% due 06/01/2040 | 4000 | 4138 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  2.700% due 11/15/2051 | 7204 | 4272 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.100% due 09/15/2049 | $— | 6000 | $— | 3955 |
|  4.100% due 11/15/2048 |  | 421 |  | 331 |
|  4.600% due 06/01/2052 |  | 3000 |  | 2531 |
|  4.950% due 09/15/2052 |  | 5444 |  | 4855 |
|  5.250% due 09/30/2040 |  | 15100 |  | 14841 |
|  5.300% due 06/01/2042 |  | 600 |  | 581 |
|  7.250% due 01/15/2033 |  | 1900 |  | 2184 |
|  7.500% due 09/01/2038 |  | 2590 |  | 3067 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.000% due 07/13/2027 |  | 2730 |  | 2697 |
|  4.250% due 09/24/2027 |  | 2000 |  | 1983 |
|  4.450% due 09/01/2049 |  | 6000 |  | 4694 |
|  4.750% due 10/15/2031 |  | 5000 |  | 4903 |
|  4.950% due 07/13/2047 |  | 4900 |  | 4175 |
|  5.050% due 11/01/2034 |  | 15000 |  | 14488 |
|  5.200% due 07/15/2048 |  | 67423 |  | 59305 |
|  5.450% due 06/01/2047 |  | 20500 |  | 18592 |
|  5.700% due 11/01/2054 |  | 29590 |  | 27715 |
|  5.850% due 11/01/2064 |  | 30800 |  | 28979 |
|  6.050% due 09/01/2033 |  | 10000 |  | 10417 |
|  6.625% due 09/01/2053 |  | 35000 |  | 36649 |
|  7.150% due 01/15/2051 |  | 7000 |  | 7610 |
|  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 |  | 19692 |
|  3.150% due 01/01/2026 |  | 19651 |  | 19400 |
|  3.250% due 06/01/2031 |  | 9400 |  | 8368 |
|  3.300% due 03/15/2027 |  | 4910 |  | 4772 |
|  3.300% due 12/01/2027 |  | 8000 |  | 7678 |
|  3.300% due 08/01/2040 |  | 11300 |  | 8318 |
|  3.500% due 08/01/2050 |  | 68788 |  | 45775 |
|  3.750% due 08/15/2042 |  | 18181 |  | 13555 |
|  3.950% due 12/01/2047 |  | 12183 |  | 8915 |
|  4.000% due 12/01/2046 |  | 22370 |  | 16552 |
|  4.200% due 06/01/2041 |  | 2000 |  | 1595 |
|  4.250% due 03/15/2046 |  | 26543 |  | 20676 |
|  4.300% due 03/15/2045 |  | 9100 |  | 7128 |
|  4.500% due 07/01/2040 |  | 22679 |  | 19277 |
|  4.500% due 12/15/2041 |  | 27149 |  | 21792 |
|  4.600% due 06/15/2043 |  | 19804 |  | 16347 |
|  4.650% due 08/01/2028 |  | 12000 |  | 11873 |
|  4.750% due 02/15/2044 |  | 15157 |  | 12628 |
|  4.950% due 07/01/2050 |  | 32577 |  | 27224 |
|  5.250% due 03/01/2052 |  | 2000 |  | 1727 |
|  5.700% due 03/01/2035 |  | 10000 |  | 10008 |
|  6.150% due 03/01/2055 |  | 28100 |  | 27528 |
|  6.700% due 04/01/2053 |  | 37196 |  | 38745 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 |  | 1200 |  | 1075 |
|  2.900% due 06/15/2052 |  | 23756 |  | 14292 |
|  3.300% due 03/15/2051 |  | 17431 |  | 11442 |
|  4.125% due 01/15/2049 |  | 6400 |  | 4950 |
|  4.150% due 02/15/2050 |  | 5545 |  | 4289 |
|  5.300% due 02/15/2031 |  | 3800 |  | 3879 |
|  5.350% due 12/01/2053 |  | 27100 |  | 24906 |
|  5.450% due 02/15/2034 |  | 11800 |  | 11901 |
|  5.500% due 05/15/2054 |  | 15008 |  | 14101 |
|  5.800% due 01/15/2055 |  | 15537 |  | 15174 |
|  6.250% due 10/15/2037 |  | 10000 |  | 10559 |
|  7.375% due 09/15/2055 ~ |  | 6500 |  | 6600 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  2.800% due 06/15/2050 |  | 6500 |  | 4110 |
|  4.150% due 10/01/2044 |  | 8900 |  | 7483 |
|  4.600% due 05/15/2052 |  | 9400 |  | 8091 |
|  4.800% due 10/15/2043 |  | 1185 |  | 1077 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 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 |  | 9811 |
|  4.875% due 07/17/2049 |  | 11200 |  | 9016 |
|  6.250% due 01/25/2049 |  | 1200 |  | 1169 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  5.231% due 06/01/2042 |  | 5000 |  | 4999 |
|  5.256% due 01/15/2040 |  | 5000 |  | 5056 |
|  5.536% due 07/15/2049 |  | 8000 |  | 8042 |
|  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. |
|  3.350% due 06/01/2050 |  | 9095 |  | 6128 |
|  5.050% due 05/15/2052 |  | 5000 |  | 4466 |
|  5.100% due 02/15/2035 |  | 7000 |  | 6937 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ |  | 8700 |  | 8744 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  5.150% due 06/01/2042 | 300 | 269 |
|  5.700% due 09/15/2034 | 14728 | 14884 |
|  6.650% due 01/15/2037 | 2329 | 2485 |
|  6.700% due 05/15/2036 | 3073 | 3294 |
|  PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. |
|  3.000% due 10/01/2049 | 16700 | 11139 |
|  5.200% due 07/15/2041 | 5500 | 5286 |
|  Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
|  7.750% due 03/01/2031 | 5000 | 5708 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  3.200% due 03/01/2050 | 10500 | 7045 |
|  3.800% due 06/15/2047 | 5000 | 3797 |
|  3.950% due 03/15/2043 | 1500 | 1180 |
|  4.100% due 06/15/2048 | 4000 | 3115 |
|  4.500% due 06/01/2052 | 4600 | 3858 |
|  5.250% due 04/01/2053 | 13700 | 12678 |
|  5.350% due 05/15/2034 | 15000 | 15086 |
|  5.750% due 05/15/2054 | 9700 | 9625 |
|  5.850% due 05/15/2055 | 21031 | 20933 |
|  6.250% due 09/01/2037 | 700 | 759 |
|  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 | 3460 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  3.150% due 08/15/2051 | 2300 | 1486 |
|  6.625% due 11/15/2037 | 1135 | 1235 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 | 10002 | 9918 |
|  5.500% due 03/01/2055 | 5000 | 4933 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 | 6010 | 5746 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  4.223% due 06/15/2048 | 3800 | 3072 |
|  5.448% due 06/01/2053 | 4400 | 4221 |
|  5.764% due 07/15/2040 | 8200 | 8299 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 3147 | 3241 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  2.950% due 08/15/2051 | 15400 | 9683 |
|  3.320% due 04/15/2050 | 10305 | 7022 |
|  3.700% due 03/15/2052 | 15130 | 10917 |
|  3.750% due 06/01/2047 | 7550 | 5642 |
|  3.950% due 11/15/2041 | 1968 | 1576 |
|  4.100% due 06/15/2049 | 18761 | 14648 |
|  4.150% due 05/15/2048 | 12140 | 9581 |
|  4.300% due 04/01/2042 | 5097 | 4248 |
|  4.500% due 08/15/2040 | 2600 | 2316 |
|  5.350% due 04/01/2053 | 38086 | 35733 |
|  5.400% due 04/15/2035 | 9900 | 9977 |
|  5.550% due 04/15/2054 | 4500 | 4351 |
|  6.000% due 06/01/2039 | 3357 | 3517 |
|  Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. |
|  5.060% due 04/08/2043 | 22700 | 21525 |
|  5.500% due 04/08/2044 | 27700 | 27551 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  5.112% due 12/14/2049 | 3000 | 2779 |
|  Sempra | Sempra | Sempra |
|  3.250% due 06/15/2027 | 1100 | 1067 |
|  6.000% due 10/15/2039 | 15145 | 15320 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 | 4800 | 4856 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 | 6800 | 5793 |
|  2.950% due 02/01/2051 | 13000 | 7895 |
|  3.450% due 02/01/2052 | 14000 | 9225 |
|  3.650% due 02/01/2050 | 12765 | 8862 |
|  3.650% due 06/01/2051 | 31200 | 21401 |
|  3.900% due 12/01/2041 | 42994 | 32880 |
|  3.900% due 03/15/2043 | 6655 | 5056 |
|  4.000% due 04/01/2047 | 106850 | 79883 |
|  4.050% due 03/15/2042 | 3834 | 3019 |
|  4.125% due 03/01/2048 | 26468 | 19946 |
|  4.650% due 10/01/2043 | 40550 | 33979 |
|  4.875% due 03/01/2049 | 17583 | 14707 |
|  5.150% due 06/01/2029 | 9890 | 9957 |
|  5.200% due 06/01/2034 | 9400 | 9181 |
|  5.750% due 04/01/2035 | 8073 | 8233 |
|  5.900% due 03/01/2055 | 413 | 398 |
|  6.000% due 01/15/2034 | 5900 | 6092 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.050% due 03/15/2039 | $— | 12000 | $— | 12161 |
|  6.200% due 09/15/2055 |  | 17400 |  | 17362 |
|  6.650% due 04/01/2029 |  | 6995 |  | 7230 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.750% due 09/15/2042 |  | 4900 |  | 3814 |
|  3.950% due 02/15/2050 |  | 8127 |  | 6177 |
|  4.300% due 01/15/2049 |  | 1942 |  | 1567 |
|  5.050% due 09/01/2034 |  | 17850 |  | 17637 |
|  5.125% due 11/15/2040 |  | 1300 |  | 1248 |
|  5.200% due 06/01/2033 |  | 3500 |  | 3494 |
|  5.600% due 04/01/2054 |  | 9785 |  | 9502 |
|  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. |
|  4.400% due 05/30/2047 |  | 15925 |  | 13023 |
|  5.875% due 03/15/2041 |  | 7500 |  | 7613 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 |  | 1000 |  | 937 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 |  | 11261 |  | 10534 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  2.750% due 10/01/2026 |  | 900 |  | 876 |
|  3.250% due 11/01/2051 |  | 550 |  | 358 |
|  3.850% due 02/01/2048 |  | 20000 |  | 14624 |
|  5.300% due 04/01/2033 |  | 7000 |  | 7021 |
|  6.200% due 03/15/2040 |  | 14340 |  | 15244 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 |  | 18050 |  | 11822 |
|  3.700% due 08/15/2047 |  | 3465 |  | 2543 |
|  3.750% due 06/15/2049 |  | 4000 |  | 2938 |
|  4.500% due 08/15/2041 |  | 3900 |  | 3368 |
|  5.150% due 06/01/2052 |  | 13000 |  | 11419 |
|  6.000% due 10/01/2036 |  | 2000 |  | 2098 |
|  6.000% due 06/01/2054 |  | 13170 |  | 13340 |
|  SW Finance PLC | SW Finance PLC | SW Finance PLC | SW Finance PLC | SW Finance PLC |
|  7.000% due 04/16/2040 |  | 19300 |  | 23583 |
|  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 |  | 4055 |
|  6.000% due 04/15/2028 |  | 5000 |  | 5175 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  6.000% due 06/15/2054 |  | 4350 |  | 4444 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  4.450% due 06/15/2049 |  | 18500 |  | 15403 |
|  Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP |
|  4.875% due 02/01/2031 |  | 12800 |  | 12536 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 |  | 16667 |  | 15576 |
|  6.150% due 05/15/2037 |  | 4900 |  | 5307 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  3.900% due 04/01/2052 |  | 31000 |  | 23676 |
|  5.125% due 03/15/2055 |  | 8300 |  | 7631 |
|  5.450% due 03/15/2053 |  | 15600 |  | 15089 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 |  | 577 |  | 406 |
|  2.987% due 10/30/2056 |  | 31103 |  | 18699 |
|  3.000% due 11/20/2060 |  | 500 |  | 295 |
|  3.400% due 03/22/2041 (l) |  | 9422 |  | 7258 |
|  3.700% due 03/22/2061 |  | 1400 |  | 965 |
|  3.850% due 11/01/2042 |  | 14860 |  | 11898 |
|  3.875% due 03/01/2052 (l) |  | 29380 |  | 21970 |
|  4.862% due 08/21/2046 |  | 5720 |  | 5124 |
|  5.050% due 05/09/2033 |  | 265 |  | 266 |
|  5.500% due 02/23/2054 |  | 602 |  | 586 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  3.800% due 09/15/2047 |  | 12700 |  | 9624 |
|  4.000% due 11/15/2046 |  | 10600 |  | 8328 |
|  4.600% due 12/01/2048 |  | 4744 |  | 4060 |
|  5.350% due 01/15/2054 |  | 10000 |  | 9414 |
|  5.450% due 04/01/2053 |  | 15000 |  | 14372 |
|  5.650% due 03/15/2055 |  | 2487 |  | 2445 |
|  6.000% due 05/15/2037 |  | 400 |  | 420 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.700% due 12/30/2034 |  | 3000 |  | 2987 |
|  6.000% due 04/15/2034 |  | 4100 |  | 4147 |
|  6.950% due 10/15/2033 |  | 5067 |  | 5447 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  4.875% due 06/19/2049 |  | 25855 |  | 22068 |
|  5.125% due 06/19/2059 |  | 22200 |  | 19240 |
|  5.750% due 06/28/2054 |  | 18873 |  | 18025 |
|  5.875% due 06/28/2064 |  | 17754 |  | 17039 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 11/30/2032 | 2650 | 2877 |
|  7.000% due 04/04/2079 •  | 5700 | 5880 |
|  Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. |
|  2.850% due 12/01/2051 | 21000 | 13161 |
|  3.300% due 09/01/2049 | 3100 | 2169 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.600% due 06/01/2032 | 9171 | 8846 |
|  5.450% due 08/15/2033 | 10000 | 10049 |
|  6.500% due 07/01/2036 | 6900 | 7401 |
|  |  | 4420240 |
|  Total Corporate Bonds & Notes (Cost $23,155,247) | Total Corporate Bonds & Notes (Cost $23,155,247) | 20760110 |
| MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% |
| 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 | 7915 |
|  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 | 5134 |
|  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 | 33427 |
|  7.043% due 04/01/2050 | 15775 | 18410 |
|  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 | 4866 |
|  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 | 2659 |
|  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 | 5604 |
|  7.550% due 04/01/2039 | 3607 | 4368 |
|  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 | 9121 |
|  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 | 10154 |
|  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 | 2156 |
|  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 | 780 | 695 |
|  3.714% due 06/01/2041 | 13800 | 10543 |
|  Irvine Ranch Water District, California Special Assessment Bonds, (BABs), Series 2010 | Irvine Ranch Water District, California Special Assessment Bonds, (BABs), Series 2010 | Irvine Ranch Water District, California Special Assessment Bonds, (BABs), Series 2010 |
|  6.622% due 05/01/2040 | 2450 | 2651 |
|  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 | 14200 | 15548 |
|  7.618% due 08/01/2040 | 5200 | 6104 |
|  Los Angeles, California Wastewater System Revenue Bonds, (BABs), Series 2010 | Los Angeles, California Wastewater System Revenue Bonds, (BABs), Series 2010 | Los Angeles, California Wastewater System Revenue Bonds, (BABs), Series 2010 |
|  5.713% due 06/01/2039 | 100 | 101 |
|  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 | 2191 |
|  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 | 890 | 1002 |
|  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 | 556 |
|  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 | 4675 |
|  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 | 27229 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2294 |
|  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 | 1800 | 1888 |
|  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 | 23992 |
|  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 | 6574 |
|  |  | 209857 |
| 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 | 2242 | 2457 |
|  6.655% due 04/01/2057 | 41292 | 45346 |
|  |  | 47803 |
| 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 | 938 |
|  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 | 16586 |
|  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 | 2430 | 2585 |
|  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 | 5311 |
|  |  | 25420 |
| 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 | 1944 |
| 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 | 2670 | 2779 |
| 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 | 12349 |
|  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 | 10912 |
|  2.562% due 04/01/2050 | 7000 | 4373 |
|  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 | 5984 |
|  |  | 33618 |
| 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 | 3624 |
| 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 | 1055 |
| 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 | 5385 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 472 |
|  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 | 1150 |
|  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 | 452 |
|  5.389% due 03/15/2040 | 200 | 202 |
|  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 | 2792 |
|  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 | 7532 |
|  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 | 527 |
|  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 | 189 |
|  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 | 71587 |
|  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 | 2699 |
|  |  | 87602 |
| OHIO 0.3% | OHIO 0.3% | OHIO 0.3% |
|  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 | 1066 |
|  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 | 933 |
|  7.734% due 02/15/2033 | 7325 | 8505 |
|  8.084% due 02/15/2050 | 40725 | 51665 |
|  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 | 58 |
|  |  | 62227 |
| 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 | 12509 |
| 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 | 15607 |
|  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 | 13525 |
|  0.000% due 02/15/2035 (e) | 8205 | 5015 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 | 23173 | 23497 |
|  5.169% due 04/01/2041 | 25300 | 25601 |
|  Texas Transportation Commission State Highway Revenue Bonds, Series 2010 | Texas Transportation Commission State Highway Revenue Bonds, Series 2010 | Texas Transportation Commission State Highway Revenue Bonds, Series 2010 |
|  5.178% due 04/01/2030 | 16000 | 16260 |
|  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 | 5376 |
|  |  | 104881 |
| 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 | 1353 |

---

86 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 | 1055 |
|  0.000% due 04/01/2037 (e) | 2150 | 1122 |
|  0.000% due 04/01/2038 (e) | 2800 | 1371 |
|  0.000% due 04/01/2039 (e) | 2500 | 1148 |
|  |  | 4696 |
|  Total Municipal Bonds & Notes<br>(Cost $629,830) | Total Municipal Bonds & Notes<br>(Cost $629,830) | 604753 |
| U.S. GOVERNMENT AGENCIES 28.8% | U.S. GOVERNMENT AGENCIES 28.8% | U.S. GOVERNMENT AGENCIES 28.8% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.307% due 10/25/2052 ~ | 18207 | 15265 |
|  4.598% due 08/15/2032 ~ | 1 | 1 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.500% due 09/15/2033 | 3 | 3 |
|  8.500% due 09/15/2030 | 2 | 2 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 05/01/2055 | 102200 | 93298 |
|  4.000% due 05/01/2055 | 171300 | 160358 |
|  4.500% due 04/01/2055 -<br>05/01/2055 | 116600 | 111844 |
|  5.000% due 05/01/2055 | 123400 | 121316 |
|  6.000% due 05/01/2055 | 47800 | 48476 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 12/01/2042 - 04/01/2049 | 6098 | 5579 |
|  4.000% due 10/01/2040 - 08/01/2049 | 572 | 541 |
|  5.500% due 08/01/2054 - 01/01/2055 | 39253 | 39223 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 192090 | 166458 |
|  3.500% due 06/01/2055 | 91500 | 82436 |
|  4.000% due 04/01/2055 -<br>06/01/2055 | 1438050 | 1338051 |
|  4.500% due 04/01/2055 -<br>06/01/2055 | 1186000 | 1133570 |
|  5.000% due 04/01/2055 -<br>05/01/2055 | 1438400 | 1408643 |
|  5.500% due 04/01/2055 -<br>05/01/2055 | 2084200 | 2079807 |
|  6.000% due 05/01/2055 -<br>06/01/2055 | 691200 | 701014 |
|  6.500% due 06/01/2055 | 89800 | 92447 |
|  Total U.S. Government Agencies<br>(Cost $7,584,402) | Total U.S. Government Agencies<br>(Cost $7,584,402) | 7598332 |
| U.S. TREASURY OBLIGATIONS 22.1% | U.S. TREASURY OBLIGATIONS 22.1% | U.S. TREASURY OBLIGATIONS 22.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (l)(n) | 867000 | 608627 |
|  2.000% due 02/15/2050 (n)(p) | 14100 | 8536 |
|  2.375% due 02/15/2042 (l)(n) | 629200 | 467218 |
|  2.500% due 02/15/2045 (l)(n) | 498818 | 359782 |
|  2.500% due 02/15/2046 (n) | 185185 | 131749 |
|  2.500% due 05/15/2046 (n)(p) | 189000 | 133991 |
|  2.750% due 11/15/2042 (n)(p) | 100000 | 77816 |
|  2.750% due 08/15/2047 (l)(n) | 216500 | 158375 |
|  2.750% due 11/15/2047 (n) | 100512 | 73350 |
|  2.875% due 08/15/2045 (n) | 170392 | 130553 |
|  2.875% due 05/15/2049 (l)(n) | 633400 | 467034 |
|  2.875% due 05/15/2052 (n)(p) | 47343 | 34388 |
|  3.000% due 02/15/2048 (n)(p) | 17600 | 13421 |
|  3.000% due 08/15/2048 (l)(n)(p) | 174164 | 132304 |
|  3.125% due 02/15/2043 (l)(n) | 321900 | 264316 |
|  3.125% due 05/15/2048 (n)(p) | 91885 | 71550 |
|  3.250% due 05/15/2042 (l)(n) | 156686 | 132458 |
|  3.375% due 08/15/2042 (l)(n)(p) | 122000 | 104634 |
|  3.375% due 11/15/2048 (n)(p) | 26000 | 21110 |
|  3.875% due 02/15/2043 (n) | 128300 | 117472 |
|  3.875% due 05/15/2043 (l) | 301200 | 275027 |
|  4.000% due 11/15/2052 (l)(n) | 210654 | 190033 |
|  4.250% due 02/15/2054 (l) | 189500 | 178604 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.250% due 08/15/2054 (l) | 176000 | 166183 |
|  4.500% due 11/15/2054 (l) | 549600 | 541700 |
|  4.625% due 11/15/2044 (l) | 96900 | 97051 |
|  4.625% due 05/15/2054 (l) | 249800 | 250683 |
|  4.625% due 02/15/2055 (l) | 484800 | 488133 |
|  4.750% due 02/15/2045 (l) | 18800 | 19147 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  1.500% due 02/15/2053 (l)(n) | 76587 | 63789 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 11/15/2041 (a) | 35800 | 16288 |
|  0.000% due 02/15/2042 (a)(n) | 17670 | 7947 |
|  0.000% due 05/15/2042 (a) | 21000 | 9311 |
|  0.000% due 11/15/2042 (a) | 26900 | 11619 |
|  Total U.S. Treasury Obligations<br>(Cost $6,758,283) | Total U.S. Treasury Obligations<br>(Cost $6,758,283) | 5824199 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  1166 Avenue of the Americas Commercial Mortgage Trust | 1166 Avenue of the Americas Commercial Mortgage Trust | 1166 Avenue of the Americas Commercial Mortgage Trust |
|  5.690% due 10/13/2037 | 20220 | 17633 |
|  BANK | BANK | BANK |
|  2.283% due 09/15/2064 | 7400 | 6806 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.661% due 02/15/2039 ~ | 5111 | 5085 |
|  BX Trust | BX Trust | BX Trust |
|  5.332% due 02/15/2039 •  | 9459 | 9437 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.790% due 12/25/2067 þ | 6523 | 6559 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.095% due 02/25/2035 ~ | 7 | 7 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.834% due 07/15/2038 •  | 3000 | 2711 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 2000 | 2051 |
|  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 | 6271 |
|  4.248% due 07/05/2033 | 6100 | 5741 |
|  4.916% due 04/15/2037 •  | 976 | 958 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.539% due 03/25/2028 ~ | 2 | 2 |
|  5.542% due 01/25/2029 ~ | 11 | 11 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.821% due 02/15/2039 | 9900 | 9183 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 •  | 7639 | 7297 |
|  6.864% due 10/25/2063 þ | 5397 | 5461 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  | 8000 | 7673 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  | 3827 | 3848 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ | 1014 | 1034 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.407% due 09/25/2034 ~ | 87 | 86 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.435% due 05/25/2058 ~ | 860 | 882 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | 1000 | 972 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $104,356) | Total Non-Agency Mortgage-Backed Securities (Cost $104,356) | 99708 |
| ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% |
| 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. |
|  5.784% due 11/15/2036 •  | 11087 | 11103 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 1403 | 1402 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 1000 | 1002 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 9382 | 9365 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.154% due 09/17/2039 ~ | 4683 | 4708 |
|  |  | 27580 |
| HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.305% due 11/25/2034 ~ | 3431 | 3420 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.290% due 03/25/2034 ~ | 2211 | 2232 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.895% due 06/25/2036 •  | 4758 | 4580 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  6.435% due 08/25/2037 ~ | 21 | 22 |
|  |  | 10254 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.594% due 11/26/2036 •  | 75 | 74 |
| OTHER ABS 0.6% | OTHER ABS 0.6% | OTHER ABS 0.6% |
|  AASET Trust | AASET Trust | AASET Trust |
|  3.844% due 01/16/2038 | 1710 | 1556 |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 5142 | 4911 |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.543% due 01/19/2033 •  | 1000 | 1000 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | 17100 | 17126 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.510% due 10/23/2032 ~ | 6476 | 6476 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 8839 | 8842 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 3526 | 3526 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 1779 | 1780 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.443% due 10/19/2029 ~ | 6381 | 6384 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  | 6083 | 6081 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 2207 | 2149 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.744% due 01/15/2031 •  | 3031 | 3032 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 11194 | 10887 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.575% due 04/20/2031 ~ | 2865 | 2867 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.545% due 04/20/2032 •  | 1590 | 1590 |
|  MAPS Ltd. | MAPS Ltd. | MAPS Ltd. |
|  4.212% due 05/15/2043 | 1341 | 1334 |
|  Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. |
|  5.493% due 01/20/2032 ~ | 7587 | 7581 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 10018 | 6812 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  | 5448 | 5449 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 3000 | 2994 |
|  5.513% due 10/11/2034 •  | 3000 | 2995 |
|  Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. |
|  4.250% due 03/15/2040 | 936 | 922 |
|  Start Ltd. | Start Ltd. | Start Ltd. |
|  4.089% due 03/15/2044 | 3038 | 3009 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.490% due 01/23/2032 •  | 3298 | 3297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ | 1768 | 1767 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.670% due 04/25/2033 •  | 4900 | 4903 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.685% due 04/20/2032 •  | 6722 | 6723 |
|  5.824% due 01/15/2032 •  | 2333 | 2334 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  2.636% due 09/15/2050 | 25000 | 24686 |
|  3.706% due 02/15/2057 | 7100 | 6274 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.493% due 07/20/2032 •  | 3938 | 3937 |
|  5.644% due 10/17/2032 ~ | 1956 | 1958 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.555% due 10/18/2030 ~ | 918 | 918 |
|  5.605% due 07/18/2031 ~ | 1113 | 1112 |
|  |  | 167212 |
|  Total Asset-Backed Securities<br>(Cost $209,575) | Total Asset-Backed Securities<br>(Cost $209,575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205120 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.000% due 11/21/2031 | 64750 | 33268 |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  5.000% due 01/27/2045 | 46630 | 35430 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 11500 | 11954 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.000% due 01/31/2052 (l) | 3200 | 2431 |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  6.125% due 01/18/2041 | 200 | 163 |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  2.700% due 09/02/2070 | 37100 | 20546 |
|  3.125% due 04/16/2030 | 13700 | 12984 |
|  3.125% due 09/30/2049 | 5200 | 3562 |
|  3.875% due 04/16/2050 | 12600 | 9848 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  3.800% due 05/13/2060 | 2100 | 1350 |
|  3.875% due 07/03/2050 | 18000 | 12732 |
|  4.125% due 01/17/2048 | 13300 | 10131 |
|  4.500% due 04/03/2120 | 4600 | 3247 |
|  5.375% due 03/12/2029 | 5000 | 5044 |
|  5.375% due 02/19/2030 (l) | 17400 | 17540 |
|  5.500% due 03/12/2034 | 5000 | 4980 |
|  5.750% due 03/12/2054 | 20000 | 18388 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (g) | 849857 | 36289 |
|  3.000% due 12/03/2026 (g) | 129698 | 6100 |
|  3.771% due 05/24/2061 | 59442 | 34729 |
|  4.000% due 11/30/2028 (g) | 598126 | 28319 |
|  4.000% due 08/24/2034 (g) | 235814 | 10741 |
|  6.338% due 05/04/2053 | 1564 | 1426 |
|  6.400% due 05/07/2054 | 25000 | 22874 |
|  6.875% due 05/13/2037 | 8200 | 8410 |
|  7.375% due 05/13/2055 | 3100 | 3174 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.350% due 08/12/2040 | 6900 | 1559 |
|  5.375% due 02/08/2035 | 1800 | 1769 |
|  5.400% due 08/12/2034 | 386400 | 95965 |
|  5.875% due 08/08/2054 | 1400 | 1359 |
|  6.150% due 08/12/2032 | 121496 | 33226 |
|  6.900% due 08/12/2037 | 14700 | 3952 |
|  6.950% due 08/12/2031 | 88832 | 25856 |
|  7.300% due 08/12/2033 | 86955 | 24998 |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.400% due 04/16/2050 | 6800 | 5843 |
|  5.103% due 04/23/2048 | 28900 | 27723 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.500% due 04/04/2053 (l) | 12600 | 11883 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  4.850% due 09/30/2029 | 7300 | 6883 |
|  5.750% due 09/30/2049 | 38900 | 28691 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | 9100 | 8241 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.875% due 04/13/2042 | EUR | 9100 | 5966 |
|  3.750% due 02/07/2034 |  | 2900 | 2608 |
|  5.250% due 03/10/2030 |  | 12700 | 13843 |
|  5.250% due 05/30/2032 |  | 8700 | 9073 |
|  5.625% due 02/22/2036 |  | 4900 | 4907 |
|  5.625% due 05/30/2037 |  | 9700 | 9581 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 |  | 5000 | 5342 |
|  3.450% due 02/02/2061 | $| 13100 | 8153 |
|  3.750% due 03/05/2037 | EUR | 7100 | 7394 |
|  4.500% due 10/26/2046 | $| 47700 | 39233 |
|  4.625% due 10/04/2047 |  | 14800 | 12335 |
|  5.000% due 04/17/2049 |  | 15000 | 13122 |
|  5.000% due 01/18/2053 |  | 25000 | 21479 |
|  5.125% due 01/13/2028 |  | 20000 | 20252 |
|  5.375% due 01/13/2031 |  | 20000 | 20506 |
|  5.750% due 01/16/2054 |  | 34400 | 32855 |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(f) |  | 25 | 13 |
|  0.000% due 02/01/2034 þ(f) |  | 93 | 37 |
|  0.000% due 02/01/2035 þ(f) |  | 79 | 44 |
|  0.000% due 02/01/2036 þ(f) |  | 65 | 36 |
|  1.750% due 02/01/2034 þ |  | 137 | 73 |
|  1.750% due 02/01/2035 þ |  | 182 | 96 |
|  1.750% due 02/01/2036 þ |  | 137 | 71 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.375% due 07/31/2054 | GBP | 101327 | 113270 |
|  Total Sovereign Issues<br>(Cost $1,109,818) | Total Sovereign Issues<br>(Cost $1,109,818) | Total Sovereign Issues<br>(Cost $1,109,818) | 973897 |
|  |  | **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% |
|  MNEQ Holdings, Inc. «(c)(k) | MNEQ Holdings, Inc. «(c)(k) | 14866 | 67 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « |  | 179471 | 4520 |
|  Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | 4587 |
| 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 | 24256 |
|  Total Convertible Preferred Securities<br>(Cost $24,500) | Total Convertible Preferred Securities<br>(Cost $24,500) | Total Convertible Preferred Securities<br>(Cost $24,500) | 24256 |
| 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 | 6202 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(h)(i) | 8.000% due 02/01/2034 •(h)(i) | 15000000 | 15617 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(h) |  | 93500000 | 94344 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(h) |  | 5700000 | 5453 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 06/01/2026 •(h) |  | 11000000 | 10742 |
|  4.000% due 12/01/2030 •(h) |  | 57000000 | 50779 |
|  5.000% due 12/01/2027 •(h) |  | 8150000 | 7856 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.875% due 02/18/2026 •(h) |  | 40000000 | 39247 |
|  4.000% due 12/10/2025 •(h) |  | 3000000 | 2963 |
|  6.950% due 02/15/2030 ~(h) |  | 28225000 | 28190 |
|  7.000% due 08/15/2034 •(h) |  | 17100000 | 17723 |
|  7.125% due 08/15/2029 •(h) |  | 9000000 | 9212 |
|  7.200% due 05/15/2029 •(h) |  | 9400000 | 9613 |
|  7.625% due 11/15/2028 •(h) |  | 5100000 | 5327 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(h) | 12600000 | 12096 |
|  6.450% due 10/01/2027 •(h) | 15000000 | 15044 |
|  7.125% due 01/01/2030 •(h) | 15000000 | 15265 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(h) | 8500000 | 8242 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 •(h) | 4000000 | 4195 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(h) | 21900000 | 21281 |
|  6.125% due 11/10/2034 •(h) | 32000000 | 31313 |
|  6.850% due 02/10/2030 ~(h) | 15000000 | 15245 |
|  7.500% due 02/10/2029 •(h) | 3500000 | 3689 |
|  7.500% due 05/10/2029 •(h) | 10000000 | 10541 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(h) | 26000000 | 25460 |
|  4.000% due 07/01/2025 •(h) | 12700000 | 12774 |
|  4.625% due 06/01/2026 (h) | 829000 | 16539 |
|  6.500% due 04/01/2030 ~(h) | 41000000 | 42030 |
|  6.875% due 06/01/2029 •(h) | 18050000 | 18977 |
|  MetLife Capital Trust | MetLife Capital Trust | MetLife Capital Trust |
|  7.875% due 12/15/2067 | 23640000 | 25959 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  6.500% due 10/15/2027 (h) | 618300 | 15612 |
|  Nationwide Building Society ~(h) | 3993 | 674 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(h) | 2700000 | 2575 |
|  6.250% due 03/15/2030 •(h) | 1100000 | 1111 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(h) | 11900000 | 12208 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(h) | 13555000 | 13454 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(h) | 36874000 | 35861 |
|  6.850% due 09/15/2029 •(h) | 20000000 | 20765 |
|  |  | 684178 |
| 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 | 10 |
|  11.000% due 11/07/2032 | 16945 | 8303 |
|  |  | 8313 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Sempra Energy | Sempra Energy | Sempra Energy |
|  4.875% due 10/15/2025 •(h) | 7450000 | 7398 |
|  Total Preferred Securities (Cost $729,707) | Total Preferred Securities (Cost $729,707) | 699889 |
| 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 4.400% (j) | 6048685 | 6049 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.314% due 04/10/2025 - 06/26/2025 (d)(e)(n)(p) | 7538 | 7490 |
| Total Short-Term Instruments<br>(Cost $13,539) | Total Short-Term Instruments<br>(Cost $13,539) | 13539 |
| Total Investments in Securities<br>(Cost $40,474,935) | Total Investments in Securities<br>(Cost $40,474,935) | 36958806 |

---

88 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 NAV Portfolio III | 5218659 | $— | 50798 |
| Total Short-Term Instruments (Cost $50,801) | Total Short-Term Instruments (Cost $50,801) |  | 50798 |
| Total Investments in Affiliates<br>(Cost $50,801) | Total Investments in Affiliates<br>(Cost $50,801) |  | 50798 |
| Total Investments 140.4%<br>(Cost $40,525,736) | Total Investments 140.4%<br>(Cost $40,525,736) | $— | 37009604 |
|  Financial Derivative<br>Instruments (m)(o) (0.1)%<br> (Cost or Premiums, net $457,307) | Financial Derivative<br>Instruments (m)(o) (0.1)%<br> (Cost or Premiums, net $457,307) |  | (14666) |
| Other Assets and Liabilities, net (40.3)% | Other Assets and Liabilities, net (40.3)% |  | (10629226) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 26365712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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) 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 5.550% due 07/01/2033 | 01/16/2025 | $10100 | $10116 | 0.04% |
|  Hardwood Funding LLC 5.210% due 06/07/2028 | 03/11/2025 | 4200 | 4229 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 2600 | 2610 | 0.01 |
|  Hardwood Funding LLC 5.070% due 06/07/2032 | 03/11/2025 | 1700 | 1707 | 0.01 |
|  MNEQ Holdings, Inc. | 04/26/2022 | 289 | 67 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 - 08/23/2021 | 55098 | 41679 | 0.16 |
|  National Football League 5.580% due 10/05/2033 | 03/14/2024 | 10000 | 10022 | 0.04 |
|  National Football League 5.680% due 10/05/2035 | 03/14/2024 | 5000 | 5012 | 0.02 |
|  National Football League 5.890% due 10/05/2043 | 03/14/2024 | 5000 | 4926 | 0.02 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 24000 | 26494 | 0.10 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 5392 | 5620 | 0.02 |
|  Strategic Credit Opportunities Partners 6.740% due 03/20/2030 | 02/20/2025 | 8200 | 8342 | 0.03 |
|  Strategic Credit Opportunities Partners 6.520% due 03/20/2028 | 03/20/2025 | 6900 | 6972 | 0.02 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127796 | 0.48% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 89

------

Schedule of Investments PIMCO Long Duration Credit Bond 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 |
|  BOO | 4.400% | 03/31/2025 | 04/01/2025 | $(19129) | $(19129) |
|  | 4.400 | 04/01/2025 | 04/02/2025 | (19152) | (19152) |
|  | 4.410 | 04/01/2025 | 04/02/2025 | (99625) | (99625) |
|  | 4.430 | 03/31/2025 | 04/01/2025 | (198750) | (198750) |
|  | 4.440 | 04/01/2025 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107870) | (107870) |
|  BOS | 4.550 | 03/21/2025 | 05/09/2025 | (932) | (933) |
|  BPS | 3.800 | 12/20/2024 | TBD<sup>(2)</sup> | (5494) | (5553) |
|  BRC | (1.000) | 12/31/2024 | TBD<sup>(2)</sup> | (2377) | (2371) |
|  | 2.000 | 03/12/2025 | TBD<sup>(2)</sup> | (2175) | (2178) |
|  | 3.250 | 12/20/2024 | TBD<sup>(2)</sup> | (1215) | (1227) |
|  | 3.500 | 12/20/2024 | TBD<sup>(2)</sup> | (4100) | (4140) |
|  | 3.750 | 12/20/2024 | TBD<sup>(2)</sup> | (5022) | (5075) |
|  | 4.200 | 12/20/2024 | TBD<sup>(2)</sup> | (8966) | (9072) |
|  | 4.250 | 12/20/2024 | TBD<sup>(2)</sup> | (5335) | (5400) |
|  | 4.300 | 12/20/2024 | TBD<sup>(2)</sup> | (9834) | (9954) |
|  | 4.300 | 01/07/2025 | TBD<sup>(2)</sup> | (6848) | (6914) |
|  | 4.400 | 12/20/2024 | TBD<sup>(2)</sup> | (142524) | (144301) |
|  | 4.410 | 04/01/2025 | 04/07/2025 | (99625) | (99625) |
|  | 4.450 | 04/01/2025 | 04/02/2025 | (100625) | (100625) |
|  CIB | 4.430 | 03/05/2025 | 04/04/2025 | (20284) | (20351) |
|  | 4.430 | 03/11/2025 | 04/04/2025 | (74625) | (74818) |
|  | 4.430 | 03/13/2025 | 04/04/2025 | (87320) | (87524) |
|  DEU | 4.420 | 04/01/2025 | 04/02/2025 | (348289) | (348289) |
|  | 4.430 | 04/01/2025 | 04/03/2025 | (98475) | (98475) |
|  JML | 2.000 | 03/12/2025 | TBD<sup>(2)</sup> | (3263) | (3267) |
|  | 2.000 | 03/25/2025 | TBD<sup>(2)</sup> | (457) | (494) |
|  | 2.750 | 12/20/2024 | TBD<sup>(2)</sup> | $(951) | (959) |
|  | 3.500 | 02/14/2025 | TBD<sup>(2)</sup> | (4343) | (4363) |
|  JPS | 4.150 | 03/21/2025 | 05/09/2025 | (1903) | (1906) |
|  | 4.250 | 03/21/2025 | 05/09/2025 | (3435) | (3439) |
|  | 4.300 | 03/21/2025 | 05/09/2025 | (37842) | (37892) |
|  | 4.440 | 03/18/2025 | 04/03/2025 | (1041) | (1043) |
|  | 4.440 | 03/20/2025 | 04/03/2025 | (47563) | (47633) |
|  | 4.440 | 03/24/2025 | 04/07/2025 | (119543) | (119660) |
|  | 4.480 | 03/27/2025 | 04/03/2025 | (37021) | (37044) |
|  MEI | 4.300 | 03/26/2025 | TBD<sup>(2)</sup> | (9425) | (9432) |
|  MSR | 4.450 | 04/01/2025 | 04/02/2025 | (367052) | (367052) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | (702290) | (702290) |
|  MYI | 3.500 | 03/24/2025 | TBD<sup>(2)</sup> | (462) | (462) |
|  NOM | 4.300 | 12/20/2024 | TBD<sup>(2)</sup> | (3583) | (3627) |
|  NXN | 4.440 | 03/07/2025 | 04/17/2025 | (783524) | (785940) |
|  RDR | 4.750 | 12/20/2024 | TBD<sup>(2)</sup> | (13952) | (14140) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3611994) |

---

#### 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> |
|  TDM | 4.430% | 03/10/2025 | 04/03/2025 | $(1751) | $(1756) |
|  | 4.450 | 03/10/2025 | 04/02/2025 | (350) | (351) |
|  | 4.450 | 03/10/2025 | 04/03/2025 | (3853) | (3864) |
|  | 4.450 | 03/14/2025 | 04/02/2025 | (2434) | (2440) |
|  | 4.450 | 03/14/2025 | 04/03/2025 | (7525) | (7541) |
|  | 4.450 | 03/14/2025 | 04/09/2025 | (10180) | (10203) |
|  UBS | 4.410 | 02/07/2025 | 04/07/2025 | (69) | (69) |
|  | 4.410 | 02/07/2025 | 05/02/2025 | (5639) | (5676) |
|  | 4.410 | 02/10/2025 | 05/02/2025 | (1095) | (1102) |
|  | 4.410 | 02/13/2025 | 04/07/2025 | (1862) | (1873) |
|  | 4.410 | 02/18/2025 | 04/07/2025 | (5242) | (5269) |
|  | 4.410 | 02/18/2025 | 05/02/2025 | (582) | (585) |
|  | 4.410 | 02/19/2025 | 04/07/2025 | (5563) | (5591) |
|  | 4.410 | 02/20/2025 | 04/07/2025 | (646) | (649) |
|  | 4.410 | 02/26/2025 | 04/07/2025 | (3930) | (3946) |
|  | 4.410 | 02/28/2025 | 04/07/2025 | (1889) | (1897) |

---

---

| | | |
|:---|:---|:---|
| **90** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** |
|  | 4.410% | 02/28/2025 | 05/02/2025 | $(7229) | $(7257) |
|  | 4.410 | 03/04/2025 | 04/07/2025 | (1685) | (1691) |
|  | 4.410 | 03/04/2025 | 05/02/2025 | (51292) | (51467) |
|  | 4.410 | 03/10/2025 | 04/07/2025 | (1231) | (1234) |
|  | 4.410 | 03/10/2025 | 05/02/2025 | (574) | (576) |
|  | 4.410 | 03/12/2025 | 05/02/2025 | (224) | (224) |
|  | 4.410 | 03/13/2025 | 05/02/2025 | (886) | (889) |
|  | 4.420 | 01/31/2025 | 04/02/2025 | (277447) | (279512) |
|  | 4.420 | 02/07/2025 | 04/02/2025 | (1719) | (1730) |
|  | 4.420 | 02/11/2025 | 05/09/2025 | (20532) | (20657) |
|  | 4.420 | 02/12/2025 | 05/09/2025 | (17334) | (17437) |
|  | 4.420 | 02/13/2025 | 05/09/2025 | (778) | (782) |
|  | 4.420 | 02/18/2025 | 04/02/2025 | (801) | (805) |
|  | 4.420 | 02/18/2025 | 05/09/2025 | (5169) | (5196) |
|  | 4.420 | 02/18/2025 | 05/13/2025 | (8729) | (8774) |
|  | 4.420 | 02/26/2025 | 04/28/2025 | (20797) | (20883) |
|  | 4.420 | 02/26/2025 | 05/09/2025 | (819) | (822) |
|  | 4.420 | 02/27/2025 | 04/02/2025 | (1559) | (1566) |
|  | 4.420 | 02/28/2025 | 04/02/2025 | (3121) | (3134) |
|  | 4.420 | 02/28/2025 | 05/09/2025 | (9857) | (9896) |
|  | 4.420 | 03/04/2025 | 04/02/2025 | (10258) | (10294) |
|  | 4.420 | 03/04/2025 | 04/28/2025 | (5862) | (5882) |
|  | 4.420 | 03/04/2025 | 05/09/2025 | (1099) | (1103) |
|  | 4.420 | 03/05/2025 | 05/09/2025 | (7979) | (8006) |
|  | 4.420 | 03/05/2025 | 05/13/2025 | (4968) | (4985) |
|  | 4.420 | 03/10/2025 | 04/02/2025 | (14768) | (14808) |
|  | 4.420 | 03/10/2025 | 05/13/2025 | (2051) | (2057) |
|  | 4.420 | 03/12/2025 | 04/02/2025 | (1118) | (1121) |
|  | 4.420 | 03/12/2025 | 04/28/2025 | (596) | (598) |
|  | 4.420 | 03/13/2025 | 04/02/2025 | (74) | (74) |
|  | 4.430 | 02/18/2025 | 05/06/2025 | (16221) | (16305) |
|  | 4.430 | 02/21/2025 | 04/25/2025 | (189234) | (190142) |
|  | 4.430 | 02/26/2025 | 05/06/2025 | (30867) | (30996) |
|  | 4.430 | 02/26/2025 | 05/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119097) | (119595) |
|  | 4.430 | 02/27/2025 | 05/08/2025 | (246) | (247) |
|  | 4.430 | 02/28/2025 | 05/08/2025 | (3696) | (3711) |
|  | 4.430 | 03/04/2025 | 04/25/2025 | (12457) | (12499) |
|  | 4.430 | 03/04/2025 | 05/06/2025 | (26379) | (26469) |
|  | 4.430 | 03/04/2025 | 05/08/2025 | (6082) | (6103) |
|  | 4.430 | 03/05/2025 | 05/16/2025 | (52491) | (52665) |
|  | 4.430 | 03/10/2025 | 04/25/2025 | (2461) | (2468) |
|  | 4.430 | 03/10/2025 | 05/06/2025 | (7384) | (7404) |
|  | 4.430 | 03/10/2025 | 05/08/2025 | (6974) | (6992) |
|  | 4.430 | 03/10/2025 | 05/16/2025 | (984) | (987) |
|  | 4.430 | 03/12/2025 | 05/08/2025 | (1118) | (1121) |
|  | 4.430 | 03/14/2025 | 05/16/2025 | (17631) | (17670) |
|  | 4.430 | 03/14/2025 | 05/27/2025 | (4574) | (4584) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1036230) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $91500 | $(82141) | $(82476) |
|  Total Short Sales (0.3)% |  |  |  | $(82141) | $(82476) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 91

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (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 March 31, 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 |
|  BOO | $0 | $(444526) | $0 | $(444526) | $216272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228254) |
|  BOS | 0 | (933) | 0 | (933) | 964 | 31 |
|  BPS | 0 | (5553) | 0 | (5553) | 5592 | 39 |
|  BRC | 0 | (390882) | 0 | (390882) | 201568 | (189314) |
|  CIB | 0 | (182693) | 0 | (182693) | 181845 | (848) |
|  DEU | 0 | (446764) | 0 | (446764) | 441626 | (5138) |
|  JML | 0 | (9083) | 0 | (9083) | 8896 | (187) |
|  JPS | 0 | (248617) | 0 | (248617) | 251431 | 2814 |
|  MEI | 0 | (9432) | 0 | (9432) | 9756 | 324 |
|  MSR | 0 | (1069342) | 0 | (1069342) | 721076 | (348266) |
|  MYI | 0 | (462) | 0 | (462) | 460 | (2) |
|  NOM | 0 | (3627) | 0 | (3627) | 3645 | 18 |
|  NXN | 0 | (785940) | 0 | (785940) | 784169 | (1771) |
|  RBC | 0 | 0 | 0 | 0 | 295 | 295 |
|  RDR | 0 | (14140) | 0 | (14140) | 14527 | 387 |
|  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 |
|  TDM | 0 | 0 | (26155) | (26155) | 26239 | 84 |
|  UBS | 0 | 0 | (1010075) | (1010075) | 1013937 | 3862 |
|  Total Borrowings and Other Financing Transactions | $0 | $(3611994) | $(1036230) |  |  |  |

---

#### 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 | $(44170) | $(221209) | $(265379) |
|  U.S. Treasury Obligations | (920169) | (1174013) | 0 | 0 | (2094182) |
|  Sovereign Issues | 0 | 0 | 0 | (11720) | (11720) |
|  Total | $(920169) | $(1174013) | $(44170) | $(232929) | $(2371281) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (593890) | (442340) | 0 | (1036230) |
|  Total | $0 | $(593890) | $(442340) | $0 | $(1036230) |
|  Total Borrowings | $(920169) | $(1767903) | $(486510) | $(232929) | $(3407511) |
|  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> | $(3407511) |

---

(l) Securities with an aggregate market value of $3,884,786 and cash of $1,696 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(3694612) at a weighted average interest rate of 4.977%. 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 $(2797) 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 $(1240713) is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### 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 - CBOE U.S. Treasury 10-Year Note May Futures | $109.000 | 04/25/2025 | 397 | $397 | $(99) | $(30) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 398 | 398 | (99) | (50) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 870 | 870 | (240) | (188) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 397 | 397 | (143) | (215) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 398 | 398 | (111) | (180) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 870 | 870 | (281) | (328) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(973) | $(991) |

---

#### 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 | $1253655 | $7055 | $0 | $(195) |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 7248 | 1747674 | 9475 | 0 | (91) |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 6992 | 1687082 | 8630 | 0 | (262) |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 10307 | 2487723 | 13474 | 0 | (386) |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 958 | 231297 | 1390 | 0 | (24) |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 9554 | 2304544 | 11076 | 0 | (239) |
|  Euro-Bund June Futures  | 06/2025 | 229 | 31901 | (212) | 121 | (2) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 204 | 188237 | 68 | 1374 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 11199 | 1369078 | 9667 | 4900 | 0 |
|  |  |  |  | $60623 | $6395 | $(1199) |

---

#### 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 June Futures  | 06/2025 | 3260 | $(415214) | $3152 | $106 | $(987) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 3174 | (343288) | (2572) | 99 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 582 | (64729) | (590) | 0 | (9) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 407 | (47733) | (707) | 0 | (77) |
|  |  |  |  | $(717) | $205 | $(1073) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $59906 | $6600 | $(2272) |

---

#### 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>March 31, 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>March 31, 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 |
|  Citigroup, Inc. | (1.000)% | Quarterly | 12/20/2032 | 0.825% | $7500 | $305 | $(393) | $(88) | $8 | $0 |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.637 | 12500 | 269 | (572) | (303) | 11 | 0 |
|  |  |  |  |  |  | $574 | $(965) | $(391) | $19 | $0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 93

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

#### 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>March 31, 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>March 31, 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 | 12/20/2025 | 0.188% | $11600 | $2127 | $(1707) | $420 | $1 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2027 | 0.551 | 15000 | 2072 | (623) | 1449 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 87600 | (468) | 1787 | 1319 | 0 | (35) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 16300 | 110 | (19) | 91 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 31000 | 393 | (72) | 321 | 0 | (9) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | 24800 | 69 | (19) | 50 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 13400 | 78 | (3) | 75 | 0 | (1) |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.448 | 1600 | (4) | 39 | 35 | 0 | (2) |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 1.056 | 9000 | (19) | 2065 | 2046 | 0 | (33) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | $5200 | 62 | (3) | 59 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 5100 | 68 | 11 | 79 | 0 | (1) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 1600 | 227 | (23) | 204 | 1 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 1.459 | 5000 | 1153 | (68) | 1085 | 0 | (27) |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2025 | 0.306 | $4900 | 890 | (717) | 173 | 0 | (1) |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.240 | 15900 | 469 | (319) | 150 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 31750 | (1210) | 1288 | 78 | 0 | (1) |
|  Teck Resources Ltd. | 5.000 | Quarterly | 06/20/2026 | 0.202 | $10800 | 1877 | (1237) | 640 | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.352 | 7700 | 82 | 90 | 172 | 0 | (6) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | $10000 | 240 | (131) | 109 | 0 | (3) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.492 | 45200 | (132) | 843 | 711 | 0 | (12) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 9700 | (24) | 180 | 156 | 0 | (5) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350 | 87 | 58 | 145 | 0 | (11) |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.199 | $10900 | 78 | 72 | 150 | 0 | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) |

---

#### 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.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $36892 | $(1371) | $1400 | $29 | $49 | $0 |
|  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) | 1195 | 24 | 26 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 5100 | (222) | 151 | (71) | 3 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 1600 | (61) | 29 | (32) | 1 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2000 | (58) | 4 | (54) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1600 | (58) | (3) | (61) | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 81680 | 1150 | 392 | 1542 | 4 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 38800 | 566 | 200 | 766 | 3 | 0 |
|  CDX.IG-42 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 31565 | 587 | 33 | 620 | 1 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 10515100 | 232951 | (30592) | 202359 | 69 | (40) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 4947200 | 90794 | 188 | 90982 | 950 | 0 |
|  CDX.iTraxx Main 43 05-Year Index | 1.000 | Quarterly | 06/20/2030 | 271800 | 6088 | (812) | 5276 | 0 | (442) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) |

---

#### 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 | 3.500% | Annual | 03/19/2030 | 425620 | $(12550) | $(62) | $(12612) | $1855 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 4200 | (12) | (96) | (108) | 39 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $2040500 | 13114 | (14195) | (1081) | 88 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 275000 | 1177 | 14116 | 15293 | 17 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 776800 | 60943 | 7456 | 68399 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 584500 | 37865 | 861 | 38726 | 28 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 593560 | (10846) | 9341 | (1505) | 0 | (558) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 34300 | (67) | (216) | (283) | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 583100 | 26133 | (8723) | 17410 | 0 | (598) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2031 | 600350 | 1338 | 1504 | 2842 | 0 | (898) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.704 | Annual | 04/30/2031 | 344000 | 0 | 1426 | 1426 | 0 | (515) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.769 | Annual | 04/30/2031 | 218500 | 0 | (21) | (21) | 0 | (343) |

---

---

| | | |
|:---|:---|:---|
| **94** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.796% | Annual | 12/31/2031 |  | $16800 | $0 | $(128) | $(128) | $0 | $(32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 510660 | 18869 | (14438) | 4431 | 0 | (1467) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 8720 | (33) | 255 | 222 | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 301000 | (14925) | 15688 | 763 | 0 | (930) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 19000 | (69) | (152) | (221) | 0 | (61) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 9400 | (33) | (47) | (80) | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 20500 | (71) | (111) | (182) | 0 | (66) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 20600 | (70) | (157) | (227) | 0 | (67) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 19200 | (57) | (164) | (221) | 0 | (62) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 23300 | (66) | (340) | (406) | 0 | (76) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 39400 | (116) | (424) | (540) | 0 | (128) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 20200 | (59) | (141) | (200) | 0 | (66) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 |  | 342580 | (6486) | (3562) | (10048) | 0 | (2550) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 11/15/2054 |  | 42100 | 0 | 473 | 473 | 0 | (325) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.794 | Annual | 11/15/2054 |  | 90200 | 0 | 266 | 266 | 0 | (701) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 90000 | 0 | 731 | 731 | 0 | (699) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 446800 | 6823 | 18021 | 24844 | 0 | (3351) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.892 | Annual | 02/15/2055 |  | 38000 | 0 | (633) | (633) | 0 | (302) |
|  Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 |  | 970700 | 7812 | 641 | 8453 | 2549 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 19000 | (31) | 629 | 598 | 30 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 23300 | (34) | 809 | 775 | 38 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 7670 | (20) | (169) | (189) | 33 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.050 | Annual | 09/20/2028 |  | 144200 | 0 | (12308) | (12308) | 150 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 734620 | (10668) | 4353 | (6315) | 1623 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 13200 | (31) | (504) | (535) | 55 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 12000 | (30) | (223) | (253) | 49 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 12700 | (33) | (191) | (224) | 52 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 12100 | (33) | (11) | (44) | 49 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 11800 | (31) | (113) | (144) | 47 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 12900 | (33) | (196) | (229) | 0 | (229) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 177100 | (6128) | (967) | (7095) | 749 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 |  | 37560 | 3672 | 17505 | 21177 | 0 | (169) |
|  Receive | 6-Month EUR-EURIBOR | 0.495 | Annual | 09/20/2053 |  | 50000 | 0 | 23006 | 23006 | 0 | (258) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 217570 | 9723 | 8009 | 17732 | 0 | (1714) |
|  |  |  |  |  |  |  | $124937 | $66798 | $191735 | $7451 | $(16258) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $462916 | $39525 | $502441 | $8578 | $(16893) |

---

#### 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 March 31, 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>(7)</sup> | Variation Margin<br>Liability<sup>(7)</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;6600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(991) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17364) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20627) |

---

(n) Securities with an aggregate market value of $891,605 and cash of $23,483 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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. 

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

<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 $(471) 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 | 04/2025 | $24734 | 39099 | $0 | $(303) |
|  | 05/2025 | 39099 | $24739 | 303 | 0 |
|  BOA | 04/2025 | $1029 | 953 | 1 | 0 |
|  BPS | 04/2025 | 137287 | $143989 | 0 | (4459) |
|  | 05/2025 | $2793 | 2589 | 11 | 0 |
|  | 05/2025 | 1398 | 1080 | 0 | (3) |
|  BRC | 04/2025 | 5777 | 3472 | 144 | 0 |
|  | 04/2025 | 12140 | $13193 | 66 | 0 |
|  | 04/2025 | 77376 | 20748 | 0 | (301) |
|  BSH | 04/2025 | 48596 | 30789 | 423 | 0 |
|  | 04/2025 | 97265 | 25634 | 0 | (825) |
|  | 06/2025 | 81715 | 22362 | 163 | 0 |
|  | 07/2025 | 69236 | 18775 | 38 | (61) |
|  | 09/2025 | 14584 | 3952 | 0 | (2) |
|  CBK | 04/2025 | 10397 | 13471 | 40 | 0 |
|  | 04/2025 | 88752 | 23846 | 0 | (295) |
|  | 04/2025 | $1259 | 1167 | 3 | 0 |
|  | 04/2025 | 1369 | 1060 | 0 | 0 |
|  | 04/2025 | 15849 | 57443 | 0 | (213) |
|  | 06/2025 | 14574 | $3979 | 19 | 0 |
|  | 08/2025 | 8547 | 2311 | 0 | (8) |
|  | 12/2025 | 72164 | 19740 | 229 | (6) |
|  DUB | 04/2025 | 3379 | 5777 | 0 | (44) |
|  | 04/2025 | $3919 | 14369 | 0 | (10) |
|  | 05/2025 | 5777 | 3374 | 43 | 0 |
|  | 05/2025 | 24388 | $6414 | 0 | (214) |
|  | 09/2025 | 14412 | 3919 | 12 | 0 |
|  FAR | 04/2025 | 11654 | 12241 | 0 | (361) |
|  | 04/2025 | $3345 | 5309 | 0 | (28) |
|  JPM | 04/2025 | 10988 | $11557 | 0 | (324) |
|  | 04/2025 | 4020 | 5224 | 31 | 0 |
|  | 04/2025 | $220890 | 204793 | 553 | 0 |
|  | 05/2025 | 204793 | $221249 | 0 | (552) |
|  | 06/2025 | 1736964 | 84166 | 153 | 0 |
|  | 06/2025 | $8213 | 168869 | 0 | (46) |
|  MBC | 04/2025 | 39715 | $43312 | 368 | 0 |
|  | 04/2025 | 35329 | 45793 | 159 | (2) |
|  | 04/2025 | 355700 | 2399 | 28 | 0 |
|  | 04/2025 | $2605 | 4188 | 12 | 0 |
|  | 04/2025 | 5269 | 4871 | 18 | (20) |
|  | 04/2025 | 5920 | 4684 | 130 | 0 |
|  | 04/2025 | 2400 | 355700 | 0 | (28) |
|  MYI | 04/2025 | 140584 | $178133 | 0 | (3465) |
|  SCX | 04/2025 | 130454 | 34839 | 0 | (665) |
|  | 06/2025 | $6008 | 123177 | 0 | (51) |
|  SSB | 04/2025 | 47865 | $12595 | 0 | (427) |
|  | 04/2025 | $240074 | 185645 | 0 | (267) |
|  | 04/2025 | 15535 | 56595 | 0 | (133) |
|  | 05/2025 | 185646 | $240056 | 265 | 0 |
|  | 06/2025 | 56696 | 15535 | 137 | 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;3349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13113) |

---

96 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 |
| FAR Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.070% | 06/04/2025 | 59400 | $2056 | $532 |
|  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;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |

---

#### 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-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 43900 | $(60) | $(36) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 41500 | (79) | (53) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 88700 | (116) | (91) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 84500 | (74) | (80) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 84500 | (96) | (96) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 40300 | (41) | (41) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 39000 | (47) | (47) |
|  |  |  |  |  |  | $(513) | $(444) |

---

#### 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 |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 21700 | $(44) | $(56) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 21700 | (44) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 12800 | (44) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 12800 | (44) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 12500 | (48) | (29) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 12500 | (48) | (7) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 12200 | (44) | (31) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 12200 | (44) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 11000 | (36) | (26) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 11000 | (36) | (51) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 17600 | (31) | (58) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 17600 | (31) | (14) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 24400 | (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 24400 | (90) | (36) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 23800 | (99) | (106) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 23800 | (99) | (91) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 36500 | (154) | (47) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 36500 | (154) | (39) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 19600 | (89) | (112) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 19600 | (89) | (13) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 19600 | (87) | (105) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 19600 | (87) | (22) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 19700 | (78) | (124) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 19700 | (78) | (23) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 19800 | (75) | (149) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 19800 | (75) | (34) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 20500 | (87) | (94) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 20500 | (87) | (76) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 19900 | (88) | (105) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 19900 | (88) | (15) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 12300 | (46) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 12300 | (46) | (2) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 15900 | (60) | (45) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 15900 | (60) | (18) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1731) |
|  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;(2913) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 97

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

#### 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>March 31, 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>March 31, 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 Bond | 1.000% | Quarterly | 12/20/2026 | 0.990% | $1400 | $(37) | $38 | $1 | $0 |
|  | Italy Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.197 | 43300 | 80 | 518 | 598 | 0 |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 1100 | (30) | 31 | 1 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 700 | (62) | 56 | 0 | (6) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.730 | 9300 | (242) | 275 | 33 | 0 |
|  | NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.152 | 8400 | 183 | (129) | 54 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 1100 | (29) | 30 | 1 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 300 | (11) | 10 | 0 | (1) |
|  | Italy Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.197 | 13100 | 9 | 172 | 181 | 0 |
|  | Schlumberger Oilfield U.K. Limited | 1.000 | Quarterly | 06/20/2025 | 0.123 | 5000 | 21 | (10) | 11 | 0 |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.730 | 9400 | (245) | 278 | 33 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 12300 | (498) | 467 | 0 | (31) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 5700 | (508) | 461 | 0 | (47) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.733 | 8800 | 1230 | (417) | 813 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 5200 | (55) | 52 | 0 | (3) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 200 | (8) | 7 | 0 | (1) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 | 9300 | (73) | 127 | 54 | 0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.383 | 73600 | (936) | 493 | 0 | (443) |
| MYC | Brookfield Asset Management, Inc. | 1.000 | Quarterly | 06/20/2025 | 0.186 | 8300 | 0 | 18 | 18 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 3400 | (192) | 184 | 0 | (8) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 4000 | (357) | 324 | 0 | (33) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 | 1500 | (21) | 28 | 7 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 | 23100 | 65 | 76 | 141 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 | 16700 | (57) | 164 | 107 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 7200 | (139) | 161 | 22 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | (330) | 310 | 0 | (20) |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 | 900 | 2 | 0 | 2 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2240) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) |

---

#### 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> | 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> | 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) | $54 | $1 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 |  | 11870 | (442) | 447 | 5 | 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) | 234 | 6 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 |  | 15108 | (575) | 582 | 7 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 |  | 4900 | (140) | 144 | 4 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 |  | 7500 | (9) | 1 | 0 | (8) |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 |  | 3200 | (92) | 94 | 2 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### 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<br>Investment<br>Grade Index | 2707216 | 3.630% (FEDL01<br>less a specified<br>spread) | Monthly | 09/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294247 | $0 | $689 | $689 | $0 |
|  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;(3779) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) |

---

98 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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 | $303 | $0 | $0 | $303 | $(303) | $0 | $0 | $(303) | $0 | $0 | $0 |
|  BOA | 1 | 0 | 599 | 600 | 0 | 0 | 0 | 0 | 600 | (510) | 90 |
|  BPS | 11 | 0 | 1 | 12 | (4462) | (56) | (6) | (4524) | (4512) | 3164 | (1348) |
|  BRC | 210 | 0 | 87 | 297 | (301) | (162) | 0 | (463) | (166) | 335 | 169 |
|  BSH | 624 | 0 | 0 | 624 | (888) | 0 | 0 | (888) | (264) | 1001 | 737 |
|  CBK | 291 | 0 | 193 | 484 | (522) | (72) | (1) | (595) | (111) | 323 | 212 |
|  DUB | 55 | 0 | 0 | 55 | (268) | 0 | 0 | (268) | (213) | 372 | 159 |
|  FAR | 0 | 532 | 0 | 532 | (389) | (408) | 0 | (797) | (265) | (80) | (345) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (838) | 0 | (838) | (838) | 664 | (174) |
|  GST | 0 | 0 | 852 | 852 | 0 | (356) | (81) | (437) | 415 | (650) | (235) |
|  JPM | 737 | 0 | 743 | 1480 | (922) | (41) | (444) | (1407) | 73 | (3108) | (3035) |
|  MBC | 715 | 0 | 0 | 715 | (50) | 0 | 0 | (50) | 665 | (410) | 255 |
|  MYC | 0 | 0 | 310 | 310 | 0 | (132) | (61) | (193) | 117 | 0 | 117 |
|  MYI | 0 | 0 | 0 | 0 | (3465) | 0 | 0 | (3465) | (3465) | 3993 | 528 |
|  NGF | 0 | 0 | 0 | 0 | 0 | (63) | 0 | (63) | (63) | 0 | (63) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (47) | 0 | (47) | (47) | 0 | (47) |
|  SAL | 0 | 0 | 4 | 4 | 0 | 0 | (8) | (8) | (4) | 0 | (4) |
|  SCX | 0 | 0 | 0 | 0 | (716) | 0 | 0 | (716) | (716) | 987 | 271 |
|  SSB | 402 | 0 | 0 | 402 | (827) | 0 | 0 | (827) | (425) | 541 | 116 |
|  UAG | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15889) |  |  |  |

---

(p) Securities with an aggregate market value of $11,380 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (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 March 31, 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 | $6600 | $6600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1127 | 0 | 0 | 7451 | 8578 |
|  | $0 | $1127 | $0 | $0 | $14051 | $15178 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3349 | $0 | $3349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 532 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2102 | 689 | 0 | 0 | 2791 |
|  | $0 | $2102 | $689 | $3349 | $532 | $6672 |
|  | $0 | $3229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | $3349 | $14583 | $21850 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $991 | $991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2272 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1106 | 0 | 0 | 16258 | 17364 |
|  | $0 | $1106 | $0 | $0 | $19521 | $20627 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13113 | $0 | $13113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 444 | 0 | 0 | 1731 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 601 | 0 | 0 | 0 | 601 |
|  | $0 | $1045 | $0 | $13113 | $1731 | $15889 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | $0 | $13113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36516 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $7066 | $7066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (77205) | (77205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 117374 | 0 | 0 | 121010 | 238384 |
|  | $0 | $117374 | $0 | $0 | $50871 | $168245 |
|  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 | $20795 | $0 | $20795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (6833) | (6833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 42322 | 42322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4753 | 1 | 0 | 0 | 4754 |
|  | $0 | $4753 | $1 | $20795 | $35489 | $61038 |
|  | $0 | $122127 | $1 | $20795 | $86360 | $229283 |
|  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 | $(542) | $(542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 55352 | 55352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (61803) | 0 | 0 | (57455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119258) |
|  | $0 | $(61803) | $0 | $0 | $(2645) | $(64448) |
|  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 | $(9978) | $0 | $(9978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 8650 | 8650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 68 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11772) | (11704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2285) | (168) | 0 | 0 | (2453) |
|  | $0 | $(2217) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $(9978) | $(3122) | $(15485) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64020) | $(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9978) | $(5767) | $(79933) |

---

100 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $93277 | $57139 | $150416 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 7647255 | 50354 | 7697609 |
| &nbsp;&nbsp; Industrials | 0 | 8612185 | 30076 | 8642261 |
| &nbsp;&nbsp; Utilities | 0 | 4420240 | 0 | 4420240 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 209857 | 0 | 209857 |
| &nbsp;&nbsp; Georgia | 0 | 47803 | 0 | 47803 |
| &nbsp;&nbsp; Illinois | 0 | 25420 | 0 | 25420 |
| &nbsp;&nbsp; Indiana | 0 | 1944 | 0 | 1944 |
| &nbsp;&nbsp; Massachusetts | 0 | 2779 | 0 | 2779 |
| &nbsp;&nbsp; Michigan | 0 | 33618 | 0 | 33618 |
| &nbsp;&nbsp; Nevada | 0 | 3624 | 0 | 3624 |
| &nbsp;&nbsp; New Jersey | 0 | 1055 | 0 | 1055 |
| &nbsp;&nbsp; New Mexico | 0 | 5385 | 0 | 5385 |
| &nbsp;&nbsp; New York | 0 | 87602 | 0 | 87602 |
| &nbsp;&nbsp; Ohio | 0 | 62227 | 0 | 62227 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12509 | 0 | 12509 |
| &nbsp;&nbsp; Texas | 0 | 104881 | 0 | 104881 |
| &nbsp;&nbsp; Virginia | 0 | 1353 | 0 | 1353 |
| &nbsp;&nbsp; Wisconsin | 0 | 4696 | 0 | 4696 |
|  U.S. Government Agencies | 0 | 7598332 | 0 | 7598332 |
|  U.S. Treasury Obligations | 0 | 5824199 | 0 | 5824199 |
|  Non-Agency Mortgage-Backed Securities | 0 | 99708 | 0 | 99708 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 27580 | 0 | 27580 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10254 | 0 | 10254 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 74 | 0 | 74 |
| &nbsp;&nbsp; Other ABS | 0 | 167212 | 0 | 167212 |
|  Sovereign Issues | 0 | 973897 | 0 | 973897 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 67 | 67 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 4520 | 4520 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 24256 | 0 | 0 | 24256 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 32151 | 652027 | 0 | 684178 |
| &nbsp;&nbsp; Industrials | 0 | 8313 | 0 | 8313 |
| &nbsp;&nbsp; Utilities | 0 | 7398 | 0 | 7398 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $6049 | $0 | $6049 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 7490 | 0 | 7490 |
|  | $56407 | $36760243 | $142156 | $36958806 |
|  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 | $50798 | $0 | $0 | $50798 |
|  Total Investments | $107205 | $36760243 | $142156 | $37009604 |
|  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 | $(82476) | $0 | $(82476) |
|  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 | 1601 | 13577 | 0 | 15178 |
|  Over the counter | 0 | 6672 | 0 | 6672 |
|  | $1601 | $20249 | $0 | $21850 |
|  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 | (989) | (19167) | 0 | (20156) |
|  Over the counter | 0 | (15889) | 0 | (15889) |
|  | $(989) | $(35056) | $0 | $(36045) |
|  Total Financial Derivative Instruments | $612 | $(14807) | $0 | $(14195) |
|  Totals | $107817 | $36662960 | $142156 | $36912933 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Schedule of Investments PIMCO Low Duration 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 109.0% | INVESTMENTS IN SECURITIES 109.0% | INVESTMENTS IN SECURITIES 109.0% |
| CORPORATE BONDS & NOTES 20.6% | CORPORATE BONDS & NOTES 20.6% | CORPORATE BONDS & NOTES 20.6% |
| BANKING & FINANCE 14.4% | BANKING & FINANCE 14.4% | BANKING & FINANCE 14.4% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 4800 | 4640 |
|  3.875% due 01/23/2028 | 500 | 489 |
|  American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 | 6250 | 6042 |
|  6.338% due 10/30/2026 •  | 900 | 909 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.800% due 11/15/2028 | 2600 | 2697 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 4400 | 4415 |
|  5.380% due 01/07/2030 | 2500 | 2537 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.125% due 08/01/2025 | 800 | 797 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 2000 | 2032 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 6100 | 5935 |
|  1.734% due 07/22/2027 •  | 3000 | 2892 |
|  2.592% due 04/29/2031 •  | 7000 | 6289 |
|  4.271% due 07/23/2029 •  | 2000 | 1976 |
|  4.827% due 07/22/2026 •  | 8000 | 8004 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 2800 | 2787 |
|  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 | 2235 |
|  5.896% due 07/13/2026 | 2500 | 2541 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 7000 | 6989 |
|  4.972% due 05/16/2029 •  | 1800 | 1806 |
|  6.490% due 09/13/2029 •  | 4300 | 4522 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 2500 | 2278 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 10500 | 9783 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 | 1700 | 1731 |
|  5.975% due 01/18/2027 •  | 1500 | 1514 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.550% due 04/09/2027 | 5000 | 5067 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.250% due 06/02/2026 | 1070 | 1066 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.149% due 10/29/2027 •  | 950 | 985 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  4.650% due 08/15/2029 | 3800 | 3833 |
|  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 | 3995 |
|  4.655% due 08/22/2028 •  | 900 | 899 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.900% due 12/01/2033 | 750 | 608 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.850% due 04/05/2029 | 3900 | 3773 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.750% due 07/02/2026 | 1000 | 1015 |
|  5.900% due 09/19/2028 | 2000 | 2083 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.035% due 05/28/2032 •  | 3400 | 2977 |
|  7.146% due 07/13/2027 •  | 5000 | 5141 |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  4.300% due 03/15/2027 | 700 | 696 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.200% due 11/18/2029 | 600 | 562 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 600 | 601 |
|  5.625% due 08/16/2032 | 1500 | 1533 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 3600 | 3281 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 100 | 96 |
|  2.640% due 02/24/2028 •  | 6125 | 5914 |
|  3.691% due 06/05/2028 •  | 6500 | 6377 |
|  5.727% due 04/25/2030 •  | 4600 | 4747 |
|  6.208% due 03/15/2028 •  | 5000 | 5106 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 4000 | 4167 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  3.250% due 07/15/2026 | 1000 | 984 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 2600 | 2503 |
|  4.292% due 09/12/2026 •  | 1300 | 1297 |
|  4.755% due 06/09/2028 •  | 3350 | 3350 |
|  5.887% due 08/14/2027 •  | 9000 | 9144 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.335% due 03/19/2030 •  | 3300 | 3362 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 400 | 326 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.600% due 10/01/2029 | 1700 | 1683 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 4800 | 4655 |
|  3.540% due 05/01/2028 •  | 4300 | 4215 |
|  4.851% due 07/25/2028 •  | 10000 | 10066 |
|  5.571% due 04/22/2028 •  | 4500 | 4590 |
|  6.087% due 10/23/2029 •  | 5000 | 5236 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 4100 | 3983 |
|  5.985% due 08/07/2027 •  | 3700 | 3762 |
|  MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding |
|  4.850% due 01/17/2029 | 6300 | 6375 |
|  4.950% due 01/10/2030 | 3000 | 3026 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.080% due 04/19/2028 •  | 1000 | 991 |
|  5.422% due 02/22/2029 •  | 5000 | 5116 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 4000 | 3407 |
|  3.125% due 07/27/2026 | 1000 | 983 |
|  5.164% due 04/20/2029 •  | 5400 | 5474 |
|  5.652% due 04/13/2028 •  | 8000 | 8167 |
|  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 | 3082 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 5500 | 5308 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2500 | 2547 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.999% due 01/22/2032 | 1000 | 873 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.900% due 06/12/2028 | 2000 | 2029 |
|  4.960% due 01/13/2030 | 1500 | 1522 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 4300 | 4291 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  1.375% due 04/14/2026 | 1200 | 1164 |
|  4.500% due 08/28/2029 | 2500 | 2493 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 2800 | 2850 |
|  5.300% due 01/21/2028 •  | 3250 | 3295 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  4.800% due 01/09/2028 | 3800 | 3833 |
|  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 | 3471 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.992% due 01/12/2027 | 1800 | 1816 |
|  5.432% due 01/14/2032 | 3000 | 3081 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.400% due 01/15/2030 | 700 | 660 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 | 300 | 298 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.448% due 05/24/2029 | 2000 | 2052 |
|  6.000% due 11/21/2028 | 5000 | 5235 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 1500 | 1518 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 500 | 479 |
|  3.244% due 10/05/2026 | 1000 | 977 |
|  4.400% due 07/13/2027 | 300 | 298 |
|  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 | 964 |
|  3.823% due 11/03/2028 •  | 300 | 292 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.716% due 09/14/2028 | 3000 | 3108 |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  4.375% due 04/11/2027 | 1000 | 996 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 3900 | 3473 |
|  4.703% due 08/05/2027 •  | 4100 | 4100 |
|  6.442% due 08/11/2028 •  | 5650 | 5862 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.000% due 06/01/2025 | 4500 | 4498 |
|  |  | 320548 |
| INDUSTRIALS 2.8% | INDUSTRIALS 2.8% | INDUSTRIALS 2.8% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 2500 | 2310 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 997 | 967 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 6200 | 6317 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  5.100% due 06/01/2029 | 2800 | 2866 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  6.020% due 06/15/2026 | 1154 | 1169 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.750% due 02/15/2030 | 1000 | 1006 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 2600 | 2653 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 5400 | 5446 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 | 500 | 450 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 6250 | 6238 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 11/15/2031 | 500 | 438 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 | 2000 | 1943 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.875% due 04/07/2025 | 500 | 500 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 2536 | 2205 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 3400 | 3368 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 900 | 748 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.600% due 03/01/2028 | 2000 | 2008 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.300% due 08/15/2029 | 3300 | 3300 |
|  ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
|  5.100% due 04/01/2029 | 1800 | 1838 |
|  Reliance, Inc. | Reliance, Inc. | Reliance, Inc. |
|  2.150% due 08/15/2030 | 500 | 435 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 11/08/2026 | 3000 | 3056 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 2800 | 2487 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.200% due 10/01/2029 | 2600 | 2554 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 313 | 278 |
|  2.900% due 11/01/2029 | 1165 | 1089 |
|  4.550% due 08/25/2031 | 1120 | 1056 |
|  5.875% due 04/15/2029 | 1108 | 1130 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 03/15/2028 | 700 | 679 |
|  5.100% due 09/12/2034 | 2000 | 1942 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  3.900% due 06/01/2028 | 800 | 781 |
|  |  | 61257 |
| UTILITIES 3.4% | UTILITIES 3.4% | UTILITIES 3.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 2000 | 2035 |
|  Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC |
|  4.850% due 10/01/2041 | 2300 | 2292 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  3.700% due 07/15/2030 | 165 | 158 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.700% due 01/15/2030 | 1500 | 1507 |
|  4.900% due 02/15/2029 | 3500 | 3546 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 5835 | 5868 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.150% due 06/15/2029 | 5350 | 5499 |
|  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 | 3551 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 1000 | 969 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2000 | 2015 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  5.600% due 10/01/2028 | 3500 | 3577 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.400% due 03/01/2032 | 3000 | 2810 |
|  4.950% due 06/08/2025 | 1700 | 1699 |
|  5.450% due 06/15/2027 | 1600 | 1617 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 4000 | 4018 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 7000 | 7026 |
|  5.300% due 03/01/2028 | 2100 | 2126 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 3700 | 3697 |
|  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 | 9161 | 9058 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.016% due 12/03/2029 | 820 | 798 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5056 |
|  5.088% due 05/01/2029 | 6813 | 6858 |
|  |  | 75780 |
|  Total Corporate Bonds & Notes (Cost $458,773) | Total Corporate Bonds & Notes (Cost $458,773) | 457585 |
| MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 |
|  1.316% due 05/15/2027 | 2600 | 2453 |
| FLORIDA 0.3% | FLORIDA 0.3% | FLORIDA 0.3% |
|  Miami-Dade County, Florida Revenue Bonds, Series 2021 | Miami-Dade County, Florida Revenue Bonds, Series 2021 | Miami-Dade County, Florida Revenue Bonds, Series 2021 |
|  1.154% due 10/01/2025 | 2000 | 1969 |
|  1.471% due 10/01/2026 | 700 | 672 |
|  State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 |
|  5.526% due 07/01/2034 | 3400 | 3491 |
|  |  | 6132 |
| LOUISIANA 0.1% | LOUISIANA 0.1% | LOUISIANA 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 |
|  4.275% due 02/01/2036 | 2200 | 2127 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 35 | 35 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  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 |
|  3.540% due 03/15/2028 | 7000 | 6896 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Oregon Department of Transportation State Revenue Bonds, Series 2020 | Oregon Department of Transportation State Revenue Bonds, Series 2020 | Oregon Department of Transportation State Revenue Bonds, Series 2020 |
|  1.084% due 11/15/2027 | 2000 | 1852 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Houston Community College System, Texas General Obligation Bonds, Series 2021 | Houston Community College System, Texas General Obligation Bonds, Series 2021 | Houston Community College System, Texas General Obligation Bonds, Series 2021 |
|  5.000% due 02/15/2029 | 1800 | 1853 |
|  Williamson County, Texas General Obligation Bonds, Series 2021 | Williamson County, Texas General Obligation Bonds, Series 2021 | Williamson County, Texas General Obligation Bonds, Series 2021 |
|  0.640% due 02/15/2026 | 2500 | 2426 |
|  |  | 4279 |
| 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 |
|  1.820% due 06/01/2026 | 800 | 775 |
|  2.951% due 06/01/2031 | 300 | 266 |
|  |  | 1041 |
| WISCONSIN 0.0% | WISCONSIN 0.0% | WISCONSIN 0.0% |
|  Wisconsin State Revenue Bonds, Series 2021 | Wisconsin State Revenue Bonds, Series 2021 | Wisconsin State Revenue Bonds, Series 2021 |
|  1.486% due 05/01/2029 | 600 | 538 |
|  Total Municipal Bonds & Notes (Cost $25,349) | Total Municipal Bonds & Notes (Cost $25,349) | 25353 |
| U.S. GOVERNMENT AGENCIES 17.3% | U.S. GOVERNMENT AGENCIES 17.3% | U.S. GOVERNMENT AGENCIES 17.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.750% due 11/25/2050 | 2216 | 1594 |
|  1.630% due 05/01/2027 | 5400 | 5116 |
|  3.020% due 03/01/2028 | 2594 | 2507 |
|  3.290% due 04/01/2027 | 6006 | 5892 |
|  4.250% due 04/25/2030 «(a) | 5800 | 5760 |
|  4.320% due 03/01/2030 | 4598 | 4587 |
|  4.600% due 05/25/2030 «(a) | 6700 | 6755 |
|  4.694% due 06/25/2037 •  | 32 | 32 |
|  4.883% due 12/25/2046 •  | 367 | 364 |
|  4.893% due 10/25/2046 •  | 487 | 478 |
|  4.904% due 07/25/2049 •  | 1249 | 1222 |
|  4.943% due 01/25/2047 •  | 390 | 387 |
|  4.964% due 03/25/2041 •  | 723 | 720 |
|  5.390% due 01/25/2055 •  | 1950 | 1954 |
|  5.490% due 03/25/2055 •  | 993 | 994 |
|  6.379% due 07/01/2034 •  | 24 | 24 |
|  7.112% due 10/01/2037 •  | 40 | 42 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
|  1.050% due 08/13/2026 | 4800 | 4609 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.800% due 10/28/2026 | 9200 | 8750 |
|  1.000% due 12/15/2040 -<br>05/25/2047 | 1762 | 1619 |
|  2.500% due 09/25/2048 | 1354 | 1244 |
|  3.000% due 08/15/2046 | 439 | 423 |
|  4.000% due 09/01/2048 -<br>10/01/2048 | 2446 | 2308 |
|  4.170% due 04/01/2028 | 5826 | 5790 |
|  4.380% due 05/01/2028 | 23 | 23 |
|  4.500% due 02/01/2049 | 1636 | 1594 |
|  4.650% due 08/25/2028 ~ | 2500 | 2526 |
|  4.793% due 10/15/2037 •  | 443 | 436 |
|  4.840% due 04/01/2028 | 2451 | 2477 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.850% due 09/25/2028 | 4300 | 4371 |
|  4.943% due 07/15/2041 •  | 592 | 587 |
|  5.280% due 11/25/2054 •  | 23807 | 23838 |
|  5.340% due 08/25/2054 •  | 2951 | 2958 |
|  5.390% due 08/25/2054 •  | 1794 | 1802 |
|  5.430% due 06/25/2031 ~ | 2600 | 2704 |
|  5.490% due 03/25/2055 •  | 4377 | 4400 |
|  6.980% due 06/01/2037 •  | 50 | 52 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  1.500% due 10/20/2045 | 1450 | 1187 |
|  4.773% due 08/20/2065 •  | 218 | 217 |
|  4.863% due 06/20/2065 •  | 172 | 172 |
|  4.883% due 02/20/2067 •  | 343 | 343 |
|  4.910% due 09/20/2065 •  | 306 | 305 |
|  4.943% due 10/20/2065 •  | 864 | 865 |
|  4.963% due 07/20/2063 •  | 75 | 75 |
|  4.993% due 06/20/2065 •  | 347 | 346 |
|  5.003% due 06/20/2065 •  | 365 | 364 |
|  5.023% due 03/20/2065 •  | 730 | 729 |
|  5.073% due 12/20/2064 -<br>11/20/2065 •  | 866 | 865 |
|  5.193% due 02/20/2066 •  | 3 | 2 |
|  5.303% due 04/20/2066 •  | 1194 | 1195 |
|  5.323% due 04/20/2066 •  | 1607 | 1609 |
|  5.423% due 01/20/2067 •  | 704 | 706 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.375% due 08/01/2034 | 2700 | 2677 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 12/01/2032 -<br>02/01/2035 | 2141 | 2053 |
|  3.000% due 01/01/2035 -<br>06/01/2052 | 21359 | 18749 |
|  3.500% due 12/01/2033 | 1469 | 1441 |
|  4.000% due 08/01/2042 -<br>04/01/2055 | 46378 | 43327 |
|  4.500% due 08/01/2048 -<br>02/01/2053 | 56866 | 54525 |
|  5.500% due 04/01/2034 -<br>03/01/2054 | 51675 | 51643 |
|  6.000% due 02/01/2055 -<br>03/01/2055 | 20622 | 20954 |
|  6.500% due 08/01/2054 | 20207 | 20846 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 43600 | 37782 |
|  4.000% due 05/01/2055 -<br>06/01/2055 | 10900 | 10139 |
|  Total U.S. Government Agencies<br>(Cost $385,286) | Total U.S. Government Agencies<br>(Cost $385,286) | 384055 |
| U.S. TREASURY OBLIGATIONS 32.0% | U.S. TREASURY OBLIGATIONS 32.0% | U.S. TREASURY OBLIGATIONS 32.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 | 28400 | 26616 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 09/30/2026 | 688000 | 683525 |
|  Total U.S. Treasury Obligations<br>(Cost $709,644) | Total U.S. Treasury Obligations<br>(Cost $709,644) | 710141 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.0% |
|  1166 Avenue of the Americas Commercial Mortgage Trust | 1166 Avenue of the Americas Commercial Mortgage Trust | 1166 Avenue of the Americas Commercial Mortgage Trust |
|  5.690% due 10/13/2037 | 1971 | 1988 |
|  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 | 6881 |
|  Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
|  3.441% due 09/15/2048 | 1906 | 1894 |
|  BANK | BANK | BANK |
|  2.808% due 10/17/2052 | 2250 | 2167 |
|  2.978% due 11/15/2062 | 12500 | 11504 |
|  3.279% due 11/15/2054 | 753 | 732 |
|  3.432% due 05/15/2062 | 2145 | 2098 |
|  3.623% due 04/15/2052 | 2436 | 2389 |
|  4.005% due 02/15/2052 | 7100 | 6873 |
|  4.217% due 08/15/2061 ~ | 7000 | 6861 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  3.488% due 02/15/2050 | 568 | 560 |
|  5.137% due 12/15/2057 | 2200 | 2236 |
|  5.433% due 02/15/2062 | 3200 | 3289 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.615% due 03/15/2062 | 3301 | 3241 |
|  5.241% due 04/15/2058 (a) | 2500 | 2534 |
|  5.724% due 04/15/2058 (a) | 2800 | 2894 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.092% due 11/15/2057 | 3500 | 3538 |
|  5.153% due 12/15/2057 | 2000 | 2022 |
|  5.462% due 02/15/2057 | 4000 | 4068 |
|  5.566% due 11/15/2057 ~ | 1000 | 1026 |
|  BX Trust | BX Trust | BX Trust |
|  5.022% due 09/15/2034 •  | 8609 | 8553 |
|  5.068% due 04/15/2039 •  | 1444 | 1434 |
|  5.163% due 10/15/2036 •  | 877 | 871 |
|  5.333% due 10/15/2036 ~ | 8300 | 8283 |
|  5.354% due 12/15/2038 •  | 3527 | 3520 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.268% due 09/15/2050 | 591 | 583 |
|  3.297% due 10/12/2050 | 2205 | 2165 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  3.550% due 02/10/2049 | 132 | 132 |
|  4.181% due 05/10/2051 | 837 | 834 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.314% due 11/15/2049 | 363 | 362 |
|  EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust |
|  5.339% due 10/15/2038 ~ | 6900 | 6860 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 4721 | 4719 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2000 | 1961 |
|  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 | 2635 |
|  5.511% due 07/05/2033 •  | 1072 | 1053 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  3.242% due 10/15/2050 | 536 | 527 |
|  3.409% due 10/15/2050 | 2000 | 1924 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.606% due 08/15/2049 | 134 | 132 |
|  2.860% due 11/15/2049 | 761 | 751 |
|  5.603% due 12/15/2038 •  | 4700 | 4568 |
|  Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust |
|  3.397% due 09/13/2039 | 3400 | 3183 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 2700 | 2670 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ | 1700 | 1677 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.320% due 01/15/2039 ~ | 1926 | 1913 |
|  SREIT Trust | SREIT Trust | SREIT Trust |
|  5.133% due 10/15/2038 ~ | 2400 | 2379 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.292% due 11/15/2036 •  | 2550 | 2529 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  3.215% due 08/15/2050 | 1277 | 1258 |
|  3.460% due 04/15/2052 | 2583 | 2523 |
|  3.903% due 02/15/2051 | 902 | 894 |
|  4.119% due 06/15/2051 | 1263 | 1253 |
|  Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust |
|  5.667% due 12/15/2033 ~ | 5270 | 5258 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.514% due 08/15/2049 | 196 | 194 |
|  2.911% due 06/15/2049 | 153 | 151 |
|  3.390% due 11/15/2050 | 570 | 562 |
|  4.147% due 06/15/2051 | 383 | 380 |
|  5.439% due 11/15/2057 | 4100 | 4195 |
|  5.920% due 11/15/2057 ~ | 2700 | 2814 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $153,209) | Total Non-Agency Mortgage-Backed Securities (Cost $153,209) | 154495 |
| ASSET-BACKED SECURITIES 13.6% | ASSET-BACKED SECURITIES 13.6% | ASSET-BACKED SECURITIES 13.6% |
| AUTOMOBILE SEQUENTIAL 4.5% | AUTOMOBILE SEQUENTIAL 4.5% | AUTOMOBILE SEQUENTIAL 4.5% |
|  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 | 4070 |
|  5.360% due 06/20/2030 | 7000 | 7159 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.440% due 02/22/2028 | 4000 | 4054 |
|  5.780% due 04/20/2028 | 6400 | 6538 |
|  6.020% due 02/20/2030 | 6550 | 6848 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.660% due 11/15/2029 | 2000 | 2047 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 3500 | 3551 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 | 2438 | 2443 |
|  6.000% due 07/17/2028 | 5000 | 5087 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 1868 | 1889 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.060% due 05/15/2027 | 6000 | 6021 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  5.280% due 02/15/2036 | 3700 | 3792 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.780% due 08/16/2028 | 4700 | 4763 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.770% due 08/11/2036 | 6000 | 6268 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  6.150% due 03/25/2030 | 3400 | 3527 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.570% due 03/21/2029 | 3700 | 3717 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.840% due 09/15/2027 | 8700 | 8804 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 6000 | 6027 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.470% due 10/20/2028 | 3500 | 3528 |
|  5.470% due 12/20/2029 | 3200 | 3264 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  5.660% due 11/20/2026 | 2000 | 2012 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.150% due 11/15/2028 | 4400 | 4422 |
|  |  | 99831 |
| CMBS OTHER 2.3% | CMBS OTHER 2.3% | CMBS OTHER 2.3% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.581% due 10/16/2036 •  | 626 | 625 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.784% due 11/15/2036 •  | 2217 | 2221 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 677 | 674 |
|  5.597% due 01/20/2037 •  | 1865 | 1857 |
|  6.561% due 06/17/2039 ~ | 6466 | 6479 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 2534 | 2536 |
|  6.117% due 03/19/2039 •  | 3912 | 3913 |
|  6.453% due 08/19/2038 ~ | 1574 | 1576 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.615% due 07/15/2039 •  | 2066 | 2073 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 523 | 512 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.245% due 01/19/2039 ~ | 2239 | 2242 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.049% due 04/20/2037 ~ | 2338 | 2322 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 11/15/2038 ~ | 2118 | 2121 |
|  5.899% due 01/17/2037 •  | 2000 | 1997 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.952% due 09/17/2037 •  | 2703 | 2704 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.667% due 02/19/2037 •  | 4168 | 4168 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 297 | 296 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 3292 | 3297 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.872% due 10/25/2039 •  | 1739 | 1751 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 4451 | 4418 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 3958 | 3946 |
|  |  | 51728 |
| 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 | 3809 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 5600 | 5627 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.230% due 12/08/2027 | 3900 | 3919 |
|  |  | 13355 |
| CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% |
|  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 | 5604 |
|  4.950% due 10/15/2027 | 5200 | 5211 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 3700 | 3776 |
|  |  | 14591 |
| OTHER ABS 5.5% | OTHER ABS 5.5% | OTHER ABS 5.5% |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 2800 | 2785 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(a) | 2500 | 2500 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  | 2000 | 2000 |
|  5.510% due 10/23/2032 ~ | 4996 | 4996 |
|  5.632% due 04/22/2031 •  | 527 | 526 |
|  5.654% due 01/15/2031 ~ | 315 | 315 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.545% due 01/20/2031 •  | 766 | 767 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.694% due 01/15/2035 •  | 3700 | 3702 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ | 4100 | 4103 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.612% due 07/27/2031 •  | 630 | 630 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 3100 | 3093 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.932% due 07/15/2037 •  | 6000 | 6009 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.655% due 07/18/2031 •  | 1435 | 1435 |
|  DLLAD LLC | DLLAD LLC | DLLAD LLC |
|  0.640% due 09/21/2026 | 417 | 414 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 6427 | 6458 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 2300 | 2300 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.204% due 02/27/2068 •  | 964 | 958 |
|  5.254% due 09/25/2068 •  | 1608 | 1599 |
|  5.454% due 07/25/2069 •  | 2116 | 2120 |
|  5.454% due 01/27/2070 ~ | 966 | 968 |
|  5.504% due 05/25/2067 •  | 629 | 632 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 1500 | 1491 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.630% due 04/22/2035 •  | 5300 | 5300 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(a) | 1000 | 1000 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.564% due 04/15/2031 •  | 693 | 693 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.635% due 04/20/2031 •  | 1359 | 1359 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 5800 | 5770 |
|  5.358% due 04/15/2035 •  | 2000 | 1990 |
|  5.361% due 10/19/2034 •  | 2600 | 2590 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 932 | 932 |
|  5.652% due 04/15/2035 •  | 2800 | 2802 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | 1484 | 1484 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.884% due 07/16/2040 ~ | 1147 | 1155 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.604% due 07/26/2066 •  | 3557 | 3592 |
|  6.480% due 03/15/2072 | 764 | 787 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.464% due 04/20/2062 •  | 4800 | 4825 |
|  Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |
|  5.484% due 10/15/2029 •  | 1119 | 1120 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 365 | 365 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 4400 | 4396 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.715% due 07/20/2032 •  | 1396 | 1396 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.364% due 10/15/2029 •  | 226 | 226 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | 1578 | 1578 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 4500 | 4482 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  | 1741 | 1833 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.630% due 11/15/2035 | 2934 | 2894 |
|  5.164% due 01/15/2053 ~ | 2079 | 2043 |
|  5.799% due 02/16/2055 ~ | 670 | 679 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.535% due 04/19/2034 •  | 1000 | 998 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  | 2100 | 2100 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 ~ | 1343 | 1343 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ | 3749 | 3749 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 3900 | 3886 |
|  4.350% due 08/20/2032 | 2500 | 2491 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  | 1200 | 1200 |
|  |  | 120859 |
|  Total Asset-Backed Securities<br>(Cost $297,544) | Total Asset-Backed Securities<br>(Cost $297,544) | 300364 |
| 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 | 1805 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.000% due 05/13/2030 | 1100 | 1123 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  2.500% due 04/20/2026 | 2200 | 2162 |
|  Total Sovereign Issues (Cost $5,073) | Total Sovereign Issues (Cost $5,073) | 5090 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNEQ Holdings, Inc. «(b)(e) | 1397 | 6 |
|  Total Common Stocks (Cost $27) | Total Common Stocks (Cost $27) | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1593 | $— | 781 |
|  Total Preferred Securities (Cost $1,548) | Total Preferred Securities (Cost $1,548) |  | 781 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 17.1% | SHORT-TERM INSTRUMENTS 17.1% | SHORT-TERM INSTRUMENTS 17.1% | SHORT-TERM INSTRUMENTS 17.1% |
| REPURCHASE AGREEMENTS (f) 17.1% | REPURCHASE AGREEMENTS (f) 17.1% | REPURCHASE AGREEMENTS (f) 17.1% | REPURCHASE AGREEMENTS (f) 17.1% |
|  |  |  | 378900 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.323% due 04/10/2025 (c)(d) | 25 |  | 25 |
| Total Short-Term Instruments<br>(Cost $378,925) | Total Short-Term Instruments<br>(Cost $378,925) |  | 378925 |
| Total Investments in Securities<br>(Cost $2,415,378) | Total Investments in Securities<br>(Cost $2,415,378) |  | 2416795 |
| Total Investments 109.0%<br>(Cost $2,415,378) | Total Investments 109.0%<br>(Cost $2,415,378) | $— | 2416795 |
|  Financial Derivative<br>Instruments (g)(k) (0.0)%<br> (Cost or Premiums, net $(1475)) | Financial Derivative<br>Instruments (g)(k) (0.0)%<br> (Cost or Premiums, net $(1475)) |  | (501) |
| Other Assets and Liabilities, net (9.0)% | Other Assets and Liabilities, net (9.0)% |  | (199465) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2216829 |

---

#### 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) Zero coupon security.

(d) Coupon represents a yield to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNEQ Holdings, Inc. | 06/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 0.00% |

---

#### 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 | 4.380% | 03/25/2025 | 04/01/2025 | $35000 | U.S. Treasury Notes 2.625% due 05/31/2027 | $(35821) | $35000 | $35030 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | U.S. Treasury Notes 4.000% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 |
|  | 4.380 | 03/25/2025 | 04/02/2025 | 35000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (35892) | 35000 | 35030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (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>** |
| FICC STR | 4.360% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150400 | U.S. Treasury Inflation Protected Securities 2.375% due 12/31/2099 | $(153408) | $150400 | $150418 |
| JPS | 4.410 | 04/01/2025 | 04/02/2025 | 16900 | U.S. Treasury Bonds 4.750% due 11/15/2043 | (17336) | 16900 | 16900 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378978 |

---

#### 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 March 31, 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 |  |  |  |  |  |  |
|  BOO | $0 | $0 | $0 | $0 | $170 | $170 |
|  BOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211660 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4653) |
|  FICC STR | 150418 | 0 | 0 | 150418 | (153408) | (2990) |
|  JPS | 16900 | 0 | 0 | 16900 | (17336) | (436) |
|  Total Borrowings and Other Financing Transactions | $378978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

Cash of $170 has been pledged as collateral under the terms of the above master agreements as of March 31, 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;(g) 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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 3213 | $665643 | $3439 | $0 | $(25) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 682 | 73763 | 705 | 0 | (22) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 34 | 3781 | 2 | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | $1 | $(47) |
| 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 Ultra Long-Term Bond June Futures  | 06/2025 | 72 | $(8217) | $(96) | $0 | $(7) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 419 | (51223) | (566) | 0 | (183) |
|  |  |  |  | $(662) | $0 | $(190) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237) |

---

#### 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>March 31, 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>March 31, 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 |
|  Boeing Co. | 1.000% | Quarterly | 06/20/2026 | 0.393% | $1200 | $(6) | $15 | $9 | $0 | $0 |
|  Verizon Communications, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | (5) | 35 | 30 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

106 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 | $47 | $47 | $0 | $(3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 6500 | 0 | 50 | 50 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 13200 | (23) | 202 | 179 | 0 | (7) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | (897) | (313) | (1210) | 0 | (52) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 14100 | 145 | (113) | 32 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 2400 | 0 | 64 | 64 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 3900 | 0 | 79 | 79 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 7100 | 0 | 177 | 177 | 0 | (11) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 58380 | (1201) | (272) | (1473) | 0 | (111) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 7700 | (75) | (80) | (155) | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 4100 | 587 | 0 | 587 | 0 | (29) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1623) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $(1475) | $(109) | $(1584) | $0 | $(265) |

---

#### 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 March 31, 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;1 | $&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;(237) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502) |

---

Cash of $19,857 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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.

#### 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 March 31, 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 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 264 | 265 |
|  | $0 | $1 | $0 | $0 | $501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 107

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2217) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 25 | 0 | 0 | 2935 | 2960 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $718 | $743 |
|  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 | $5457 | $5457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | (159) | (156) |
|  | $0 | $3 | $0 | $0 | $5298 | $5301 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $320548 | $0 | $320548 |
| &nbsp;&nbsp; Industrials | 0 | 61257 | 0 | 61257 |
| &nbsp;&nbsp; Utilities | 0 | 75780 | 0 | 75780 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 2453 | 0 | 2453 |
| &nbsp;&nbsp; Florida | 0 | 6132 | 0 | 6132 |
| &nbsp;&nbsp; Louisiana | 0 | 2127 | 0 | 2127 |
| &nbsp;&nbsp; Massachusetts | 0 | 35 | 0 | 35 |
| &nbsp;&nbsp; New York | 0 | 6896 | 0 | 6896 |
| &nbsp;&nbsp; Oregon | 0 | 1852 | 0 | 1852 |
| &nbsp;&nbsp; Texas | 0 | 4279 | 0 | 4279 |
| &nbsp;&nbsp; West Virginia | 0 | 1041 | 0 | 1041 |
| &nbsp;&nbsp; Wisconsin | 0 | 538 | 0 | 538 |
|  U.S. Government Agencies | 0 | 371540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12515 | 384055 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710141 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710141 |
|  Non-Agency Mortgage-Backed Securities | 0 | 154495 | 0 | 154495 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 99831 | 0 | 99831 |
| &nbsp;&nbsp; CMBS Other | 0 | 51728 | 0 | 51728 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 13355 | 0 | 13355 |
| &nbsp;&nbsp; Credit Card Other | 0 | 14591 | 0 | 14591 |
| &nbsp;&nbsp; Other ABS | 0 | 120859 | 0 | 120859 |
|  Sovereign Issues | 0 | 5090 | 0 | 5090 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | $0 | $0 | $6 | $6 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Industrials | 0 | 781 | 0 | 781 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 378900 | 0 | 378900 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 25 | 0 | 25 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416795 |
|  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 | $1 | $0 | $1 |
|  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 | $(502) | $0 | $(502) |
|  Total Financial Derivative Instruments | $0 | $(501) | $0 | $(501) |
|  Totals | $0 | $2403773 | $12521 | $2416294 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **108** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio March 31, 2025

#### (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 117.6% | INVESTMENTS IN SECURITIES 117.6% | INVESTMENTS IN SECURITIES 117.6% |
| CORPORATE BONDS & NOTES 21.0% | CORPORATE BONDS & NOTES 21.0% | CORPORATE BONDS & NOTES 21.0% |
| BANKING & FINANCE 13.2% | BANKING & FINANCE 13.2% | BANKING & FINANCE 13.2% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 4000 | 3866 |
|  4.625% due 09/10/2029 | 3650 | 3612 |
|  American Express Co. | American Express Co. | American Express Co. |
|  6.489% due 10/30/2031 •  | 2100 | 2270 |
|  Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. |
|  5.700% due 12/15/2028 | 1300 | 1353 |
|  Andrew W Mellon Foundation | Andrew W Mellon Foundation | Andrew W Mellon Foundation |
|  0.947% due 08/01/2027 | 7000 | 6492 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 6700 | 6722 |
|  5.380% due 01/07/2030 | 4500 | 4567 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.125% due 08/01/2025 | 600 | 598 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 3000 | 3076 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.033% due 01/17/2035 | 2200 | 2279 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 8000 | 7784 |
|  1.734% due 07/22/2027 •  | 3000 | 2892 |
|  1.922% due 10/24/2031 •  | 2900 | 2482 |
|  3.419% due 12/20/2028 •  | 2000 | 1939 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 1000 | 996 |
|  4.740% due 11/10/2032 •  | 2000 | 1971 |
|  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 | 5735 |
|  5.896% due 07/13/2026 | 3450 | 3507 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.667% due 03/10/2032 •  | 1400 | 1221 |
|  2.894% due 11/24/2032 •  | 8000 | 6938 |
|  7.437% due 11/02/2033 •  | 9300 | 10384 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 5900 | 5497 |
|  2.871% due 04/19/2032 •  | 7050 | 6201 |
|  3.052% due 01/13/2031 •  | 4400 | 4026 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.936% due 05/30/2035 •  | 1200 | 1210 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.650% due 06/10/2029 | 3000 | 3051 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 | 550 | 538 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 5000 | 5130 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.624% due 10/30/2031 •  | 3100 | 3453 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  4.650% due 08/15/2029 | 5500 | 5548 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 5600 | 4989 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 | 2000 | 2052 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.550% due 03/01/2028 | 3134 | 3176 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.339% due 06/24/2026 •  | 2000 | 1984 |
|  4.494% due 10/17/2029 | 4000 | 3995 |
|  5.710% due 01/21/2033 ~ | 4000 | 4115 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.750% due 07/02/2026 | 6000 | 6091 |
|  5.900% due 09/19/2028 | 2000 | 2083 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  7.146% due 07/13/2027 •  | 6000 | 6169 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 3250 | 3233 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 1800 | 1833 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 2100 | 1773 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 1600 | 1561 |
|  5.400% due 01/13/2030 | 5700 | 5810 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 4000 | 3880 |
|  1.542% due 09/10/2027 •  | 11000 | 10526 |
|  3.691% due 06/05/2028 •  | 7175 | 7039 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 6000 | 6250 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  1.645% due 04/18/2026 •  | 1500 | 1498 |
|  2.848% due 06/04/2031 •  | 1550 | 1393 |
|  3.973% due 05/22/2030 •  | 5000 | 4814 |
|  4.292% due 09/12/2026 •  | 1500 | 1497 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.374% due 04/01/2027 •  | 4000 | 4018 |
|  5.550% due 03/19/2035 •  | 4500 | 4539 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 1800 | 1507 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.600% due 10/01/2029 | 2700 | 2673 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 4500 | 4364 |
|  1.953% due 02/04/2032 •  | 13900 | 11829 |
|  2.739% due 10/15/2030 •  | 2700 | 2478 |
|  5.581% due 04/22/2030 •  | 3500 | 3611 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.750% due 07/01/2029 | 1600 | 1545 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 7800 | 7578 |
|  4.550% due 08/16/2028 | 2000 | 1993 |
|  LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC |
|  2.000% due 04/06/2028 | 1400 | 1303 |
|  MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding |
|  4.850% due 01/17/2029 | 8400 | 8500 |
|  4.950% due 01/10/2030 | 3000 | 3026 |
|  5.150% due 05/30/2029 | 2900 | 2969 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  1.875% due 01/11/2027 | 5500 | 5263 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 6000 | 5224 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  | 2000 | 1722 |
|  2.172% due 05/22/2032 •  | 15450 | 13169 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 1100 | 937 |
|  2.475% due 01/21/2028 •  | 16100 | 15531 |
|  5.656% due 04/18/2030 •  | 2000 | 2062 |
|  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 | 2230 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 10000 | 9650 |
|  4.800% due 04/05/2026 | 3000 | 3010 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 3800 | 3871 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.900% due 06/12/2028 | 4000 | 4057 |
|  4.960% due 01/13/2030 | 1300 | 1319 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 6000 | 5987 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.500% due 08/28/2029 | 5150 | 5136 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 4400 | 4478 |
|  5.300% due 01/21/2028 •  | 1750 | 1775 |
|  Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding |
|  4.650% due 08/27/2031 | 4300 | 4267 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  4.800% due 01/09/2028 | 5500 | 5548 |
|  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 | 5675 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.618% due 04/15/2026 | 3000 | 2915 |
|  4.992% due 01/12/2027 | 1800 | 1816 |
|  5.432% due 01/14/2032 | 2000 | 2054 |
|  5.467% due 12/08/2028 | 1000 | 1029 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.700% due 01/18/2029 | 2500 | 2339 |
|  5.448% due 05/24/2029 | 4200 | 4310 |
|  6.000% due 11/21/2028 | 5000 | 5235 |
|  Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
|  6.100% due 04/01/2034 | 5800 | 5973 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 1500 | 1518 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  | 2000 | 1973 |
|  1.673% due 06/14/2027 •  | 1000 | 964 |
|  2.469% due 01/11/2028 •  | 2700 | 2596 |
|  3.823% due 11/03/2028 •  | 4000 | 3893 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 8000 | 7804 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.700% due 07/25/2033 | 3900 | 3976 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 7500 | 7016 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 12000 | 10194 |
|  3.091% due 05/14/2032 •  | 6600 | 5877 |
|  4.703% due 08/05/2027 •  | 4000 | 4000 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2800 | 2673 |
|  4.478% due 04/04/2031 •  | 10000 | 9833 |
|  |  | 451931 |
| INDUSTRIALS 4.1% | INDUSTRIALS 4.1% | INDUSTRIALS 4.1% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 4299 | 3972 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 | 325 | 317 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1386 | 1219 |
|  3.375% due 11/01/2028 | 3166 | 3072 |
|  3.650% due 02/15/2029 | 1907 | 1841 |
|  4.000% due 01/15/2027 | 1043 | 1037 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 2000 | 2095 |
|  6.500% due 11/21/2033 | 1800 | 1892 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.464% due 06/01/2030 | 12000 | 11417 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 593 | 533 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  4.950% due 03/14/2030 | 3000 | 3001 |
|  CHRISTUS Health | CHRISTUS Health | CHRISTUS Health |
|  4.341% due 07/01/2028 | 3000 | 2976 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  5.100% due 06/01/2029 | 2000 | 2047 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  2.782% due 10/01/2030 | 4700 | 4230 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 837 | 893 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.800% due 01/15/2035 | 4100 | 4234 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.550% due 03/15/2031 | 3200 | 2829 |
|  5.200% due 02/15/2035 | 3200 | 3212 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.200% due 04/01/2030 | 2200 | 2226 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 8100 | 8169 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 5000 | 4990 |
|  5.150% due 08/12/2034 | 1200 | 1191 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Georgetown University | Georgetown University | Georgetown University |
|  2.247% due 04/01/2030 | 4500 | 3973 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 1500 | 1520 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 6147 | 5345 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.400% due 03/15/2035 | 2500 | 2521 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 5300 | 5250 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 3500 | 3521 |
|  5.000% due 03/01/2032 | 2700 | 2712 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.300% due 08/15/2029 | 2000 | 2000 |
|  ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
|  5.100% due 04/01/2029 | 2700 | 2758 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  1.375% due 11/15/2025 | 3100 | 3035 |
|  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 | 3029 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 4050 | 4054 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 | 1800 | 1779 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 7700 | 6839 |
|  3.695% due 08/15/2028 | 1300 | 1264 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | 2800 | 2808 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.700% due 01/15/2035 | 3350 | 3225 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1565 | 1391 |
|  3.100% due 01/07/2030 | 725 | 690 |
|  3.450% due 01/07/2030 | 544 | 517 |
|  4.550% due 08/25/2031 | 3162 | 2982 |
|  5.875% due 04/15/2029 | 3921 | 3997 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 1300 | 1289 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 6500 | 6310 |
|  |  | 140202 |
| UTILITIES 3.7% | UTILITIES 3.7% | UTILITIES 3.7% |
|  Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC |
|  4.850% due 10/01/2041 | 3600 | 3587 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.700% due 01/15/2030 | 1750 | 1758 |
|  4.900% due 02/15/2029 | 5300 | 5369 |
|  DTE Electric Securitization Funding LLC | DTE Electric Securitization Funding LLC | DTE Electric Securitization Funding LLC |
|  5.970% due 03/01/2033 | 4180 | 4395 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 9117 | 9168 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  5.400% due 04/01/2034 | 900 | 914 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.150% due 06/15/2029 | 8500 | 8737 |
|  5.300% due 06/15/2034 | 3000 | 3072 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 | 3100 | 3181 |
|  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 | 8116 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 3000 | 2906 |
|  4.250% due 10/01/2029 | 1400 | 1387 |
|  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 | 2062 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2400 | 2418 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2400 | 2257 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.300% due 03/15/2027 | 3000 | 2916 |
|  5.450% due 06/15/2027 | 3500 | 3537 |
|  6.100% due 01/15/2029 | 1200 | 1240 |
|  6.400% due 06/15/2033 | 1900 | 1987 |
|  6.950% due 03/15/2034 | 2700 | 2927 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 2200 | 2246 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 7550 | 7585 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.350% due 05/15/2034 | 5000 | 5029 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 | 3700 | 3669 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  5.330% due 06/15/2034 | 1900 | 1927 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1285 | 1094 |
|  5.400% due 04/15/2035 | 3000 | 3023 |
|  Sempra | Sempra | Sempra |
|  5.400% due 08/01/2026 | 1600 | 1613 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 1000 | 1004 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 5700 | 5696 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 1500 | 1484 |
|  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 | 9078 | 8976 |
|  4.966% due 02/01/2044 | 4600 | 4539 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5056 |
|  5.088% due 05/01/2029 | 4258 | 4286 |
|  |  | 129161 |
|  Total Corporate Bonds & Notes<br>(Cost $741,867) | Total Corporate Bonds & Notes<br>(Cost $741,867) | 721294 |
| MUNICIPAL BONDS & NOTES 3.0% | MUNICIPAL BONDS & NOTES 3.0% | MUNICIPAL BONDS & NOTES 3.0% |
| 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 | 3470 |
| CALIFORNIA 1.1% | CALIFORNIA 1.1% | CALIFORNIA 1.1% |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  5.100% due 09/01/2035 | 2700 | 2746 |
|  California State University Revenue Bonds, Series 2020 | California State University Revenue Bonds, Series 2020 | California State University Revenue Bonds, Series 2020 |
|  1.338% due 11/01/2027 | 1000 | 932 |
|  1.490% due 11/01/2028 | 5400 | 4907 |
|  1.690% due 11/01/2029 | 4400 | 3920 |
|  1.740% due 11/01/2030 | 2600 | 2257 |
|  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 (c) | 5200 | 4065 |
|  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 |
|  2.787% due 06/01/2031 | 1000 | 885 |
|  3.037% due 06/01/2032 | 4200 | 3689 |
|  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 | 1375 | 1388 |
|  Monterey Park, California Revenue Bonds, Series 2021 | Monterey Park, California Revenue Bonds, Series 2021 | Monterey Park, California Revenue Bonds, Series 2021 |
|  1.630% due 06/01/2028 | 250 | 230 |
|  1.893% due 06/01/2030 | 300 | 265 |
|  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 | 918 |
|  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 | 599 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, (BABs), Series 2010 | San Francisco, California Public Utilities Commission Water Revenue Bonds, (BABs), Series 2010 | San Francisco, California Public Utilities Commission Water Revenue Bonds, (BABs), Series 2010 |
|  5.500% due 11/01/2025 | 1370 | 1376 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 |
|  3.063% due 07/01/2025 | 5200 | 5183 |
|  University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 |
|  1.316% due 05/15/2027 | 1200 | 1132 |
|  1.366% due 05/15/2027 | 3000 | 2827 |
|  |  | 37319 |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  Miami-Dade County, Florida Revenue Bonds, Series 2021 | Miami-Dade County, Florida Revenue Bonds, Series 2021 | Miami-Dade County, Florida Revenue Bonds, Series 2021 |
|  1.936% due 10/01/2028 | 1000 | 923 |
|  State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 |
|  5.526% due 07/01/2034 | 5100 | 5236 |
|  |  | 6159 |
| KANSAS 0.1% | KANSAS 0.1% | KANSAS 0.1% |
|  Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Bonds, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Bonds, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Bonds, Series 2020 |
|  1.861% due 09/01/2028 | 2000 | 1852 |
|  1.961% due 09/01/2029 | 600 | 545 |
|  |  | 2397 |
| 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 | 4315 |
| MICHIGAN 0.1% | MICHIGAN 0.1% | MICHIGAN 0.1% |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  2.466% due 12/01/2025 | 1100 | 1087 |
|  2.596% due 12/01/2026 | 1400 | 1367 |
|  |  | 2454 |
| 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 | 914 |
|  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 |
|  2.980% due 11/01/2027 | 7000 | 6792 |
|  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 | 5222 |
|  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 |
|  1.496% due 03/15/2027 | 9400 | 8954 |
|  |  | 21882 |
| SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% |
|  Educational Enhancement Funding Corp., South Dakota Revenue Bonds, Series 2021 | Educational Enhancement Funding Corp., South Dakota Revenue Bonds, Series 2021 | Educational Enhancement Funding Corp., South Dakota Revenue Bonds, Series 2021 |
|  1.245% due 06/01/2025 | 1800 | 1791 |
|  1.495% due 06/01/2026 | 2500 | 2422 |
|  |  | 4213 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Houston Community College System, Texas General Obligation Bonds, Series 2021 | Houston Community College System, Texas General Obligation Bonds, Series 2021 | Houston Community College System, Texas General Obligation Bonds, Series 2021 |
|  5.000% due 02/15/2029 | 2000 | 2059 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 | 4635 | 4699 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Texas Transportation Commission State Highway Fund Revenue Bonds, Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, Series 2010 |
|  5.028% due 04/01/2026 | 1135 | 1137 |
|  |  | 7895 |
| 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 | 1939 |
|  Utah State General Obligation Bonds, (BABs), Series 2010 | Utah State General Obligation Bonds, (BABs), Series 2010 | Utah State General Obligation Bonds, (BABs), Series 2010 |
|  3.539% due 07/01/2025 | 98 | 98 |
|  |  | 2037 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  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 |
|  1.820% due 06/01/2026 | 3300 | 3196 |
|  2.020% due 06/01/2027 | 4400 | 4167 |
|  2.351% due 06/01/2028 | 3000 | 2795 |
|  |  | 10158 |
| WISCONSIN 0.1% | WISCONSIN 0.1% | WISCONSIN 0.1% |
|  Wisconsin State Revenue Bonds, Series 2020 | Wisconsin State Revenue Bonds, Series 2020 | Wisconsin State Revenue Bonds, Series 2020 |
|  2.299% due 05/01/2028 | 2100 | 1985 |
|  Total Municipal Bonds & Notes<br>(Cost $108,113) | Total Municipal Bonds & Notes<br>(Cost $108,113) | 104284 |
| U.S. GOVERNMENT AGENCIES 46.5% | U.S. GOVERNMENT AGENCIES 46.5% | U.S. GOVERNMENT AGENCIES 46.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.750% due 11/25/2050 | 13709 | 9862 |
|  1.630% due 05/01/2027 | 8200 | 7768 |
|  3.020% due 03/01/2028 | 1 | 1 |
|  3.290% due 04/01/2027 - 03/01/2028 | 12484 | 12203 |
|  3.430% due 05/01/2028 | 65 | 63 |
|  4.250% due 04/25/2030 «(a) | 8700 | 8640 |
|  4.320% due 03/01/2030 | 7112 | 7095 |
|  4.600% due 05/25/2030 «(a) | 8700 | 8771 |
|  4.694% due 06/25/2037 •  | 115 | 113 |
|  4.704% due 11/25/2045 •  | 312 | 308 |
|  4.754% due 12/25/2045 •  | 182 | 179 |
|  4.804% due 03/25/2035 - 03/25/2046 •  | 370 | 366 |
|  4.843% due 11/25/2046 •  | 285 | 281 |
|  4.863% due 11/25/2046 - 12/25/2056 •  | 2418 | 2364 |
|  4.866% due 03/25/2036 •  | 223 | 219 |
|  4.883% due 12/25/2046 •  | 1608 | 1591 |
|  4.893% due 07/25/2046 - 10/25/2046 •  | 2511 | 2461 |
|  4.943% due 01/25/2047 •  | 1560 | 1546 |
|  5.184% due 06/25/2040 •  | 125 | 125 |
|  5.390% due 01/25/2055 •  | 2535 | 2540 |
|  5.490% due 03/25/2055 •  | 993 | 994 |
|  6.379% due 07/01/2034 •  | 67 | 69 |
|  7.112% due 10/01/2037 •  | 121 | 126 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  1.000% due 12/15/2040 - 05/25/2047 | 16826 | 14965 |
|  1.250% due 12/15/2044 | 1319 | 1097 |
|  2.500% due 09/25/2048 | 3485 | 3202 |
|  3.000% due 10/01/2046 - 05/01/2048 | 12522 | 11051 |
|  3.500% due 06/01/2044 - 10/01/2048 | 843 | 777 |
|  4.000% due 09/01/2048 - 05/01/2049 | 7977 | 7527 |
|  4.500% due 10/01/2048 - 02/01/2049 | 2975 | 2897 |
|  4.650% due 08/25/2028 ~ | 4800 | 4849 |
|  4.763% due 09/15/2035 •  | 6 | 6 |
|  4.793% due 10/15/2037 - 10/15/2040 •  | 3905 | 3851 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.850% due 09/25/2028 | 1400 | 1423 |
|  4.863% due 02/15/2041 •  | 142 | 141 |
|  4.883% due 07/15/2040 •  | 1481 | 1471 |
|  4.913% due 04/15/2041 •  | 43 | 43 |
|  4.933% due 11/15/2036 •  | 38 | 38 |
|  4.943% due 07/15/2041 - 03/15/2042 •  | 3955 | 3942 |
|  5.013% due 04/15/2041 •  | 353 | 352 |
|  5.280% due 11/25/2054 •  | 35710 | 35757 |
|  5.340% due 08/25/2054 •  | 4466 | 4477 |
|  5.390% due 08/25/2054 •  | 2649 | 2660 |
|  5.430% due 06/25/2031 ~ | 3000 | 3120 |
|  5.490% due 03/25/2055 •  | 4377 | 4400 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  1.500% due 10/20/2045 | 4997 | 4092 |
|  3.000% due 01/20/2067 | 2597 | 2538 |
|  3.500% due 09/20/2045 | 1255 | 1166 |
|  4.873% due 08/20/2066 •  | 1 | 1 |
|  4.910% due 09/20/2065 •  | 1223 | 1222 |
|  4.963% due 07/20/2063 •  | 284 | 284 |
|  4.993% due 06/20/2065 •  | 2674 | 2667 |
|  5.023% due 03/20/2065 •  | 1981 | 1976 |
|  5.073% due 12/20/2064 - 06/20/2066 •  | 2674 | 2671 |
|  5.103% due 08/20/2061 •  | 1 | 1 |
|  5.153% due 09/20/2063 •  | 11 | 11 |
|  5.173% due 10/20/2063 - 09/20/2065 •  | 214 | 214 |
|  5.193% due 02/20/2066 •  | 8 | 8 |
|  5.223% due 05/20/2066 •  | 1686 | 1686 |
|  5.303% due 04/20/2066 •  | 3110 | 3113 |
|  5.323% due 04/20/2066 •  | 3147 | 3151 |
|  5.343% due 07/20/2065 •  | 89 | 89 |
|  5.373% due 12/20/2066 •  | 2362 | 2366 |
|  5.423% due 01/20/2067 •  | 2646 | 2653 |
|  5.573% due 03/20/2066 •  | 1298 | 1304 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.000% due 04/01/2055 | 120100 | 106392 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.375% due 08/01/2034 | 3200 | 3173 |
|  7.125% due 05/01/2030 | 10000 | 11405 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 03/01/2051 - 10/01/2053 | 73509 | 61323 |
|  3.000% due 01/01/2035 - 07/01/2052 | 339684 | 295438 |
|  3.500% due 07/01/2025 - 07/01/2048 | 5812 | 5518 |
|  4.000% due 01/01/2046 - 04/01/2055 | 135704 | 127042 |
|  4.500% due 08/01/2048 - 05/01/2053 | 167050 | 160235 |
|  5.000% due 06/01/2025 - 12/01/2053 | 85089 | 83648 |
|  5.500% due 01/01/2026 - 02/01/2054 | 30542 | 30534 |
|  6.000% due 02/01/2055 - 03/01/2055 | 91768 | 93245 |
|  6.500% due 08/01/2054 | 61313 | 63249 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2055 - 05/01/2055 | 76600 | 63700 |
|  3.000% due 05/01/2055 | 23500 | 20364 |
|  4.000% due 05/01/2055 - 06/01/2055 | 280200 | 260645 |
|  Total U.S. Government Agencies<br>(Cost $1,584,447) | Total U.S. Government Agencies<br>(Cost $1,584,447) | 1592855 |
| U.S. TREASURY OBLIGATIONS 15.8% | U.S. TREASURY OBLIGATIONS 15.8% | U.S. TREASURY OBLIGATIONS 15.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 | 33000 | 30927 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 07/31/2029 (f) | 101250 | 101533 |
|  4.125% due 07/31/2031 | 131760 | 132311 |
|  4.375% due 01/31/2032 | 1100 | 1119 |
|  4.625% due 02/15/2035 | 27800 | 28723 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.875% due 10/31/2030 (f) | 235425 | 245624 |
|  Total U.S. Treasury Obligations<br>(Cost $535,176) | Total U.S. Treasury Obligations<br>(Cost $535,176) | 540237 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 1200 | 1135 |
|  Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
|  3.441% due 09/15/2048 | 3239 | 3220 |
|  BANK | BANK | BANK |
|  1.805% due 11/15/2053 | 6000 | 5571 |
|  2.933% due 09/15/2062 | 9283 | 8933 |
|  3.183% due 08/15/2061 | 4300 | 3982 |
|  4.775% due 10/15/2057 | 3000 | 2937 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  5.433% due 02/15/2062 | 3300 | 3392 |
|  5.609% due 12/15/2057 | 5100 | 5257 |
|  5.720% due 02/15/2062 | 1700 | 1782 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.615% due 12/15/2054 | 1626 | 1495 |
|  2.888% due 08/15/2057 | 3907 | 3761 |
|  2.957% due 12/15/2062 | 5684 | 5491 |
|  3.780% due 02/15/2051 ~ | 564 | 557 |
|  4.232% due 01/15/2052 | 5700 | 5530 |
|  5.724% due 04/15/2058 (a) | 7400 | 7648 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.566% due 11/15/2057 ~ | 7000 | 7181 |
|  5.625% due 12/15/2057 ~ | 4500 | 4635 |
|  5.857% due 02/15/2057 | 6000 | 6199 |
|  BX Trust | BX Trust | BX Trust |
|  5.163% due 10/15/2036 •  | 1080 | 1072 |
|  5.333% due 10/15/2036 ~ | 3000 | 2994 |
|  5.354% due 12/15/2038 •  | 2290 | 2286 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.817% due 11/15/2052 | 7599 | 7322 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  2.873% due 08/15/2057 | 1576 | 1518 |
|  3.091% due 10/10/2049 | 3700 | 3569 |
|  3.432% due 08/10/2048 | 548 | 547 |
|  3.510% due 09/10/2050 | 4200 | 4069 |
|  3.694% due 08/10/2047 | 49 | 48 |
|  3.902% due 07/10/2050 | 1072 | 1071 |
|  4.228% due 05/10/2051 | 3800 | 3695 |
|  Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust |
|  5.501% due 06/15/2034 •  | 89 | 85 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  6.284% due 10/15/2037 •  | 5300 | 5250 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  2.957% due 09/15/2052 | 7980 | 7733 |
|  3.808% due 11/15/2048 | 5600 | 5563 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 22433 | 22427 |
|  Independence Plaza Trust | Independence Plaza Trust | Independence Plaza Trust |
|  3.763% due 07/10/2035 | 3300 | 3266 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.783% due 12/15/2036 ~ | 6000 | 3975 |
|  JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust |
|  3.144% due 06/15/2049 | 2900 | 2819 |
|  3.611% due 05/15/2048 | 966 | 963 |
|  3.639% due 11/15/2047 | 243 | 237 |
|  3.801% due 08/15/2048 | 1156 | 1149 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.982% due 11/13/2052 | 2972 | 2869 |
|  2.994% due 12/15/2049 | 108 | 106 |
|  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 | 1174 | 1171 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.606% due 08/15/2049 | 312 | 308 |
|  3.067% due 11/15/2052 | 5783 | 5596 |
|  3.587% due 12/15/2050 | 700 | 677 |
|  3.809% due 12/15/2048 | 2000 | 1983 |
|  5.603% due 12/15/2038 •  | 8300 | 8067 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **111** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust |
|  6.014% due 12/15/2056 ~ | 4000 | 4266 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  | 18000 | 17879 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ | 5700 | 5623 |
|  SREIT Trust | SREIT Trust | SREIT Trust |
|  5.133% due 10/15/2038 ~ | 3500 | 3469 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  2.866% due 10/15/2052 | 6258 | 6036 |
|  2.987% due 12/15/2052 | 878 | 850 |
|  3.366% due 10/15/2050 | 1262 | 1245 |
|  3.504% due 12/15/2050 | 3944 | 3889 |
|  3.903% due 02/15/2051 | 2104 | 2087 |
|  4.195% due 08/15/2051 | 967 | 959 |
|  Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust |
|  5.667% due 12/15/2033 ~ | 10000 | 9978 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.651% due 02/15/2053 | 1353 | 1296 |
|  2.652% due 08/15/2049 | 1600 | 1546 |
|  2.788% due 07/15/2048 | 33 | 32 |
|  3.311% due 06/15/2052 | 4750 | 4401 |
|  3.540% due 05/15/2048 | 1448 | 1445 |
|  4.147% due 06/15/2051 | 894 | 887 |
|  5.920% due 11/15/2057 ~ | 9900 | 10319 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 •  | 3000 | 3054 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $270,707) | Total Non-Agency Mortgage-Backed Securities (Cost $270,707) | 260402 |
| ASSET-BACKED SECURITIES 12.9% | ASSET-BACKED SECURITIES 12.9% | ASSET-BACKED SECURITIES 12.9% |
| AUTOMOBILE SEQUENTIAL 3.7% | AUTOMOBILE SEQUENTIAL 3.7% | AUTOMOBILE SEQUENTIAL 3.7% |
|  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 | 6106 |
|  5.360% due 06/20/2030 | 11000 | 11249 |
|  5.440% due 02/22/2028 | 5000 | 5068 |
|  5.810% due 12/20/2029 | 7900 | 8195 |
|  6.020% due 02/20/2030 | 3500 | 3659 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.660% due 11/15/2029 | 3950 | 4042 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 5400 | 5478 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  6.000% due 07/17/2028 | 8000 | 8140 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 2615 | 2644 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  5.280% due 02/15/2036 | 3800 | 3894 |
|  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 | 5129 |
|  5.780% due 08/16/2028 | 2000 | 2027 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  4.520% due 03/11/2037 | 6700 | 6706 |
|  4.980% due 12/11/2036 | 6300 | 6412 |
|  5.770% due 08/11/2036 | 5400 | 5641 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.570% due 09/25/2029 | 8000 | 8142 |
|  6.150% due 03/25/2030 | 3400 | 3527 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.510% due 11/21/2030 | 1000 | 1004 |
|  4.570% due 03/21/2029 | 4700 | 4722 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 10000 | 10045 |
|  4.970% due 09/15/2028 | 2200 | 2213 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.520% due 04/20/2028 | 1000 | 1019 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.940% due 01/21/2031 | 500 | 505 |
|  4.950% due 05/21/2029 | 900 | 905 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  5.660% due 11/20/2026 | 2000 | 2012 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.020% due 06/20/2028 | 4400 | 4425 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.030% due 11/15/2029 | 900 | 912 |
|  5.150% due 11/15/2028 | 2400 | 2412 |
|  |  | 126233 |
| CMBS OTHER 1.5% | CMBS OTHER 1.5% | CMBS OTHER 1.5% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.581% due 10/16/2036 •  | 1836 | 1834 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.784% due 11/15/2036 •  | 6578 | 6588 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 379 | 377 |
|  5.597% due 01/20/2037 •  | 3197 | 3183 |
|  6.431% due 08/17/2041 ~ | 2071 | 2079 |
|  6.561% due 06/17/2039 ~ | 2956 | 2962 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 2357 | 2359 |
|  6.453% due 08/19/2038 ~ | 2164 | 2166 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.334% due 11/15/2037 •  | 2834 | 2821 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 892 | 886 |
|  5.931% due 07/16/2035 ~ | 3271 | 3253 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 11/15/2038 ~ | 2809 | 2812 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.952% due 09/17/2037 •  | 2449 | 2451 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 1689 | 1686 |
|  6.134% due 12/15/2035 •  | 1781 | 1782 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 1288 | 1286 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 2147 | 2150 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 6358 | 6312 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 4827 | 4813 |
|  |  | 51800 |
| CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% |
|  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 | 2024 |
|  4.870% due 05/15/2028 | 10000 | 10059 |
|  4.950% due 10/15/2027 | 2500 | 2506 |
|  5.240% due 04/15/2031 | 6000 | 6210 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 12600 | 12661 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.230% due 12/08/2027 | 9600 | 9645 |
|  |  | 43105 |
| 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 | 8306 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5000 | 5102 |
|  |  | 13408 |
| OTHER ABS 6.0% | OTHER ABS 6.0% | OTHER ABS 6.0% |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 5950 | 5951 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 4200 | 4178 |
|  5.730% due 04/22/2034 ~ | 2600 | 2602 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.900% due 07/28/2037 | 771 | 762 |
|  3.928% due 04/25/2038 | 2900 | 2815 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(a) | 6800 | 6800 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  | 1000 | 996 |
|  5.396% due 01/18/2035 •  | 2000 | 2000 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.694% due 01/15/2035 •  | 5691 | 5695 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ | 6200 | 6205 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.612% due 07/27/2031 •  | 859 | 859 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 2846 | 2847 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.932% due 07/15/2037 •  | 9200 | 9214 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.655% due 07/18/2031 •  | 2115 | 2115 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 3856 | 3874 |
|  5.350% due 03/20/2031 | 5660 | 5736 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 3600 | 3599 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.204% due 02/27/2068 •  | 2775 | 2759 |
|  5.254% due 09/25/2068 •  | 3782 | 3760 |
|  5.454% due 01/27/2070 ~ | 4912 | 4925 |
|  5.504% due 05/25/2067 •  | 2391 | 2401 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 2200 | 2187 |
|  5.600% due 01/25/2035 ~ | 4500 | 4498 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.630% due 04/22/2035 •  | 8000 | 8000 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(a) | 3000 | 3000 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 2429 | 2432 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.293% due 01/16/2033 •  | 5000 | 4992 |
|  5.443% due 10/20/2034 •  | 4500 | 4490 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 3200 | 3190 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 396 | 396 |
|  5.564% due 04/15/2031 •  | 1386 | 1387 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 1000 | 995 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 1420 | 1421 |
|  5.652% due 04/15/2035 •  | 4400 | 4404 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | 2182 | 2183 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.610% due 07/10/2028 | 2943 | 2950 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.884% due 07/16/2040 ~ | 1708 | 1718 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  5.334% due 01/15/2043 •  | 349 | 349 |
|  5.434% due 04/15/2069 ~ | 1372 | 1373 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.254% due 07/26/2066 ~ | 1922 | 1914 |
|  6.480% due 03/15/2072 | 1117 | 1150 |
|  Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |
|  5.484% due 10/15/2029 •  | 1393 | 1394 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 2800 | 2800 |
|  5.370% due 10/14/2036 •  | 2800 | 2800 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  | 70 | 70 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 6700 | 6693 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.563% due 04/20/2034 •  | 3500 | 3499 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.715% due 07/20/2032 •  | 4033 | 4033 |

---

---

| | | |
|:---|:---|:---|
| **112** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | 387 | 387 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 4200 | 4187 |
|  Pawneee Equipment Receivables LLC | Pawneee Equipment Receivables LLC | Pawneee Equipment Receivables LLC |
|  5.170% due 02/15/2028 | 818 | 819 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  | 2032 | 2033 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | 1379 | 1380 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | 751 | 751 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  | 2496 | 2627 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.164% due 01/15/2053 ~ | 2525 | 2481 |
|  5.285% due 09/15/2054 •  | 473 | 472 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  | 2600 | 2597 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 500 | 502 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.640% due 01/25/2034 •  | 6800 | 6797 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 ~ | 3592 | 3592 |
|  5.605% due 07/20/2030 •  | 1690 | 1690 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ | 5535 | 5535 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.350% due 08/20/2032 | 7500 | 7473 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  | 3300 | 3300 |
|  5.514% due 04/17/2030 •  | 1097 | 1096 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.624% due 10/15/2034 •  | 5200 | 5179 |
|  |  | 207309 |
|  Total Asset-Backed Securities<br>(Cost $438,850) | Total Asset-Backed Securities<br>(Cost $438,850) | 441855 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.000% due 05/13/2030 | 1900 | 1940 |
| Total Sovereign Issues<br>(Cost $1,890) | Total Sovereign Issues<br>(Cost $1,890) | 1940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 10.7% | SHORT-TERM INSTRUMENTS 10.7% | SHORT-TERM INSTRUMENTS 10.7% | SHORT-TERM INSTRUMENTS 10.7% | SHORT-TERM INSTRUMENTS 10.7% |
| REPURCHASE AGREEMENTS (d) 10.7% | REPURCHASE AGREEMENTS (d) 10.7% | REPURCHASE AGREEMENTS (d) 10.7% | REPURCHASE AGREEMENTS (d) 10.7% | REPURCHASE AGREEMENTS (d) 10.7% |
|  |  |  | $— | 368100 |
| 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% |
|  4.291% due 06/05/2025 - 06/26/2025 (b)(c) | $— | 577 |  | 572 |
| Total Short-Term Instruments<br>(Cost $368,672) | Total Short-Term Instruments<br>(Cost $368,672) | Total Short-Term Instruments<br>(Cost $368,672) |  | 368672 |
| Total Investments in Securities<br>(Cost $4,049,722) | Total Investments in Securities<br>(Cost $4,049,722) | Total Investments in Securities<br>(Cost $4,049,722) |  | 4031539 |
| Total Investments 117.6%<br> (Cost $4,049,722) | Total Investments 117.6%<br> (Cost $4,049,722) | Total Investments 117.6%<br> (Cost $4,049,722) | $— | 4031539 |
|  Financial Derivative<br>Instruments (e) (0.0)%<br> (Cost or Premiums, net $(1626)) | Financial Derivative<br>Instruments (e) (0.0)%<br> (Cost or Premiums, net $(1626)) | Financial Derivative<br>Instruments (e) (0.0)%<br> (Cost or Premiums, net $(1626)) |  | (1015) |
| Other Assets and Liabilities, net (17.6)% | Other Assets and Liabilities, net (17.6)% | Other Assets and Liabilities, net (17.6)% |  | (602663) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 3427861 |

---

#### 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) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

#### 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 | 4.380% | 03/25/2025 | 04/01/2025 | $35000 | U.S. Treasury Notes 4.375% due 07/31/2026 | $(35792) | $35000 | $35030 |
|  | 4.380 | 03/25/2025 | 04/02/2025 | 35000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (35891) | 35000 | 35030 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | 154800 | U.S. Treasury Notes 4.000% due 12/15/2027 | (158080) | 154800 | 154800 |
| FICC STR | 4.360 | 03/31/2025 | 04/01/2025 | 143300 | U.S. Treasury Bonds 4.750% due 11/15/2053 | (146166) | 143300 | 143317 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375929) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368177 |

---

#### 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 March 31, 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 |
|  BOO | $0 | $0 | $0 | $0 | $149 | $149 |
|  BOS | 224860 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4903) |
|  FICC STR | 143317 | 0 | 0 | 143317 | (146166) | (2849) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 113

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

Cash of $149 has been pledged as collateral under the terms of the above master agreements as of March 31, 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;(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 June Futures  | 06/2025 | 2323 | $481260 | $2630 | $0 | $(18) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 3245 | 350967 | 3522 | 0 | (102) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 898 | 99874 | 1758 | 14 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 589 | 67220 | 483 | 55 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| 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 June Futures  | 06/2025 | 568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69438) | $(943) | $0 | $(248) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) |

---

#### 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>March 31, 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>March 31, 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2025 | 0.257% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | $(147) | $155 | $8 | $1 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | 900 | 12 | (7) | 5 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 3000 | 45 | (20) | 25 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.405 | 900 | 8 | 1 | 9 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 4450 | (15) | 82 | 67 | 0 | (2) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.471 | 3500 | (22) | 54 | 32 | 0 | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&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** | **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 | 3.800% | Annual | 09/05/2028 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | $(2270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | $13 | $0 | $(91) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 |  | 15400 | (35) | 243 | 208 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 |  | 72600 | 748 | (584) | 164 | 0 | (74) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 |  | 139330 | (2558) | (956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3514) | 0 | (266) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 |  | 39400 | (383) | (410) | (793) | 0 | (127) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 |  | 20900 | 2991 | 0 | 2991 | 0 | (147) |
|  |  |  |  |  |  |  | $(1507) | $576 | $(931) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) |
|  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;(1626) | $841 | $(785) | $1 | $(717) |

---

114 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&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;(368) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085) |

---

(f) Securities with an aggregate market value of $28,314 and cash of $12,634 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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.

#### 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 March 31, 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 | $69 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $0 | $69 | $70 |
|  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 | $368 | $368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 713 | 717 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $1850 | $1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 202 | 0 | 0 | 4461 | 4663 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&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;6311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 115

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.) March 31, 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; Futures  | $0 | $0 | $0 | $0 | $7730 | $7730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (63) | 0 | 0 | 577 | 514 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8244 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $451931 | $0 | $451931 |
| &nbsp;&nbsp; Industrials | 0 | 140202 | 0 | 140202 |
| &nbsp;&nbsp; Utilities | 0 | 129161 | 0 | 129161 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | 3470 | 0 | 3470 |
| &nbsp;&nbsp; California | 0 | 37319 | 0 | 37319 |
| &nbsp;&nbsp; Florida | 0 | 6159 | 0 | 6159 |
| &nbsp;&nbsp; Kansas | 0 | 2397 | 0 | 2397 |
| &nbsp;&nbsp; Louisiana | 0 | 4315 | 0 | 4315 |
| &nbsp;&nbsp; Michigan | 0 | 2454 | 0 | 2454 |
| &nbsp;&nbsp; New York | 0 | 21882 | 0 | 21882 |
| &nbsp;&nbsp; South Dakota | 0 | 4213 | 0 | 4213 |
| &nbsp;&nbsp; Texas | 0 | 7895 | 0 | 7895 |
| &nbsp;&nbsp; Utah | 0 | 2037 | 0 | 2037 |
| &nbsp;&nbsp; West Virginia | 0 | 10158 | 0 | 10158 |
| &nbsp;&nbsp; Wisconsin | 0 | 1985 | 0 | 1985 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592855 |
|  U.S. Treasury Obligations | 0 | 540237 | 0 | 540237 |
|  Non-Agency Mortgage-Backed Securities | 0 | 260402 | 0 | 260402 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 126233 | 0 | 126233 |
| &nbsp;&nbsp; CMBS Other | 0 | 51800 | 0 | 51800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Credit Card Bullet | $0 | $43105 | $0 | $43105 |
| &nbsp;&nbsp; Credit Card Other | 0 | 13408 | 0 | 13408 |
| &nbsp;&nbsp; Other ABS | 0 | 207309 | 0 | 207309 |
|  Sovereign Issues | 0 | 1940 | 0 | 1940 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 368100 | 0 | 368100 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 572 | 0 | 572 |
|  Total Investments | $0 | $4014128 | $17411 | $4031539 |
|  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 | $70 | $0 | $70 |
|  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 | $(1085) | $0 | $(1085) |
|  Total Financial Derivative Instruments | $0 | $(1015) | $0 | $(1015) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030524 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **116** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio March 31, 2025

#### (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 352.0% | INVESTMENTS IN SECURITIES 352.0% | INVESTMENTS IN SECURITIES 352.0% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% (e) | 38 | 52 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.036% due 12/10/2028 | 534 | 538 |
|  Total Corporate Bonds & Notes (Cost $584) | Total Corporate Bonds & Notes (Cost $584) | 590 |
| MUNICIPAL BONDS & NOTES 0.4% | MUNICIPAL BONDS & NOTES 0.4% | MUNICIPAL BONDS & NOTES 0.4% |
| TEXAS 0.4% | TEXAS 0.4% | TEXAS 0.4% |
|  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 (d) | 7990 | 4320 |
|  Total Municipal Bonds & Notes (Cost $5,934) | Total Municipal Bonds & Notes (Cost $5,934) | 4320 |
| U.S. GOVERNMENT AGENCIES 326.2% | U.S. GOVERNMENT AGENCIES 326.2% | U.S. GOVERNMENT AGENCIES 326.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 10/25/2042 -<br>10/25/2045 •  | 1221 | 778 |
|  0.200% due 02/25/2043 •(a) | 1625 | 11 |
|  1.500% due 02/25/2036 (a) | 37554 | 1957 |
|  1.546% due 11/25/2049 •(a) | 1981 | 254 |
|  1.600% due 06/25/2042 •  | 379 | 323 |
|  1.696% due 07/25/2042 -<br>08/25/2042 •(a) | 5092 | 529 |
|  1.798% due 07/25/2044 ~(a) | 332 | 13 |
|  1.839% due 07/25/2052 •(a) | 329 | 16 |
|  1.847% due 10/25/2046 •(a) | 185 | 8 |
|  1.994% due 07/25/2044 •(a) | 484 | 26 |
|  2.016% due 04/25/2046 •(a) | 304 | 15 |
|  2.133% due 08/25/2044 •(a) | 279 | 17 |
|  2.135% due 01/25/2045 ~(a) | 302 | 16 |
|  2.151% due 04/25/2055 ~(a) | 564 | 28 |
|  2.154% due 03/25/2045 ~(a) | 707 | 39 |
|  2.242% due 01/25/2031 ~(a) | 6614 | 413 |
|  2.271% due 07/25/2045 ~(a) | 1524 | 89 |
|  2.275% due 08/25/2054 •(a) | 646 | 34 |
|  2.500% due 02/25/2051 (a) | 7486 | 1249 |
|  2.524% due 08/25/2055 •(a) | 352 | 20 |
|  3.000% due 11/01/2042 -<br>05/01/2058 | 9703 | 8460 |
|  3.000% due 11/25/2043 -<br>12/25/2048 (a) | 7490 | 943 |
|  3.288% due 09/26/2033 •  | 1 | 1 |
|  3.500% due 04/25/2046 (a) | 210 | 16 |
|  3.500% due 06/01/2056 -<br>01/01/2059 | 22218 | 20002 |
|  3.575% due 02/01/2026 | 9000 | 8915 |
|  4.000% due 09/01/2043 -<br>10/01/2043 | 175 | 168 |
|  4.000% due 06/25/2044 (a) | 48 | 3 |
|  4.240% due 10/01/2031 •  | 12 | 11 |
|  4.292% due 08/01/2026 -<br>11/01/2028 •  | 9 | 9 |
|  4.374% due 02/01/2028 •  | 5997 | 5993 |
|  4.392% due 08/01/2028 •  | 8 | 8 |
|  4.440% due 06/01/2033 | 2000 | 1981 |
|  4.470% due 02/01/2028 •  | 4 | 4 |
|  4.473% due 05/01/2036 •  | 1 | 1 |
|  4.485% due 05/01/2036 •  | 37 | 36 |
|  4.490% due 04/01/2033 | 2000 | 1992 |
|  4.500% due 11/01/2028 •  | 5 | 5 |
|  4.500% due 06/01/2030 -<br>04/01/2059 | 16174 | 15796 |
|  4.526% due 12/25/2036 -<br>07/25/2037 •  | 795 | 780 |
|  4.550% due 05/01/2028 | 200 | 202 |
|  4.580% due 08/01/2033 | 1000 | 1001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.615% due 05/01/2036 •  | $— | 1 | $— | 1 |
|  4.630% due 07/01/2033 |  | 3463 |  | 3479 |
|  4.631% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.655% due 07/25/2032 •  |  | 31 |  | 31 |
|  4.700% due 04/01/2033 |  | 3682 |  | 3680 |
|  4.826% due 02/25/2033 •  |  | 6 |  | 6 |
|  4.854% due 06/25/2029 -<br>04/25/2032 •  |  | 16 |  | 16 |
|  4.860% due 07/01/2033 |  | 2500 |  | 2549 |
|  4.862% due 04/18/2028 -<br>12/18/2032 •  |  | 10 |  | 10 |
|  4.900% due 10/01/2028 |  | 709 |  | 723 |
|  4.904% due 06/25/2046 •  |  | 701 |  | 690 |
|  4.912% due 10/18/2030 •  |  | 6 |  | 6 |
|  4.954% due 06/25/2030 -<br>11/25/2059 •  |  | 10552 |  | 10406 |
|  4.990% due 03/01/2031 |  | 1480 |  | 1511 |
|  5.000% due 11/25/2028 -<br>11/01/2039 |  | 140 |  | 139 |
|  5.091% due 02/01/2031 •  |  | 13 |  | 13 |
|  5.094% due 01/01/2029 •  |  | 2 |  | 2 |
|  5.154% due 10/25/2037 •  |  | 1268 |  | 1268 |
|  5.230% due 03/01/2035 •  |  | 25 |  | 25 |
|  5.286% due 05/01/2030 •  |  | 6 |  | 6 |
|  5.300% due 09/01/2038 |  | 1033 |  | 1078 |
|  5.353% due 02/01/2026 •  |  | 1 |  | 1 |
|  5.354% due 04/25/2032 •  |  | 3 |  | 3 |
|  5.395% due 09/01/2030 -<br>04/01/2032 •  |  | 2 |  | 2 |
|  5.498% due 02/01/2031 •  |  | 9 |  | 10 |
|  5.500% due 08/01/2039 -<br>11/01/2039 |  | 903 |  | 900 |
|  5.570% due 10/01/2028 |  | 865 |  | 891 |
|  5.591% due 01/01/2049 •  |  | 1299 |  | 1337 |
|  5.610% due 10/01/2028 |  | 883 |  | 910 |
|  5.645% due 06/01/2029 -<br>06/01/2030 •  |  | 13 |  | 13 |
|  5.730% due 10/01/2028 |  | 1122 |  | 1174 |
|  5.742% due 09/01/2034 •  |  | 1 |  | 1 |
|  5.750% due 12/01/2030 •  |  | 12 |  | 13 |
|  5.886% due 08/01/2042 -<br>10/01/2044 •  |  | 482 |  | 487 |
|  6.000% due 04/25/2031 -<br>02/01/2037 |  | 150 |  | 154 |
|  6.030% due 02/01/2030 •  |  | 16 |  | 16 |
|  6.086% due 10/01/2030 -<br>09/01/2040 •  |  | 32 |  | 33 |
|  6.118% due 03/01/2035 •  |  | 12 |  | 12 |
|  6.175% due 11/01/2035 •  |  | 212 |  | 214 |
|  6.221% due 01/01/2035 •  |  | 6 |  | 6 |
|  6.250% due 05/01/2035 •  |  | 8 |  | 8 |
|  6.300% due 06/25/2031 ~ |  | 41 |  | 41 |
|  6.320% due 02/01/2027 •  |  | 1 |  | 1 |
|  6.390% due 11/01/2035 •  |  | 54 |  | 55 |
|  6.405% due 11/01/2035 •  |  | 4 |  | 4 |
|  6.409% due 09/01/2035 •  |  | 36 |  | 36 |
|  6.452% due 02/01/2034 •  |  | 10 |  | 10 |
|  6.500% due 06/25/2028 -<br>10/25/2031 |  | 216 |  | 224 |
|  6.500% due 04/25/2038 (a) |  | 100 |  | 23 |
|  6.540% due 12/01/2031 •  |  | 1 |  | 2 |
|  6.583% due 11/01/2035 •  |  | 3 |  | 3 |
|  6.600% due 01/01/2030 •  |  | 26 |  | 26 |
|  6.675% due 02/01/2035 •  |  | 12 |  | 13 |
|  6.716% due 11/01/2048 •  |  | 530 |  | 547 |
|  6.726% due 12/01/2027 •  |  | 3 |  | 3 |
|  6.734% due 06/01/2035 •  |  | 15 |  | 16 |
|  6.803% due 05/25/2035 ~ |  | 32 |  | 32 |
|  6.850% due 12/18/2027 |  | 28 |  | 28 |
|  6.874% due 12/01/2048 •  |  | 677 |  | 700 |
|  6.912% due 02/01/2036 •  |  | 8 |  | 8 |
|  6.941% due 09/01/2031 •  |  | 3 |  | 3 |
|  6.989% due 06/01/2032 •  |  | 13 |  | 13 |
|  7.000% due 11/25/2026 -<br>09/01/2032 |  | 13 |  | 13 |
|  7.250% due 08/01/2029 •  |  | 3 |  | 3 |
|  7.260% due 06/01/2035 •  |  | 55 |  | 56 |
|  7.277% due 07/01/2032 •  |  | 11 |  | 11 |
|  7.310% due 09/01/2035 •  |  | 3 |  | 3 |
|  7.350% due 01/01/2026 •  |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.372% due 05/01/2036 •  | $— | 9 | $— | 9 |
|  7.375% due 08/01/2035 •  |  | 26 |  | 27 |
|  7.422% due 09/01/2035 •  |  | 29 |  | 30 |
|  7.430% due 07/01/2035 •  |  | 6 |  | 6 |
|  7.435% due 09/01/2034 •  |  | 31 |  | 31 |
|  7.460% due 05/01/2035 •  |  | 22 |  | 23 |
|  7.500% due 11/20/2026 -<br>07/25/2041 |  | 77 |  | 77 |
|  7.511% due 07/01/2035 •  |  | 13 |  | 13 |
|  7.518% due 07/01/2034 •  |  | 62 |  | 63 |
|  Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA |
|  3.000% due 06/01/2040 |  | 198000 |  | 171618 |
|  Farmer Mac | Farmer Mac | Farmer Mac | Farmer Mac | Farmer Mac |
|  8.850% due 04/25/2030 «•  |  | 26 |  | 26 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 01/15/2035 -<br>05/15/2041 •  |  | 7161 |  | 6522 |
|  0.000% due 08/15/2056 -<br>10/15/2058 (b)(d) |  | 35165 |  | 22768 |
|  0.355% due 05/15/2035 •  |  | 2839 |  | 2769 |
|  1.655% due 10/15/2037 ~(a) |  | 107 |  | 5 |
|  1.837% due 05/15/2037 •(a) |  | 277 |  | 15 |
|  1.950% due 10/15/2037 •(a) |  | 46 |  | 2 |
|  2.000% due 11/25/2050 (a) |  | 5724 |  | 734 |
|  2.063% due 03/15/2037 •(a) |  | 116 |  | 6 |
|  2.207% due 11/15/2036 •(a) |  | 303 |  | 18 |
|  2.261% due 11/15/2038 ~(a) |  | 331 |  | 19 |
|  2.270% due 08/15/2041 ~(a) |  | 99 |  | 6 |
|  2.286% due 02/15/2038 ~(a) |  | 197 |  | 11 |
|  2.299% due 12/15/2043 •  |  | 1175 |  | 1069 |
|  2.313% due 10/15/2041 ~(a) |  | 195 |  | 12 |
|  2.335% due 06/15/2038 ~(a) |  | 247 |  | 15 |
|  2.500% due 12/15/2027 -<br>10/15/2052 (a) |  | 40999 |  | 6263 |
|  2.618% due 08/15/2036 ~(a) |  | 133 |  | 8 |
|  3.000% due 08/15/2032 -<br>08/01/2046 |  | 5066 |  | 4735 |
|  3.000% due 02/15/2033 -<br>09/15/2048 (a) |  | 2560 |  | 237 |
|  3.500% due 08/15/2026 -<br>08/15/2045 (a) |  | 10792 |  | 1725 |
|  3.500% due 09/01/2032 |  | 1003 |  | 981 |
|  4.000% due 06/01/2029 -<br>12/01/2048 |  | 7025 |  | 6692 |
|  4.000% due 01/15/2046 (a) |  | 3184 |  | 558 |
|  4.335% due 07/01/2030 •  |  | 43 |  | 42 |
|  4.500% due 03/01/2029 -<br>06/01/2048 |  | 4451 |  | 4397 |
|  4.574% due 07/25/2031 •  |  | 21 |  | 21 |
|  4.598% due 08/15/2032 ~ |  | 6 |  | 6 |
|  4.616% due 03/01/2029 •  |  | 1 |  | 1 |
|  4.660% due 01/25/2031 |  | 6100 |  | 6150 |
|  4.704% due 05/25/2031 •  |  | 62 |  | 62 |
|  4.713% due 07/15/2034 •  |  | 1 |  | 1 |
|  4.734% due 09/25/2031 •  |  | 25 |  | 25 |
|  4.763% due 06/15/2048 -<br>12/15/2048 •  |  | 2682 |  | 2634 |
|  4.793% due 10/15/2037 -<br>10/15/2040 •  |  | 5151 |  | 5081 |
|  4.813% due 12/15/2029 •  |  | 21 |  | 20 |
|  4.913% due 09/15/2026 -<br>12/15/2031 •  |  | 8 |  | 8 |
|  4.943% due 12/15/2046 •  |  | 351 |  | 347 |
|  4.963% due 02/15/2028 -<br>03/15/2032 •  |  | 1 |  | 1 |
|  5.000% due 09/01/2025 -<br>07/01/2041 |  | 4075 |  | 4110 |
|  5.004% due 01/25/2050 •  |  | 1369 |  | 1340 |
|  5.013% due 03/15/2032 -<br>03/15/2044 •  |  | 852 |  | 848 |
|  5.063% due 08/15/2035 •  |  | 191 |  | 191 |
|  5.413% due 04/15/2031 •  |  | 148 |  | 150 |
|  5.463% due 06/15/2031 •  |  | 11 |  | 11 |
|  5.500% due 11/01/2030 -<br>06/01/2041 |  | 9789 |  | 9978 |
|  5.663% due 07/15/2027 •  |  | 31 |  | 31 |
|  6.000% due 09/15/2026 -<br>05/01/2040 |  | 1462 |  | 1519 |
|  6.250% due 12/15/2028 |  | 32 |  | 33 |
|  6.262% due 01/01/2028 •  |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **117** |

---

------

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)** |
|  6.299% due 03/01/2033 •  | $— | 26 | $— | 26 |
|  6.348% due 12/01/2032 •  |  | 4 |  | 4 |
|  6.369% due 09/01/2028 •  |  | 1 |  | 1 |
|  6.500% due 06/15/2027 -<br>10/25/2043 |  | 609 |  | 627 |
|  6.624% due 03/01/2032 •  |  | 3 |  | 3 |
|  6.625% due 08/01/2027 •  |  | 1 |  | 1 |
|  6.643% due 12/01/2026 -<br>02/01/2027 •  |  | 11 |  | 11 |
|  6.650% due 12/01/2029 •  |  | 1 |  | 1 |
|  6.658% due 07/01/2028 •  |  | 25 |  | 25 |
|  6.716% due 07/01/2035 •  |  | 78 |  | 80 |
|  6.750% due 03/01/2033 •  |  | 8 |  | 8 |
|  6.783% due 11/01/2027 •  |  | 14 |  | 14 |
|  6.982% due 08/01/2035 •  |  | 4 |  | 4 |
|  7.000% due 01/01/2026 -<br>12/01/2032 |  | 10 |  | 11 |
|  7.025% due 11/01/2029 •  |  | 41 |  | 41 |
|  7.125% due 10/01/2035 •  |  | 16 |  | 16 |
|  7.148% due 12/01/2035 •  |  | 170 |  | 175 |
|  7.157% due 06/01/2028 •  |  | 1 |  | 1 |
|  7.169% due 05/01/2032 •  |  | 60 |  | 62 |
|  7.296% due 10/01/2036 •  |  | 25 |  | 25 |
|  7.390% due 05/01/2032 •  |  | 4 |  | 4 |
|  7.404% due 07/01/2030 •  |  | 1 |  | 1 |
|  7.482% due 07/01/2027 •  |  | 1 |  | 1 |
|  7.500% due 08/15/2029 (a) |  | 1 |  | 0 |
|  7.500% due 01/15/2030 |  | 18 |  | 19 |
|  7.647% due 11/01/2034 •  |  | 9 |  | 9 |
|  7.740% due 02/01/2027 •  |  | 1 |  | 1 |
|  8.000% due 06/01/2030 -<br>09/01/2030 |  | 1 |  | 0 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  0.000% due 03/20/2035 (b)(d) |  | 113 |  | 106 |
|  0.000% due 06/20/2043 -<br>12/20/2045 ~(a) |  | 2250 |  | 86 |
|  0.000% due 09/20/2045 •  |  | 1736 |  | 1111 |
|  0.102% due 06/20/2042 •(a) |  | 490 |  | 23 |
|  0.152% due 06/20/2042 ~(a) |  | 451 |  | 21 |
|  1.088% due 03/16/2051 ~(a) |  | 617 |  | 1 |
|  2.500% due 03/20/2027 -<br>09/20/2051 |  | 35666 |  | 30504 |
|  3.000% due 12/15/2042 -<br>11/20/2067 |  | 18096 |  | 16522 |
|  3.000% due 06/20/2046 (a) |  | 149 |  | 10 |
|  3.500% due 11/15/2041 -<br>02/20/2052 |  | 70335 |  | 65107 |
|  3.500% due 08/20/2042 -<br>09/20/2046 (a) |  | 5433 |  | 570 |
|  4.000% due 09/15/2040 -<br>03/15/2052 |  | 20090 |  | 19202 |
|  4.500% due 06/15/2035 -<br>01/20/2049 |  | 17236 |  | 16812 |
|  4.625% due 07/20/2025 -<br>07/20/2035 •  |  | 1865 |  | 1878 |
|  4.750% due 12/20/2029 -<br>12/20/2032 •  |  | 294 |  | 297 |
|  4.875% due 04/20/2025 -<br>04/20/2033 •  |  | 919 |  | 924 |
|  5.000% due 05/20/2025 -<br>08/20/2030 •  |  | 228 |  | 228 |
|  5.000% due 05/15/2033 -<br>12/20/2048 |  | 9716 |  | 9806 |
|  5.078% due 01/20/2059 •  |  | 20 |  | 20 |
|  5.125% due 01/20/2034 •  |  | 898 |  | 922 |
|  5.340% due 10/20/2058 •  |  | 2 |  | 2 |
|  5.473% due 07/20/2070 -<br>08/20/2070 •  |  | 14264 |  | 14417 |
|  5.500% due 05/20/2025 -<br>09/20/2030 •  |  | 20 |  | 20 |
|  5.500% due 09/15/2031 -<br>07/15/2041 |  | 4034 |  | 4161 |
|  5.673% due 10/20/2070 •  |  | 7148 |  | 7254 |
|  5.844% due 09/20/2071 •  |  | 24545 |  | 25210 |
|  6.000% due 09/15/2036 -<br>12/15/2040 |  | 732 |  | 757 |
|  6.500% due 01/15/2028 -<br>07/15/2039 |  | 812 |  | 843 |
|  7.000% due 09/15/2025 -<br>09/20/2028 |  | 3 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 06/15/2027 -<br>10/15/2031 | $— | 15 | $— | 13 |
|  8.000% due 12/15/2028 -<br>09/15/2031 |  | 14 |  | 16 |
|  8.500% due 06/15/2027 -<br>01/20/2031 |  | 112 |  | 114 |
|  9.000% due 08/20/2030 |  | 1 |  | 1 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 04/01/2055 -<br>05/01/2055 |  | 99600 |  | 81474 |
|  2.500% due 04/01/2055 -<br>05/01/2055 |  | 94850 |  | 80911 |
|  3.000% due 04/01/2055 -<br>05/01/2055 |  | 253350 |  | 224401 |
|  3.500% due 04/01/2055 |  | 17882 |  | 16364 |
|  4.000% due 04/01/2055 -<br>05/01/2055 |  | 38650 |  | 36184 |
|  4.500% due 04/01/2055 -<br>05/01/2055 |  | 42900 |  | 41155 |
|  5.000% due 04/01/2055 -<br>05/01/2055 |  | 54800 |  | 53886 |
|  5.500% due 04/01/2055 -<br>05/01/2055 |  | 33500 |  | 33562 |
|  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 |  | 343 |  | 346 |
|  5.490% due 05/01/2028 |  | 339 |  | 341 |
|  5.870% due 05/01/2026 -<br>07/01/2028 |  | 203 |  | 205 |
|  6.220% due 12/01/2028 |  | 50 |  | 51 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  1.500% due 12/01/2050 -<br>06/01/2051 |  | 285 |  | 216 |
|  2.000% due 11/01/2026 -<br>04/01/2036 |  | 8631 |  | 7880 |
|  2.500% due 01/01/2032 -<br>04/01/2052 |  | 37549 |  | 31917 |
|  3.000% due 10/01/2026 -<br>04/01/2052 |  | 205744 |  | 180864 |
|  3.500% due 09/01/2025 -<br>05/01/2050 |  | 71627 |  | 66418 |
|  4.000% due 12/01/2025 -<br>06/01/2049 |  | 60391 |  | 58114 |
|  4.500% due 09/01/2025 -<br>01/01/2049 |  | 13625 |  | 13422 |
|  5.000% due 09/01/2025 -<br>06/01/2053 |  | 7666 |  | 7636 |
|  5.500% due 11/01/2028 -<br>02/01/2042 |  | 5518 |  | 5620 |
|  6.000% due 09/01/2028 -<br>05/01/2041 |  | 6716 |  | 6955 |
|  6.500% due 02/01/2026 -<br>04/01/2043 |  | 3131 |  | 3259 |
|  8.000% due 07/01/2030 -<br>10/01/2030 |  | 4 |  | 4 |
|  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 04/01/2055 |  | 14400 |  | 10875 |
|  2.000% due 04/01/2040 |  | 18600 |  | 16813 |
|  2.500% due 05/01/2055 |  | 33430 |  | 27800 |
|  3.000% due 04/01/2040 -<br>05/01/2055 |  | 386380 |  | 339097 |
|  3.500% due 04/01/2040 |  | 97900 |  | 94186 |
|  4.000% due 05/01/2055 |  | 64040 |  | 59584 |
|  4.500% due 04/01/2040 -<br>06/01/2055 |  | 626518 |  | 598877 |
|  5.000% due 04/01/2040 -<br>05/01/2055 |  | 480304 |  | 470376 |
|  5.500% due 04/01/2040 -<br>05/01/2055 |  | 362800 |  | 362124 |
|  6.000% due 06/01/2055 |  | 87600 |  | 88806 |
|  7.000% due 05/01/2055 |  | 18400 |  | 19230 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.365% due 01/15/2030 •  |  | 61 |  | 62 |
|  6.500% due 03/15/2029 |  | 78 |  | 78 |
|  Total U.S. Government Agencies<br>(Cost $3,700,872) | Total U.S. Government Agencies<br>(Cost $3,700,872) | Total U.S. Government Agencies<br>(Cost $3,700,872) |  | 3627189 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 (g) | 77200 | 72351 |
|  Total U.S. Treasury Obligations<br>(Cost $77,943) | Total U.S. Treasury Obligations<br>(Cost $77,943) | 72351 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.837% due 09/25/2035 ~ | 148 | 131 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.014% due 05/20/2035 •  | 197 | 181 |
|  6.253% due 10/25/2036 þ | 383 | 336 |
|  6.337% due 01/25/2037 þ | 385 | 356 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.068% due 02/25/2036 •  | 74 | 67 |
|  6.608% due 07/25/2034 •  | 1 | 1 |
|  6.964% due 06/20/2031 ~ | 18 | 18 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 1 | 1 |
|  4.913% due 11/25/2030 •  | 1 | 1 |
|  6.500% due 01/25/2034 •  | 1 | 1 |
|  7.375% due 08/25/2033 ~ | 54 | 52 |
|  7.480% due 08/25/2033 •  | 48 | 46 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.346% due 11/25/2036 •  | 143 | 66 |
|  4.639% due 11/25/2036 •  | 288 | 167 |
|  4.676% due 11/25/2036 •  | 395 | 205 |
|  5.564% due 05/25/2035 ~ | 77 | 73 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  | 489 | 380 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  4.931% due 05/20/2045 ~ | 100 | 66 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.738% due 09/25/2036 ~ | 14 | 13 |
|  6.000% due 07/25/2037 | 1504 | 672 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.615% due 05/25/2036 •  | 44 | 42 |
|  4.685% due 08/25/2035 •  | 61 | 59 |
|  4.848% due 01/25/2035 •  | 123 | 114 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.080% due 09/25/2035 •  | 55 | 55 |
|  6.210% due 08/25/2035 •  | 50 | 45 |
|  6.500% due 06/25/2054 •  | 1805 | 1847 |
|  7.410% due 05/25/2035 •  | 1 | 1 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 337 | 292 |
|  Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust |
|  14.584% due 08/25/2037 ~ | 80 | 36 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.714% due 09/20/2046 ~ | 5457 | 4747 |
|  4.815% due 09/25/2046 •  | 1989 | 1844 |
|  4.834% due 07/20/2046 •  | 221 | 188 |
|  4.835% due 05/25/2036 ~ | 25 | 22 |
|  4.855% due 05/25/2035 ~ | 319 | 304 |
|  4.875% due 05/25/2035 ~ | 43 | 40 |
|  4.935% due 05/25/2035 •  | 86 | 67 |
|  4.935% due 09/25/2046 •  | 3663 | 2943 |
|  4.935% due 10/25/2046 •  | 280 | 212 |
|  4.955% due 07/25/2046 ~ | 1491 | 1059 |
|  4.995% due 12/25/2035 •  | 139 | 126 |
|  5.074% due 12/20/2035 ~ | 387 | 363 |
|  5.115% due 10/25/2046 ~ | 1249 | 921 |
|  6.250% due 11/25/2036 | 540 | 400 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.669% due 11/25/2037 •  | 272 | 256 |
|  4.895% due 05/25/2035 ~ | 352 | 309 |
|  4.933% due 09/25/2047 •  | 210 | 193 |
|  4.941% due 09/25/2034 •  | 110 | 101 |
|  4.975% due 02/25/2035 •  | 30 | 29 |
|  5.015% due 04/25/2035 •  | 191 | 182 |
|  5.015% due 04/25/2035 ~ | 6 | 6 |
|  5.075% due 03/25/2035 ~ | 26 | 24 |
|  5.095% due 02/25/2035 ~ | 232 | 218 |
|  5.115% due 02/25/2035 •  | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
| **118** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.115% due 03/25/2036 ~ | $— | 8 | $— | 1 |
|  5.135% due 02/25/2036 ~ |  | 12 |  | 4 |
|  6.250% due 07/19/2031 •  |  | 2 |  | 2 |
|  6.306% due 06/19/2031 •  |  | 2 |  | 2 |
|  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. |
|  5.994% due 06/25/2033 ~ |  | 3 |  | 3 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 •  |  | 1009 |  | 830 |
|  4.699% due 05/27/2053 •  |  | 4344 |  | 3453 |
|  6.079% due 04/25/2037 þ |  | 1729 |  | 471 |
|  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 |
|  4.535% due 10/25/2036 •  |  | 6 |  | 5 |
|  First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust |
|  6.750% due 08/21/2031 |  | 4 |  | 4 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.835% due 12/25/2046 ~ |  | 1122 |  | 1087 |
|  4.975% due 04/25/2036 ~ |  | 370 |  | 332 |
|  GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates |
|  7.394% due 10/25/2033 •  |  | 6 |  | 6 |
|  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 |
|  5.517% due 07/15/2031 •  |  | 2000 |  | 1560 |
|  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 •  |  | 14616 |  | 12465 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.697% due 04/25/2036 •  |  | 113 |  | 74 |
|  4.955% due 08/25/2046 •  |  | 2056 |  | 458 |
|  5.058% 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 |
|  2.731% due 11/19/2034 ~ |  | 17 |  | 13 |
|  4.691% due 03/19/2037 •  |  | 180 |  | 166 |
|  4.871% due 05/19/2046 •  |  | 510 |  | 158 |
|  5.721% due 08/19/2034 ~ |  | 424 |  | 394 |
|  6.023% due 08/19/2036 ~ |  | 19 |  | 19 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.295% due 08/25/2029 ~ |  | 55 |  | 54 |
|  IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust |
|  6.636% 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 |
|  5.035% due 11/25/2035 •  |  | 78 |  | 45 |
|  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 |
|  3.419% due 01/25/2036 ~ |  | 146 |  | 130 |
|  3.600% due 01/25/2036 ~ |  | 1 |  | 0 |
|  3.834% due 08/25/2035 •  |  | 370 |  | 269 |
|  4.099% due 08/25/2036 •  |  | 6531 |  | 5532 |
|  4.720% due 12/25/2034 ~ |  | 2 |  | 2 |
|  4.735% due 06/25/2037 •  |  | 285 |  | 101 |
|  4.855% due 05/25/2046 •  |  | 449 |  | 407 |
|  4.915% due 04/25/2035 ~ |  | 40 |  | 33 |
|  4.915% due 07/25/2035 ~ |  | 323 |  | 296 |
|  5.075% due 02/25/2035 ~ |  | 59 |  | 54 |
|  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 •  |  | 5463 |  | 4685 |
|  3.000% due 05/25/2052 •  |  | 6331 |  | 5429 |
|  5.335% due 12/25/2049 ~ |  | 1281 |  | 1226 |
|  5.385% due 08/25/2049 •  |  | 650 |  | 625 |
|  5.784% due 10/25/2035 •  |  | 454 |  | 428 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  5.075% due 11/25/2046 ~ |  | 1568 |  | 1204 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.795% due 12/25/2036 ~ |  | 211 |  | 203 |
|  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 |
|  4.915% due 05/25/2037 •  |  | 327 |  | 131 |
|  5.035% due 05/25/2047 •  |  | 6 |  | 6 |
|  5.115% due 05/25/2047 •  |  | 3350 |  | 2779 |
|  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 |  | 63 |  | 45 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  5.037% due 10/25/2032 ~ |  | 43 |  | 40 |
|  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 | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  |  | 49 |  | 47 |
|  5.314% due 11/15/2031 •  |  | 6 |  | 6 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ | 62 | 60 |
|  4.914% due 06/15/2030 ~ | 48 | 47 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.035% due 03/25/2037 •  | 844 | 199 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.205% due 04/25/2035 ~ | 3 | 3 |
|  5.313% due 10/25/2028 •  | 4 | 4 |
|  5.474% due 01/25/2029 •  | 486 | 414 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.945% due 02/25/2047 •  | 757 | 302 |
|  5.551% due 07/25/2035 •  | 273 | 226 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.530% due 01/25/2042 •  | 3894 | 3824 |
|  4.540% due 05/25/2042 ~ | 2279 | 2241 |
|  4.560% due 02/25/2042 •  | 461 | 453 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 4604 | 4415 |
|  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 •  | 88 | 87 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  | 2596 | 2214 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 6 | 5 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.353% due 08/25/2035 ~ | 424 | 162 |
|  4.975% due 05/25/2046 •  | 336 | 276 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.874% due 09/25/2035 ~ | 588 | 378 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ | 238 | 172 |
|  5.071% due 04/19/2027 •  | 4 | 4 |
|  5.131% due 10/19/2026 ~ | 3 | 3 |
|  5.194% due 10/20/2027 •  | 32 | 31 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ | 50 | 50 |
|  4.526% due 11/25/2035 ~ | 140 | 128 |
|  4.811% due 08/25/2035 ~ | 4 | 4 |
|  5.168% due 07/25/2035 •  | 16 | 13 |
|  5.170% due 06/25/2034 ~ | 151 | 146 |
|  6.054% due 07/25/2034 •  | 9 | 9 |
|  6.190% due 10/25/2037 •  | 687 | 618 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ | 61 | 25 |
|  4.815% due 06/25/2036 •  | 45 | 45 |
|  4.855% due 05/25/2036 •  | 360 | 257 |
|  4.895% due 05/25/2045 ~ | 405 | 384 |
|  4.931% due 07/19/2035 ~ | 77 | 73 |
|  4.931% due 07/19/2035 •  | 299 | 294 |
|  5.035% due 08/25/2036 •  | 1974 | 1434 |
|  5.091% due 09/19/2032 ~ | 121 | 116 |
|  5.091% due 10/19/2034 ~ | 29 | 27 |
|  5.131% due 03/19/2034 •  | 144 | 137 |
|  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 |
|  6.554% 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 | 853 | 199 |
|  6.470% due 09/25/2036 þ | 9085 | 214 |
|  6.515% due 07/25/2037 þ | 1350 | 501 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.811% due 06/25/2043 •  | 65 | 63 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 5423 | 5177 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 04/25/2037 •  | 455 | 414 |
|  4.356% due 12/25/2036 •  | 426 | 389 |
|  4.955% due 11/25/2045 •  | 364 | 349 |
|  5.015% due 10/25/2045 •  | 24 | 24 |
|  5.075% due 01/25/2045 ~ | 78 | 77 |
|  5.075% due 07/25/2045 •  | 13 | 13 |
|  5.095% due 01/25/2045 •  | 216 | 215 |
|  5.179% due 12/25/2035 ~ | 81 | 76 |
|  5.435% due 07/25/2044 ~ | 38 | 37 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.475% due 11/25/2046 ~ | 106 | 89 |
|  5.485% due 12/25/2045 •  | 699 | 608 |
|  5.635% due 02/25/2046 ~ | 422 | 384 |
|  5.835% due 11/25/2042 •  | 13 | 12 |
|  5.885% due 01/25/2047 •  | 475 | 436 |
|  6.035% due 06/25/2042 •  | 58 | 54 |
|  6.035% due 08/25/2042 •  | 143 | 138 |
|  6.211% due 03/25/2034 •  | 2 | 2 |
|  6.233% due 08/25/2033 •  | 88 | 86 |
|  6.555% due 09/25/2033 •  | 43 | 43 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.768% due 07/25/2036 þ | 2121 | 476 |
|  6.769% due 11/25/2030 •  | 17 | 17 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  7.305% due 07/25/2034 •  | 5 | 5 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $109,893) | Total Non-Agency Mortgage-Backed Securities (Cost $109,893) | 94554 |
| ASSET-BACKED SECURITIES 9.7% | ASSET-BACKED SECURITIES 9.7% | ASSET-BACKED SECURITIES 9.7% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 2966 | 2965 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 3315 | 3309 |
|  |  | 6274 |
| HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.135% due 06/25/2034 •  | 93 | 93 |
|  5.455% due 03/25/2032 •  | 108 | 108 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ | 483 | 372 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 122 | 46 |
|  5.095% due 11/25/2035 •  | 117 | 125 |
|  5.485% due 07/25/2034 •  | 88 | 86 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  5.245% due 06/25/2029 ~ | 120 | 93 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  | 59 | 58 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.375% due 06/25/2029 •  | 146 | 148 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.170% due 10/25/2035 ~ | 1135 | 1120 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.515% due 05/25/2037 ~ | 1 | 1 |
|  4.954% due 06/15/2031 ~ | 183 | 181 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.967% due 05/28/2037 •  | 574 | 545 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.410% due 02/25/2034 •  | 281 | 284 |
|  5.935% due 11/25/2042 •  | 96 | 96 |
|  6.673% due 06/25/2043 •  | 7 | 7 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.735% due 01/25/2032 ~ | 38 | 37 |
|  5.285% due 01/25/2032 •  | 160 | 172 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.035% due 07/25/2033 •  | 15 | 15 |
|  5.075% due 08/25/2032 ~ | 338 | 333 |
|  5.095% due 11/25/2032 •  | 16 | 16 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  5.785% due 01/25/2032 •  | 70 | 70 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.495% due 07/25/2045 •  | 125 | 87 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 712 | 663 |
|  4.835% due 09/25/2037 ~ | 385 | 352 |
|  5.335% due 10/25/2047 ~ | 688 | 635 |
|  5.435% due 09/25/2032 •  | 769 | 780 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **119** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **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. |
|  4.179% due 08/25/2032 •  | 81 | 77 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.376% due 01/25/2037 ~ | 244 | 72 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.254% due 09/15/2029 ~ | 6 | 6 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.485% due 05/25/2037 •  | 742 | 726 |
|  5.535% due 05/25/2037 •  | 308 | 301 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.175% due 05/25/2040 ~ | 102 | 102 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.125% due 07/25/2035 ~ | 1911 | 1865 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.915% due 01/25/2034 •  | 56 | 54 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.675% due 08/25/2036 ~ | 5810 | 1826 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 33 | 14 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  4.915% due 01/25/2029 •  | 14 | 12 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.610% due 10/25/2036 •  | 7474 | 35 |
|  4.575% due 12/25/2036 ~ | 866 | 461 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 556 | 427 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.595% due 08/25/2036 ~ | 33 | 15 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.995% due 10/25/2034 ~ | 56 | 55 |
|  5.485% due 10/25/2034 •  | 24 | 22 |
|  5.860% due 03/25/2032 ~ | 26 | 32 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.185% due 12/25/2034 •  | 383 | 380 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.555% due 10/25/2037 •  | 952 | 141 |
|  4.595% due 09/25/2037 •  | 122 | 24 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.750% due 04/25/2037 ~ | 457 | 223 |
|  6.000% due 02/25/2037 •  | 639 | 356 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.695% due 03/25/2037 ~ | 1378 | 894 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.575% due 01/25/2037 ~ | 458 | 268 |
|  5.215% due 02/25/2035 •  | 1204 | 1144 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.125% due 11/25/2035 •  | 177 | 170 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 531 | 534 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.991% due 08/25/2033 •  | 153 | 141 |
|  5.155% due 11/25/2034 •  | 112 | 98 |
|  5.195% due 12/25/2032 ~ | 14 | 13 |
|  5.635% due 08/25/2032 ~ | 208 | 201 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.380% due 09/25/2035 •  | 1592 | 1561 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.015% due 06/25/2033 ~ | 36 | 33 |
|  SACO Trust | SACO Trust | SACO Trust |
|  4.955% due 06/25/2036 ~ | 18 | 18 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 2019 | 435 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 58 | 16 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.365% due 06/25/2035 •  | 8043 | 7748 |
|  5.710% due 12/25/2034 •  | 976 | 943 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.125% due 09/25/2035 •  | 370 | 352 |
|  |  | 28318 |

---

---

| | | |
|:---|:---|:---|
|  | 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% |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.695% due 03/25/2037 ~ | 75 | 74 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 199 | 53 |
|  |  | 127 |
| 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 •  | 50 | 50 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 09/25/2046 ~ | 415 | 396 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.235% due 02/25/2033 ~ | 40 | 40 |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.721% due 07/25/2051 þ | 5634 | 5639 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.035% due 03/25/2036 •  | 35 | 35 |
|  |  | 6110 |
| OTHER ABS 6.0% | OTHER ABS 6.0% | OTHER ABS 6.0% |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.755% due 07/20/2034 •  | 3900 | 3900 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.730% due 04/22/2034 ~ | 3200 | 3202 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.669% due 07/16/2031 •  | 1668 | 1669 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | 3400 | 3405 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.738% due 10/24/2031 •  | 1956 | 1957 |
|  Betony CLO Ltd. | Betony CLO Ltd. | Betony CLO Ltd. |
|  5.629% due 04/30/2031 •  | 1028 | 1029 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.732% due 10/22/2030 ~ | 397 | 397 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.534% due 04/17/2031 ~ | 241 | 241 |
|  5.704% due 07/15/2031 •  | 1114 | 1115 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 508 | 509 |
|  5.508% due 10/24/2030 ~ | 2775 | 2778 |
|  5.713% due 07/17/2037 •  | 5000 | 5002 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.525% due 04/18/2031 •  | 2384 | 2385 |
|  5.534% due 04/15/2031 •  | 2338 | 2339 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | 1367 | 1367 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 3132 | 3135 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 666 | 667 |
|  5.564% due 04/15/2031 •  | 462 | 462 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.635% due 04/20/2031 •  | 3942 | 3942 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.532% due 07/27/2031 ~ | 950 | 952 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.762% due 01/25/2032 ~ | 684 | 685 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | 1833 | 1834 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 115 | 115 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.684% due 07/15/2031 ~ | 1236 | 1237 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 3598 | 3593 |
|  5.662% due 12/21/2029 ~ | 395 | 395 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.443% due 07/20/2030 ~ | 832 | 832 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | 159 | 159 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | 11621 | 11630 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.845% due 12/15/2033 ~ | 1060 | 1049 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.490% due 01/23/2032 •  | 824 | 824 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.719% due 01/16/2031 ~ | 127 | 127 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.685% due 04/20/2032 •  | 4117 | 4118 |
|  |  | 67051 |
|  Total Asset-Backed Securities (Cost $120,080) | Total Asset-Backed Securities (Cost $120,080) | 107930 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| 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 |
|  4.400% (f) | 521253 | 521 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
|  4.288% due 05/22/2025 - 06/26/2025 (c)(d) | 6905 | 6846 |
| Total Short-Term Instruments<br> (Cost $7,367) | Total Short-Term Instruments<br> (Cost $7,367) | 7367 |
| Total Investments in Securities<br> (Cost $4,022,673) | Total Investments in Securities<br> (Cost $4,022,673) | 3914301 |
|  | **SHARES** |  |
| 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% |
| 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 | 364334 | 3546 |
| Total Short-Term Instruments<br>(Cost $3,546) | Total Short-Term Instruments<br>(Cost $3,546) | 3546 |
| Total Investments in Affiliates<br> (Cost $3,546) | Total Investments in Affiliates<br> (Cost $3,546) | 3546 |
| Total Investments 352.3%<br> (Cost $4,026,219) | Total Investments 352.3%<br> (Cost $4,026,219) | 3917847 |
|  Financial Derivative<br>Instruments (h)(i) (0.1)%<br> (Cost or Premiums, net $5,745) | Financial Derivative<br>Instruments (h)(i) (0.1)%<br> (Cost or Premiums, net $5,745) | (1038) |
| Other Assets and Liabilities, net (252.2)% | Other Assets and Liabilities, net (252.2)% | (2804705) |
| Net Assets 100.0% | Net Assets 100.0% | 1112104 |

---

120 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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) 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) 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 |
|  DEU | 4.440% | 03/26/2025 | 04/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11516) | $(11525) |
|  JPS | 4.440 | 03/18/2025 | 04/01/2025 | (188) | (189) |
|  | 4.490 | 03/31/2025 | 04/03/2025 | (2737) | (2737) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14451) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (65.6)% | U.S. Government Agencies (65.6)% | U.S. Government Agencies (65.6)% | U.S. Government Agencies (65.6)% | U.S. Government Agencies (65.6)% | U.S. Government Agencies (65.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246300 | $(196503) | $(195791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 93100 | (84037) | (83918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2055 | 156000 | (140327) | (140547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 05/01/2055 | 299700 | (308270) | (308769) |
|  Total Short Sales (65.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729025) |

---

#### 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 March 31, 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 |
|  DEU | $0 | $(11525) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11525) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
|  JPS | 0 | (2926) | 0 | (2926) | 2905 | (21) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 121

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (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 | $(189) | $(14262) | $0 | $0 | $(14451) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14262) | $&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;(14451) |
|  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;(14451) |

---

(g) Securities with an aggregate market value of $14,526 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(44217) at a weighted average interest rate of 4.109%. 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;(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 5-Year Note June Futures  | 06/2025 | 11264 | $1218272 | $15388 | $0 | $(352) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 383 | 46822 | 708 | 168 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) |
| 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 June Futures  | 06/2025 | 3582 | $(398386) | $(3078) | $0 | $(56) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 5072 | (578842) | (3723) | 0 | (475) |
|  |  |  |  | $(6801) | $0 | $(531) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883) |

---

#### 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/<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 | 5.000% | Annual | 05/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64300 | $77 | $(176) | $(99) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 24200 | 44 | 208 | 252 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 23500 | (21) | 389 | 368 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 04/10/2030 | 30900 | 154 | (724) | (570) | 33 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 05/08/2030 | 22910 | 175 | (566) | (391) | 26 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 39200 | 547 | 1260 | 1807 | 0 | (42) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.118 | Annual | 10/10/2030 | 33900 | (193) | 891 | 698 | 46 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.135 | Annual | 10/10/2030 | 32200 | (134) | 827 | 693 | 44 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.145 | Annual | 10/10/2030 | 13400 | (54) | 350 | 296 | 18 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/10/2030 | 41400 | (208) | 1145 | 937 | 56 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.185 | Annual | 10/10/2030 | 66000 | 323 | (1925) | (1602) | 0 | (90) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 11/08/2030 | 37700 | (266) | 858 | 592 | 52 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.180 | Annual | 11/08/2030 | 43000 | (288) | 1356 | 1068 | 60 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.192 | Annual | 11/08/2030 | 12500 | (83) | 402 | 319 | 17 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 12/22/2030 | 20500 | 829 | (659) | 170 | 0 | (29) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 01/10/2031 | 47300 | 210 | (189) | 21 | 68 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/12/2031 | 6900 | 145 | (157) | (12) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.013 | Annual | 04/09/2031 | 14000 | 301 | 474 | 775 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.170 | Annual | 04/15/2031 | 13800 | 289 | 332 | 621 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 04/26/2031 | 10500 | 232 | 193 | 425 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 60000 | (459) | 774 | 315 | 0 | (94) |

---

---

| | | |
|:---|:---|:---|
| **122** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.480% | Annual | 02/07/2032 | $23000 | $267 | $56 | $323 | $0 | $(44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Annual | 07/15/2032 | 26700 | 0 | 3739 | 3739 | 0 | (52) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.998 | Annual | 09/16/2032 | 11000 | 99 | 504 | 603 | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.275 | Annual | 10/06/2032 | 16400 | 0 | 566 | 566 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/28/2032 | 5300 | 40 | 100 | 140 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.453 | Annual | 03/08/2033 | 14600 | 54 | 218 | 272 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.260 | Annual | 06/08/2033 | 8800 | 94 | 311 | 405 | 0 | (23) |
|  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) | 434 | 309 | 0 | (97) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 53100 | 3273 | 2116 | 5389 | 0 | (367) |
|  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;5322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) |

---

#### 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 March 31, 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 | $0 | $168 | $421 | $589 | $0 | $(883) | $(1018) | $(1901) |

---

Cash of $28,230 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 | $10 |
| MYC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 11/28/2025 | 23500 | 361 | 264 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $426 | $274 |

---

#### 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 | $3 | $(3) | $3 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(3) | $3 | $0 | $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 March 31, 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 | $10 | $0 | $10 | $0 | $0 | $0 | $0 | $10 | $(40) | $(30) |
|  MYC | 0 | 264 | 0 | 264 | 0 | 0 | 0 | 0 | 264 | (419) | (155) |
|  Total Over the Counter | $0 | $274 | $0 | $274 | $0 | $0 | $0 | $0 |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **123** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

<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 March 31, 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 | $168 | $168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 421 | 421 |
|  | $0 | $0 | $0 | $0 | $589 | $589 |
|  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 | $274 | $274 |
|  | $0 | $0 | $0 | $0 | $863 | $863 |
|  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 | $883 | $883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1018 | 1018 |
|  | $&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;1901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $(20299) | $(20299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4054 | 4054 |
|  | $0 | $0 | $0 | $0 | $(16245) | $(16245) |
|  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 | $(4470) | $(4470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 7409 | 7409 |
|  | $0 | $0 | $0 | $0 | $2939 | $2939 |
|  | $0 | $0 | $0 | $0 | $(13306) | $(13306) |
|  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 | $20448 | $20448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (328) | (328) |
|  | $0 | $0 | $0 | $0 | $20120 | $20120 |
|  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 | $787 | $787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (1855) | (1855) |
|  | $0 | $0 | $0 | $0 | $(1068) | $(1068) |
|  | $&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;19052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19052 |

---

124 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $52 | $0 | $52 |
| &nbsp;&nbsp; Industrials | 0 | 538 | 0 | 538 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Texas | 0 | 4320 | 0 | 4320 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627189 |
|  U.S. Treasury Obligations | 0 | 72351 | 0 | 72351 |
|  Non-Agency Mortgage-Backed Securities | 0 | 94554 | 0 | 94554 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 6274 | 0 | 6274 |
| &nbsp;&nbsp; Home Equity Other | 0 | 28318 | 0 | 28318 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 127 | 0 | 127 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 50 | 0 | 50 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 6110 | 0 | 6110 |
| &nbsp;&nbsp; Other ABS | 0 | 67051 | 0 | 67051 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 521 | 0 | 521 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6846 | 0 | 6846 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3914275 | $26 | $3914301 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $3546 | $0 | $0 | $3546 |
|  Total Investments | $3546 | $3914275 | $26 | $3917847 |
|  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 | $(729025) | $0 | $(729025) |
|  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 | 589 | 0 | 589 |
|  Over the counter | 0 | 274 | 0 | 274 |
|  | $0 | $863 | $0 | $863 |
|  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 | $(1901) | $0 | $(1901) |
|  Total Financial Derivative Instruments | $0 | $(1038) | $0 | $(1038) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187784 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **125** |

---

------

Schedule of Investments PIMCO Municipal 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 96.2% | INVESTMENTS IN SECURITIES 96.2% | INVESTMENTS IN SECURITIES 96.2% |
| MUNICIPAL BONDS & NOTES 95.8% | MUNICIPAL BONDS & NOTES 95.8% | MUNICIPAL BONDS & NOTES 95.8% |
| ARIZONA 3.4% | ARIZONA 3.4% | ARIZONA 3.4% |
|  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 |
|  5.000% due 07/01/2049 | 1250 | 1274 |
|  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 | 2095 |
|  |  | 3369 |
| 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 | 1414 |
| CALIFORNIA 7.3% | CALIFORNIA 7.3% | CALIFORNIA 7.3% |
|  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 | 529 |
|  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 | 450 |
|  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 | 805 | 775 |
|  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 | 1174 |
|  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 | 2383 |
|  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 | 965 |
|  |  | 7323 |
| COLORADO 1.0% | COLORADO 1.0% | COLORADO 1.0% |
|  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 | 1034 |
| 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 | 2709 |
| 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 | 524 |
|  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 | 1030 |
|  |  | 1554 |
| FLORIDA 4.3% | FLORIDA 4.3% | FLORIDA 4.3% |
|  JEA Water & Sewer System, Florida Revenue Bonds, Series 2024 | JEA Water & Sewer System, Florida Revenue Bonds, Series 2024 | JEA Water & Sewer System, Florida Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2049 | 1000 | 1069 |
|  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 | 1401 |
|  Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 1000 | 870 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1017 |
|  |  | 4357 |
| GEORGIA 1.0% | GEORGIA 1.0% | GEORGIA 1.0% |
|  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 | 1010 |
| HAWAII 1.5% | HAWAII 1.5% | HAWAII 1.5% |
|  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 | 1503 |
| ILLINOIS 5.1% | ILLINOIS 5.1% | ILLINOIS 5.1% |
|  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 | 1002 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 02/01/2035 | 1000 | 1084 |
|  5.000% due 05/01/2037 | 1000 | 1070 |
|  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 | 1035 |
|  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 | 879 |
|  |  | 5070 |
| 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 | 887 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | Louisiana Public Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2040 | 685 | 728 |
| 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 | 1683 |
| MASSACHUSETTS 1.0% | MASSACHUSETTS 1.0% | MASSACHUSETTS 1.0% |
|  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 | 1004 |
| MICHIGAN 5.5% | MICHIGAN 5.5% | MICHIGAN 5.5% |
|  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 | 1335 |
|  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 12/01/2028 | 1500 | 1575 |
|  5.000% due 12/01/2031 | 2385 | 2554 |
|  |  | 5464 |
| 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 | 2550 |
| NEVADA 2.5% | NEVADA 2.5% | NEVADA 2.5% |
|  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 | 1040 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 628 |
|  0.000% due 06/01/2036 (a) | 1520 | 871 |
|  |  | 2539 |
| NEW JERSEY 5.1% | NEW JERSEY 5.1% | NEW JERSEY 5.1% |
|  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 | 1054 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2017 | New Jersey Economic Development Authority Revenue Bonds, Series 2017 | New Jersey Economic Development Authority Revenue Bonds, Series 2017 |
|  5.000% due 06/15/2034 | 1000 | 1047 |
|  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 | 943 |
|  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 | 963 |
|  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 | 1065 |
|  |  | 5072 |
| 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 | 320 |
|  5.250% due 06/15/2053 | 400 | 424 |
|  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 | 3187 |
|  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 | 1044 |
|  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 | 560 |
|  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 | 2127 |
|  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 | 1047 |
|  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 | 636 |
|  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 | 1029 |
|  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 | 1007 |
|  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 | 967 |
|  |  | 12348 |
| 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 | 429 |
| OKLAHOMA 1.1% | OKLAHOMA 1.1% | OKLAHOMA 1.1% |
|  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 06/01/2040 | 1000 | 1077 |

---

126 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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 | 1040 |
| PENNSYLVANIA 12.5% | PENNSYLVANIA 12.5% | PENNSYLVANIA 12.5% |
|  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 | 2399 |
|  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 | 991 |
|  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 | 1875 | 1902 |
|  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 | 1018 |
|  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 | 2928 |
|  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 | 3342 |
|  |  | 12580 |
| 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 | 1031 |
| 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 | 1091 |
| TEXAS 11.2% | TEXAS 11.2% | TEXAS 11.2% |
|  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 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1061 |
|  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 | 1004 |
|  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 | 1431 |
|  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 | 1164 |
|  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 | 2080 |
|  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 | 1080 |
|  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 | 1005 |
|  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 | 822 |
|  5.000% due 10/15/2058 | 500 | 518 |
|  |  | 11279 |
| UTAH 1.3% | UTAH 1.3% | UTAH 1.3% |
|  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 | 1297 |
| VIRGINIA 2.3% | VIRGINIA 2.3% | VIRGINIA 2.3% |
|  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 | 2290 |
| 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 | 928 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WISCONSIN 1.5% | WISCONSIN 1.5% | WISCONSIN 1.5% | WISCONSIN 1.5% |
|  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 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 1500 | $— | 1447 |
|  Total Municipal Bonds & Notes (Cost $98,856) | Total Municipal Bonds & Notes (Cost $98,856) |  | 96107 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  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 |
|  4.400% (b) | 414732 |  | 415 |
| Total Short-Term Instruments<br>(Cost $415) | Total Short-Term Instruments<br>(Cost $415) |  | 415 |
| Total Investments in Securities<br>(Cost $99,271) | Total Investments in Securities<br>(Cost $99,271) |  | 96522 |
| INVESTMENTS IN AFFILIATES 2.7% | INVESTMENTS IN AFFILIATES 2.7% | INVESTMENTS IN AFFILIATES 2.7% | INVESTMENTS IN AFFILIATES 2.7% |
| SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 281849 |  | 2744 |
| Total Short-Term Instruments<br> (Cost $2,743) | Total Short-Term Instruments<br> (Cost $2,743) |  | 2744 |
| Total Investments in Affiliates<br> (Cost $2,743) | Total Investments in Affiliates<br> (Cost $2,743) |  | 2744 |
| Total Investments 98.9%<br> (Cost $102,014) | Total Investments 98.9%<br> (Cost $102,014) | $— | 99266 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% |  | 1112 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 100378 |

---

#### 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 | $764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | 0.63% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 127

------

Schedule of Investments PIMCO Municipal Portfolio (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $3369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3369 |
| &nbsp;&nbsp; Arkansas | 0 | 1414 | 0 | 1414 |
| &nbsp;&nbsp; California | 0 | 7323 | 0 | 7323 |
| &nbsp;&nbsp; Colorado | 0 | 1034 | 0 | 1034 |
| &nbsp;&nbsp; Connecticut | 0 | 2709 | 0 | 2709 |
| &nbsp;&nbsp; District of Columbia | 0 | 1554 | 0 | 1554 |
| &nbsp;&nbsp; Florida | 0 | 4357 | 0 | 4357 |
| &nbsp;&nbsp; Georgia | 0 | 1010 | 0 | 1010 |
| &nbsp;&nbsp; Hawaii | 0 | 1503 | 0 | 1503 |
| &nbsp;&nbsp; Illinois | 0 | 5070 | 0 | 5070 |
| &nbsp;&nbsp; Indiana | 0 | 887 | 0 | 887 |
| &nbsp;&nbsp; Louisiana | 0 | 728 | 0 | 728 |
| &nbsp;&nbsp; Maryland | 0 | 1683 | 0 | 1683 |
| &nbsp;&nbsp; Massachusetts | 0 | 1004 | 0 | 1004 |
| &nbsp;&nbsp; Michigan | 0 | 5464 | 0 | 5464 |
| &nbsp;&nbsp; Minnesota | 0 | 2550 | 0 | 2550 |
| &nbsp;&nbsp; Nevada | 0 | 2539 | 0 | 2539 |
| &nbsp;&nbsp; New Jersey | 0 | 5072 | 0 | 5072 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12348 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12348 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Ohio | $0 | $429 | $0 | $429 |
| &nbsp;&nbsp; Oklahoma | 0 | 1077 | 0 | 1077 |
| &nbsp;&nbsp; Oregon | 0 | 1040 | 0 | 1040 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12580 | 0 | 12580 |
| &nbsp;&nbsp; Rhode Island | 0 | 1031 | 0 | 1031 |
| &nbsp;&nbsp; Tennessee | 0 | 1091 | 0 | 1091 |
| &nbsp;&nbsp; Texas | 0 | 11279 | 0 | 11279 |
| &nbsp;&nbsp; Utah | 0 | 1297 | 0 | 1297 |
| &nbsp;&nbsp; Virginia | 0 | 2290 | 0 | 2290 |
| &nbsp;&nbsp; Washington | 0 | 928 | 0 | 928 |
| &nbsp;&nbsp; Wisconsin | 0 | 1447 | 0 | 1447 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 415 | 0 | 415 |
|  | $0 | $96522 | $0 | $96522 |
|  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 | $2744 | $0 | $0 | $2744 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99266 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **128** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Real Return Portfolio March 31, 2025

#### (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 177.2% | INVESTMENTS IN SECURITIES 177.2% | INVESTMENTS IN SECURITIES 177.2% | INVESTMENTS IN SECURITIES 177.2% | INVESTMENTS IN SECURITIES 177.2% |
| U.S. TREASURY OBLIGATIONS 177.1% | U.S. TREASURY OBLIGATIONS 177.1% | U.S. TREASURY OBLIGATIONS 177.1% | U.S. TREASURY OBLIGATIONS 177.1% | U.S. TREASURY OBLIGATIONS 177.1% |
|  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 04/15/2026 (c) | $— | 37422 | $— | 37164 |
|  0.125% due 07/15/2026 (c) |  | 37498 |  | 37329 |
|  0.125% due 10/15/2026 |  | 18108 |  | 17967 |
|  0.125% due 04/15/2027 |  | 17435 |  | 17120 |
|  0.125% due 01/15/2030 |  | 27047 |  | 25454 |
|  0.125% due 07/15/2030 (c) |  | 32951 |  | 30874 |
|  0.125% due 01/15/2031 |  | 32747 |  | 30255 |
|  0.125% due 07/15/2031 (c) |  | 36332 |  | 33374 |
|  0.125% due 01/15/2032 |  | 19065 |  | 17262 |
|  0.125% due 02/15/2051 |  | 7356 |  | 4236 |
|  0.125% due 02/15/2052 |  | 7644 |  | 4335 |
|  0.250% due 07/15/2029 (c) |  | 17507 |  | 16774 |
|  0.250% due 02/15/2050 |  | 8623 |  | 5271 |
|  0.375% due 01/15/2027 |  | 23930 |  | 23686 |
|  0.375% due 07/15/2027 (c) |  | 35056 |  | 34662 |
|  0.500% due 01/15/2028 |  | 23563 |  | 23149 |
|  0.625% due 01/15/2026 |  | 1738 |  | 1737 |
|  0.625% due 07/15/2032 (c) |  | 32684 |  | 30524 |
|  0.625% due 02/15/2043 |  | 9394 |  | 7232 |
|  0.750% due 07/15/2028 |  | 23661 |  | 23388 |
|  0.750% due 02/15/2042 |  | 12397 |  | 9970 |
|  0.750% due 02/15/2045 |  | 16643 |  | 12643 |
|  0.875% due 01/15/2029 |  | 24025 |  | 23655 |
|  0.875% due 02/15/2047 |  | 9381 |  | 7107 |
|  1.000% due 02/15/2046 |  | 12292 |  | 9706 |
|  1.000% due 02/15/2048 |  | 8964 |  | 6896 |
|  1.000% due 02/15/2049 |  | 6689 |  | 5096 |
|  1.125% due 01/15/2033 (c) |  | 33160 |  | 31781 |
|  1.250% due 04/15/2028 (c) |  | 26048 |  | 26061 |
|  1.375% due 07/15/2033 (c) |  | 30327 |  | 29594 |
|  1.375% due 02/15/2044 |  | 14636 |  | 12754 |
|  1.500% due 02/15/2053 |  | 10150 |  | 8454 |
|  1.625% due 10/15/2027 (c) |  | 28948 |  | 29430 |
|  1.625% due 10/15/2029 |  | 5249 |  | 5324 |
|  1.750% due 01/15/2028 |  | 9171 |  | 9324 |
|  1.750% due 01/15/2034 (c) |  | 27484 |  | 27447 |
|  1.875% due 07/15/2034 (c) |  | 27228 |  | 27490 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.125% due 04/15/2029 (c) | 31523 | 32465 |
|  2.125% due 01/15/2035 (c) | 10366 | 10644 |
|  2.125% due 02/15/2040 | 2204 | 2230 |
|  2.125% due 02/15/2041 | 7730 | 7803 |
|  2.125% due 02/15/2054 | 10763 | 10336 |
|  2.375% due 01/15/2027 | 10867 | 11146 |
|  2.375% due 10/15/2028 (c) | 26131 | 27230 |
|  2.375% due 02/15/2055 | 2114 | 2141 |
|  3.625% due 04/15/2028 | 5420 | 5810 |
|  3.875% due 04/15/2029 | 3491 | 3837 |
|  Total U.S. Treasury Obligations (Cost $819,858) |  | 818167 |
| 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 |  |
|  4.715% due 01/25/2035 ~ | 23 | 23 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |  |
|  4.855% due 07/25/2030 •  | 132 | 122 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $151) | Total Non-Agency Mortgage-Backed Securities (Cost $151) | 145 |
|  | **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 |  |
| 4.400 (b) | 428350 | 428 |
| Total Short-Term Instruments (Cost $428) |  | 428 |
| Total Investments in Securities (Cost $820,437) |  | 818740 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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-Term Floating NAV Portfolio III | 1952389 | $— | 19005 |
| Total Short-Term Instruments (Cost $19,005) |  | 19005 | 19005 |
| Total Investments in Affiliates (Cost $19,005) |  |  | 19005 |
| Total Investments 181.3% (Cost $839,442) |  | $— | 837745 |
|  Financial Derivative<br>Instruments (d)(e) (0.0)%<br> (Cost or Premiums, net $(73)) | Financial Derivative<br>Instruments (d)(e) (0.0)%<br> (Cost or Premiums, net $(73)) |  | (13) |
| Other Assets and Liabilities, net (81.3)% | Other Assets and Liabilities, net (81.3)% |  | (375647) |
| Net Assets 100.0% |  | $— | 462085 |

---

#### 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) 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 |
|  BSN | 4.430% | 03/17/2025 | 04/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94909) | $(95084) |
|  JPS | 4.440 | 04/01/2025 | 04/08/2025 | (10674) | (10673) |
|  | 4.490 | 03/27/2025 | 04/03/2025 | (1405) | (1406) |
|  MSR | 4.450 | 04/01/2025 | 04/02/2025 | (296802) | (296802) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | (282585) | (282621) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686586) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 129

------

Schedule of Investments PIMCO Real Return Portfolio (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 March 31, 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 | $(95084) | $0 | $(95084) | $94928 | $(156) |
|  JPS | 0 | (12079) | 0 | (12079) | 1412 | (10667) |
|  MSR | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579423) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288170) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(686586) | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282621) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96490) | $&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;(379111) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282621) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96490) | $&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;(379111) |
|  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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379111) |

---

(c) Securities with an aggregate market value of $388,425 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(353004) at a weighted average interest rate of 4.976%. 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 $(307475) 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 June Futures  | 06/2025 | 150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 98 | 11184 | 159 | 9 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 June Futures  | 06/2025 | 43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5990) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 37 | (7665) | (48) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 61 | (7457) | (46) | 0 | (26) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |

---

130 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 | 03/19/2027 | 9500 | $(61) | $(11) | $(72) | $10 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | 0 | (2) | (2) | 3 | 0 |
|  Receive | CPTFEMU | 2.975 | Maturity | 08/15/2027 | 900 | 3 | (11) | (8) | 1 | 0 |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | $800 | 0 | (7) | (7) | 0 | 0 |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 3800 | 0 | (28) | (28) | 0 | (4) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(73) | $(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | $35 | $&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 March 31, 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;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $&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;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |

---

Cash of $1,094 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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 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 Delivered | **Currency to<br>be Received** | Asset | Liability |
|  MBC | 04/2025 | GBP | 67 | $87 | $0 | $0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $0 | $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 March 31, 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> |
|  MBC | $&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;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 |
|  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;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 |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **131** |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.) March 31, 2025

#### 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 March 31, 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 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 35 | 35 |
|  | $0 | $0 | $0 | $0 | $45 | $45 |
|  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 | $54 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (7) | (7) |
|  | $0 | $0 | $0 | $0 | $116 | $116 |
|  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; Written Options  | 0 | 0 | 0 | 0 | 234 | 234 |
|  | $0 | $0 | $0 | $1 | $234 | $235 |
|  | $0 | $0 | $0 | $1 | $350 | $351 |
|  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 | $(71) | $(71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 231 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (73) | (73) |
|  | $0 | $0 | $0 | $0 | $87 | $87 |
|  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 | $(223) | $(223) |
|  | $&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;(136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $818167 | $0 | $818167 |
|  Non-Agency Mortgage-Backed Securities | 0 | 145 | 0 | 145 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 428 | 0 | 428 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818740 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818740 |
|  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;19005 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19005 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818740 | $0 | $837745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $1 | $44 | $0 | $45 |
|  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) | $(35) | $0 | $(58) |
|  Total Financial Derivative Instruments | $(22) | $9 | $0 | $(13) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837732 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **132** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Sector Fund Series - AM March 31, 2025

#### (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 202.0% | INVESTMENTS IN SECURITIES 202.0% | INVESTMENTS IN SECURITIES 202.0% | INVESTMENTS IN SECURITIES 202.0% | INVESTMENTS IN SECURITIES 202.0% |
| U.S. GOVERNMENT AGENCIES 186.6% | U.S. GOVERNMENT AGENCIES 186.6% | U.S. GOVERNMENT AGENCIES 186.6% | U.S. GOVERNMENT AGENCIES 186.6% | U.S. GOVERNMENT AGENCIES 186.6% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 04/01/2030 «(b) | $— | 245 | $— | 246 |
|  3.000% due 10/25/2051 (a) |  | 2016 |  | 371 |
|  4.300% due 12/01/2029 |  | 401 |  | 400 |
|  4.880% due 06/01/2028 |  | 500 |  | 508 |
|  5.004% due 09/25/2041 •  |  | 1342 |  | 1331 |
|  5.140% due 02/01/2035 |  | 500 |  | 517 |
|  5.590% due 05/25/2054 •  |  | 4020 |  | 4027 |
|  5.690% due 01/25/2055 •  |  | 3407 |  | 3425 |
|  5.790% due 06/25/2054 •  |  | 3143 |  | 3170 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.500% due 04/25/2052 (a) |  | 3474 |  | 522 |
|  3.000% due 10/25/2049 (a) |  | 3028 |  | 417 |
|  5.290% due 08/25/2054 •  |  | 919 |  | 922 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 10/20/2054 - 03/20/2055 |  | 2900 |  | 2660 |
|  4.500% due 07/15/2049 - 07/20/2054 |  | 731 |  | 704 |
|  5.000% due 03/20/2053 |  | 3136 |  | 3110 |
|  5.033% due 03/20/2070 •  |  | 349 |  | 349 |
|  5.099% due 01/20/2068 •  |  | 430 |  | 434 |
|  5.244% due 08/20/2072 •  |  | 2604 |  | 2607 |
|  5.394% due 08/20/2053 •  |  | 1737 |  | 1741 |
|  5.500% due 03/20/2036 - 05/20/2036 |  | 2276 |  | 2333 |
|  5.844% due 07/20/2071 •  |  | 971 |  | 996 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 05/01/2055 |  | 2500 |  | 2045 |
|  2.500% due 04/01/2055 |  | 1000 |  | 853 |
|  3.000% due 05/01/2055 |  | 5000 |  | 4428 |
|  3.500% due 04/01/2055 |  | 3000 |  | 2745 |
|  4.000% due 05/01/2055 |  | 1500 |  | 1404 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 05/01/2055 | 1400 | 1376 |
|  6.500% due 04/01/2055 | 1000 | 1024 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.500% due 12/01/2052 (c) | 4188 | 4009 |
|  4.500% due 01/01/2053 | 4509 | 4316 |
|  5.000% due 11/01/2053 (c) | 4304 | 4229 |
|  5.500% due 04/01/2054 (c) | 1707 | 1706 |
|  5.500% due 07/01/2054 | 1832 | 1851 |
|  6.000% due 07/01/2054 | 2976 | 3049 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 04/01/2040 - 05/01/2055 | 7300 | 5934 |
|  2.500% due 04/01/2040 - 05/01/2055 | 5800 | 4870 |
|  3.000% due 05/01/2055 | 6500 | 5633 |
|  3.500% due 04/01/2040 - 05/01/2055 | 5000 | 4598 |
|  4.000% due 05/01/2055 | 400 | 372 |
|  6.000% due 06/01/2055 | 4700 | 4765 |
|  6.500% due 06/01/2055 | 5400 | 5559 |
|  Total U.S. Government Agencies (Cost $95,104) | Total U.S. Government Agencies (Cost $95,104) | 95556 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 15.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 15.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 15.4% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 1922 | 1920 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.690% due 07/25/2054 ~ | 2238 | 2245 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 1888 | 1799 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.379% due 06/25/2069 •  | 1935 | $— | 1929 |
|  Total Non-Agency Mortgage-Backed<br>Securities (Cost $7,883) | Total Non-Agency Mortgage-Backed<br>Securities (Cost $7,883) |  | 7893 |
|  Total Investments in Securities<br> (Cost $102,987) | Total Investments in Securities<br> (Cost $102,987) |  | 103449 |
|  | **SHARES** |  |  |
| 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 | 79618 |  | 775 |
| Total Short-Term Instruments<br> (Cost $775) | Total Short-Term Instruments<br> (Cost $775) |  | 775 |
| Total Investments in Affiliates<br> (Cost $775) | Total Investments in Affiliates<br> (Cost $775) |  | 775 |
| Total Investments 203.5% (Cost $103,762) | Total Investments 203.5% (Cost $103,762) | $— | 104224 |
|  Financial Derivative<br>Instruments (d)(e) 0.0%<br> (Cost or Premiums, net $108) | Financial Derivative<br>Instruments (d)(e) 0.0%<br> (Cost or Premiums, net $108) |  | 3 |
| Other Assets and Liabilities, net (103.5)% | Other Assets and Liabilities, net (103.5)% |  | (53019) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 51208 |

---

#### 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.

#### 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 |
|  FAR | 4.450% | 03/13/2025 | 04/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8026) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8045) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $(8045) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (26.5)% | U.S. Government Agencies (26.5)% | U.S. Government Agencies (26.5)% | U.S. Government Agencies (26.5)% | U.S. Government Agencies (26.5)% | U.S. Government Agencies (26.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 4.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 5.500 | 04/01/2055 | 1000 | (1000) | (1002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 1500 | (1346) | (1352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2055 | 300 | (280) | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 06/01/2055 | 7300 | (6971) | (6977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 05/01/2055 | 1200 | (1175) | (1175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 04/01/2055 | 500 | (498) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 2200 | (2193) | (2195) |
|  Total Short Sales (26.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13576) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 133

------

Schedule of Investments PIMCO Sector Fund Series - AM (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 March 31, 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 |
|  FAR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
|  Total Borrowings and Other Financing Transactions | $0 | $(8045) | $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. Government Agencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(8045) |
|  Total Borrowings | $0 | $(8045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(8045) |
|  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;(8045) |

---

(c) Securities with an aggregate market value of $8,361 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(12889) at a weighted average interest rate of 5.194%. 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;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6698) | $19 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 38 | (4110) | (41) | 1 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 58 | (6451) | (77) | 0 | (1) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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;3500 | $11 | $(13) | $(2) | $1 | $(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 4100 | 36 | (49) | (13) | 13 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 600 | 39 | (13) | 26 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 700 | 30 | (1) | 29 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 300 | (3) | 20 | 17 | 0 | (2) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

134 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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;1 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

Cash of $382 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.159% | 06/04/2025 | 1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

#### 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 5.500% due 04/01/2055 | $96.016 | 04/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $2 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 04/01/2055 | 96.117 | 04/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 04/01/2055 | 96.484 | 04/07/2025 | 500 | 1 | 0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2055 | 98.094 | 04/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2055 | 98.215 | 04/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2055 | 98.477 | 04/07/2025 | 500 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2055 | 98.516 | 04/07/2025 | 300 | 0 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2055 | 98.266 | 05/06/2025 | 400 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.359 | 05/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 2 | 1 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(</sup> <sup>1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.613% | 05/06/2025 | 300 | $(1) | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.452 | 04/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.532 | 04/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.569 | 04/07/2025 | 300 | (2) | 0 |
| BRC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.909 | 06/04/2025 | 1000 | (7) | (5) |
| FAR Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.536 | 04/07/2025 | 400 | (1) | 0 |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.482 | 04/07/2025 | 400 | (1) | 0 |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.568 | 04/09/2025 | 200 | 0 | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.573 | 04/07/2025 | 400 | (1) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.013 | 05/06/2025 | 500 | (2) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 04/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.508 | 04/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $(4) | $(1) |
|  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;(7) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 135

------

Schedule of Investments PIMCO Sector Fund Series - AM (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $(1) | $0 | $(1) | $(1) | $0 | $(1) |
|  BRC | 0 | 3 | 0 | 3 | 0 | (5) | 0 | (5) | (2) | 0 | (2) |
|  GSC | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (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) |
|  Total Over the Counter | $&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 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |  |  |  |

---

<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 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 March 31, 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 | 0 | 0 | 0 | 14 | 14 |
|  | $0 | $0 | $0 | $0 | $15 | $15 |
|  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 | $4 | $4 |
|  | $0 | $0 | $0 | $0 | $19 | $19 |
|  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 | 8 | 8 |
|  | $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; Written Options  | $0 | $0 | $0 | $0 | $7 | $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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (46) | (46) |
|  | $0 | $0 | $0 | $0 | $158 | $158 |
|  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 | $(76) | $(76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 146 | 146 |
|  | $0 | $0 | $0 | $0 | $70 | $70 |
|  | $0 | $0 | $0 | $0 | $228 | $228 |

---

136 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 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; Futures  | $0 | $0 | $0 | $0 | $(99) | $(99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (56) | (56) |
|  | $0 | $0 | $0 | $0 | $(155) | $(155) |
|  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) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 13 | 13 |
|  | $0 | $0 | $0 | $0 | $1 | $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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $95310 | $246 | $95556 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7893 | 0 | 7893 |
|  | $0 | $103203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $103449 |
|  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 |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $775 | $0 | $0 | $775 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103203 | $246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104224 |
|  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 | $(13576) | $0 | $(13576) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | $0 | $15 | $0 | $15 |
|  Over the counter | 0 | 4 | 0 | 4 |
|  | $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 | 0 | (9) | 0 | (9) |
|  Over the counter | 0 | (7) | 0 | (7) |
|  | $0 | $(16) | $0 | $(16) |
|  Total Financial Derivative Instruments | $0 | $3 | $0 | $3 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90651 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **137** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H

#### (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 93.4% | INVESTMENTS IN SECURITIES 93.4% | INVESTMENTS IN SECURITIES 93.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  8.575% due 12/13/2030 | 99 | 100 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  TBD% due 02/07/2032 « | 100 | 100 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 ~µ | 20 | 20 |
|  8.295% due 12/09/2031 | 200 | 198 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  TBD% due 03/26/2032 | 50 | 49 |
|  7.073% due 05/01/2031 | 74 | 73 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  9.061% due 11/06/2028 ~ | 50 | 50 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  8.075% due 06/27/2031 | 100 | 99 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 125 | 124 |
|  INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. |
|  TBD% due 04/02/2029 « | 25 | 24 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 75 | 75 |
|  Lifepoint Health, Inc. | Lifepoint Health, Inc. | Lifepoint Health, Inc. |
|  7.817% due 05/19/2031 ~ | 50 | 48 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 25 | 24 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.037% due 12/31/2030 | 4 | 4 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.389% due 04/11/2029 | 76 | 65 |
|  Novelis Holdings, Inc. | Novelis Holdings, Inc. | Novelis Holdings, Inc. |
|  6.299% due 03/11/2032 | 75 | 75 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.549% due 03/31/2028 | 99 | 98 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.814% due 10/30/2031 | 100 | 100 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  1.000% due 09/18/2031 | 100 | 100 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  7.296% due 04/04/2029 ~ | 25 | 25 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.175% due 10/15/2028 ~ | 50 | 47 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 100 | 99 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  TBD% due 04/30/2030 | 50 | 50 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | 99 | 93 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.300% due 02/10/2031 ~ | 50 | 50 |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « | 75 | 74 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  TBD% due 03/26/2031 « | 50 | 50 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.325% due 04/30/2031 ~ | 100 | 96 |
|  X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ | 100 | 100 |
|  Total Loan Participations and Assignments (Cost $2,119) | Total Loan Participations and Assignments (Cost $2,119) | 2110 |
| CORPORATE BONDS & NOTES 77.7% | CORPORATE BONDS & NOTES 77.7% | CORPORATE BONDS & NOTES 77.7% |
| BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 | 25 | 25 |
|  7.000% due 01/15/2031 | 75 | 75 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  4.625% due 06/01/2028 | 100 | 95 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.543% due 01/17/2031 •  | 50 | 50 |
|  8.000% due 11/01/2031 | 50 | 56 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 250 | 260 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 25 | 26 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  4.500% due 04/01/2027 | 66 | 63 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 100 | 99 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 100 | 99 |
|  9.250% due 12/15/2028 | 25 | 27 |
|  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 | 75 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 100 | 103 |
|  9.250% due 04/01/2029 | 25 | 26 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 200 | 201 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 75 | 74 |
|  5.875% due 04/15/2033 | 50 | 48 |
|  7.000% due 05/01/2031 | 100 | 102 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 100 | 108 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 50 | 49 |
|  9.125% due 05/15/2031 | 50 | 50 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 | 100 | 97 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 50 | 44 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  5.250% due 05/15/2027 | 75 | 71 |
|  9.000% due 06/15/2030 | 25 | 24 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 75 | 67 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  6.125% due 11/01/2032 | 75 | 74 |
|  7.125% due 04/30/2031 | 150 | 154 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  4.750% due 03/01/2029 | 50 | 46 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.750% due 06/15/2029 | 50 | 48 |
|  LFS Topco LLC | LFS Topco LLC | LFS Topco LLC |
|  5.875% due 10/15/2026 | 75 | 73 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 50 | 48 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  7.125% due 02/01/2032 | 125 | 130 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 25 | 24 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 75 | 79 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 350 | 336 |
|  6.625% due 05/15/2029 | 125 | 125 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 75 | 53 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 150 | 153 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 75 | 70 |
|  Paysafe Finance PLC | Paysafe Finance PLC | Paysafe Finance PLC |
|  4.000% due 06/15/2029 | 75 | 70 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 50 | 49 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 125 | 117 |
|  7.125% due 11/15/2030 | 50 | 51 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 75 | 78 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 50 | 49 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.750% due 10/15/2027 | 75 | 73 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 75 | 67 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  2.875% due 10/15/2026 | 125 | 120 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.875% due 02/15/2027 | 100 | 97 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  5.500% due 12/15/2027 | 100 | 97 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 125 | 121 |
|  6.500% due 01/31/2030 | 175 | 180 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.000% due 04/15/2030 | 50 | 49 |
|  6.500% due 10/15/2030 (a) | 25 | 25 |
|  7.250% due 04/01/2029 | 50 | 51 |
|  Sunrise FinCo BV | Sunrise FinCo BV | Sunrise FinCo BV |
|  4.875% due 07/15/2031 | 25 | 23 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 100 | 98 |
|  VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
|  7.500% due 06/15/2031 | 100 | 103 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 25 | 25 |
|  |  | 4970 |
| INDUSTRIALS 60.6% | INDUSTRIALS 60.6% | INDUSTRIALS 60.6% |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 25 | 25 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  7.375% due 03/15/2033 | 50 | 50 |
|  Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
|  7.500% due 02/15/2033 | 25 | 23 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 25 | 22 |
|  Air Canada | Air Canada | Air Canada |
|  3.875% due 08/15/2026 | 125 | 122 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  4.625% due 01/15/2027 | 100 | 99 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  8.750% due 04/15/2027 | 25 | 25 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  7.125% due 03/15/2031 | 25 | 26 |
|  Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
|  7.250% due 08/15/2027 | 50 | 49 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  4.750% due 10/01/2027 | 75 | 73 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  10.500% due 05/15/2027 | 100 | 29 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 | 150 | 118 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 50 | 38 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 75 | 74 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 25 | 26 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.750% due 04/20/2029 | 250 | 245 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 50 | 46 |
|  4.000% due 01/15/2028 | 100 | 96 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 75 | 77 |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 35 | 36 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 75 | 76 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  6.625% due 10/15/2032 | 75 | 75 |

---

---

| | | |
|:---|:---|:---|
| **138** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 75 | 68 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 | 75 | 72 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 150 | 137 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 100 | 101 |
|  6.250% due 03/15/2033 | 50 | 51 |
|  B.C. Ltd. | B.C. Ltd. | B.C. Ltd. |
|  10.000% due 04/15/2032 (a) | 125 | 124 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  3.500% due 02/15/2029 | 125 | 116 |
|  4.000% due 10/15/2030 | 275 | 249 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 150 | 131 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.875% due 11/01/2035 | 25 | 25 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 100 | 104 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  5.750% due 08/15/2027 | 100 | 100 |
|  11.000% due 09/30/2028 | 50 | 48 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
|  4.125% due 05/15/2029 | 75 | 76 |
|  4.500% due 11/15/2026 | 50 | 50 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 75 | 75 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 75 | 66 |
|  6.500% due 05/15/2032 | 100 | 101 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 25 | 24 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  4.500% due 03/01/2028 | 75 | 72 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  5.000% due 03/01/2030 | 200 | 191 |
|  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 | 50 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 25 | 26 |
|  Capstone Copper Corp. | Capstone Copper Corp. | Capstone Copper Corp. |
|  6.750% due 03/31/2033 | 100 | 100 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  7.000% due 08/15/2029 | 225 | 236 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 100 | 106 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.500% due 08/15/2030 | 100 | 91 |
|  4.750% due 03/01/2030 | 250 | 232 |
|  5.375% due 06/01/2029 | 350 | 339 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 125 | 124 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 | 50 | 44 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 100 | 103 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  4.625% due 11/15/2028 | 100 | 96 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 75 | 75 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 125 | 122 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 50 | 46 |
|  Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. |
|  8.375% due 01/15/2029 | 50 | 51 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.375% due 07/01/2028 | 50 | 52 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.750% due 02/15/2030 | 75 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  4.875% due 07/01/2029 | 50 | 45 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 125 | 122 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 75 | 75 |
|  6.750% due 04/15/2032 (a) | 50 | 50 |
|  6.875% due 01/15/2030 | 50 | 50 |
|  Cogent Communications Group, Inc. | Cogent Communications Group, Inc. | Cogent Communications Group, Inc. |
|  7.000% due 06/15/2027 | 50 | 50 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  5.625% due 03/15/2027 | 250 | 239 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  6.500% due 10/01/2028 | 25 | 24 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 | 150 | 144 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 75 | 72 |
|  7.625% due 04/01/2032 | 50 | 49 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.250% due 03/15/2029 | 25 | 23 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 125 | 115 |
|  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 | 25 | 23 |
|  6.875% due 09/01/2032 | 50 | 50 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 75 | 77 |
|  Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. |
|  8.500% due 10/01/2030 | 75 | 77 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 | 125 | 121 |
|  10.000% due 02/15/2031 | 50 | 48 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 75 | 79 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 115 | 121 |
|  Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 100 | 98 |
|  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 | 50 | 49 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  4.750% due 01/15/2031 | 200 | 192 |
|  ESAB Corp. | ESAB Corp. | ESAB Corp. |
|  6.250% due 04/15/2029 | 50 | 51 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 100 | 92 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | 150 | 150 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  6.000% due 06/01/2029 | 100 | 94 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.375% due 08/15/2029 | 75 | 71 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 | 76 | 76 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 100 | 98 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.625% due 07/01/2029 | 150 | 150 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.500% due 03/15/2028 | 75 | 71 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  5.375% due 11/15/2031 | 25 | 16 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 100 | 94 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 150 | 141 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 125 | 110 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  5.000% due 06/01/2029 | 75 | 70 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 250 | 231 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 50 | 51 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (b) | 25 | 24 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 175 | 166 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 75 | 70 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 150 | 146 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 100 | 95 |
|  International Game Technology PLC | International Game Technology PLC | International Game Technology PLC |
|  5.250% due 01/15/2029 | 75 | 73 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 25 | 24 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  7.000% due 09/01/2032 | 50 | 44 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 150 | 148 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 75 | 71 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 75 | 76 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 100 | 102 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 100 | 98 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  4.000% due 02/15/2030 | 50 | 46 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.125% due 01/31/2030 | 75 | 70 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  10.500% due 05/15/2030 | 25 | 27 |
|  11.000% due 11/15/2029 | 100 | 112 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 | 100 | 109 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 | 150 | 146 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 50 | 49 |
|  6.500% due 04/15/2032 | 50 | 50 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 150 | 147 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 | 50 | 50 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 300 | 281 |
|  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 | 25 | 24 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 75 | 74 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  9.250% due 10/01/2028 | 25 | 25 |
|  Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. |
|  6.750% due 04/01/2032 | 25 | 25 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 50 | 45 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 50 | 49 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 13 | 10 |
|  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 | 6 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 02/15/2027 | 200 | 200 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 25 | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **139** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.375% due 05/15/2030 | 50 | 49 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 100 | 82 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 26 | 22 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 100 | 97 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 125 | 125 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 50 | 37 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 75 | 76 |
|  Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
|  6.875% due 01/30/2030 | 100 | 101 |
|  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 | 139 |
|  7.250% due 06/15/2031 | 75 | 74 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 75 | 70 |
|  Opal BIDCO | Opal BIDCO | Opal BIDCO |
|  5.500% due 03/31/2032 (a) | 100 | 108 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 100 | 94 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 25 | 23 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 225 | 210 |
|  7.875% due 05/15/2034 | 50 | 49 |
|  Outfront Media Capital LLC | Outfront Media Capital LLC | Outfront Media Capital LLC |
|  4.250% due 01/15/2029 | 50 | 46 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.950% due 01/15/2031 | 50 | 48 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  6.625% due 08/15/2032 | 50 | 50 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 125 | 117 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 75 | 75 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 50 | 48 |
|  6.125% due 09/30/2032 | 50 | 49 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 50 | 47 |
|  7.750% due 02/15/2029 | 25 | 23 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 200 | 181 |
|  6.250% due 10/15/2034 | 25 | 25 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 75 | 71 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 | 75 | 71 |
|  5.750% due 04/15/2026 | 63 | 63 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 50 | 50 |
|  6.750% due 03/01/2033 | 175 | 174 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 125 | 133 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 75 | 74 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 175 | 170 |
|  Rivian Holdings LLC | Rivian Holdings LLC | Rivian Holdings LLC |
|  10.502% due 10/15/2026 ~ | 125 | 126 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 25 | 23 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  6.750% due 03/15/2033 | 100 | 102 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 07/15/2027 | 150 | 150 |
|  5.500% due 04/01/2028 | 200 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 50 | 48 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 75 | 75 |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.091% due 06/01/2029 | 50 | 47 |
|  4.125% due 01/15/2031 | 75 | 68 |
|  5.750% due 12/01/2034 | 75 | 73 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 100 | 92 |
|  Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC |
|  6.750% due 08/15/2032 | 75 | 76 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 125 | 116 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
|  8.125% due 02/15/2033 | 50 | 49 |
|  Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
|  4.000% due 07/15/2028 | 200 | 187 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 50 | 49 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 75 | 75 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.375% due 06/01/2031 | 25 | 25 |
|  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. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/06/2030 ^(b)(c) | 63 | 56 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 125 | 119 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 175 | 170 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 50 | 48 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 75 | 74 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 125 | 120 |
|  4.625% due 12/01/2031 | 25 | 22 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 50 | 51 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  7.000% due 05/01/2029 | 75 | 77 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.625% due 06/15/2028 | 150 | 145 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 50 | 52 |
|  Toledo Hospital | Toledo Hospital | Toledo Hospital |
|  6.015% due 11/15/2048 | 25 | 22 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 150 | 134 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 75 | 71 |
|  6.375% due 03/01/2029 | 325 | 329 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.750% due 02/15/2030 | 60 | 62 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 25 | 23 |
|  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 | 25 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 150 | 145 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 150 | 152 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 125 | 118 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 02/15/2031 | 125 | 114 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 50 | 44 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.625% due 06/01/2027 | $| 100 | 99 |
|  8.500% due 07/31/2031 |  | 50 | 49 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 |  | 200 | 200 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 |  | 75 | 78 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 |  | 225 | 208 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 75 | 74 |
|  9.500% due 02/01/2029 |  | 400 | 429 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 |  | 50 | 53 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 |  | 100 | 92 |
|  Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
|  4.625% due 07/15/2029 |  | 25 | 22 |
|  Victra Holdings LLC | Victra Holdings LLC | Victra Holdings LLC | Victra Holdings LLC |
|  8.750% due 09/15/2029 |  | 25 | 26 |
|  Viper Energy Partners LP | Viper Energy Partners LP | Viper Energy Partners LP | Viper Energy Partners LP |
|  5.375% due 11/01/2027 |  | 50 | 50 |
|  Viridien | Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 |  | 50 | 51 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 |  | 45 | 42 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.750% due 07/15/2031 |  | 325 | 283 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 150 | 146 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  2.125% due 11/20/2026 | EUR | 125 | 132 |
|  4.800% due 11/18/2044 | $| 25 | 23 |
|  8.125% due 08/15/2029 |  | 75 | 77 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 |  | 25 | 26 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 |  | 50 | 50 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 |  | 50 | 48 |
|  7.750% due 09/15/2030 |  | 75 | 73 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  8.625% due 04/30/2030 |  | 50 | 51 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 |  | 100 | 99 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 |  | 50 | 51 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 |  | 75 | 76 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  6.250% due 03/15/2033 |  | 25 | 24 |
|  7.125% due 02/15/2031 |  | 150 | 155 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.750% due 01/15/2030 |  | 100 | 97 |
|  Ziggo BV | Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 |  | 100 | 92 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 |  | 50 | 44 |
|  ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC |
|  3.875% due 02/01/2029 |  | 75 | 69 |
|  |  |  | 21572 |
| UTILITIES 3.1% | UTILITIES 3.1% | UTILITIES 3.1% | UTILITIES 3.1% |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 |  | 50 | 51 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  5.750% due 03/01/2027 |  | 100 | 100 |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.625% due 09/01/2032 |  | 50 | 50 |
|  Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC |
|  7.000% due 07/15/2029 |  | 75 | 77 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 |  | 75 | 66 |

---

---

| | | |
|:---|:---|:---|
| **140** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 75 | 73 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 75 | 85 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 100 | 97 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.875% due 05/15/2032 | 125 | 126 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  6.875% due 05/15/2034 | 50 | 47 |
|  PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC |
|  6.000% due 02/15/2028 | 25 | 23 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 75 | 73 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 50 | 38 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 200 | 209 |
|  |  | 1115 |
|  Total Corporate Bonds & Notes (Cost $27,545) | Total Corporate Bonds & Notes (Cost $27,545) | 27657 |
| U.S. TREASURY OBLIGATIONS 9.6% | U.S. TREASURY OBLIGATIONS 9.6% | U.S. TREASURY OBLIGATIONS 9.6% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.250% due 06/30/2027 | 2450 | 2418 |
|  4.000% due 02/15/2034 | 1025 | 1011 |
|  Total U.S. Treasury Obligations (Cost $3,397) | Total U.S. Treasury Obligations (Cost $3,397) | 3429 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. «(d) | 1479 | $— | 12 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Spirit Aviation Holdings Inc. «(d) | 1490 |  | 22 |
|  Total Common Stocks (Cost $22) | Total Common Stocks (Cost $22) |  | 34 |
| WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 « | 1693 |  | 25 |
| Total Warrants<br>(Cost $21) | Total Warrants<br>(Cost $21) |  | 25 |
| Total Investments in Securities<br>(Cost $33,104) | Total Investments in Securities<br>(Cost $33,104) |  | 33255 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 5.9% | INVESTMENTS IN AFFILIATES 5.9% | INVESTMENTS IN AFFILIATES 5.9% | INVESTMENTS IN AFFILIATES 5.9% |
| SHORT-TERM INSTRUMENTS 5.9% | SHORT-TERM INSTRUMENTS 5.9% | SHORT-TERM INSTRUMENTS 5.9% | SHORT-TERM INSTRUMENTS 5.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 214588 | $— | 2089 |
| Total Short-Term Instruments<br>(Cost $2,088) | Total Short-Term Instruments<br>(Cost $2,088) |  | 2089 |
| Total Investments in Affiliates<br>(Cost $2,088) | Total Investments in Affiliates<br>(Cost $2,088) |  | 2089 |
| Total Investments 99.3%<br>(Cost $35,192) | Total Investments 99.3%<br>(Cost $35,192) | $— | 35344 |
|  Financial Derivative<br>Instruments (g)(h) (0.0)%<br> (Cost or Premiums, net $378) | Financial Derivative<br>Instruments (g)(h) (0.0)%<br> (Cost or Premiums, net $378) |  | (8) |
| Other Assets and Liabilities, net 0.7% | Other Assets and Liabilities, net 0.7% |  | 269 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 35605 |

---

#### 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.

&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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 1 | $207 | $1 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | 49 | 0 | (1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 6 | 685 | 16 | 1 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 141

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

#### 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>March 31, 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>March 31, 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 | 1.674% | $125 | $12 | $2 | $14 | $0 | $0 |
|  Calpine Corp. | 5.000 | Quarterly | 12/20/2028 | 0.736 | 100 | 10 | 5 | 15 | 0 | 0 |
|  Carnival Corp. | 1.000 | Quarterly | 12/20/2028 | 1.529 | 175 | (14) | 11 | (3) | 0 | (1) |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 1.056 | EUR 100 | 22 | 1 | 23 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&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;(1) |

---

#### 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-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $3200 | $232 | $(56) | $176 | $1 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1000 | 52 | 1 | 53 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&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 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 03/19/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $64 | $(15) | $49 | $0 | $(4) |
|  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;378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 March 31, 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;1 | $&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;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) |

---

Cash of $614 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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. 

---

| | | |
|:---|:---|:---|
| **142** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&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 |
|  BOA | 04/2025 | 112 | $117 | $0 | $(4) |
|  MYI | 04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | 0 | 0 |
|  | 05/2025 | 112 | $121 | 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;(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 March 31, 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> |
|  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;(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;(4) | $&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> 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 March 31, 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 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $0 | $1 | $2 |
|  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 | 1 | 0 | 0 | 4 | 5 |
|  | $0 | $1 | $0 | $0 | $5 | $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 | $4 | $0 | $4 |
|  | $&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;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $(31) | $(31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 255 | 0 | 0 | (1) | 254 |
|  | $0 | $255 | $0 | $0 | $(32) | $223 |
|  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 | $3 | $0 | $3 |
|  | $0 | $255 | $0 | $3 | $(32) | $226 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 143

------

Schedule of Investments PIMCO Sector Fund Series - H (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** |
|  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 | (87) | 0 | 0 | (15) | (102) |
|  | $0 | $(87) | $0 | $0 | $52 | $(35) |
|  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 | $(5) | $0 | $(5) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | $&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;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  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 | $1862 | $248 | $2110 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 4970 | 0 | 4970 |
| &nbsp;&nbsp; Industrials | 0 | 21490 | 82 | 21572 |
| &nbsp;&nbsp; Utilities | 0 | 1115 | 0 | 1115 |
|  U.S. Treasury Obligations | 0 | 3429 | 0 | 3429 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 22 | 22 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 25 | 25 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33255 |
|  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;2089 | $0 | $0 | $2089 |
|  Total Investments | $2089 | $32866 | $389 | $35344 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  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 | $2 | $0 | $2 |
|  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 | (6) | 0 | (6) |
|  Over the counter | 0 | (4) | 0 | (4) |
|  | $0 | $(10) | $0 | $(10) |
|  Total Financial Derivative Instruments | $0 | $(8) | $0 | $(8) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35336 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | 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 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<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 | $220 | $248 | $(220) | $0 | $0 | $0 | $0 | $0 | $248 | $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; Industrials | 0 | 0 | 0 | 0 | 0 | 0 | 82 | 0 | 82 | 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; Energy | 0 | 0 | 0 | 0 | 0 | 12 | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp; Industrials | 0 | 22 | 0 | 0 | 0 | 0 | 0 | 0 | 22 | 0 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 21 | 0 | 0 | 0 | 4 | 0 | 0 | 25 | 4 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | $&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;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |

---

144 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

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 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **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 | $74 | Recent Transaction | Purchase Price | 98.500 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | Third Party Vendor | Broker Quote | 96.250-99.750 | 99.176 |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 82 | Indicative Market Quotation | Broker Quote | 82.000 |  |
|  Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 12 | Reference Instrument | Stock Price w/Liquidity Discount | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 22 | Indicative Market Quotation | Broker Quote | $15.000 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 25 | Indicative Market Quotation | Broker Quote | $15.000 |  |
|  Total | $389 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **145** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I

#### (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 126.6% | INVESTMENTS IN SECURITIES 126.6% | INVESTMENTS IN SECURITIES 126.6% |
| CORPORATE BONDS & NOTES 74.1% | CORPORATE BONDS & NOTES 74.1% | CORPORATE BONDS & NOTES 74.1% |
| BANKING & FINANCE 34.0% | BANKING & FINANCE 34.0% | BANKING & FINANCE 34.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.575% due 10/13/2026 •  | 2000 | 2020 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.500% due 05/08/2034 | 500 | 519 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 4400 | 4253 |
|  3.000% due 10/29/2028 | 200 | 188 |
|  4.625% due 09/10/2029 | 1000 | 990 |
|  6.100% due 01/15/2027 | 1500 | 1534 |
|  6.450% due 04/15/2027 | 3000 | 3098 |
|  Agree LP | Agree LP | Agree LP |
|  5.625% due 06/15/2034 | 1000 | 1012 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  5.400% due 09/30/2054 | 2800 | 2632 |
|  5.625% due 10/25/2027 | 200 | 206 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  5.200% due 07/15/2031 | 1000 | 1005 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.750% due 10/01/2031 | 350 | 357 |
|  6.500% due 07/18/2028 | 800 | 834 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.543% due 01/17/2031 •  | 600 | 597 |
|  5.800% due 05/01/2025 | 2000 | 2001 |
|  6.184% due 07/26/2035 •  | 7655 | 7611 |
|  6.646% due 01/17/2040 •  | 2600 | 2517 |
|  6.848% due 01/03/2030 •  | 900 | 940 |
|  6.992% due 06/13/2029 •  | 200 | 209 |
|  8.000% due 11/01/2031 | 300 | 334 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.085% due 01/30/2031 ~ | 1200 | 1216 |
|  5.359% due 02/16/2028 ~ | 2900 | 2924 |
|  5.442% due 01/30/2036 ~ | 4500 | 4551 |
|  5.645% due 04/23/2027 •  | 600 | 607 |
|  6.489% due 10/30/2031 •  | 1000 | 1081 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.300% due 09/15/2025 | 200 | 197 |
|  1.500% due 01/31/2028 | 3000 | 2755 |
|  2.100% due 06/15/2030 | 900 | 787 |
|  2.300% due 09/15/2031 | 3000 | 2567 |
|  3.550% due 07/15/2027 | 500 | 489 |
|  3.600% due 01/15/2028 | 800 | 779 |
|  5.000% due 01/31/2030 | 2725 | 2748 |
|  5.200% due 02/15/2029 | 1100 | 1118 |
|  5.400% due 01/31/2035 | 3300 | 3331 |
|  5.650% due 03/15/2033 | 1797 | 1853 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.409% due 09/12/2034 | 2200 | 2149 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.350% due 10/23/2029 | 1250 | 1252 |
|  6.500% due 02/08/2029 | 2400 | 2415 |
|  7.950% due 08/11/2028 | 1500 | 1584 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.150% due 03/01/2029 | 700 | 713 |
|  5.300% due 03/01/2031 | 1000 | 1024 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  3.250% due 07/15/2025 | 500 | 498 |
|  5.875% due 03/01/2029 | 2000 | 2031 |
|  7.000% due 01/15/2027 | 1100 | 1134 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 1000 | 1003 |
|  5.322% due 11/13/2031 | 5500 | 5506 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.125% due 04/10/2030 | 4300 | 4278 |
|  5.375% due 07/15/2029 | 3000 | 3025 |
|  6.250% due 04/15/2028 | 300 | 311 |
|  6.750% due 10/25/2028 | 1800 | 1901 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 01/15/2028 | 1700 | 1693 |
|  5.375% due 05/30/2030 | 1800 | 1803 |
|  5.750% due 03/01/2029 | 750 | 764 |
|  5.750% due 11/15/2029 | 2500 | 2550 |
|  6.375% due 05/04/2028 | 2575 | 2666 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
|  5.950% due 03/15/2030 | 4000 | 3933 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 1400 | 1436 |
|  7.883% due 11/15/2034 •  | 2000 | 2251 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  2.746% due 05/28/2025 | 300 | 299 |
|  4.175% due 03/24/2028 •  | 8600 | 8516 |
|  4.250% due 04/11/2027 | 800 | 794 |
|  5.294% due 08/18/2027 | 800 | 810 |
|  5.552% due 03/14/2028 •  | 2200 | 2235 |
|  5.739% due 03/14/2028 •  | 1600 | 1614 |
|  6.033% due 01/17/2035 | 4000 | 4144 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.922% due 10/24/2031 •  | 1800 | 1541 |
|  2.884% due 10/22/2030 •  | 1400 | 1291 |
|  3.419% due 12/20/2028 •  | 1821 | 1765 |
|  3.559% due 04/23/2027 •  | 580 | 574 |
|  3.593% due 07/21/2028 •  | 4200 | 4111 |
|  3.824% due 01/20/2028 •  | 1300 | 1284 |
|  4.948% due 07/22/2028 •  | 1288 | 1299 |
|  5.162% due 01/24/2031 ~ | 1100 | 1115 |
|  5.202% due 04/25/2029 •  | 7749 | 7874 |
|  5.288% due 04/25/2034 •  | 13100 | 13166 |
|  5.468% due 01/23/2035 •  | 3450 | 3502 |
|  5.933% due 09/15/2027 •  | 1100 | 1122 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.253% due 09/16/2026 •  | 200 | 201 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.567% due 09/10/2027 •  | 800 | 801 |
|  4.689% due 06/28/2028 | 500 | 507 |
|  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 | 1829 |
|  5.538% due 01/22/2030 | 2200 | 2267 |
|  5.790% due 07/13/2028 | 4000 | 4133 |
|  5.896% due 07/13/2026 | 300 | 305 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.367% due 02/25/2031 •  | 3100 | 3135 |
|  5.785% due 02/25/2036 ~ | 3000 | 3018 |
|  6.496% due 09/13/2027 •  | 1900 | 1947 |
|  7.385% due 11/02/2028 •  | 1300 | 1381 |
|  7.437% due 11/02/2033 •  | 3000 | 3350 |
|  8.500% due 06/15/2030 ~(f)(g) | 3000 | 3984 |
|  9.625% due 12/15/2029 •(f)(g) | 1500 | 1649 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  7.625% due 02/11/2035 •(g) | 3100 | 3138 |
|  8.125% due 01/08/2039 •(g) | 900 | 918 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 (b) | 5700 | 5678 |
|  6.600% due 06/10/2029 | 1700 | 1747 |
|  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 | 3373 |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
|  6.600% due 09/15/2029 | 1200 | 1220 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 185 | 190 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.283% due 11/19/2030 •  | 6200 | 6267 |
|  5.786% due 01/13/2033 ~ | 1100 | 1125 |
|  5.906% due 11/19/2035 •  | 5200 | 5141 |
|  8.000% due 08/22/2031 •(f)(g) | 1200 | 1250 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 500 | 521 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  6.750% due 12/01/2027 | 100 | 105 |
|  BPCE SA | BPCE SA | BPCE SA |
|  3.500% due 10/23/2027 | 2150 | 2085 |
|  5.876% due 01/14/2031 ~ | 2000 | 2049 |
|  5.975% due 01/18/2027 •  | 500 | 505 |
|  6.293% due 01/14/2036 ~ | 3300 | 3414 |
|  6.612% due 10/19/2027 •  | 800 | 822 |
|  6.915% due 01/14/2046 ~ | 1750 | 1820 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 2500 | 2366 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 200 | 207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.208% due 01/18/2029 •  | $— | 1300 | $— | 1349 |
|  6.684% due 09/13/2027 •  |  | 3500 |  | 3600 |
|  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 |
|  4.862% due 01/13/2028 ~ |  | 600 |  | 603 |
|  6.950% due 01/28/2085 •(g) |  | 3300 |  | 3236 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 |  | 2400 |  | 2533 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  5.700% due 02/01/2030 •  |  | 3000 |  | 3065 |
|  6.183% due 01/30/2036 ~ |  | 6100 |  | 6088 |
|  6.377% due 06/08/2034 •  |  | 500 |  | 523 |
|  7.624% due 10/30/2031 •  |  | 1600 |  | 1782 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.875% due 03/01/2026 |  | 1600 |  | 1600 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 |  | 1150 |  | 1206 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 |  | 14080 |  | 14029 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 |  | 1400 |  | 1423 |
|  6.375% due 01/23/2032 |  | 3600 |  | 3696 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 |  | 2471 |  | 2498 |
|  4.876% due 11/19/2027 •  |  | 1100 |  | 1106 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  |  | 1600 |  | 1464 |
|  4.412% due 03/31/2031 •  |  | 4900 |  | 4777 |
|  5.333% due 03/27/2036 ~ |  | 10100 |  | 10067 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  5.253% due 03/05/2031 ~ |  | 3000 |  | 3017 |
|  5.718% due 07/23/2032 •  |  | 8500 |  | 8657 |
|  5.841% due 01/23/2030 •  |  | 1700 |  | 1747 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.500% due 07/18/2025 |  | 400 |  | 401 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 |  | 600 |  | 590 |
|  6.375% due 09/15/2054 •  |  | 500 |  | 498 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 |  | 1400 |  | 1247 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.375% due 02/15/2032 |  | 3484 |  | 3472 |
|  5.875% due 10/01/2034 |  | 1900 |  | 1916 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.230% due 01/09/2029 •  |  | 750 |  | 758 |
|  5.589% due 07/05/2026 |  | 400 |  | 406 |
|  5.862% due 01/09/2036 •  |  | 6900 |  | 7062 |
|  6.316% due 10/03/2029 •  |  | 1500 |  | 1568 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 500 |  | 477 |
|  3.650% due 09/01/2027 |  | 800 |  | 780 |
|  5.800% due 03/01/2034 |  | 400 |  | 408 |
|  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 ~(f) |  | 5700 |  | 5732 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.705% due 03/01/2030 •  |  | 700 |  | 721 |
|  6.259% due 09/22/2026 •  |  | 1900 |  | 1913 |
|  DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. |
|  5.950% due 04/15/2035 |  | 2600 |  | 2609 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.590% due 01/30/2035 «(h) |  | 2800 |  | 2768 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.373% due 01/10/2029 ~ |  | 3500 |  | 3539 |
|  5.706% due 02/08/2028 •  |  | 1100 |  | 1117 |
|  6.119% due 07/14/2026 •  |  | 400 |  | 401 |
|  6.720% due 01/18/2029 •  |  | 4130 |  | 4324 |
|  6.819% due 11/20/2029 •  |  | 1900 |  | 2015 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  5.550% due 01/15/2028 |  | 1640 |  | 1679 |
|  Discover Bank | Discover Bank | Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 |  | 400 |  | 397 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services |
|  4.100% due 02/09/2027 |  | 800 |  | 792 |
|  7.964% due 11/02/2034 •  |  | 500 |  | 572 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 |  | 2000 |  | 1786 |

---

---

| | | |
|:---|:---|:---|
| **146** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 08/15/2029 | $— | 4400 | $— | 4127 |
|  4.500% due 06/01/2027 |  | 200 |  | 197 |
|  4.950% due 04/15/2028 |  | 1400 |  | 1387 |
|  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 |
|  3.250% due 03/15/2031 |  | 3700 |  | 3928 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.250% due 07/15/2025 | $— | 200 |  | 198 |
|  1.450% due 05/15/2026 |  | 1900 |  | 1837 |
|  3.000% due 07/15/2050 |  | 300 |  | 190 |
|  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 |
|  4.875% due 11/19/2027 |  | 2000 |  | 2012 |
|  5.450% due 03/03/2028 |  | 400 |  | 410 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 |  | 3600 |  | 3124 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.375% due 04/01/2035 |  | 3600 |  | 3610 |
|  5.500% due 04/01/2034 |  | 2200 |  | 2222 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 |  | 5900 |  | 5869 |
|  5.500% due 07/01/2030 |  | 2900 |  | 2975 |
|  5.700% due 04/01/2028 |  | 400 |  | 411 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 |  | 3000 |  | 2908 |
|  6.500% due 06/04/2029 |  | 3300 |  | 3361 |
|  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 |  | 2138 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 |  | 1725 |  | 1798 |
|  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 |
|  4.400% due 08/23/2025 |  | 200 |  | 200 |
|  4.991% due 01/27/2027 ~ |  | 1700 |  | 1701 |
|  5.250% due 04/26/2029 |  | 1200 |  | 1224 |
|  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 |  | 4105 |
|  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 |  | 926 |
|  3.815% due 11/02/2027 |  | 400 |  | 382 |
|  4.125% due 08/17/2027 |  | 2005 |  | 1937 |
|  4.271% due 01/09/2027 |  | 400 |  | 392 |
|  4.950% due 05/28/2027 |  | 534 |  | 526 |
|  5.125% due 11/05/2026 |  | 1600 |  | 1590 |
|  5.303% due 09/06/2029 |  | 3900 |  | 3783 |
|  5.800% due 03/05/2027 |  | 400 |  | 402 |
|  5.800% due 03/08/2029 |  | 800 |  | 793 |
|  5.850% due 05/17/2027 |  | 1198 |  | 1205 |
|  5.875% due 11/07/2029 |  | 6000 |  | 5938 |
|  6.054% due 11/05/2031 |  | 1800 |  | 1765 |
|  6.532% due 03/19/2032 |  | 5000 |  | 5000 |
|  6.800% due 05/12/2028 |  | 385 |  | 396 |
|  6.950% due 06/10/2026 |  | 400 |  | 406 |
|  7.122% due 11/07/2033 |  | 800 |  | 818 |
|  7.200% due 06/10/2030 |  | 300 |  | 312 |
|  7.350% due 11/04/2027 |  | 1900 |  | 1969 |
|  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 |  | 2435 |
|  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 |  | 190 |
|  4.900% due 10/06/2029 |  | 1300 |  | 1279 |
|  5.050% due 04/04/2028 |  | 5000 |  | 5007 |
|  5.350% due 01/07/2030 |  | 2100 |  | 2097 |
|  5.550% due 07/15/2029 |  | 1300 |  | 1311 |
|  5.900% due 01/07/2035 |  | 3200 |  | 3171 |
|  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 |  | 1321 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2030 |  | 3050 |  | 2886 |
|  4.000% due 01/15/2031 |  | 1900 |  | 1773 |
|  5.300% due 01/15/2029 |  | 2700 |  | 2706 |
|  5.625% due 09/15/2034 |  | 5250 |  | 5167 |
|  5.750% due 06/01/2028 |  | 3100 |  | 3157 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.109% due 05/21/2027 ~ |  | 3100 |  | 3110 |
|  5.130% due 03/18/2027 •  |  | 3100 |  | 3107 |
|  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 |  | 1343 |
|  2.615% due 04/22/2032 •  |  | 3791 |  | 3311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.102% due 02/24/2033 •  | $— | 2575 | $— | 2270 |
|  3.615% due 03/15/2028 •  |  | 1300 |  | 1276 |
|  5.016% due 10/23/2035 •  |  | 2500 |  | 2432 |
|  5.049% due 07/23/2030 •  |  | 1700 |  | 1714 |
|  5.330% due 07/23/2035 •  |  | 2400 |  | 2389 |
|  5.536% due 01/28/2036 •  |  | 2000 |  | 2029 |
|  5.727% due 04/25/2030 •  |  | 2300 |  | 2373 |
|  5.798% due 08/10/2026 •  |  | 700 |  | 703 |
|  7.250% due 04/10/2028 |  | 200 |  | 275 |
|  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 |  | 4553 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 |  | 2000 |  | 1978 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  8.000% due 06/15/2027 |  | 3500 |  | 3628 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 |  | 200 |  | 179 |
|  7.650% due 02/01/2034 |  | 1100 |  | 1228 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 |  | 2000 |  | 1950 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.500% due 09/15/2030 |  | 1500 |  | 1375 |
|  4.500% due 02/01/2026 |  | 100 |  | 100 |
|  5.700% due 07/01/2034 |  | 1950 |  | 1952 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 |  | 1800 |  | 1801 |
|  5.950% due 04/14/2032 |  | 2200 |  | 2171 |
|  6.750% due 01/30/2029 |  | 1500 |  | 1546 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.206% due 08/17/2029 •  |  | 1980 |  | 1815 |
|  4.041% due 03/13/2028 •  |  | 375 |  | 370 |
|  4.899% due 03/03/2029 ~ |  | 200 |  | 201 |
|  5.130% due 11/19/2028 •  |  | 2000 |  | 2017 |
|  5.130% due 03/03/2031 •  |  | 500 |  | 502 |
|  5.286% due 11/19/2030 •  |  | 8400 |  | 8489 |
|  5.450% due 03/03/2036 ~ |  | 4700 |  | 4684 |
|  5.546% due 03/04/2030 •  |  | 2500 |  | 2555 |
|  7.390% due 11/03/2028 •  |  | 6000 |  | 6378 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  4.837% due 03/22/2027 |  | 1100 |  | 693 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.066% due 03/25/2031 ~ | $— | 1100 |  | 1104 |
|  5.525% due 03/25/2036 ~ |  | 1300 |  | 1303 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 |  | 5300 |  | 5678 |
|  7.200% due 11/28/2033 |  | 1300 |  | 1443 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  5.500% due 08/15/2033 |  | 2700 |  | 2719 |
|  Israel Discount Bank Ltd. | Israel Discount Bank Ltd. | Israel Discount Bank Ltd. | Israel Discount Bank Ltd. | Israel Discount Bank Ltd. |
|  5.375% due 01/26/2028 |  | 1600 |  | 1602 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  4.375% due 04/25/2034 |  | 1100 |  | 1204 |
|  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 | $— | 600 |  | 603 |
|  Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | 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 |  | 1259 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.858% due 03/06/2028 ~ |  | 1100 |  | 1100 |
|  5.100% due 04/11/2034 |  | 1700 |  | 1721 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 |  | 1600 |  | 1700 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.739% due 10/15/2030 •  |  | 4600 |  | 4222 |
|  3.509% due 01/23/2029 •  |  | 2300 |  | 2236 |
|  3.540% due 05/01/2028 •  |  | 1592 |  | 1560 |
|  3.782% due 02/01/2028 •  |  | 2000 |  | 1974 |
|  3.960% due 01/29/2027 •  |  | 500 |  | 498 |
|  4.005% due 04/23/2029 •  |  | 1400 |  | 1376 |
|  4.323% due 04/26/2028 •  |  | 2790 |  | 2777 |
|  4.452% due 12/05/2029 •  |  | 1200 |  | 1192 |
|  4.603% due 10/22/2030 •  |  | 3000 |  | 2981 |
|  4.851% due 07/25/2028 •  |  | 4000 |  | 4026 |
|  4.979% due 07/22/2028 •  |  | 1000 |  | 1009 |
|  4.995% due 07/22/2030 •  |  | 2000 |  | 2018 |
|  5.040% due 01/23/2028 •  |  | 3687 |  | 3720 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.140% due 01/24/2031 ~ | $— | 1800 | $— | 1828 |
|  5.288% due 07/22/2028 •  |  | 2000 |  | 2009 |
|  5.294% due 07/22/2035 •  |  | 600 |  | 603 |
|  5.299% due 07/24/2029 •  |  | 1200 |  | 1225 |
|  5.350% due 06/01/2034 •  |  | 4100 |  | 4168 |
|  5.571% due 04/22/2028 •  |  | 2300 |  | 2346 |
|  5.581% due 04/22/2030 •  |  | 3300 |  | 3404 |
|  5.766% due 04/22/2035 •  |  | 3140 |  | 3265 |
|  6.087% due 10/23/2029 •  |  | 7400 |  | 7749 |
|  6.254% due 10/23/2034 •  |  | 3600 |  | 3868 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  4.932% due 10/16/2030 •  |  | 600 |  | 600 |
|  6.324% due 09/21/2034 •  |  | 900 |  | 953 |
|  KeyBank NA | KeyBank NA | KeyBank NA | KeyBank NA | KeyBank NA |
|  3.300% due 06/01/2025 |  | 200 |  | 199 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 1400 |  | 1111 |
|  2.650% due 11/15/2033 |  | 5550 |  | 4321 |
|  4.250% due 08/15/2029 |  | 200 |  | 191 |
|  4.375% due 10/01/2025 |  | 700 |  | 698 |
|  6.250% due 01/15/2036 |  | 2900 |  | 2877 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 |  | 450 |  | 443 |
|  6.000% due 03/15/2031 |  | 1400 |  | 1456 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  5.300% due 01/13/2030 |  | 600 |  | 610 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.419% due 11/26/2028 ~ |  | 5000 |  | 5012 |
|  5.871% due 03/06/2029 •  |  | 1100 |  | 1135 |
|  5.985% due 08/07/2027 •  |  | 800 |  | 813 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.200% due 03/15/2030 |  | 2500 |  | 2511 |
|  5.650% due 03/15/2035 |  | 1600 |  | 1585 |
|  5.700% due 05/20/2027 |  | 1000 |  | 1017 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 |  | 800 |  | 668 |
|  6.750% due 11/15/2028 |  | 1700 |  | 1799 |
|  Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |
|  5.200% due 03/27/2028 |  | 2600 |  | 2604 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  6.404% due 11/04/2029 |  | 2100 |  | 2136 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  5.450% due 03/15/2053 |  | 750 |  | 728 |
|  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 |  | 202 |
|  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. |
|  5.197% due 01/16/2031 ~ |  | 1600 |  | 1625 |
|  5.426% due 04/17/2035 •  |  | 2000 |  | 2025 |
|  5.574% due 01/16/2036 ~ |  | 7400 |  | 7568 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.382% due 07/10/2030 •  |  | 1100 |  | 1123 |
|  5.739% due 05/27/2031 •  |  | 300 |  | 311 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  |  | 900 |  | 868 |
|  3.772% due 01/24/2029 •  |  | 300 |  | 294 |
|  4.210% due 04/20/2028 •  |  | 535 |  | 531 |
|  4.654% due 10/18/2030 •  |  | 5000 |  | 4961 |
|  4.679% due 07/17/2026 •  |  | 1600 |  | 1600 |
|  5.042% due 07/19/2030 •  |  | 750 |  | 756 |
|  5.123% due 02/01/2029 •  |  | 2400 |  | 2433 |
|  5.250% due 04/21/2034 •  |  | 2300 |  | 2302 |
|  5.320% due 07/19/2035 •  |  | 4900 |  | 4903 |
|  5.424% due 07/21/2034 •(i) |  | 5600 |  | 5667 |
|  5.449% due 07/20/2029 •  |  | 5600 |  | 5728 |
|  5.516% due 11/19/2055 •  |  | 3400 |  | 3324 |
|  5.652% due 04/13/2028 •  |  | 600 |  | 613 |
|  6.407% due 11/01/2029 •  |  | 1000 |  | 1056 |
|  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 |  | 1912 |
|  4.968% due 07/14/2028 •  |  | 1850 |  | 1866 |
|  5.016% due 01/12/2029 •  |  | 4800 |  | 4859 |
|  5.436% due 01/14/2028 •  |  | 1600 |  | 1613 |
|  5.504% due 05/26/2028 •  |  | 1200 |  | 1222 |
|  MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. | MSD Investment Corp. |
|  6.250% due 05/31/2030 (b) |  | 3300 |  | 3267 |
|  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 |
|  4.750% due 10/15/2029 |  | 1900 |  | 1893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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)** |
|  5.350% due 04/09/2027 | $— | 1900 | $— | 1927 |
|  5.450% due 12/12/2028 |  | 400 |  | 411 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  |  | 2100 |  | 2158 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  |  | 2400 |  | 2323 |
|  4.892% due 05/18/2029 •  |  | 2613 |  | 2619 |
|  4.964% due 08/15/2030 •  |  | 1000 |  | 1001 |
|  5.516% due 09/30/2028 •  |  | 2300 |  | 2343 |
|  7.472% due 11/10/2026 •  |  | 500 |  | 508 |
|  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 |  | 2782 |
|  6.408% due 09/13/2027 •  |  | 1800 |  | 1797 |
|  6.950% due 09/15/2026 |  | 1500 |  | 1525 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 2000 |  | 2037 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 |  | 500 |  | 496 |
|  2.329% due 01/22/2027 |  | 600 |  | 576 |
|  6.070% due 07/12/2028 |  | 600 |  | 623 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(f)(g) |  | 2700 |  | 2609 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 2200 |  | 2220 |
|  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 |  | 812 |
|  Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC |
|  5.550% due 01/15/2030 |  | 2000 |  | 2063 |
|  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 |  | 2591 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.500% due 08/28/2029 |  | 4500 |  | 4488 |
|  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 (d) |  | 1200 |  | 846 |
|  Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP |
|  4.950% due 01/15/2035 |  | 3300 |  | 3136 |
|  5.750% due 07/15/2034 |  | 1500 |  | 1513 |
|  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 |  | 661 |
|  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. |
|  5.575% due 01/29/2036 ~ |  | 2000 |  | 2037 |
|  5.812% due 06/12/2026 •  |  | 100 |  | 100 |
|  6.615% due 10/20/2027 •  |  | 1400 |  | 1443 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 |  | 400 |  | 415 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  5.500% due 06/28/2028 |  | 200 |  | 206 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 |  | 2400 |  | 1677 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | 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 | $— | 1800 |  | 1837 |
|  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 |  | 3184 |
|  Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. |
|  6.200% due 05/15/2029 |  | 1100 |  | 1135 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  4.875% due 07/06/2030 |  | 500 |  | 573 |
|  5.000% due 10/15/2029 |  | 1400 |  | 1787 |
|  5.125% due 07/06/2034 |  | 400 |  | 466 |
|  RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. |
|  5.800% due 04/01/2035 | $— | 2000 |  | 2050 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 900 |  | 917 |
|  5.500% due 01/11/2031 |  | 2000 |  | 2058 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.715% due 03/27/2028 ~ |  | 1300 |  | 1304 |
|  4.965% due 01/24/2029 ~ |  | 1300 |  | 1310 |
|  4.970% due 05/02/2031 ~ |  | 2000 |  | 2010 |
|  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 |  | 4782 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 |  | 366 |  | 368 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 2500 | 2670 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 ~ | 1600 | 1613 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  | 600 | 592 |
|  2.469% due 01/11/2028 •  | 1100 | 1057 |
|  6.833% due 11/21/2026 •  | 600 | 608 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  7.200% due 10/30/2034 | 3900 | 3680 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 600 | 606 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  6.250% due 01/15/2034 | 1500 | 1612 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 4500 | 4459 |
|  6.500% due 03/11/2029 | 3000 | 3067 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.300% due 04/03/2029 | 1100 | 1116 |
|  5.700% due 07/25/2033 | 1300 | 1325 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.228% due 01/21/2036 •  | 3100 | 3225 |
|  6.301% due 01/09/2029 •  | 400 | 415 |
|  6.750% due 02/08/2028 •  | 4200 | 4343 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 | 6000 | 5960 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  5.400% due 04/30/2030 | 2000 | 2004 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 3000 | 2807 |
|  5.240% due 04/15/2030 | 300 | 306 |
|  5.632% due 01/15/2035 | 7500 | 7705 |
|  5.880% due 07/13/2026 | 500 | 509 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 | 1100 | 1100 |
|  4.500% due 03/13/2028 | 2000 | 2001 |
|  4.500% due 09/10/2029 | 2900 | 2887 |
|  4.850% due 09/10/2034 | 200 | 196 |
|  5.050% due 03/13/2035 (i) | 4000 | 3963 |
|  5.200% due 03/07/2027 | 700 | 710 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  | 1200 | 1211 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.625% due 08/23/2027 | 2550 | 2587 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.950% due 12/01/2027 | 2300 | 2243 |
|  5.450% due 03/06/2031 ~ | 2500 | 2483 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.701% due 06/05/2026 | 300 | 301 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  3.050% due 01/11/2028 | 960 | 928 |
|  5.011% due 03/19/2027 •  | 400 | 401 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.153% due 08/05/2032 •  | 2100 | 2104 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  7.375% due 02/13/2034 | 1500 | 1509 |
|  8.250% due 01/23/2037 | 3400 | 3483 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  6.787% due 10/26/2027 •  | 1150 | 1189 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 | 400 | 384 |
|  4.864% due 01/10/2028 ~ | 1400 | 1407 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 2300 | 2237 |
|  2.193% due 06/05/2026 •  | 4300 | 4280 |
|  3.869% due 01/12/2029 •  | 800 | 782 |
|  4.550% due 04/17/2026 | 700 | 700 |
|  4.703% due 08/05/2027 •  | 400 | 400 |
|  6.327% due 12/22/2027 •  | 2500 | 2568 |
|  6.850% due 09/10/2029 •(f)(g) | 3500 | 3488 |
|  7.000% due 02/10/2030 ~(f)(g) | 3000 | 2962 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(h) | 6300 | 6428 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 2985 | 2854 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.375% due 05/15/2025 | $— | 300 | 300 |
|  4.750% due 02/15/2028 |  | 800 | 801 |
|  5.125% due 11/15/2031 |  | 1400 | 1382 |
|  5.125% due 05/15/2032 |  | 2600 | 2547 |
|  5.625% due 05/15/2052 |  | 2100 | 1917 |
|  5.750% due 04/01/2034 |  | 2000 | 2012 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  2.150% due 06/01/2026 |  | 100 | 96 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.188% due 04/30/2026 •  |  | 250 | 249 |
|  2.393% due 06/02/2028 •  |  | 6300 | 6014 |
|  2.879% due 10/30/2030 •  |  | 2500 | 2305 |
|  3.196% due 06/17/2027 •  |  | 2250 | 2214 |
|  3.526% due 03/24/2028 •  |  | 305 | 299 |
|  3.908% due 04/25/2026 •  |  | 1900 | 1899 |
|  4.808% due 07/25/2028 •  |  | 1500 | 1505 |
|  5.211% due 12/03/2035 •  |  | 3000 | 2980 |
|  5.244% due 01/24/2031 ~ |  | 1600 | 1627 |
|  5.428% due 04/22/2028 ~ |  | 300 | 302 |
|  5.499% due 01/23/2035 •  |  | 900 | 913 |
|  5.557% due 07/25/2034 •  |  | 5700 | 5802 |
|  5.574% due 07/25/2029 •  |  | 4400 | 4521 |
|  5.707% due 04/22/2028 •  |  | 3900 | 3986 |
|  6.491% due 10/23/2034 •  |  | 1100 | 1187 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.065% due 01/15/2026 •  |  | 2000 | 2006 |
|  5.254% due 12/11/2026 |  | 1900 | 1927 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 |  | 900 | 867 |
|  |  |  | 962928 |
| INDUSTRIALS 30.8% | INDUSTRIALS 30.8% | INDUSTRIALS 30.8% | INDUSTRIALS 30.8% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 |  | 1500 | 1417 |
|  4.800% due 03/15/2027 |  | 800 | 808 |
|  4.800% due 03/15/2029 |  | 2600 | 2633 |
|  4.875% due 03/15/2030 |  | 1000 | 1015 |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.750% due 03/09/2037 |  | 3300 | 3178 |
|  Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. |
|  3.900% due 10/04/2027 |  | 1000 | 994 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  5.150% due 04/01/2034 |  | 3200 | 3200 |
|  Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. |
|  4.200% due 09/09/2027 |  | 600 | 597 |
|  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 |  | 836 | 840 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.125% due 10/01/2034 |  | 3100 | 2960 |
|  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 |  | 324 | 323 |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  2.700% due 02/09/2041 |  | 600 | 420 |
|  5.625% due 11/26/2054 |  | 3000 | 2990 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  5.267% due 02/12/2034 |  | 2600 | 2573 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.875% due 02/04/2028 |  | 700 | 705 |
|  5.625% due 02/06/2035 |  | 2600 | 2625 |
|  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 | 2017 |
|  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 |  | 441 | 420 |
|  3.575% due 07/15/2029 |  | 808 | 783 |
|  3.600% due 03/22/2029 |  | 172 | 167 |
|  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 | 1191 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.200% due 03/01/2033 | $— | 3000 | 2845 |
|  5.150% due 03/02/2028 |  | 400 | 407 |
|  5.750% due 03/02/2063 |  | 1500 | 1463 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.750% due 04/05/2034 |  | 5400 | 5480 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 850 | 802 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  6.250% due 05/02/2034 | 1000 | 1034 |
|  AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS |
|  5.875% due 09/14/2033 | 1000 | 1033 |
|  APA Corp. | APA Corp. | APA Corp. |
|  6.100% due 02/15/2035 | 2700 | 2690 |
|  6.750% due 02/15/2055 | 2000 | 1958 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 2600 | 2611 |
|  5.375% due 12/01/2031 | 900 | 905 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  4.150% due 05/01/2052 | 500 | 354 |
|  ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |
|  6.000% due 06/17/2034 | 2500 | 2560 |
|  Arcos Dorados BV | Arcos Dorados BV | Arcos Dorados BV |
|  6.375% due 01/29/2032 | 3100 | 3171 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  5.875% due 04/10/2034 | 1400 | 1418 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.021% due 10/20/2029 | 4000 | 3920 |
|  5.308% due 10/20/2031 | 4100 | 4011 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 4300 | 4328 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  6.450% due 09/15/2037 | 700 | 783 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
|  5.250% due 05/15/2029 | 3000 | 3055 |
|  Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. | Aurizon Network Pty. Ltd. |
|  3.125% due 06/01/2026 | 700 | 762 |
|  Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. |
|  4.450% due 09/09/2034 | 600 | 581 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  5.050% due 07/15/2026 | 500 | 504 |
|  6.250% due 11/01/2028 | 1600 | 1684 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.250% due 01/15/2029 | 2000 | 2016 |
|  5.400% due 06/15/2033 | 200 | 196 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  6.000% due 02/01/2035 | 4000 | 4039 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  5.125% due 03/26/2029 | 3470 | 3525 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  5.625% due 08/15/2035 | 2100 | 2109 |
|  5.834% due 02/20/2031 | 1100 | 1144 |
|  6.343% due 08/02/2030 | 1100 | 1170 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 1600 | 1593 |
|  4.375% due 12/15/2028 | 1400 | 1364 |
|  4.625% due 06/25/2038 | 3900 | 3370 |
|  6.375% due 11/21/2030 | 4300 | 4505 |
|  6.500% due 11/21/2033 | 1300 | 1366 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 | 1300 | 1109 |
|  4.874% due 02/08/2029 | 801 | 807 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 3500 | 3509 |
|  5.050% due 03/21/2030 | 3000 | 3017 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 1500 | 1468 |
|  2.250% due 06/15/2026 | 300 | 291 |
|  2.700% due 02/01/2027 | 1200 | 1158 |
|  2.800% due 03/01/2027 | 800 | 771 |
|  2.950% due 02/01/2030 | 600 | 547 |
|  3.200% due 03/01/2029 | 1400 | 1315 |
|  3.250% due 02/01/2028 | 100 | 96 |
|  3.950% due 08/01/2059 | 1900 | 1296 |
|  5.040% due 05/01/2027 | 1013 | 1018 |
|  5.150% due 05/01/2030 | 4900 | 4933 |
|  5.705% due 05/01/2040 | 3800 | 3696 |
|  5.930% due 05/01/2060 | 500 | 471 |
|  6.298% due 05/01/2029 | 2300 | 2413 |
|  6.388% due 05/01/2031 | 2500 | 2665 |
|  6.858% due 05/01/2054 | 900 | 978 |
|  7.008% due 05/01/2064 | 998 | 1082 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | 2500 | 2375 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  4.250% due 05/15/2034 | 590 | 569 |
|  Broadcom Corp. | Broadcom Corp. | Broadcom Corp. |
|  3.875% due 01/15/2027 | 200 | 198 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  1.950% due 02/15/2028 | 300 | 279 |
|  2.600% due 02/15/2033 | 2000 | 1686 |
|  3.187% due 11/15/2036 | 2000 | 1642 |
|  4.150% due 04/15/2032 | 500 | 474 |
|  4.350% due 02/15/2030 | 3100 | 3056 |
|  4.926% due 05/15/2037 | 1600 | 1539 |
|  5.050% due 04/15/2030 | 5200 | 5271 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  2.902% due 07/15/2031 | 2000 | 1773 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 4200 | 4199 |
|  6.450% due 06/30/2033 | 1000 | 1061 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  4.800% due 03/30/2030 | 1500 | 1506 |
|  6.125% due 09/15/2115 | 500 | 507 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2200 | 2106 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  4.125% due 05/29/2028 | 400 | 448 |
|  4.500% due 11/29/2032 | 1100 | 1260 |
|  CDW LLC | CDW LLC | CDW LLC |
|  3.250% due 02/15/2029 | 1100 | 1030 |
|  3.276% due 12/01/2028 | 2300 | 2171 |
|  3.569% due 12/01/2031 | 700 | 633 |
|  4.125% due 05/01/2025 | 3200 | 3203 |
|  5.550% due 08/22/2034 | 500 | 495 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 2900 | 2648 |
|  2.500% due 03/01/2031 | 2200 | 1857 |
|  2.625% due 08/01/2031 | 3800 | 3197 |
|  3.000% due 10/15/2030 | 1700 | 1488 |
|  3.375% due 02/15/2030 | 1200 | 1086 |
|  4.625% due 12/15/2029 | 1000 | 959 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 900 | 861 |
|  4.950% due 03/14/2030 | 5900 | 5902 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.850% due 04/01/2061 | 1400 | 851 |
|  3.950% due 06/30/2062 | 1300 | 799 |
|  4.400% due 12/01/2061 | 6000 | 3987 |
|  5.500% due 04/01/2063 | 1300 | 1045 |
|  6.100% due 06/01/2029 | 1000 | 1033 |
|  6.550% due 06/01/2034 | 500 | 515 |
|  6.650% due 02/01/2034 | 3000 | 3111 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1100 | 1051 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 1200 | 1057 |
|  5.950% due 06/30/2033 | 200 | 206 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  4.625% due 10/15/2028 | 1200 | 1188 |
|  Chevron Phillips Chemical Co. LLC | Chevron Phillips Chemical Co. LLC | Chevron Phillips Chemical Co. LLC |
|  4.750% due 05/15/2030 | 6500 | 6492 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 850 | 801 |
|  Cigna Group | Cigna Group | Cigna Group |
|  4.375% due 10/15/2028 | 2000 | 1985 |
|  CIMIC Finance USA Pty. Ltd. | CIMIC Finance USA Pty. Ltd. | CIMIC Finance USA Pty. Ltd. |
|  7.000% due 03/25/2034 | 2000 | 2130 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  6.073% due 11/01/2027 | 100 | 103 |
|  Concentrix Corp. | Concentrix Corp. | Concentrix Corp. |
|  6.650% due 08/02/2026 | 500 | 510 |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  5.000% due 01/15/2035 | 1800 | 1783 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 1400 | 1187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.600% due 02/15/2028 | $— | 535 | $— | 521 |
|  4.900% due 05/01/2033 |  | 600 |  | 586 |
|  Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical |
|  5.550% due 07/01/2033 «(h) |  | 3600 |  | 3606 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  4.375% due 01/15/2028 |  | 2100 |  | 2059 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  5.950% due 01/08/2034 |  | 1000 |  | 1015 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 |  | 2500 |  | 2462 |
|  5.600% due 03/15/2034 |  | 700 |  | 705 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  5.450% due 09/01/2034 |  | 3600 |  | 3518 |
|  5.700% due 06/15/2033 |  | 200 |  | 201 |
|  5.800% due 12/15/2053 |  | 2600 |  | 2367 |
|  CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC |
|  5.125% due 01/09/2030 |  | 1000 |  | 1012 |
|  CSL Finanace PLC Co. | CSL Finanace PLC Co. | CSL Finanace PLC Co. | CSL Finanace PLC Co. | CSL Finanace PLC Co. |
|  4.950% due 04/27/2062 |  | 200 |  | 175 |
|  5.106% due 04/03/2034 |  | 500 |  | 503 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.125% due 02/21/2030 |  | 5000 |  | 5034 |
|  5.700% due 06/01/2034 |  | 400 |  | 406 |
|  5.875% due 06/01/2053 |  | 600 |  | 567 |
|  6.000% due 06/01/2044 |  | 2300 |  | 2249 |
|  6.000% due 06/01/2063 |  | 1700 |  | 1606 |
|  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 |
|  5.125% due 09/25/2027 |  | 600 |  | 606 |
|  5.400% due 09/20/2028 |  | 1700 |  | 1733 |
|  5.625% due 01/13/2035 |  | 2500 |  | 2509 |
|  Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. |
|  4.550% due 10/15/2029 |  | 3700 |  | 3657 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  5.375% due 07/15/2025 |  | 445 |  | 445 |
|  Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC |
|  4.750% due 04/01/2028 (b) |  | 1000 |  | 1005 |
|  Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. |
|  6.500% due 04/15/2038 |  | 4700 |  | 4964 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 |  | 292 |  | 273 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.750% due 10/20/2028 |  | 1000 |  | 996 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.200% due 09/15/2034 |  | 4700 |  | 4535 |
|  5.750% due 09/15/2054 |  | 1300 |  | 1191 |
|  Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
|  5.300% due 10/24/2027 |  | 200 |  | 204 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.150% due 01/30/2030 |  | 1200 |  | 1219 |
|  5.200% due 04/18/2027 |  | 1000 |  | 1013 |
|  5.400% due 04/18/2034 |  | 1100 |  | 1099 |
|  5.550% due 04/01/2035 |  | 5600 |  | 5626 |
|  5.900% due 04/18/2064 |  | 3000 |  | 2825 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 |  | 3100 |  | 3023 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 |  | 2700 |  | 2715 |
|  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 |  | 1100 |  | 1063 |
|  5.800% due 01/15/2035 |  | 3000 |  | 3098 |
|  6.200% due 01/15/2055 |  | 1700 |  | 1780 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 |  | 1100 |  | 1072 |
|  8.875% due 01/13/2033 |  | 500 |  | 516 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.550% due 03/15/2031 |  | 5700 |  | 5040 |
|  5.150% due 06/15/2029 |  | 1000 |  | 1021 |
|  5.200% due 02/15/2035 |  | 1800 |  | 1807 |
|  5.850% due 01/15/2036 |  | 500 |  | 520 |
|  5.950% due 12/15/2034 |  | 600 |  | 633 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 |  | 1900 |  | 1935 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  3.125% due 11/15/2029 |  | 2300 |  | 2140 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **149** |

---

------

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)** |
|  5.300% due 04/05/2029 | $— | 1000 | $— | 1019 |
|  5.625% due 04/05/2034 |  | 6500 |  | 6606 |
|  5.900% due 11/15/2026 |  | 1000 |  | 1020 |
|  7.375% due 03/15/2055 •  |  | 2400 |  | 2470 |
|  7.625% due 01/15/2083 •  |  | 100 |  | 105 |
|  8.250% due 01/15/2084 •  |  | 600 |  | 633 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 |  | 1100 |  | 1091 |
|  4.400% due 03/15/2027 |  | 1200 |  | 1197 |
|  4.750% due 01/15/2026 |  | 200 |  | 200 |
|  5.350% due 05/15/2045 |  | 1000 |  | 899 |
|  5.400% due 10/01/2047 |  | 200 |  | 179 |
|  5.500% due 06/01/2027 |  | 1400 |  | 1422 |
|  5.550% due 05/15/2034 |  | 2900 |  | 2900 |
|  5.600% due 09/01/2034 |  | 3700 |  | 3708 |
|  5.700% due 04/01/2035 |  | 2300 |  | 2318 |
|  5.950% due 05/15/2054 |  | 1000 |  | 956 |
|  6.000% due 06/15/2048 |  | 375 |  | 363 |
|  6.050% due 12/01/2026 |  | 800 |  | 818 |
|  7.500% due 07/01/2038 |  | 4000 |  | 4564 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 |  | 3500 |  | 3530 |
|  5.950% due 05/15/2054 |  | 4000 |  | 3916 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.900% due 03/15/2051 |  | 800 |  | 495 |
|  4.000% due 03/15/2033 |  | 1200 |  | 1118 |
|  5.800% due 03/15/2055 |  | 1700 |  | 1693 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.950% due 02/15/2035 |  | 2700 |  | 2664 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 |  | 3000 |  | 2840 |
|  5.700% due 01/15/2035 |  | 1300 |  | 1306 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 |  | 1300 |  | 1266 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 |  | 2300 |  | 2027 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  5.250% due 01/15/2032 |  | 2300 |  | 2286 |
|  Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. |
|  5.000% due 04/29/2029 |  | 1000 |  | 1109 |
|  6.375% due 04/29/2029 | $— | 300 |  | 306 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
|  5.900% due 01/25/2030 |  | 500 |  | 518 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  5.400% due 11/14/2034 |  | 100 |  | 100 |
|  5.450% due 03/15/2043 |  | 200 |  | 188 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  4.700% due 01/30/2027 |  | 900 |  | 903 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.338% due 04/04/2027 |  | 3200 |  | 3241 |
|  5.400% due 05/08/2028 |  | 500 |  | 509 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 |  | 1500 |  | 1520 |
|  Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV |
|  5.390% due 12/09/2034 |  | 4800 |  | 4800 |
|  GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |
|  6.500% due 05/06/2034 |  | 400 |  | 410 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 |  | 2250 |  | 2206 |
|  3.375% due 03/24/2029 |  | 1300 |  | 1243 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 (b) |  | 5000 |  | 4982 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  5.950% due 06/11/2029 |  | 2300 |  | 2321 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  6.050% due 05/14/2034 |  | 2000 |  | 2054 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.375% due 03/15/2042 |  | 700 |  | 579 |
|  5.250% due 06/15/2049 |  | 400 |  | 352 |
|  5.450% due 04/01/2031 |  | 3700 |  | 3759 |
|  5.450% due 09/15/2034 |  | 8200 |  | 8132 |
|  5.500% due 03/01/2032 |  | 1200 |  | 1212 |
|  5.625% due 09/01/2028 |  | 700 |  | 716 |
|  Hexcel Corp. | Hexcel Corp. | Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
|  5.875% due 02/26/2035 |  | 600 |  | 612 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. |
|  5.750% due 01/15/2031 | 1100 | 1114 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.950% due 06/25/2034 | 2000 | 2007 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
|  3.750% due 03/01/2036 | 300 | 320 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  3.950% due 03/15/2027 | 400 | 395 |
|  5.375% due 04/15/2031 | 2600 | 2621 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  5.353% due 01/15/2030 | 2100 | 2129 |
|  5.749% due 01/15/2035 | 800 | 807 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  5.700% due 10/15/2034 | 2500 | 2366 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 2800 | 2813 |
|  5.250% due 06/30/2029 | 1900 | 1919 |
|  5.375% due 12/15/2031 | 500 | 498 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.850% due 03/25/2027 | 3000 | 3001 |
|  5.150% due 03/27/2030 | 2300 | 2293 |
|  5.353% due 03/25/2027 ~ | 2600 | 2599 |
|  5.401% due 03/19/2027 •  | 4400 | 4403 |
|  5.500% due 03/30/2026 | 400 | 403 |
|  5.680% due 06/26/2028 | 300 | 306 |
|  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 | 1599 |
|  5.750% due 12/13/2027 | 100 | 102 |
|  5.800% due 12/12/2025 | 200 | 201 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 2160 | 2129 |
|  6.125% due 07/27/2027 | 200 | 206 |
|  Incitec Pivot Ltd. | Incitec Pivot Ltd. | Incitec Pivot Ltd. |
|  4.300% due 03/18/2026 | 2400 | 1492 |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  5.176% due 06/15/2029 | 300 | 305 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  5.150% due 02/21/2034 | 3500 | 3439 |
|  5.200% due 02/10/2033 | 1500 | 1482 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 | 1700 | 1732 |
|  JB Hunt Transport Services, Inc. | JB Hunt Transport Services, Inc. | JB Hunt Transport Services, Inc. |
|  4.900% due 03/15/2030 | 1800 | 1812 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  1.375% due 01/15/2027 | 2100 | 1974 |
|  2.250% due 09/24/2031 | 4700 | 3942 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 665 | 578 |
|  4.000% due 05/15/2034 | 148 | 139 |
|  JT International Financial Services BV | JT International Financial Services BV | JT International Financial Services BV |
|  3.875% due 09/28/2028 | 2600 | 2534 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.300% due 06/01/2025 | 2000 | 1998 |
|  5.000% due 02/01/2029 | 1900 | 1916 |
|  5.200% due 06/01/2033 | 3600 | 3569 |
|  5.400% due 02/01/2034 | 1900 | 1899 |
|  5.550% due 06/01/2045 | 2600 | 2439 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.500% due 03/15/2029 | 1700 | 1872 |
|  5.200% due 03/15/2032 | 1900 | 1922 |
|  5.400% due 03/15/2035 | 5200 | 5244 |
|  6.875% due 01/26/2039 | 200 | 222 |
|  Kroger Co. | Kroger Co. | Kroger Co. |
|  5.000% due 09/15/2034 | 1000 | 978 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  2.050% due 10/15/2026 | 1260 | 1211 |
|  6.350% due 02/20/2034 | 1300 | 1349 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.050% due 06/01/2029 | 2000 | 2027 |
|  5.250% due 06/01/2031 | 1200 | 1223 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 2000 | 2033 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 08/15/2029 | $— | 2400 | $— | 2454 |
|  6.200% due 08/15/2034 |  | 5600 |  | 5620 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 |  | 5500 |  | 5449 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  5.831% due 01/27/2028 |  | 400 |  | 412 |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |
|  5.250% due 04/02/2028 (b) |  | 1600 |  | 1597 |
|  5.875% due 04/02/2035 (b) |  | 3800 |  | 3813 |
|  LKQ Corp. | LKQ Corp. | LKQ Corp. | LKQ Corp. | LKQ Corp. |
|  5.750% due 06/15/2028 |  | 3300 |  | 3375 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.150% due 03/01/2030 |  | 600 |  | 604 |
|  5.700% due 03/01/2035 |  | 2800 |  | 2790 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.850% due 04/15/2031 |  | 300 |  | 267 |
|  4.000% due 04/15/2028 |  | 500 |  | 491 |
|  4.625% due 06/15/2030 |  | 500 |  | 496 |
|  4.800% due 03/15/2030 |  | 1500 |  | 1497 |
|  5.350% due 03/15/2035 |  | 5400 |  | 5353 |
|  5.450% due 09/15/2026 |  | 600 |  | 607 |
|  5.550% due 10/15/2028 |  | 300 |  | 309 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 |  | 3500 |  | 3521 |
|  5.200% due 03/01/2035 |  | 8100 |  | 8144 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 |  | 100 |  | 97 |
|  2.450% due 04/15/2028 |  | 1100 |  | 1031 |
|  2.950% due 04/15/2031 |  | 1050 |  | 937 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  6.300% due 10/15/2037 |  | 700 |  | 765 |
|  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 |
|  4.750% due 08/01/2027 |  | 1100 |  | 1103 |
|  4.800% due 08/01/2029 |  | 1500 |  | 1496 |
|  4.900% due 11/15/2027 |  | 4200 |  | 4222 |
|  5.000% due 04/01/2030 (b) |  | 2900 |  | 2898 |
|  5.125% due 08/01/2034 |  | 800 |  | 790 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.550% due 08/15/2031 |  | 400 |  | 401 |
|  5.750% due 05/15/2063 |  | 500 |  | 508 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.300% due 01/15/2031 |  | 1200 |  | 1214 |
|  5.327% due 02/06/2029 |  | 1000 |  | 1015 |
|  5.800% due 01/15/2035 |  | 3800 |  | 3893 |
|  6.750% due 11/01/2029 |  | 1100 |  | 1181 |
|  Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC |
|  6.500% due 06/20/2027 |  | 315 |  | 317 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 |  | 3400 |  | 2468 |
|  4.750% due 08/28/2034 | $— | 1300 |  | 1272 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  4.600% due 05/23/2029 |  | 200 |  | 199 |
|  5.000% due 04/15/2029 |  | 2100 |  | 2123 |
|  5.400% due 04/15/2034 |  | 400 |  | 405 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 |  | 315 |  | 309 |
|  4.500% due 04/15/2038 |  | 800 |  | 703 |
|  4.950% due 09/01/2032 |  | 200 |  | 196 |
|  5.400% due 04/01/2035 |  | 2100 |  | 2064 |
|  5.500% due 06/01/2034 |  | 3000 |  | 2990 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 |  | 2000 |  | 1852 |
|  National Football League | National Football League | National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(h) |  | 4000 |  | 4042 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.950% due 03/15/2035 |  | 2400 |  | 2447 |
|  Nestle Capital Corp. | Nestle Capital Corp. | Nestle Capital Corp. | Nestle Capital Corp. | Nestle Capital Corp. |
|  4.875% due 03/12/2034 |  | 2700 |  | 2705 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 |  | 4200 |  | 4195 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
|  3.700% due 09/21/2042 |  | 500 |  | 409 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.104% due 07/02/2027 |  | 300 |  | 305 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nucor Corp. | Nucor Corp. | Nucor Corp. |
|  4.650% due 06/01/2030 | 1700 | 1695 |
|  5.100% due 06/01/2035 | 3500 | 3453 |
|  NXP BV | NXP BV | NXP BV |
|  2.650% due 02/15/2032 | 2700 | 2311 |
|  4.300% due 06/18/2029 | 300 | 294 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 600 | 600 |
|  5.550% due 03/15/2026 | 900 | 904 |
|  5.550% due 10/01/2034 | 7300 | 7137 |
|  6.050% due 10/01/2054 | 1000 | 937 |
|  6.125% due 01/01/2031 | 4400 | 4526 |
|  6.200% due 03/15/2040 | 2800 | 2772 |
|  6.375% due 09/01/2028 | 200 | 208 |
|  7.500% due 05/01/2031 | 500 | 551 |
|  8.500% due 07/15/2027 | 300 | 318 |
|  8.875% due 07/15/2030 | 2400 | 2750 |
|  OCI NV | OCI NV | OCI NV |
|  6.700% due 03/16/2033 | 2300 | 2453 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 | 200 | 207 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 200 | 194 |
|  4.200% due 09/27/2029 | 3000 | 2944 |
|  4.700% due 09/27/2034 | 2000 | 1911 |
|  5.500% due 08/03/2035 | 3000 | 3025 |
|  5.500% due 09/27/2064 | 1650 | 1497 |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 4000 | 4109 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  5.650% due 05/15/2025 | 500 | 500 |
|  6.250% due 07/15/2033 | 4400 | 4547 |
|  Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 | 600 | 581 |
|  3.375% due 02/15/2028 | 300 | 288 |
|  3.700% due 06/01/2028 | 1275 | 1229 |
|  4.950% due 01/15/2031 | 800 | 769 |
|  6.875% due 04/30/2036 | 800 | 821 |
|  7.875% due 07/30/2030 | 200 | 220 |
|  PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
|  5.100% due 04/01/2035 | 4800 | 4776 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  5.350% due 01/12/2027 | 1500 | 1516 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 400 | 352 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 | 700 | 602 |
|  5.250% due 09/07/2028 | 1800 | 1845 |
|  5.250% due 02/13/2034 | 6000 | 6058 |
|  Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
|  4.950% due 03/15/2035 | 6400 | 6167 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  6.250% due 07/01/2033 | 200 | 207 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  5.950% due 06/15/2035 | 2600 | 2651 |
|  POSCO | POSCO | POSCO |
|  4.875% due 01/23/2027 | 500 | 502 |
|  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 | 274 |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  6.050% due 04/15/2028 | 1400 | 1437 |
|  Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
|  4.875% due 03/14/2030 | 1000 | 1011 |
|  5.000% due 03/14/2032 | 2000 | 2010 |
|  5.250% due 03/14/2035 | 3100 | 3125 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  5.000% due 02/15/2029 | 2050 | 2052 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 1000 | 1024 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  5.150% due 09/02/2029 | 400 | 403 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  6.100% due 03/15/2034 | 2000 | 2146 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.700% due 03/01/2029 | 1600 | 1500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 | 2000 | 1978 |
|  4.500% due 05/15/2030 | 800 | 786 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  6.875% due 09/19/2033 | 4200 | 4503 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.750% due 07/17/2054 | 3100 | 2931 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.375% due 01/17/2028 | 400 | 416 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 2200 | 2118 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  5.438% due 04/03/2034 | 500 | 503 |
|  Sociedad Quimica y Minera de Chile SA | Sociedad Quimica y Minera de Chile SA | Sociedad Quimica y Minera de Chile SA |
|  5.500% due 09/10/2034 | 3600 | 3494 |
|  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 | 1588 |
|  5.584% due 10/01/2034 | 1300 | 1273 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.750% due 03/15/2028 | 300 | 277 |
|  3.750% due 09/15/2051 •  | 2200 | 2142 |
|  5.700% due 10/15/2032 | 1600 | 1664 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 400 | 393 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 437 | 396 |
|  4.100% due 10/01/2029 | 206 | 192 |
|  St Marys Cement, Inc. | St Marys Cement, Inc. | St Marys Cement, Inc. |
|  5.750% due 04/02/2034 | 1100 | 1095 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  4.850% due 02/08/2027 | 1900 | 1915 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 1100 | 965 |
|  4.100% due 04/01/2043 | 500 | 418 |
|  4.850% due 12/08/2028 | 500 | 507 |
|  4.850% due 02/10/2030 | 1871 | 1890 |
|  Suntory Holdings Ltd. | Suntory Holdings Ltd. | Suntory Holdings Ltd. |
|  5.124% due 06/11/2029 | 500 | 510 |
|  Sutter Health | Sutter Health | Sutter Health |
|  5.164% due 08/15/2033 | 200 | 202 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1400 | 1408 |
|  4.850% due 04/01/2030 | 2900 | 2920 |
|  5.150% due 04/01/2035 | 1200 | 1207 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  5.400% due 03/23/2035 | 4400 | 4433 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.400% due 03/15/2029 | 700 | 643 |
|  2.550% due 02/15/2031 | 3000 | 2646 |
|  2.875% due 02/15/2031 | 500 | 448 |
|  3.600% due 11/15/2060 | 1000 | 670 |
|  3.750% due 04/15/2027 | 600 | 591 |
|  3.875% due 04/15/2030 | 3000 | 2877 |
|  4.200% due 10/01/2029 | 5661 | 5561 |
|  4.850% due 01/15/2029 | 2103 | 2115 |
|  5.125% due 05/15/2032 | 1100 | 1107 |
|  5.750% due 01/15/2034 | 4500 | 4690 |
|  5.800% due 09/15/2062 | 300 | 295 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.400% due 06/12/2029 | 1000 | 1025 |
|  5.600% due 06/12/2034 | 1500 | 1533 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.500% due 03/11/2035 | 10100 | 9987 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.200% due 02/01/2033 | 600 | 555 |
|  5.200% due 07/01/2027 | 500 | 506 |
|  6.150% due 03/01/2029 | 1100 | 1151 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 1000 | 924 |
|  6.100% due 04/12/2034 | 4000 | 4117 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 | 800 | 794 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  7.625% due 04/01/2037 | 600 | 699 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  0.875% due 01/31/2028 | 1650 | 1307 |
|  4.375% due 01/18/2031 | 600 | 480 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 3900 | 4454 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.150% due 04/05/2034 | 500 | 506 |
|  5.488% due 04/05/2054 | 600 | 581 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  4.625% due 03/01/2034 | 600 | 566 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  4.125% due 02/02/2026 | 100 | 100 |
|  TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. |
|  1.750% due 10/25/2026 | 300 | 288 |
|  TTX Co. | TTX Co. | TTX Co. |
|  5.050% due 11/15/2034 | 1700 | 1713 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  5.400% due 03/15/2029 | 1000 | 1023 |
|  5.700% due 03/15/2034 | 1400 | 1435 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 571 | 567 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.800% due 09/15/2034 | 2800 | 2722 |
|  5.350% due 09/15/2054 | 1000 | 935 |
|  UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 | 1100 | 1219 |
|  Unilever Capital Corp. | Unilever Capital Corp. | Unilever Capital Corp. |
|  4.625% due 08/12/2034 | 1900 | 1869 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 704 | 626 |
|  3.500% due 09/01/2031 | 612 | 583 |
|  5.450% due 08/15/2038 | 9516 | 9624 |
|  5.875% due 04/15/2029 | 1066 | 1086 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.500% due 04/15/2033 | 1500 | 1451 |
|  4.900% due 04/15/2031 | 1000 | 1013 |
|  4.950% due 05/15/2062 | 400 | 348 |
|  5.150% due 07/15/2034 | 3600 | 3626 |
|  5.200% due 04/15/2063 | 700 | 633 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 200 | 198 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.125% due 06/12/2033 | 1700 | 1740 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  7.500% due 01/15/2028 | 2500 | 2649 |
|  8.000% due 11/15/2032 | 3326 | 3748 |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  5.500% due 09/18/2026 | 3250 | 3291 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | 300 | 264 |
|  VF Corp. | VF Corp. | VF Corp. |
|  0.625% due 02/25/2032 | 1100 | 895 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  2.200% due 08/15/2031 | 2250 | 1913 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.350% due 05/13/2025 | 200 | 200 |
|  4.850% due 08/15/2027 | 750 | 750 |
|  4.900% due 08/14/2026 | 600 | 601 |
|  4.950% due 03/25/2027 | 1250 | 1252 |
|  5.050% due 03/27/2028 | 1250 | 1250 |
|  5.190% due 03/20/2026 •  | 300 | 300 |
|  5.250% due 03/22/2029 | 1900 | 1898 |
|  5.350% due 03/27/2030 | 1800 | 1796 |
|  5.650% due 09/12/2028 | 400 | 407 |
|  5.650% due 03/25/2032 | 2200 | 2192 |
|  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 ~(f) | 3000 | 3622 |
|  Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. |
|  4.950% due 12/01/2029 | 3750 | 3785 |
|  5.350% due 12/01/2034 | 2500 | 2524 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  3.450% due 06/01/2026 | 300 | 295 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 800 | 781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **151** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.279% due 03/15/2032 | $| 9050 | 7976 |
|  5.391% due 03/15/2062 |  | 1100 | 797 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 |  | 200 | 194 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  6.350% due 01/15/2029 |  | 2200 | 2298 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 |  | 1200 | 1195 |
|  3.450% due 11/15/2026 |  | 400 | 393 |
|  4.700% due 09/15/2028 |  | 100 | 100 |
|  Whistler Pipeline LLC | Whistler Pipeline LLC | Whistler Pipeline LLC | Whistler Pipeline LLC |
|  5.700% due 09/30/2031 |  | 3500 | 3543 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 |  | 2000 | 1974 |
|  5.400% due 03/02/2026 |  | 700 | 705 |
|  5.600% due 03/15/2035 |  | 3000 | 3059 |
|  8.750% due 03/15/2032 |  | 200 | 241 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 |  | 300 | 278 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.518% due 12/15/2032 | EUR | 3300 | 3526 |
|  5.500% due 02/19/2035 | $| 1400 | 1425 |
|  |  |  | 873702 |
| UTILITIES 9.3% | UTILITIES 9.3% | UTILITIES 9.3% | UTILITIES 9.3% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.800% due 10/01/2047 |  | 300 | 217 |
|  5.400% due 06/01/2033 |  | 100 | 101 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 |  | 1400 | 1197 |
|  3.950% due 07/15/2030 (i) |  | 4900 | 4597 |
|  5.450% due 06/01/2028 |  | 700 | 712 |
|  5.800% due 03/15/2032 |  | 5100 | 5156 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  5.000% due 01/15/2029 |  | 650 | 656 |
|  5.700% due 12/01/2026 |  | 800 | 814 |
|  Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC | Ameren Missouri Securitization Funding LLC |
|  4.850% due 10/01/2041 |  | 3000 | 2990 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.200% due 01/15/2029 |  | 200 | 203 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.500% due 08/01/2032 |  | 400 | 383 |
|  5.650% due 04/01/2034 |  | 1100 | 1116 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  5.700% due 08/15/2034 |  | 200 | 204 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 |  | 4900 | 4534 |
|  2.300% due 06/01/2027 |  | 340 | 325 |
|  3.650% due 09/15/2059 |  | 1800 | 1215 |
|  3.800% due 12/01/2057 |  | 100 | 70 |
|  4.350% due 03/01/2029 |  | 200 | 198 |
|  Bell Telephone Co. of Canada | Bell Telephone Co. of Canada | Bell Telephone Co. of Canada | Bell Telephone Co. of Canada |
|  5.200% due 02/15/2034 |  | 2100 | 2100 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.950% due 01/15/2026 |  | 400 | 397 |
|  6.150% due 05/15/2034 |  | 600 | 629 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  6.125% due 03/18/2035 •(f) |  | 3300 | 3256 |
|  6.450% due 12/01/2033 •(f) |  | 1800 | 1841 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.632% due 08/05/2027 |  | 100 | 100 |
|  6.388% due 09/15/2033 |  | 4600 | 4854 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.050% due 03/01/2035 |  | 2000 | 1987 |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.580% due 10/20/2035 |  | 6000 | 6004 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  5.097% due 10/01/2031 |  | 1200 | 1186 |
|  6.042% due 08/15/2028 |  | 1100 | 1138 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.439% due 02/15/2035 |  | 3600 | 3561 |
|  5.927% due 08/15/2030 |  | 100 | 104 |
|  Connecticut Light and Power Co. | Connecticut Light and Power Co. | Connecticut Light and Power Co. | Connecticut Light and Power Co. |
|  4.950% due 01/15/2030 |  | 2000 | 2029 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  5.375% due 05/15/2034 | 2000 | 2046 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.250% due 06/01/2025 | 300 | 299 |
|  6.125% due 01/15/2034 | 1600 | 1687 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.200% due 09/01/2052 | 200 | 163 |
|  Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. |
|  5.300% due 01/15/2035 | 4000 | 4048 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.375% due 04/01/2030 | 200 | 187 |
|  5.000% due 06/15/2030 | 2800 | 2815 |
|  5.450% due 03/15/2035 | 2100 | 2101 |
|  7.000% due 06/01/2054 •  | 2300 | 2423 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  2.950% due 03/01/2030 | 1700 | 1560 |
|  5.200% due 04/01/2030 | 5400 | 5471 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.450% due 02/01/2030 | 1000 | 910 |
|  3.550% due 03/15/2052 | 600 | 425 |
|  6.100% due 06/01/2037 | 100 | 106 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  5.050% due 03/15/2035 | 3000 | 2987 |
|  Edison International | Edison International | Edison International |
|  4.125% due 03/15/2028 | 10000 | 9620 |
|  5.250% due 03/15/2032 | 1900 | 1818 |
|  5.450% due 06/15/2029 | 1500 | 1481 |
|  6.250% due 03/15/2030 | 3900 | 3952 |
|  7.875% due 06/15/2054 •  | 1300 | 1254 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.000% due 04/22/2064 | 5800 | 5489 |
|  6.250% due 05/23/2033 | 1700 | 1800 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  3.625% due 05/25/2027 | 325 | 318 |
|  5.125% due 06/26/2029 | 3400 | 3438 |
|  7.500% due 10/14/2032 | 700 | 793 |
|  7.750% due 10/14/2052 | 950 | 1139 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.250% due 04/15/2035 | 1480 | 1479 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  5.250% due 03/15/2035 | 4200 | 4219 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.000% due 01/01/2027 | 400 | 403 |
|  5.450% due 03/01/2028 | 600 | 613 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  5.000% due 01/15/2035 | 3000 | 2943 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.100% due 04/01/2033 | 500 | 506 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.109% due 05/08/2025 ~ | 1000 | 1001 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  5.700% due 10/15/2033 | 2500 | 2571 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 2100 | 2000 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 1900 | 1699 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.577% due 01/31/2029 | 700 | 717 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  1.729% due 11/24/2030 | 400 | 335 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 07/15/2049 | 1050 | 856 |
|  5.300% due 02/01/2055 | 600 | 570 |
|  5.350% due 01/15/2034 | 1000 | 1027 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.850% due 02/15/2034 | 2000 | 2065 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
|  5.350% due 05/01/2034 | 1300 | 1308 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.418% due 01/11/2034 | 2000 | 2020 |
|  5.602% due 06/12/2028 | 400 | 410 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  2.625% due 05/05/2031 | 500 | 447 |
|  4.250% due 10/01/2029 | 1900 | 1882 |
|  5.750% due 10/06/2028 | 1300 | 1351 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 | 100 | 92 |
|  5.050% due 03/15/2030 | 1100 | 1115 |
|  5.450% due 03/15/2035 | 1000 | 1009 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 | 300 | 263 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 2900 | 2870 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 600 | 514 |
|  5.290% due 01/17/2034 | 500 | 495 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 1500 | 1512 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.850% due 03/01/2030 | 2300 | 2321 |
|  NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC |
|  4.713% due 05/01/2029 | 3700 | 3711 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  5.800% due 06/01/2054 | 2200 | 2163 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  5.350% due 04/01/2035 | 2000 | 2023 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 1751 | 1736 |
|  4.400% due 10/15/2029 | 2000 | 1965 |
|  5.050% due 11/01/2034 | 3100 | 2994 |
|  5.375% due 06/01/2029 | 50 | 51 |
|  5.650% due 11/01/2028 | 1613 | 1662 |
|  5.800% due 11/01/2030 | 2100 | 2185 |
|  5.850% due 11/01/2064 | 1600 | 1505 |
|  6.050% due 09/01/2033 | 2400 | 2500 |
|  6.625% due 09/01/2053 | 3500 | 3665 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 200 | 197 |
|  3.300% due 12/01/2027 | 800 | 768 |
|  4.000% due 12/01/2046 | 1100 | 814 |
|  5.700% due 03/01/2035 | 2000 | 2002 |
|  5.800% due 05/15/2034 | 1000 | 1010 |
|  6.100% due 01/15/2029 | 3265 | 3374 |
|  6.150% due 01/15/2033 | 400 | 412 |
|  6.400% due 06/15/2033 | 400 | 418 |
|  6.750% due 01/15/2053 | 1400 | 1463 |
|  6.950% due 03/15/2034 | 1500 | 1626 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 | 100 | 90 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  5.100% due 02/15/2035 | 2500 | 2478 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ | 500 | 503 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  5.700% due 09/15/2034 | 3300 | 3335 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
|  5.250% due 09/01/2034 | 600 | 597 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.350% due 05/15/2034 | 3400 | 3419 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  4.900% due 03/15/2030 | 1600 | 1608 |
|  5.400% due 03/15/2035 | 2200 | 2214 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 5700 | 5694 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  5.700% due 01/17/2035 | 1900 | 1807 |
|  6.700% due 02/25/2037 | 2700 | 2705 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 5100 | 5140 |
|  6.000% due 06/01/2026 | 3000 | 3060 |
|  Sempra | Sempra | Sempra |
|  6.875% due 10/01/2054 •  | 1000 | 993 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 | 700 | 708 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 | 300 | 256 |
|  2.850% due 08/01/2029 | 1750 | 1609 |
|  2.950% due 02/01/2051 | 300 | 182 |
|  4.900% due 06/01/2026 | 300 | 300 |
|  5.450% due 03/01/2035 | 1000 | 991 |
|  5.650% due 10/01/2028 | 1500 | 1536 |

---

---

| | | |
|:---|:---|:---|
| **152** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | $| 1900 | 1724 |
|  2.600% due 06/15/2026 |  | 200 | 196 |
|  5.200% due 06/01/2033 |  | 400 | 399 |
|  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 | 385 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  4.400% due 11/15/2048 |  | 460 | 375 |
|  Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. |
|  5.150% due 08/15/2034 |  | 500 | 504 |
|  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 |  | 3000 | 2998 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 |  | 4100 | 4055 |
|  Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP |
|  4.875% due 02/01/2031 |  | 900 | 881 |
|  6.500% due 07/15/2027 |  | 500 | 502 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  1.680% due 10/30/2030 |  | 2900 | 2469 |
|  3.000% due 11/20/2060 |  | 400 | 236 |
|  4.780% due 02/15/2035 |  | 302 | 293 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  2.300% due 11/15/2031 |  | 400 | 345 |
|  5.000% due 04/01/2033 |  | 600 | 595 |
|  5.050% due 08/15/2034 |  | 200 | 198 |
|  5.150% due 03/15/2035 |  | 2000 | 1986 |
|  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 | 1820 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.000% due 04/15/2034 |  | 900 | 910 |
|  6.950% due 10/15/2033 |  | 2700 | 2902 |
|  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 | 382 |
|  Wintershall Dea Finance BV | Wintershall Dea Finance BV | Wintershall Dea Finance BV | Wintershall Dea Finance BV |
|  1.823% due 09/25/2031 | EUR | 1000 | 936 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.750% due 03/21/2028 | $| 800 | 803 |
|  5.500% due 03/15/2034 |  | 300 | 301 |
|  5.600% due 04/15/2035 |  | 5000 | 5024 |
|  |  |  | 261805 |
|  Total Corporate Bonds & Notes (Cost $2,078,678) | Total Corporate Bonds & Notes (Cost $2,078,678) | Total Corporate Bonds & Notes (Cost $2,078,678) | 2098435 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| ARIZONA 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 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 |  | 4500 | 4646 |
| LOUISIANA 0.0% | 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 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 |  | 400 | 407 |
| TEXAS 0.0% | TEXAS 0.0% | TEXAS 0.0% | TEXAS 0.0% |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 371 | 376 |
|  Total Municipal Bonds & Notes (Cost $5,271) | Total Municipal Bonds & Notes (Cost $5,271) | Total Municipal Bonds & Notes (Cost $5,271) | 5429 |
| U.S. GOVERNMENT AGENCIES 7.7% | U.S. GOVERNMENT AGENCIES 7.7% | U.S. GOVERNMENT AGENCIES 7.7% | U.S. GOVERNMENT AGENCIES 7.7% |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  5.540% due 02/25/2055 •  |  | 1264 | 1273 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  5.500% due 11/01/2052 - 06/01/2053 |  | 3391 | 3395 |
|  6.000% due 03/01/2053 - 04/01/2053 |  | 1647 | 1675 |
|  6.500% due 10/01/2053 |  | 1747 | 1804 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 - 06/01/2055 | 69200 | 64385 |
|  4.500% due 05/01/2055 - 06/01/2055 | 82000 | 78376 |
|  6.000% due 06/01/2055 | 67300 | 68227 |
|  Total U.S. Government Agencies (Cost $218,514) | Total U.S. Government Agencies (Cost $218,514) | 219135 |
| U.S. TREASURY OBLIGATIONS 36.6% | U.S. TREASURY OBLIGATIONS 36.6% | U.S. TREASURY OBLIGATIONS 36.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.875% due 08/15/2045 | 4700 | 3601 |
|  3.000% due 02/15/2048 | 7300 | 5566 |
|  3.000% due 08/15/2048 | 17000 | 12914 |
|  3.125% due 05/15/2048 | 8500 | 6619 |
|  3.875% due 05/15/2043 | 6000 | 5479 |
|  4.125% due 08/15/2044 (i) | 149800 | 140391 |
|  4.250% due 08/15/2054 (i) | 57600 | 54387 |
|  4.375% due 08/15/2043 | 13330 | 12995 |
|  4.500% due 11/15/2054 (i) | 12700 | 12517 |
|  4.625% due 11/15/2044 (i) | 10800 | 10817 |
|  4.625% due 02/15/2055 | 4000 | 4027 |
|  4.750% due 11/15/2043 | 5100 | 5212 |
|  4.750% due 11/15/2053 | 3100 | 3169 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.250% due 04/15/2028 (k) | 1906 | 1907 |
|  1.750% due 01/15/2034 (k) | 19321 | 19295 |
|  1.875% due 07/15/2034 | 405 | 409 |
|  2.125% due 04/15/2029 | 33885 | 34897 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.250% due 06/30/2029 (k)(m) | 2400 | 2336 |
|  3.500% due 09/30/2029 (i)(k)(m) | 182400 | 179122 |
|  3.875% due 08/15/2034 | 75000 | 73119 |
|  4.000% due 02/15/2034 (m) | 12860 | 12688 |
|  4.250% due 01/31/2030 (m) | 25000 | 25324 |
|  4.250% due 11/15/2034 (i) | 116200 | 116563 |
|  4.375% due 12/31/2029 (k) | 81100 | 82586 |
|  4.375% due 05/15/2034 (i) | 139000 | 140909 |
|  4.625% due 02/15/2035 (i) | 41700 | 43085 |
|  4.750% due 07/31/2025 (k)(m) | 22658 | 22692 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2042 (a) | 3900 | 1754 |
|  0.000% due 05/15/2042 (a) | 6100 | 2705 |
|  Total U.S. Treasury Obligations (Cost $1,037,661) | Total U.S. Treasury Obligations (Cost $1,037,661) | 1037085 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 967 | 929 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 08/25/2064 •  | 6592 | 5852 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 •  | 985 | 985 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.726% due 01/25/2060 þ | 497 | 501 |
|  JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust |
|  4.451% due 01/25/2063 ~ | 983 | 944 |
|  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 | 951 | 925 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.110% due 08/25/2062 þ | 770 | 766 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ | 1000 | 958 |
|  4.000% due 07/25/2069 þ | 988 | 950 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 04/25/2055 þ | 1000 | 964 |
|  4.000% due 11/25/2054 þ | 966 | 935 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 945 | 948 |
|  5.802% due 11/25/2069 þ | 972 | 976 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 1000 | 1003 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.492% due 10/25/2064 •  | 2820 | 2835 |
|  5.725% due 11/25/2064 þ | 1322 | 1328 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.041% due 08/25/2067 þ | 757 | 754 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $22,389) | Total Non-Agency Mortgage-Backed Securities (Cost $22,389) | 22553 |
| ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.980% due 03/25/2027 | 1000 | 1005 |
|  5.100% due 07/27/2026 | 118 | 118 |
|  5.990% due 09/25/2026 | 621 | 624 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.680% due 01/25/2029 | 2600 | 2637 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 694 | 695 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 600 | 425 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.720% due 06/15/2028 | 1000 | 1005 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 449 | 448 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 500 | 501 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.850% due 05/17/2027 | 143 | 143 |
|  |  | 7601 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.431% due 08/17/2041 ~ | 1282 | 1287 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.872% due 10/25/2039 •  | 174 | 175 |
|  |  | 1462 |
| OTHER ABS 3.5% | OTHER ABS 3.5% | OTHER ABS 3.5% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.386% due 04/15/2035 •  | 1000 | 995 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.490% due 10/23/2034 ~ | 500 | 499 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  | 1200 | 1200 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 1000 | 997 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 1100 | 1094 |
|  5.393% due 01/20/2035 •  | 1000 | 998 |
|  5.730% due 04/22/2034 ~ | 250 | 250 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.793% due 10/25/2037 | 1000 | 984 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.093% due 04/20/2036 •  | 1950 | 1967 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(b) | 1350 | 1350 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 1600 | 1595 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | 1002 | 1086 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 1550 | 1548 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  | 1000 | 996 |
|  5.396% due 01/18/2035 •  | 1200 | 1200 |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  | 1000 | 1083 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 2100 | 2100 |
|  5.323% due 10/21/2034 •  | 1000 | 995 |
|  5.354% due 07/24/2034 •  | 1000 | 990 |
|  5.383% due 10/21/2034 •  | 1000 | 996 |
|  5.440% due 10/23/2034 ~ | 1000 | 997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **153** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | 147 | 147 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.319% due 10/15/2034 •  | 1000 | 994 |
|  5.382% due 07/15/2034 ~ | 1000 | 996 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 3600 | 3587 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 1000 | 998 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ | 1000 | 1006 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 12743 | 12730 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 1000 | 948 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 227 | 228 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 1900 | 1900 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 1000 | 994 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(b) | 1000 | 1000 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  | 764 | 762 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  | 1034 | 1034 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.845% due 01/15/2039 •  | 1900 | 2056 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 1000 | 1000 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.975% due 11/17/2037 •  | 2100 | 2274 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.293% due 01/16/2033 •  | 1000 | 998 |
|  5.443% due 10/20/2034 •  | 1200 | 1197 |
|  Indigo Credit Management DAC | Indigo Credit Management DAC | Indigo Credit Management DAC |
|  4.004% due 07/15/2038 •  | 2200 | 2379 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 1100 | 1096 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 1000 | 995 |
|  5.400% due 10/15/2034 •  | 1000 | 997 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 2100 | 2089 |
|  5.361% due 10/19/2034 •  | 1200 | 1195 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.461% due 10/15/2034 ~ | 1100 | 1094 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  | 2000 | 1998 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 1000 | 1000 |
|  5.370% due 10/14/2036 •  | 1100 | 1100 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | 1300 | 1294 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 1700 | 1698 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.563% due 04/20/2034 •  | 1000 | 1000 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 500 | 500 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 500 | 500 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.670% due 03/16/2026 | 1300 | 1300 |
|  4.961% due 10/15/2032 | 500 | 500 |
|  5.156% due 07/15/2032 | 500 | 501 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 1100 | 1097 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 1000 | 996 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TCI-Flatiron CLO Ltd. | TCI-Flatiron CLO Ltd. | TCI-Flatiron CLO Ltd. |
|  5.545% due 11/18/2030 •  | 3151 | 3153 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 500 | 502 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  | 1000 | 1000 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  | 1000 | 994 |
|  5.370% due 01/25/2035 •  | 1000 | 1000 |
|  5.403% due 10/20/2033 •  | 1200 | 1199 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ | 2000 | 1996 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  4.039% due 01/20/2037 •  | 2000 | 2165 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  | 1000 | 997 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  | 2500 | 2500 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.624% due 10/15/2034 •  | 1000 | 996 |
|  |  | 99600 |
|  Total Asset-Backed Securities (Cost $108,701) | Total Asset-Backed Securities (Cost $108,701) | 108663 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Airport Authority | Airport Authority | Airport Authority |
|  4.750% due 01/12/2028 | 200 | 202 |
|  4.875% due 01/12/2030 | 200 | 204 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 1500 | 1530 |
|  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 | 3118 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.750% due 01/14/2032 | 3000 | 3240 |
|  4.850% due 01/22/2029 | 2600 | 2622 |
|  4.950% due 01/05/2036 | 300 | 292 |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  8.000% due 11/14/2035 | 1300 | 1309 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 2400 | 1767 |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  3.875% due 01/15/2033 | 2400 | 2560 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 03/12/2029 | 3200 | 3228 |
|  5.375% due 02/19/2030 | 7700 | 7762 |
|  5.625% due 02/19/2035 | 600 | 597 |
|  Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. |
|  5.000% due 07/08/2029 | 750 | 765 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (e) | 5306 | 242 |
|  4.490% due 05/25/2032 | 500 | 534 |
|  6.000% due 05/13/2030 | 2600 | 2655 |
|  6.000% due 05/07/2036 | 1400 | 1356 |
|  6.400% due 05/07/2054 | 1200 | 1098 |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  7.500% due 03/01/2031 | 3800 | 3936 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.375% due 02/08/2035 | 1800 | 1769 |
|  6.900% due 08/12/2037 | 2500 | 672 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.750% due 06/12/2034 | 500 | 504 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.125% due 09/18/2034 | 2300 | 2282 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  5.250% due 03/10/2030 | 3300 | 3597 |
|  5.500% due 09/18/2028 | 1100 | 1235 |
|  7.500% due 02/10/2037 | 1600 | 1629 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 4200 | 4487 |
|  4.875% due 07/18/2033 | 400 | 395 |
|  5.125% due 01/13/2028 | 1100 | 1114 |
|  5.375% due 01/13/2031 | 1700 | 1743 |
|  Total Sovereign Issues (Cost $57,642) | Total Sovereign Issues (Cost $57,642) | 58747 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 1.2% | PREFERRED SECURITIES 1.2% | PREFERRED SECURITIES 1.2% |
| BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.750% due 02/15/2030 •(f) | 4100000 | 4051 |
|  6.950% due 02/15/2030 ~(f) | 5400000 | 5393 |
|  7.000% due 08/15/2034 •(f) | 2100000 | 2177 |
|  7.125% due 08/15/2029 •(f) | 3200000 | 3275 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(f) | 3900000 | 3969 |
|  7.250% due 07/01/2029 •(f) | 1800000 | 1827 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(f) | 3200000 | 3131 |
|  7.500% due 05/10/2029 •(f) | 2300000 | 2424 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.500% due 04/01/2030 ~(f) | 5600000 | 5741 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(f) | 2400000 | 2492 |
|  Total Preferred Securities (Cost $34,000) | Total Preferred Securities (Cost $34,000) | 34480 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 04/09/2025 | 1000 | 999 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.560% due 04/07/2025 | 500 | 499 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 | 1000 | 1000 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 | 1000 | 993 |
|  |  | 3491 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.299% due 04/17/2025 - 05/29/2025 (c)(d)(k)(m) | 879 | 875 |
| Total Short-Term Instruments (Cost $4,367) | Total Short-Term Instruments (Cost $4,367) | 4366 |
| Total Investments in Securities (Cost $3,567,223) | Total Investments in Securities (Cost $3,567,223) | 3588893 |
|  | SHARES |  |
| 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% |
| 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 | 115836 | 1128 |
| Total Short-Term Instruments<br>(Cost $1,127) | Total Short-Term Instruments<br>(Cost $1,127) | 1128 |
| Total Investments in Affiliates (Cost $1,127) | Total Investments in Affiliates (Cost $1,127) | 1128 |
| Total Investments 126.7% (Cost $3,568,350) | Total Investments 126.7% (Cost $3,568,350) | 3590021 |
|  Financial Derivative<br>Instruments (j)(l) 0.0%<br> (Cost or Premiums, net $26,649) | Financial Derivative<br>Instruments (j)(l) 0.0%<br> (Cost or Premiums, net $26,649) | 242 |
| Other Assets and Liabilities, net (26.7)% | Other Assets and Liabilities, net (26.7)% | (756030) |
| Net Assets 100.0% | Net Assets 100.0% | 2834233 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

#### 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.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 | 5.550% | 07/01/2033 | 01/16/2025 | $3600 | $3606 | 0.13% |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2800 | 2768 | 0.10 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 4000 | 4042 | 0.14 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 6300 | 6428 | 0.22 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16844 | 0.59% |

---

#### 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 | 4.430% | 04/01/2025 | 04/02/2025 | $(118088) | $(118088) |
|  | 4.440 | 04/01/2025 | 04/02/2025 | (140625) | (140625) |
|  | 4.490 | 03/28/2025 | 04/01/2025 | (42901) | (42922) |
|  BOS | 4.500 | 03/27/2025 | 04/03/2025 | (11007) | (11014) |
|  | 4.500 | 03/28/2025 | 04/03/2025 | (10867) | (10873) |
|  BRC | 4.400 | 12/20/2024 | TBD<sup>(2)</sup> | (9245) | (9360) |
|  | 4.400 | 04/01/2025 | 04/02/2025 | (20621) | (20621) |
|  MSC | 4.550 | 03/31/2025 | 04/01/2025 | (22672) | (22672) |
|  MSR | 4.440 | 04/01/2025 | 04/02/2025 | (281478) | (281478) |
|  | 4.470 | 03/31/2025 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311833) | (311833) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | (136043) | (136043) |
|  SCX | 4.250 | 03/17/2025 | TBD<sup>(2)</sup> | (2823) | (2828) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108357) |

---

#### 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> |
|  TDM | 4.440% | 03/19/2025 | 04/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12721) | $(12742) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12742) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  U.S. Treasury Obligations (0.1)% | U.S. Treasury Obligations (0.1)% | U.S. Treasury Obligations (0.1)% | U.S. Treasury Obligations (0.1)% | U.S. Treasury Obligations (0.1)% | U.S. Treasury Obligations (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.750% | 11/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | $(1861) | $(1986) |
|  Total Short Sales (0.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1986) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 155

------

Schedule of Investments PIMCO Sector Fund Series - I (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 March 31, 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> | Payable for<br>Short Sales<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 | $(301635) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301635) | $43151 | $(258484) |
|  BOS | 0 | (21887) | 0 | 0 | (21887) | 22053 | 166 |
|  BRC | 0 | (29981) | 0 | 0 | (29981) | 9847 | (20134) |
|  MSC | 0 | (22672) | 0 | 0 | (22672) | 22524 | (148) |
|  MSR | 0 | (729354) | 0 | 0 | (729354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272220) |
|  SCX | 0 | (2828) | 0 | 0 | (2828) | 2972 | 144 |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  MSC | 0 | 0 | 0 | (1986) | (1986) | 0 | (1986) |
|  TDM | 0 | 0 | (12742) | 0 | (12742) | 12517 | (225) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108357) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12742) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1986) |  |  |  |

---

#### 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 | $0 | $(12188) | $(12188) |
|  U.S. Treasury Obligations | (513470) | (21887) | 0 | 0 | (535357) |
|  Total | $(513470) | $(21887) | $0 | $(12188) | $(547545) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |  |  |  |
|  U.S. Treasury Obligations | 0 | (12742) | 0 | 0 | (12742) |
|  Total | $0 | $(12742) | $0 | $0 | $(12742) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34629) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560287) |
|  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> | $(560287) |

---

(i) Securities with an aggregate market value of $570,008 and cash of $190 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(234657) at a weighted average interest rate of 4.696%. 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 $(13) of deferred price drop. 

<sup>(4)</sup> Payable for short sales includes $(78) of accrued interest. 

<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 $(560812) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### 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 - CBOE U.S. Treasury 10-Year Note May Futures | $109.000 | 04/25/2025 | 41 | $41 | $(10) | $(3) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 42 | 42 | (10) | (6) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 80 | 80 | (22) | (17) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 41 | 41 | (15) | (22) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 42 | 42 | (12) | (19) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.500 | 04/25/2025 | 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
|  Total Written Options |  |  |  |  | $(95) | $(97) |

---

156 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113945 | $468 | $0 | $(4) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 65 | 7946 | 49 | 28 | 0 |
|  |  |  |  | $517 | $28 | $(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 |
|  Euro-Bund June Futures  | 06/2025 | 153 | $(21313) | $(26) | $2 | $(81) |
|  Euro-Schatz June Futures  | 06/2025 | 40 | (4626) | (1) | 1 | (3) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 246 | (27360) | (325) | 0 | (4) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 811 | (92555) | (156) | 0 | (76) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 243 | (28499) | (449) | 0 | (46) |
|  |  |  |  | $(957) | $3 | $(210) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) |

---

#### 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>March 31, 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>March 31, 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 |
|  AES Corp. | 5.000% | Quarterly | 12/20/2028 | 0.920% | $1300 | $161 | $24 | $185 | $0 | $(1) |
|  AES Corp. | 5.000 | Quarterly | 06/20/2030 | 1.296 | 4200 | 722 | 4 | 726 | 0 | (2) |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.354 | 200 | (1) | 4 | 3 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | 6000 | 41 | (8) | 33 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 2800 | (7) | 49 | 42 | 0 | (1) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 5200 | 37 | (8) | 29 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 1200 | 14 | (2) | 12 | 0 | (1) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | 1300 | 4 | (1) | 3 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 7900 | 46 | (1) | 45 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 2700 | 18 | 0 | 18 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.920 | $1300 | 4 | 1 | 5 | 0 | (1) |
|  Elis SA | 5.000 | Quarterly | 12/20/2029 | 0.956 | 4400 | 887 | (23) | 864 | 0 | (7) |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.547 | $2000 | 223 | 15 | 238 | 0 | (3) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 2100 | 298 | (31) | 267 | 1 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.287 | 700 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | 102 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 1000 | (10) | 21 | 11 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | $26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### 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-41 5-Year Index | 1.000% | Quarterly | 12/20/2028 | $9300 | $98 | $86 | $184 | $1 | $0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 751700 | 16772 | (2306) | 14466 | 5 | (15) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 320100 | 5908 | (21) | 5887 | 49 | 0 |
|  CDX.iTraxx Main 43 05-Year Index | 1.000 | Quarterly | 06/20/2030 | 13100 | 287 | (33) | 254 | 0 | (22) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 157

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

#### 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/<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 | 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 |  | $43800 | $(814) | $703 | $(111) | $0 | $(41) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 3500 | (7) | (22) | (29) | 0 | (4) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 |  | 54310 | (1084) | (286) | (1370) | 0 | (104) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 64220 | (287) | 450 | 163 | 0 | (198) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 2100 | (7) | (11) | (18) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 2200 | (8) | (16) | (24) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 2500 | (7) | (36) | (43) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 4300 | (13) | (46) | (59) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 2200 | (6) | (16) | (22) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 9900 | 404 | 237 | 641 | 0 | (73) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 3400 | (49) | 20 | (29) | 8 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 1400 | (4) | (21) | (25) | 6 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 1300 | (4) | (1) | (5) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 1300 | (3) | (13) | (16) | 5 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 1400 | (4) | (21) | (25) | 0 | (25) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 2300 | 5 | (48) | (43) | 0 | (5) |
|  |  |  |  |  |  |  | $(1888) | $871 | $(1017) | $24 | $(493) |
|  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;23734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) |

---

#### 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 March 31, 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>(6)</sup> | Variation Margin<br>Liability<sup>(6)</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;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884) |

---

(k) Securities with an aggregate market value of $37,706 and cash of $9,612 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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 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 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 $(26) 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 | 04/2025 | $2198 | 3475 | $0 | $(27) |
|  | 05/2025 | 3475 | $2199 | 27 | 0 |
|  | 05/2025 | 6630 | 905 | 0 | (10) |
|  | 05/2025 | $1198 | 8671 | 1 | (1) |

---

---

| | | |
|:---|:---|:---|
| **158** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 06/2025 | 17653 | $2414 | $0 | $(28) |
|  | 07/2025 | 4315 | 599 | 1 | 0 |
|  | 08/2025 | 4316 | 599 | 0 | (1) |
|  BOA | 04/2025 | 17 | 12 | 0 | 0 |
|  | 05/2025 | 4388 | 599 | 0 | (6) |
|  | 06/2025 | $1048 | 21621 | 0 | (2) |
|  BRC | 06/2025 | 3701 | 74913 | 0 | (78) |
|  BSH | 04/2025 | 3475 | $2202 | 30 | 0 |
|  CBK | 04/2025 | $12202 | 17381 | 0 | (123) |
|  | 04/2025 | 7736 | 675513 | 152 | 0 |
|  | 04/2025 | 6307 | 63252 | 0 | (15) |
|  | 05/2025 | 17356 | $12202 | 123 | 0 |
|  | 05/2025 | 63136 | 6307 | 15 | 0 |
|  FAR | 04/2025 | 5060 | 5677 | 0 | (43) |
|  | 04/2025 | 54208 | 56937 | 0 | (1678) |
|  | 05/2025 | $306 | 2204 | 0 | (1) |
|  | 07/2025 | 2195 | $305 | 1 | 0 |
|  JPM | 04/2025 | $61219 | 56758 | 153 | 0 |
|  | 04/2025 | 7479 | 652591 | 142 | 0 |
|  | 05/2025 | 5326 | $729 | 0 | (6) |
|  | 05/2025 | 56758 | 61319 | 0 | (153) |
|  | 05/2025 | $1122 | 8134 | 2 | (1) |
|  | 07/2025 | 4159 | $576 | 0 | (1) |
|  | 08/2025 | 3938 | 546 | 0 | (1) |
|  MBC | 04/2025 | 3775 | 3971 | 0 | (111) |
|  | 04/2025 | 63476 | 5985 | 0 | (330) |
|  | 04/2025 | $5724 | 5056 | 0 | (9) |
|  | 04/2025 | 1323 | 1225 | 2 | 0 |
|  | 05/2025 | 5038 | $5724 | 9 | 0 |
|  | 05/2025 | 5285 | 728 | 0 | (1) |
|  | 05/2025 | $553 | 4012 | 1 | (1) |
|  | 07/2025 | 1994 | $277 | 0 | 0 |
|  | 08/2025 | 1999 | 277 | 0 | (1) |
|  MYI | 04/2025 | 17369 | 12202 | 131 | 0 |
|  | 04/2025 | 7524 | 9534 | 0 | (186) |
|  SCX | 05/2025 | 2767 | 384 | 2 | 0 |
|  SSB | 04/2025 | $9730 | 7524 | 0 | (11) |
|  | 05/2025 | 7524 | $9729 | 11 | 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;803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2825) |

---

#### 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 |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000% | 07/16/2025 | 4300 | $(5) | $(4) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 4200 | (5) | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

#### 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 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510% | 04/07/2025 | 1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 1300 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 1300 | (5) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 1300 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 1300 | (5) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 1300 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 1300 | (4) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 1300 | (4) | (6) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 1800 | (3) | (6) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 1800 | (3) | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **159** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715% | 04/24/2025 | 2500 | $(9) | $(18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 2500 | (9) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 2600 | (11) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 2600 | (11) | (10) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 2200 | (10) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 2200 | (10) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1300 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1300 | (5) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |
|  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;(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

#### 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>March 31, 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>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| CBK | Schlumberger Oilfield U.K. Limited | 1.000% | Quarterly | 06/20/2025 | 0.123% | $6000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&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>** | **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>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| JPM | CDX.iTraxx Crossover 42 05-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 15751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107 | $9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;3132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $3129 | $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 March 31, 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 | $29 | $0 | $0 | $29 | $(67) | $0 | $0 | $(67) | $(38) | $0 | $(38) |
|  BOA | 0 | 0 | 0 | 0 | (8) | 0 | 0 | (8) | (8) | 0 | (8) |
|  BRC | 0 | 0 | 0 | 0 | (78) | (18) | 0 | (96) | (96) | 104 | 8 |
|  BSH | 30 | 0 | 0 | 30 | 0 | 0 | 0 | 0 | 30 | 0 | 30 |
|  CBK | 290 | 0 | 13 | 303 | (138) | (7) | 0 | (145) | 158 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
|  FAR | 1 | 0 | 0 | 1 | (1722) | (43) | 0 | (1765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764) | 1698 | (66) |
|  JPM | 297 | 0 | 3116 | 3413 | (162) | (4) | 0 | (166) | 3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3250) | (3) |
|  MBC | 12 | 0 | 0 | 12 | (453) | 0 | 0 | (453) | (441) | 342 | (99) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (15) | 0 | (15) | (15) | 0 | (15) |
|  MYI | 131 | 0 | 0 | 131 | (186) | 0 | 0 | (186) | (55) | 0 | (55) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (5) | 0 | (5) | (5) | 0 | (5) |
|  SCX | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SSB | 11 | 0 | 0 | 11 | (11) | 0 | 0 | (11) | 0 | 0 | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2917) |  |  |  |

---

(m) Securities with an aggregate market value of $2,143 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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 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. 

---

| | | |
|:---|:---|:---|
| **160** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

<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 March 31, 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 | $31 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 56 | 0 | 0 | 24 | 80 |
|  | $0 | $56 | $0 | $0 | $55 | $111 |
|  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 | $803 | $0 | $803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3129 | 0 | 0 | 0 | 3129 |
|  | $0 | $3129 | $0 | $803 | $0 | $3932 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | $0 | $803 | $55 | $4043 |
|  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 | $97 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 214 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 80 | 0 | 0 | 493 | 573 |
|  | $0 | $80 | $0 | $0 | $804 | $884 |
|  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;2825 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 9 | 0 | 0 | 83 | 92 |
|  | $0 | $9 | $0 | $2825 | $83 | $2917 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | $3801 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $123 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7059 | 0 | 0 | 893 | 7952 |
|  | $0 | $7059 | $0 | $0 | $1316 | $8375 |
|  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 | $1770 | $0 | $1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 745 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 153 | 0 | 0 | 0 | 153 |
|  | $0 | $153 | $0 | $1770 | $745 | $2668 |
|  | $0 | $7212 | $0 | $1770 | $2061 | $11043 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 161

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.) March 31, 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; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 284 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3343) | 0 | 0 | 971 | (2372) |
|  | $0 | $(3343) | $0 | $0 | $1253 | $(2090) |
|  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 | $(2093) | $0 | $(2093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2) | 0 | 0 | 0 | (2) |
|  | $0 | $(2) | $0 | $(2093) | $28 | $(2067) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3345) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2093) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4157) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $953732 | $9196 | $962928 |
| &nbsp;&nbsp; Industrials | 0 | 866054 | 7648 | 873702 |
| &nbsp;&nbsp; Utilities | 0 | 261805 | 0 | 261805 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 4646 | 0 | 4646 |
| &nbsp;&nbsp; Louisiana | 0 | 407 | 0 | 407 |
| &nbsp;&nbsp; Texas | 0 | 376 | 0 | 376 |
|  U.S. Government Agencies | 0 | 219135 | 0 | 219135 |
|  U.S. Treasury Obligations | 0 | 1037085 | 0 | 1037085 |
|  Non-Agency Mortgage-Backed Securities | 0 | 22553 | 0 | 22553 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 7601 | 0 | 7601 |
| &nbsp;&nbsp; CMBS Other | 0 | 1462 | 0 | 1462 |
| &nbsp;&nbsp; Other ABS | 0 | 99600 | 0 | 99600 |
|  Sovereign Issues | 0 | 58747 | 0 | 58747 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 34480 | 0 | 34480 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3491 | 0 | 3491 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 875 | 0 | 875 |
|  | $0 | $3572049 | $16844 | $3588893 |
|  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;1128 | $0 | $0 | $1128 |
|  Total Investments | $1128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590021 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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. Treasury Obligations | $0 | $(1986) | $0 | $(1986) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | 3 | 108 | 0 | 111 |
|  Over the counter | 0 | 3932 | 0 | 3932 |
|  | $3 | $4040 | $0 | $4043 |
|  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 | (84) | (774) | 0 | (858) |
|  Over the counter | 0 | (2917) | 0 | (2917) |
|  | $(84) | $(3691) | $0 | $(3775) |
|  Total Financial Derivative Instruments | $(81) | $349 | $0 | $268 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588303 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **162** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short-Term Portfolio March 31, 2025

#### (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 151.4% | INVESTMENTS IN SECURITIES 151.4% | INVESTMENTS IN SECURITIES 151.4% | INVESTMENTS IN SECURITIES 151.4% | INVESTMENTS IN SECURITIES 151.4% |
| 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. |
|  0.000% due 09/27/2027 ^(a) | $— | 2000 | $— | 3 |
|  Total Corporate Bonds & Notes (Cost $1,033) | Total Corporate Bonds & Notes (Cost $1,033) | Total Corporate Bonds & Notes (Cost $1,033) |  | 3 |
| U.S. GOVERNMENT AGENCIES 67.0% | U.S. GOVERNMENT AGENCIES 67.0% | U.S. GOVERNMENT AGENCIES 67.0% | U.S. GOVERNMENT AGENCIES 67.0% | U.S. GOVERNMENT AGENCIES 67.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  4.060% due 03/01/2030 |  | 411 |  | 406 |
|  4.340% due 07/01/2027 •  |  | 1 |  | 1 |
|  4.355% due 08/01/2032 •  |  | 2 |  | 2 |
|  4.473% due 05/01/2036 •  |  | 13 |  | 13 |
|  4.485% due 05/01/2036 •  |  | 14 |  | 14 |
|  4.526% due 12/25/2036 •  |  | 29 |  | 29 |
|  4.586% due 03/25/2034 •  |  | 7 |  | 7 |
|  4.615% due 05/01/2036 •  |  | 6 |  | 6 |
|  4.706% due 08/25/2042 ~ |  | 7 |  | 7 |
|  4.737% due 12/25/2042 ~ |  | 50 |  | 50 |
|  4.754% due 01/25/2034 •  |  | 5 |  | 5 |
|  4.766% due 08/01/2026 |  | 373 |  | 375 |
|  4.804% due 05/25/2042 - 09/25/2042 •  |  | 88 |  | 88 |
|  4.854% due 06/25/2029 - 12/25/2033 •  |  | 13 |  | 12 |
|  4.862% due 05/18/2032 •  |  | 5 |  | 5 |
|  4.894% due 05/25/2036 •  |  | 4 |  | 4 |
|  4.904% due 10/25/2030 •  |  | 9 |  | 9 |
|  4.912% due 10/18/2030 •  |  | 12 |  | 12 |
|  4.913% due 09/17/2027 •  |  | 3 |  | 3 |
|  4.954% due 08/25/2031 - 01/25/2033 •  |  | 9 |  | 9 |
|  4.962% due 11/18/2030 •  |  | 5 |  | 5 |
|  5.004% due 12/25/2030 •  |  | 8 |  | 8 |
|  5.104% due 11/25/2031 •  |  | 11 |  | 11 |
|  5.154% due 04/25/2032 •  |  | 7 |  | 7 |
|  5.382% due 07/01/2029 •  |  | 2 |  | 2 |
|  5.454% due 04/25/2032 •  |  | 5 |  | 5 |
|  5.805% due 04/01/2037 •  |  | 1 |  | 1 |
|  5.811% due 06/01/2032 •  |  | 2 |  | 2 |
|  5.836% due 11/01/2027 -<br>01/01/2038 •  |  | 1 |  | 0 |
|  5.861% due 11/01/2040 •  |  | 1 |  | 1 |
|  5.875% due 02/01/2034 •  |  | 28 |  | 28 |
|  5.886% due 07/01/2042 -<br>07/01/2044 •  |  | 107 |  | 108 |
|  5.936% due 09/01/2041 •  |  | 7 |  | 7 |
|  5.938% due 05/01/2034 •  |  | 3 |  | 3 |
|  6.000% due 11/01/2036 •  |  | 114 |  | 115 |
|  6.000% due 02/25/2044 -<br>08/25/2044 |  | 13 |  | 13 |
|  6.010% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.105% due 05/01/2032 •  |  | 2 |  | 2 |
|  6.125% due 09/01/2033 •  |  | 13 |  | 13 |
|  6.143% due 03/01/2034 •  |  | 170 |  | 171 |
|  6.147% due 03/01/2030 •  |  | 18 |  | 18 |
|  6.225% due 11/01/2034 •  |  | 22 |  | 22 |
|  6.248% due 06/01/2035 •  |  | 13 |  | 13 |
|  6.250% due 05/25/2042 |  | 11 |  | 11 |
|  6.252% due 05/01/2035 •  |  | 27 |  | 27 |
|  6.253% due 02/01/2037 •  |  | 4 |  | 4 |
|  6.264% due 01/01/2035 •  |  | 1 |  | 1 |
|  6.272% due 01/01/2034 •  |  | 1 |  | 1 |
|  6.290% due 12/01/2032 •  |  | 6 |  | 6 |
|  6.294% due 02/01/2035 •  |  | 8 |  | 8 |
|  6.307% due 12/01/2034 •  |  | 20 |  | 20 |
|  6.308% due 03/01/2033 •  |  | 50 |  | 51 |
|  6.325% due 11/01/2047 •  |  | 102 |  | 105 |
|  6.349% due 10/01/2034 •  |  | 29 |  | 29 |
|  6.357% due 01/01/2033 -<br>02/01/2035 •  |  | 4 |  | 4 |
|  6.358% due 01/01/2035 •  |  | 4 |  | 4 |
|  6.365% due 07/01/2034 •  |  | 33 |  | 33 |
|  6.370% due 02/01/2035 •  |  | 62 |  | 63 |
|  6.371% due 07/01/2035 •  |  | 3 |  | 4 |
|  6.375% due 12/01/2033 •  |  | 6 |  | 6 |
|  6.387% due 07/01/2035 •  |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.390% due 11/01/2035 •  | $— | 11 | $— | 11 |
|  6.397% due 07/01/2034 -<br>11/01/2035 •  |  | 30 |  | 31 |
|  6.400% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.417% due 04/01/2034 •  |  | 4 |  | 4 |
|  6.425% due 04/01/2035 - 01/01/2036 •  |  | 31 |  | 32 |
|  6.429% due 02/01/2035 •  |  | 7 |  | 8 |
|  6.438% due 01/01/2037 •  |  | 1 |  | 1 |
|  6.439% due 01/01/2035 •  |  | 13 |  | 13 |
|  6.440% due 04/01/2033 •  |  | 4 |  | 4 |
|  6.500% due 11/01/2026 - 03/01/2034 •  |  | 86 |  | 88 |
|  6.500% due 01/25/2044 |  | 126 |  | 129 |
|  6.504% due 01/01/2035 •  |  | 9 |  | 9 |
|  6.505% due 02/01/2034 •  |  | 7 |  | 7 |
|  6.520% due 07/01/2033 •  |  | 25 |  | 25 |
|  6.522% due 11/01/2035 •  |  | 2 |  | 2 |
|  6.525% due 01/01/2033 •  |  | 1 |  | 1 |
|  6.527% due 03/01/2033 •  |  | 1 |  | 1 |
|  6.530% due 03/01/2034 •  |  | 9 |  | 9 |
|  6.537% due 12/01/2035 •  |  | 4 |  | 4 |
|  6.540% due 12/01/2036 •  |  | 2 |  | 2 |
|  6.547% due 05/01/2037 •  |  | 145 |  | 148 |
|  6.550% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.556% due 09/01/2034 •  |  | 18 |  | 18 |
|  6.572% due 12/01/2036 •  |  | 25 |  | 26 |
|  6.573% due 01/01/2033 •  |  | 3 |  | 3 |
|  6.574% due 09/01/2033 •  |  | 12 |  | 12 |
|  6.603% due 02/01/2034 •  |  | 22 |  | 23 |
|  6.605% due 12/01/2035 •  |  | 137 |  | 140 |
|  6.624% due 05/01/2033 •  |  | 2 |  | 2 |
|  6.625% due 10/01/2034 •  |  | 2 |  | 2 |
|  6.633% due 12/01/2030 •  |  | 1 |  | 1 |
|  6.655% due 10/01/2033 •  |  | 1 |  | 1 |
|  6.678% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.681% due 03/01/2035 •  |  | 37 |  | 37 |
|  6.711% due 04/01/2035 •  |  | 4 |  | 4 |
|  6.730% due 04/01/2033 •  |  | 62 |  | 64 |
|  6.733% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.750% due 02/01/2036 •  |  | 16 |  | 17 |
|  6.775% due 08/01/2033 •  |  | 1 |  | 1 |
|  6.790% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.792% due 03/01/2033 •  |  | 8 |  | 9 |
|  6.820% due 04/01/2034 •  |  | 15 |  | 15 |
|  6.832% due 11/01/2031 •  |  | 5 |  | 5 |
|  6.847% due 04/01/2040 •  |  | 54 |  | 55 |
|  6.848% due 11/01/2034 •  |  | 5 |  | 5 |
|  6.860% due 11/01/2033 •  |  | 13 |  | 13 |
|  6.875% due 01/01/2033 -<br>09/01/2033 •  |  | 22 |  | 23 |
|  6.900% due 05/01/2030 •  |  | 9 |  | 9 |
|  6.913% due 04/01/2033 -<br>09/01/2033 •  |  | 10 |  | 9 |
|  6.915% due 10/01/2032 •  |  | 5 |  | 5 |
|  6.919% due 10/01/2035 •  |  | 54 |  | 55 |
|  6.940% due 06/01/2037 •  |  | 6 |  | 6 |
|  6.945% due 04/01/2028 •  |  | 6 |  | 6 |
|  6.990% due 11/01/2033 •  |  | 28 |  | 29 |
|  6.996% due 05/01/2036 •  |  | 11 |  | 11 |
|  7.000% due 10/01/2033 -<br>02/25/2044 |  | 13 |  | 13 |
|  7.008% due 07/01/2033 •  |  | 1 |  | 1 |
|  7.041% due 11/01/2034 •  |  | 2 |  | 3 |
|  7.089% due 11/01/2033 •  |  | 23 |  | 24 |
|  7.120% due 11/01/2033 •  |  | 11 |  | 12 |
|  7.157% due 09/01/2035 •  |  | 9 |  | 9 |
|  7.195% due 11/01/2033 •  |  | 78 |  | 80 |
|  7.199% due 02/01/2034 •  |  | 9 |  | 9 |
|  7.225% due 07/01/2037 •  |  | 25 |  | 26 |
|  7.255% due 10/01/2033 •  |  | 19 |  | 19 |
|  7.322% due 09/01/2037 •  |  | 122 |  | 123 |
|  7.330% due 08/01/2033 •  |  | 5 |  | 5 |
|  7.348% due 07/01/2035 •  |  | 7 |  | 8 |
|  7.375% due 06/01/2034 •  |  | 2 |  | 2 |
|  7.414% due 11/01/2034 •  |  | 2 |  | 2 |
|  7.470% due 06/01/2034 •  |  | 50 |  | 52 |
|  7.487% due 07/01/2035 •  |  | 2 |  | 2 |
|  7.500% due 06/01/2034 •  |  | 1 |  | 1 |
|  7.500% due 05/25/2042 |  | 11 |  | 12 |
|  7.502% due 06/01/2035 •  |  | 6 |  | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.518% due 09/01/2035 •  | $— | 51 | $— | 52 |
|  7.522% due 08/01/2035 •  |  | 9 |  | 9 |
|  7.664% due 10/01/2035 •  |  | 6 |  | 6 |
|  7.705% due 06/01/2036 •  |  | 6 |  | 6 |
|  7.815% due 08/01/2037 •  |  | 264 |  | 273 |
|  8.096% due 09/01/2035 •  |  | 39 |  | 41 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 02/01/2048 |  | 2108 |  | 1859 |
|  4.355% due 01/01/2030 •  |  | 11 |  | 11 |
|  4.500% due 04/15/2032 |  | 81 |  | 81 |
|  4.695% due 08/25/2031 •  |  | 112 |  | 119 |
|  4.734% due 09/25/2031 •  |  | 56 |  | 56 |
|  4.763% due 03/15/2036 •  |  | 1 |  | 1 |
|  4.804% due 06/25/2029 •  |  | 40 |  | 39 |
|  4.813% due 02/15/2029 -<br>03/15/2029 •  |  | 11 |  | 11 |
|  4.854% due 05/25/2043 •  |  | 591 |  | 575 |
|  4.863% due 07/15/2026 -<br>01/15/2033 •  |  | 25 |  | 25 |
|  4.913% due 09/15/2026 -<br>08/15/2029 •  |  | 4 |  | 4 |
|  4.963% due 10/15/2026 -<br>01/15/2032 •  |  | 3 |  | 4 |
|  5.013% due 08/15/2029 -<br>03/15/2032 •  |  | 17 |  | 17 |
|  5.063% due 06/15/2029 -<br>12/15/2031 •  |  | 16 |  | 16 |
|  5.500% due 10/15/2032 |  | 3 |  | 3 |
|  5.590% due 09/01/2030 •  |  | 27 |  | 27 |
|  5.835% due 10/25/2044 -<br>02/25/2045 •  |  | 276 |  | 256 |
|  5.897% due 04/01/2030 •  |  | 10 |  | 10 |
|  6.000% due 01/15/2029 -<br>05/01/2035 |  | 9 |  | 9 |
|  6.035% due 07/25/2044 •  |  | 888 |  | 855 |
|  6.286% due 03/01/2035 •  |  | 5 |  | 5 |
|  6.460% due 02/01/2035 •  |  | 28 |  | 28 |
|  6.491% due 12/01/2032 •  |  | 2 |  | 2 |
|  6.495% due 02/01/2036 •  |  | 1 |  | 1 |
|  6.511% due 04/01/2036 •  |  | 77 |  | 78 |
|  6.530% due 03/01/2036 •  |  | 100 |  | 102 |
|  6.559% due 01/01/2036 •  |  | 5 |  | 6 |
|  6.580% due 12/01/2036 •  |  | 12 |  | 12 |
|  6.582% due 03/01/2032 •  |  | 17 |  | 17 |
|  6.587% due 04/01/2034 -<br>02/01/2037 •  |  | 29 |  | 29 |
|  6.593% due 03/01/2036 •  |  | 2 |  | 2 |
|  6.603% due 03/01/2036 •  |  | 56 |  | 57 |
|  6.615% due 11/01/2036 •  |  | 2 |  | 2 |
|  6.655% due 09/01/2037 •  |  | 183 |  | 182 |
|  6.704% due 12/01/2035 •  |  | 6 |  | 6 |
|  6.729% due 01/01/2037 •  |  | 2 |  | 2 |
|  6.745% due 02/01/2036 •  |  | 2 |  | 2 |
|  6.759% due 11/01/2033 •  |  | 8 |  | 9 |
|  6.779% due 01/01/2030 •  |  | 27 |  | 27 |
|  6.783% due 11/01/2033 •  |  | 33 |  | 34 |
|  6.803% due 01/01/2035 •  |  | 1 |  | 1 |
|  6.937% due 01/01/2034 •  |  | 50 |  | 51 |
|  6.954% due 04/01/2032 •  |  | 29 |  | 29 |
|  6.962% due 03/01/2035 •  |  | 9 |  | 9 |
|  6.982% due 08/01/2035 •  |  | 1 |  | 1 |
|  7.000% due 07/15/2027 |  | 2 |  | 2 |
|  7.051% due 01/01/2036 •  |  | 2 |  | 2 |
|  7.084% due 12/01/2034 •  |  | 1 |  | 1 |
|  7.100% due 08/01/2033 •  |  | 1 |  | 1 |
|  7.125% due 04/01/2032 •  |  | 5 |  | 6 |
|  7.307% due 07/01/2033 •  |  | 1 |  | 1 |
|  7.325% due 07/01/2033 •  |  | 4 |  | 4 |
|  7.328% due 09/01/2034 •  |  | 87 |  | 90 |
|  7.349% due 05/01/2035 •  |  | 35 |  | 35 |
|  7.356% due 09/01/2035 •  |  | 1 |  | 1 |
|  7.368% due 09/01/2035 •  |  | 33 |  | 34 |
|  7.375% due 09/01/2035 •  |  | 7 |  | 7 |
|  7.415% due 08/01/2035 •  |  | 75 |  | 77 |
|  7.438% due 07/01/2035 •  |  | 6 |  | 6 |
|  7.454% due 07/01/2035 •  |  | 1 |  | 1 |
|  7.481% due 08/01/2035 •  |  | 11 |  | 12 |
|  7.500% due 09/01/2034 •  |  | 3 |  | 3 |
|  7.540% due 11/01/2034 •  |  | 103 |  | 104 |
|  7.590% due 09/01/2035 •  |  | 1 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **163** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.705% due 06/01/2035 •  | 2 | 2 |
|  7.709% due 07/01/2037 •  | 42 | 43 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.625% due 07/20/2026 -<br>12/20/2045 •  | 333 | 337 |
|  4.750% due 10/20/2029 •  | 101 | 101 |
|  4.875% due 04/20/2033 •  | 14 | 14 |
|  5.023% due 05/20/2069 •  | 765 | 762 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 | 600 | 512 |
|  3.000% due 05/01/2055 | 2900 | 2568 |
|  3.500% due 04/01/2055 | 5200 | 4758 |
|  4.000% due 05/01/2055 | 200 | 187 |
|  4.500% due 05/01/2055 | 14000 | 13429 |
|  5.500% due 05/01/2055 | 300 | 300 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 08/01/2028 -<br>05/01/2052 | 955 | 836 |
|  3.500% due 11/01/2044 -<br>02/01/2050 | 2110 | 1935 |
|  4.000% due 07/01/2042 -<br>02/01/2043 | 368 | 352 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2040 -<br>05/01/2055 | 800 | 675 |
|  3.000% due 04/01/2040 -<br>05/01/2055 | 20100 | 18459 |
|  5.000% due 04/01/2055 | 6400 | 6273 |
|  5.500% due 05/01/2055 | 12200 | 12174 |
|  6.000% due 04/01/2055 -<br>06/01/2055 | 26600 | 26967 |
|  6.500% due 04/01/2055 -<br>06/01/2055 | 15000 | 15442 |
|  7.000% due 05/01/2055 | 600 | 627 |
|  Total U.S. Government Agencies<br>(Cost $115,843) | Total U.S. Government Agencies<br>(Cost $115,843) | 115746 |
| U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.125% due 02/15/2043 | 4730 | 3884 |
|  4.000% due 11/15/2042 | 3100 | 2893 |
|  4.000% due 11/15/2052 | 2300 | 2075 |
|  Total U.S. Treasury Obligations<br>(Cost $10,994) | Total U.S. Treasury Obligations<br>(Cost $10,994) | 8852 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 35.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 35.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 35.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.846% due 03/25/2035 •  | 9 | 9 |
|  5.216% due 11/25/2035 •  | 70 | 50 |
|  AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  | 428 | 429 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 1200 | 1093 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 967 | 929 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.697% due 05/25/2035 ~ | 3388 | 3171 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.803% due 11/25/2033 ~ | 17 | 15 |
|  6.510% due 09/25/2033 ~ | 48 | 44 |
|  6.636% due 01/25/2034 ~ | 9 | 9 |
|  6.872% due 02/25/2034 ~ | 21 | 21 |
|  7.376% due 06/25/2034 ~ | 10 | 10 |
|  7.421% due 10/25/2035 •  | 6 | 6 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  6.500% due 02/26/2036 •  | 388 | 173 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.582% due 10/21/2042 •  | 850 | 849 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 1 | 1 |
|  4.533% due 07/25/2034 •  | 9 | 9 |
|  4.782% due 02/25/2034 •  | 106 | 100 |
|  5.116% due 01/25/2035 •  | 16 | 15 |
|  5.125% due 01/25/2035 ~ | 14 | 12 |
|  5.391% due 02/25/2034 •  | 22 | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.954% due 01/25/2034 •  | $— | 38 | $— | 37 |
|  6.574% due 04/25/2033 •  |  | 11 |  | 11 |
|  6.948% due 01/25/2034 •  |  | 131 |  | 131 |
|  7.283% due 10/25/2033 ~ |  | 2 |  | 2 |
|  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 |
|  4.676% due 11/25/2036 •  |  | 221 |  | 115 |
|  4.755% due 02/25/2034 ~ |  | 108 |  | 101 |
|  4.775% due 08/25/2036 •  |  | 3 |  | 3 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 |  | 400 |  | 386 |
|  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 09/25/2064 •  |  | 953 |  | 847 |
|  5.590% due 09/25/2055 •  |  | 682 |  | 682 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.790% due 12/25/2035 •  |  | 22 |  | 20 |
|  4.953% due 12/25/2035 •  |  | 17 |  | 16 |
|  6.694% due 02/25/2037 •  |  | 94 |  | 92 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.778% due 09/10/2058 |  | 900 |  | 893 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.235% due 08/25/2035 •  |  | 36 |  | 35 |
|  6.080% due 09/25/2035 •  |  | 24 |  | 24 |
|  6.310% due 11/25/2035 ~ |  | 22 |  | 22 |
|  6.998% due 03/25/2034 •  |  | 13 |  | 13 |
|  7.410% due 05/25/2035 •  |  | 9 |  | 9 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.735% due 08/25/2035 ~ |  | 777 |  | 738 |
|  4.835% due 06/25/2037 •  |  | 618 |  | 568 |
|  4.902% due 10/25/2035 •  |  | 7 |  | 5 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.785% due 08/25/2035 ~ |  | 60 |  | 11 |
|  5.160% due 11/25/2034 ~ |  | 8 |  | 7 |
|  5.160% due 11/25/2034 •  |  | 570 |  | 545 |
|  5.500% due 11/25/2035 |  | 67 |  | 31 |
|  5.699% due 06/20/2035 ~ |  | 35 |  | 33 |
|  6.216% due 12/25/2033 ~ |  | 22 |  | 22 |
|  6.248% due 02/20/2036 •  |  | 16 |  | 15 |
|  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. |
|  6.017% due 11/25/2032 •  |  | 4 |  | 4 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  5.518% due 01/25/2034 •  |  | 85 |  | 82 |
|  6.585% due 07/25/2033 •  |  | 196 |  | 190 |
|  7.086% due 10/25/2033 •  |  | 8 |  | 8 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.904% due 04/25/2062 ~ |  | 936 |  | 891 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.329% due 06/15/2052 |  | 200 |  | 187 |
|  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 ~ |  | 14 |  | 14 |
|  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 |
|  5.295% due 08/25/2034 •  |  | 30 |  | 30 |
|  5.728% due 07/25/2035 •  |  | 60 |  | 32 |
|  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 |
|  4.705% due 02/25/2035 •  |  | 22 |  | 20 |
|  5.000% due 02/25/2035 •  |  | 47 |  | 44 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  4.252% due 11/19/2035 •  |  | 22 |  | 19 |
|  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 |
|  3.104% due 05/10/2034 |  | 2100 |  | 909 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ |  | 2173 |  | 2032 |
|  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 |
|  3.900% due 09/25/2061 þ |  | 2357 |  | 2280 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.065% due 08/25/2034 •  |  | 11 |  | 10 |
|  4.286% due 05/25/2035 •  |  | 34 |  | 25 |
|  4.785% due 01/25/2034 ~ |  | 28 |  | 27 |
|  5.058% due 06/25/2034 ~ |  | 4 |  | 4 |
|  5.328% due 09/25/2035 ~ |  | 1501 |  | 1441 |
|  5.432% due 06/25/2034 •  |  | 10 |  | 9 |
|  5.880% due 03/25/2033 •  |  | 1 |  | 1 |
|  6.000% due 03/25/2032 |  | 2 |  | 2 |
|  7.333% due 09/25/2034 •  |  | 831 |  | 841 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.811% due 02/19/2046 ~ | 332 | 308 |
|  4.871% due 05/19/2035 •  | 17 | 17 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 08/25/2035 ~ | 394 | 372 |
|  IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust |
|  6.636% due 01/25/2032 ~ | 7 | 7 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.815% due 09/25/2046 •  | 208 | 185 |
|  5.215% due 05/25/2034 •  | 13 | 12 |
|  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 |
|  5.783% due 12/15/2036 ~ | 500 | 331 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.590% due 07/25/2035 •  | 106 | 102 |
|  5.676% due 11/25/2033 ~ | 3 | 3 |
|  5.735% due 11/25/2035 •  | 58 | 47 |
|  5.784% due 10/25/2035 •  | 113 | 107 |
|  6.382% due 07/25/2035 ~ | 67 | 66 |
|  6.474% due 09/25/2034 •  | 1 | 1 |
|  7.122% due 11/25/2033 •  | 2 | 2 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  4.750% due 07/25/2061 þ | 2382 | 2377 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.982% due 02/25/2034 ~ | 138 | 123 |
|  4.415% due 01/25/2034 ~ | 3 | 3 |
|  4.949% due 08/25/2034 ~ | 169 | 168 |
|  5.803% due 12/25/2033 •  | 11 | 11 |
|  6.181% due 01/25/2036 ~ | 13 | 13 |
|  6.370% due 11/21/2034 ~ | 20 | 19 |
|  6.908% due 07/25/2034 ~ | 77 | 76 |
|  7.517% due 08/25/2034 •  | 66 | 64 |
|  7.625% due 09/25/2033 •  | 82 | 82 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.187% due 02/25/2034 •  | 18 | 15 |
|  5.055% due 08/25/2028 •  | 110 | 104 |
|  5.095% due 06/25/2028 •  | 21 | 20 |
|  5.205% due 04/25/2035 •  | 120 | 108 |
|  5.539% due 03/25/2028 ~ | 17 | 16 |
|  5.543% due 02/25/2035 •  | 36 | 34 |
|  6.634% due 09/25/2033 ~ | 4 | 4 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.014% due 01/26/2065 •  | 391 | 368 |
|  1.324% due 01/26/2065 •  | 140 | 132 |
|  1.632% due 01/26/2065 •  | 140 | 132 |
|  2.479% due 03/25/2065 •  | 130 | 125 |
|  4.250% due 02/25/2066 ~ | 944 | 899 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 410 | 395 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.428% due 04/05/2042 •  | 1800 | 1540 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.755% due 01/25/2035 •  | 452 | 427 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 1842 | 1766 |
|  2.750% due 11/25/2059 •  | 2372 | 2266 |
|  3.500% due 10/25/2059 ~ | 66 | 62 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.670% due 08/25/2061 þ | 2409 | 2396 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 862 | 781 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.416% due 10/25/2035 ~ | 11 | 10 |
|  OBX Trust | OBX Trust | OBX Trust |
|  1.072% due 02/25/2066 •  | 2556 | 2193 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 9 | 8 |
|  6.000% due 02/25/2034 | 3 | 3 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 06/25/2053 þ | 1612 | 1583 |
|  4.000% due 07/25/2054 þ | 833 | 812 |
|  4.000% due 08/25/2054 þ | 841 | 820 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.846% due 08/25/2044 þ | 178 | 178 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 12/25/2031 | 357 | 165 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.098% due 02/25/2036 ~ | 54 | 50 |
|  6.500% due 03/25/2032 | 4 | 4 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.185% due 07/20/2034 •  | 10 | 9 |
|  5.194% due 04/20/2033 ~ | 7 | 7 |
|  5.224% due 03/20/2035 ~ | 39 | 37 |
|  5.234% due 10/20/2027 •  | 12 | 11 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 •  | 146 | 137 |
|  1.439% due 11/25/2055 •  | 73 | 69 |
|  1.486% due 04/25/2065 •  | 115 | 109 |
|  1.593% due 11/25/2055 •  | 73 | 69 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.675% due 03/25/2035 •  | 43 | 38 |
|  4.735% due 09/25/2034 •  | 65 | 60 |
|  5.407% due 09/25/2034 •  | 18 | 17 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.111% due 11/19/2033 ~ | 9 | 9 |
|  5.111% due 05/19/2035 •  | 63 | 60 |
|  5.131% due 02/19/2035 •  | 982 | 922 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.470% due 09/25/2033 •  | 14 | 13 |
|  5.772% due 11/25/2033 •  | 6 | 6 |
|  6.554% due 06/25/2033 ~ | 113 | 111 |
|  6.699% due 03/25/2033 •  | 66 | 65 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 06/25/2057 ~ | 223 | 217 |
|  3.750% due 03/25/2058 •  | 934 | 901 |
|  4.492% due 10/25/2064 •  | 1598 | 1607 |
|  5.435% due 05/25/2058 ~ | 3112 | 3191 |
|  5.435% due 10/25/2059 ~ | 110 | 112 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 þ | 875 | 878 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.975% due 12/25/2045 •  | 955 | 874 |
|  5.005% due 10/25/2035 •  | 296 | 272 |
|  5.015% due 10/25/2045 •  | 889 | 884 |
|  5.015% due 12/25/2045 •  | 674 | 671 |
|  5.178% due 09/25/2035 •  | 127 | 118 |
|  5.235% due 01/25/2045 ~ | 389 | 385 |
|  5.635% due 08/25/2046 •  | 19 | 18 |
|  5.683% due 08/25/2046 •  | 1005 | 861 |
|  5.835% due 11/25/2042 •  | 39 | 37 |
|  6.035% due 08/25/2042 •  | 4 | 4 |
|  6.135% due 09/25/2046 •  | 2449 | 2365 |
|  6.233% due 08/25/2033 •  | 158 | 152 |
|  6.511% due 10/25/2033 •  | 55 | 53 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.830% due 06/25/2033 •  | 6 | 5 |
|  6.725% due 02/25/2033 ~ | 1 | 1 |
|  6.769% due 11/25/2030 •  | 16 | 16 |
|  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 | 545 |
|  3.809% due 12/15/2048 | 300 | 297 |
|  4.023% due 03/15/2052 | 300 | 292 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  7.340% due 08/25/2035 •  | 3 | 3 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 1000 | 691 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 •  | 500 | 509 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $64,414) | Total Non-Agency Mortgage-Backed Securities (Cost $64,414) | 61121 |
| ASSET-BACKED SECURITIES 43.6% | ASSET-BACKED SECURITIES 43.6% | ASSET-BACKED SECURITIES 43.6% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.079% due 09/15/2027 •  | 74 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  6.310% due 10/15/2027 | 328 | 329 |
|  |  | 403 |
| AUTOMOBILE SEQUENTIAL 7.5% | AUTOMOBILE SEQUENTIAL 7.5% | AUTOMOBILE SEQUENTIAL 7.5% |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 800 | 802 |
|  4.840% due 09/15/2027 | 697 | 697 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.400% due 11/15/2028 | 100 | 101 |
|  5.780% due 09/15/2027 | 74 | 75 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.880% due 02/15/2028 | 56 | 56 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.940% due 11/15/2030 | 800 | 802 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 402 | 403 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.590% due 10/15/2029 | 439 | 444 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 | 800 | 800 |
|  4.560% due 03/15/2027 | 800 | 800 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.600% due 12/15/2027 | 800 | 800 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.630% due 05/15/2028 | 800 | 801 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 800 | 800 |
|  4.510% due 06/15/2027 | 800 | 800 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 800 | 802 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 800 | 801 |
|  4.880% due 09/15/2027 | 640 | 640 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 1000 | 1009 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.550% due 06/20/2030 | 800 | 804 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 | 706 | 707 |
|  |  | 12944 |
| CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.334% due 11/15/2037 •  | 354 | 352 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ | 77 | 77 |
|  LCCM Trust | LCCM Trust | LCCM Trust |
|  5.884% due 11/15/2038 •  | 916 | 925 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.634% due 03/15/2038 •  | 1153 | 1152 |
|  |  | 2506 |
| HOME EQUITY OTHER 5.2% | HOME EQUITY OTHER 5.2% | HOME EQUITY OTHER 5.2% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  5.305% due 01/25/2035 •  | 332 | 330 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.435% due 11/25/2042 ~ | 60 | 60 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.855% due 08/25/2034 •  | 1151 | 1131 |
|  4.975% due 12/25/2034 ~ | 2992 | 2916 |
|  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 | 299 | 275 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.559% due 09/25/2033 ~ | 24 | 24 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 11/25/2032 •  | 8 | 7 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  | 5 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.995% due 10/25/2034 ~ | 667 | 655 |
|  5.135% due 03/25/2032 •  | 16 | 15 |
|  5.290% due 07/25/2034 •  | 166 | 163 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.785% due 02/25/2033 •  | 39 | 40 |
|  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 |
|  5.175% due 02/25/2034 ~ | 1486 | 1482 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.135% due 08/25/2032 ~ | 10 | 9 |
|  5.535% due 09/25/2037 •  | 3164 | 1294 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.735% due 11/25/2033 •  | 10 | 11 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.560% due 04/25/2036 •  | 613 | 614 |
|  |  | 9028 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  6.372% due 05/25/2033 •  | 198 | 196 |
| WHOLE LOAN COLLATERAL 2.7% | WHOLE LOAN COLLATERAL 2.7% | WHOLE LOAN COLLATERAL 2.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.693% due 10/25/2036 •  | 446 | 228 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.843% due 09/25/2051 þ | 2192 | 2184 |
|  5.487% due 10/25/2051 þ | 2176 | 2176 |
|  |  | 4588 |
| OTHER ABS 26.5% | OTHER ABS 26.5% | OTHER ABS 26.5% |
|  AccessLex Institute | AccessLex Institute | AccessLex Institute |
|  4.883% due 05/25/2036 •  | 225 | 223 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.990% due 02/15/2033 | 800 | 805 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 1000 | 927 |
|  3.619% due 04/25/2038 | 900 | 876 |
|  3.793% due 10/25/2037 | 900 | 886 |
|  3.900% due 07/28/2037 | 964 | 953 |
|  3.928% due 04/25/2038 | 900 | 874 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.565% due 04/20/2031 ~ | 416 | 416 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 800 | 797 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  | 1000 | 996 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 850 | 850 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.922% due 04/15/2037 ~ | 1000 | 1001 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 | 1000 | 949 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 560 | 506 |
|  3.280% due 12/28/2048 | 890 | 845 |
|  4.130% due 12/26/2047 | 459 | 449 |
|  5.535% due 07/25/2051 •  | 320 | 319 |
|  5.635% due 12/26/2047 ~ | 334 | 333 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 394 | 344 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.454% due 07/25/2069 •  | 465 | 466 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.250% due 10/27/2059 | 542 | 544 |
|  5.880% due 06/25/2059 | 258 | 260 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 850 | 850 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 208 | 208 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **165** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.585% due 04/20/2031 •  | 294 | 294 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 1000 | 995 |
|  5.573% due 07/20/2034 •  | 1000 | 999 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 | 1000 | 1015 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 1700 | 1691 |
|  5.361% due 10/19/2034 •  | 450 | 448 |
|  5.545% due 04/20/2032 •  | 1609 | 1609 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.334% due 11/15/2068 ~ | 84 | 83 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 458 | 424 |
|  3.010% due 12/15/2059 | 759 | 737 |
|  3.130% due 02/15/2068 | 153 | 150 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.000% due 12/15/2059 | 449 | 447 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  1.420% due 04/20/2062 | 1318 | 1232 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.183% due 06/15/2032 | 577 | 579 |
|  6.117% due 12/15/2031 | 243 | 246 |
|  7.464% due 06/16/2031 | 2193 | 2198 |
|  7.625% due 04/15/2031 | 305 | 306 |
|  8.050% due 03/15/2030 •  | 61 | 61 |
|  8.803% due 12/16/2030 •  | 207 | 209 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 800 | 798 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 | 298 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.831% due 12/15/2039 •  | 141 | 138 |
|  4.851% due 06/15/2039 ~ | 1987 | 1928 |
|  4.891% due 06/15/2039 •  | 813 | 792 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 781 | 734 |
|  1.600% due 09/15/2054 | 546 | 511 |
|  2.230% due 09/15/2037 | 223 | 215 |
|  2.840% due 06/15/2037 | 198 | 193 |
|  2.880% due 09/15/2034 | 15 | 15 |
|  3.940% due 02/16/2055 | 781 | 757 |
|  5.799% due 02/16/2055 ~ | 893 | 905 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.800% due 02/27/2034 | 850 | 851 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.650% due 09/25/2040 | 223 | 220 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 110 | 110 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  | 200 | 200 |
|  5.908% due 01/16/2037 •  | 4000 | 4005 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 800 | 803 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  7.900% due 10/20/2028 | 108 | 109 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  | 1000 | 997 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ | 893 | 893 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.624% due 10/15/2034 •  | 850 | 847 |
|  |  | 45721 |
|  Total Asset-Backed Securities (Cost $77,683) | Total Asset-Backed Securities (Cost $77,683) | 75386 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.3% | 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% | 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 | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (b) | 524142 | $— | 524 |
| Total Short-Term Instruments<br> (Cost $524) | Total Short-Term Instruments<br> (Cost $524) |  | 524 |
| Total Investments in Securities (Cost $270,491) | Total Investments in Securities (Cost $270,491) |  | 261632 |
| INVESTMENTS IN AFFILIATES 5.1% | INVESTMENTS IN AFFILIATES 5.1% | INVESTMENTS IN AFFILIATES 5.1% | INVESTMENTS IN AFFILIATES 5.1% |
| SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 912419 |  | 8881 |
| Total Short-Term Instruments<br>(Cost $8,883) | Total Short-Term Instruments<br>(Cost $8,883) |  | 8881 |
| Total Investments in Affiliates<br>(Cost $8,883) | Total Investments in Affiliates<br>(Cost $8,883) |  | 8881 |
| Total Investments 156.5%<br>(Cost $279,374) | Total Investments 156.5%<br>(Cost $279,374) | $— | 270513 |
|  Financial Derivative Instruments (c)(d) (0.1)%<br> (Cost or Premiums, net $1,778) | Financial Derivative Instruments (c)(d) (0.1)%<br> (Cost or Premiums, net $1,778) |  | (152) |
| Other Assets and Liabilities, net (56.4)% | Other Assets and Liabilities, net (56.4)% |  | (97515) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 172846 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

---

| | |
|:---|:---|
| ~ | 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 not accruing income as of the date of this report.

(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 (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | $(5309) | $(5326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 2150 | (1929) | (1938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2055 | 400 | (372) | (372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 04/01/2055 | 100 | (96) | (96) |
|  Total Short Sales (4.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7732) |

---

The average amount of borrowings outstanding during the period ended March 31, 2025 was $(3,482) at a weighted average interest rate of 5.170%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

---

| | | |
|:---|:---|:---|
| **166** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 182 | $20242 | $277 | $3 | $0 |
| 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 |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 6 | $(1446) | $(1) | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 6 | (1439) | 2 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 6 | (1435) | 2 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 6 | (1447) | (2) | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 4 | (962) | 0 | 0 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 31 | (3636) | (56) | 0 | (6) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 170 | (20783) | (130) | 0 | (74) |
|  |  |  |  | $(185) | $0 | $(80) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $92 | $3 | $(80) |

---

#### 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 | 2.688% | Annual | 04/04/2025 | $300 | $(3) | $(4) | $(7) | $0 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 04/04/2025 | 200 | (2) | (3) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.697 | Annual | 04/04/2025 | 600 | (5) | (9) | (14) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.781 | Annual | 04/09/2025 | 300 | (2) | (5) | (7) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.721 | Annual | 04/10/2025 | 300 | (3) | (4) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2025 | 11900 | 198 | 166 | 364 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 1000 | 17 | 1 | 18 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 900 | 40 | (6) | 34 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 25300 | (451) | 635 | 184 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 200 | 10 | (1) | 9 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 11400 | 26 | 0 | 26 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 23400 | 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | 815 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 1100 | (55) | (3) | (58) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 400 | (18) | (2) | (20) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 800 | (39) | (2) | (41) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 400 | (20) | (1) | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 700 | (33) | 0 | (33) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 500 | (21) | 0 | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 800 | (27) | (1) | (28) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.620 | Annual | 04/18/2027 | 700 | (30) | (22) | (52) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.783 | Annual | 04/22/2027 | 600 | (23) | (18) | (41) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | 600 | (23) | (18) | (41) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 1200 | (34) | (28) | (62) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | 2900 | 159 | (14) | 145 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 900 | (23) | (20) | (43) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 800 | (15) | (18) | (33) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 700 | (9) | (12) | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 400 | (3) | (7) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 2510 | (29) | (38) | (67) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 4200 | (4) | (101) | (105) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 600 | (51) | (4) | (55) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2948 | 39 | (278) | (239) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 11900 | 227 | (205) | 22 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 600 | 51 | 0 | 51 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 200 | (16) | (2) | (18) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 400 | (31) | (4) | (35) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 7100 | (11) | (532) | (543) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 600 | (34) | (5) | (39) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **167** |

---

------

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** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.185% | Annual | 04/21/2029 | $500 | $(23) | $(17) | $(40) | $0 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 920 | (90) | (33) | (123) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 580 | (38) | (19) | (57) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 400 | (4) | (9) | (13) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 400 | (3) | (9) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 1900 | 139 | 12 | 151 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 1400 | 136 | 7 | 143 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 6300 | 544 | 95 | 639 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 3800 | (40) | 379 | 339 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 300 | 3 | (6) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 200 | 1 | (4) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | (2) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 1800 | 137 | 22 | 159 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 1510 | 57 | (12) | 45 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | 2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074 | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 1300 | (20) | 33 | 13 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 3100 | (49) | 80 | 31 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 2600 | (41) | 66 | 25 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 2600 | (45) | 67 | 22 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 4700 | (83) | 121 | 38 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 3300 | (61) | 85 | 24 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 5900 | (110) | 151 | 41 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 5900 | (111) | 151 | 40 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 2600 | (49) | 66 | 17 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 2600 | (52) | 67 | 15 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 1700 | (38) | 44 | 6 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1400 | (32) | 36 | 4 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2200 | (52) | 57 | 5 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 3700 | (87) | 95 | 8 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 2800 | (66) | 72 | 6 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 1700 | (43) | 44 | 1 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1700 | (43) | 44 | 1 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 1700 | (44) | 44 | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 1100 | (28) | 28 | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 1700 | (44) | 43 | (1) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 1700 | (45) | 44 | (1) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 1700 | (46) | 44 | (2) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 706 | 100 | 6 | 106 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 500 | (84) | (4) | (88) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4900 | 153 | (127) | 26 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 800 | 106 | 13 | 119 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 500 | (64) | (9) | (73) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 500 | (63) | (9) | (72) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 300 | (38) | (5) | (43) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 300 | (38) | (5) | (43) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 300 | (35) | (7) | (42) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 400 | (49) | (9) | (58) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 300 | (35) | (6) | (41) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 400 | (43) | (8) | (51) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 200 | 21 | 4 | 25 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 300 | 30 | 7 | 37 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 400 | (40) | (8) | (48) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 400 | (41) | (8) | (49) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 100 | (10) | (2) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 1780 | 66 | (17) | 49 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 1600 | (156) | (80) | (236) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 800 | (75) | (40) | (115) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 3430 | (475) | (155) | (630) | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2640 | (276) | (115) | (391) | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 400 | (17) | (15) | (32) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 400 | (16) | (16) | (32) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 600 | (10) | (21) | (31) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 200 | 2 | (7) | (5) | 1 | 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 | (6) | (5) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 300 | 3 | (9) | (6) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 305 | (7) | (13) | (20) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1860 | 27 | (65) | (38) | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2430 | 86 | (107) | (21) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 110 | 4 | (4) | 0 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **168** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.524% | Semi-Annual | 01/19/2051 | $3100 | $(22) | $(1313) | $(1335) | $14 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 100 | (32) | (7) | (39) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 100 | (31) | (7) | (38) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651 | 5108 | 0 | (75) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 100 | (5) | (8) | (13) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 400 | 6 | 34 | 40 | 0 | (3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) |

---

#### 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 March 31, 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;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&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;(208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |

---

Cash of $3,846 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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) | 119 | 8 | 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 | 61 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 98 | (4) | 4 | 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) | 27 | 3 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 2400 | 11 | (10) | 1 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 9200 | (19) | 9 | 0 | (10) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 5 | 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;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### 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 March 31, 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 | $8 | $8 | $0 | $0 | $0 | $0 | $8 | $0 | $8 |
|  SAL | 0 | 0 | 4 | 4 | 0 | 0 | (10) | (10) | &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;(6) |
|  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;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&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;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **169** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

<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 March 31, 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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 131 | 131 |
|  | $0 | $0 | $0 | $0 | $134 | $134 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $12 | $0 | $0 | $0 | $12 |
|  | $0 | $12 | $0 | $0 | $134 | $146 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $80 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 208 | 208 |
|  | $0 | $0 | $0 | $0 | $288 | $288 |
|  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 | $10 | $0 | $0 | $0 | $10 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $(2243) | $(2243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11342 | 11342 |
|  | $0 | $0 | $0 | $0 | $9099 | $9099 |
|  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 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 316 | 0 | 0 | 0 | 316 |
|  | $0 | $316 | $0 | $0 | $50 | $366 |
|  | $0 | $316 | $0 | $0 | $9149 | $9465 |
|  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 | $(101) | $(101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (9469) | (9469) |
|  | $0 | $0 | $0 | $0 | $(9570) | $(9570) |
|  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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (137) | 0 | 0 | 0 | (137) |
|  | $0 | $(137) | $0 | $0 | $4 | $(133) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | $&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;(9566) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9703) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $3 | $0 | $3 |
|  U.S. Government Agencies | 0 | 115746 | 0 | 115746 |
|  U.S. Treasury Obligations | 0 | 8852 | 0 | 8852 |
|  Non-Agency Mortgage-Backed Securities | 0 | 61121 | 0 | 61121 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 403 | 0 | 403 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 12944 | 0 | 12944 |
| &nbsp;&nbsp; CMBS Other | 0 | 2506 | 0 | 2506 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9028 | 0 | 9028 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 196 | 0 | 196 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 4588 | 0 | 4588 |
| &nbsp;&nbsp; Other ABS | 0 | 45721 | 0 | 45721 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 524 | 0 | 524 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261632 |
|  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 | $8881 | $0 | $0 | $8881 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8881 | $261632 | $0 | $270513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $(7732) | $0 | $(7732) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | 0 | 134 | 0 | 134 |
|  Over the counter | 0 | 12 | 0 | 12 |
|  | $0 | $146 | $0 | $146 |
|  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 | (288) | 0 | (288) |
|  Over the counter | 0 | (10) | 0 | (10) |
|  | $0 | $(298) | $0 | $(298) |
|  Total Financial Derivative Instruments | $0 | $(152) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(152) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253748 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262629 |

---

There were assets and liabilities valued at $3,660 transferred from Level 3 to Level 2 during the period ended March 31, 2025. There were no other significant transfers into or out of Level 3 during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **171** |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio 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 111.4% | INVESTMENTS IN SECURITIES 111.4% | INVESTMENTS IN SECURITIES 111.4% |
| CORPORATE BONDS & NOTES 15.2% | CORPORATE BONDS & NOTES 15.2% | CORPORATE BONDS & NOTES 15.2% |
| BANKING & FINANCE 10.8% | BANKING & FINANCE 10.8% | BANKING & FINANCE 10.8% |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  0.750% due 12/15/2025 | 1000 | 974 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.762% due 06/13/2025 ~ | 4200 | 4203 |
|  4.801% due 04/29/2025 ~ | 2079 | 2080 |
|  4.853% due 10/10/2025 ~ | 24000 | 24018 |
|  4.958% due 08/14/2025 ~ | 1400 | 1401 |
|  5.140% due 04/23/2025 •  | 3200 | 3201 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  4.400% due 02/15/2026 | 264 | 264 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  5.358% due 06/16/2026 •  | 10300 | 10398 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.388% due 08/27/2026 ~ | 11900 | 11948 |
|  5.684% due 02/23/2026 | 12500 | 12629 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.996% due 10/03/2025 ~ | 9400 | 9425 |
|  5.106% due 07/03/2025 •  | 4900 | 4907 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.080% due 01/20/2027 •  | 18500 | 18569 |
|  5.683% due 04/02/2026 •  | 2400 | 2400 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  5.139% due 08/18/2025 ~ | 21200 | 21234 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.313% due 09/25/2025 •  | 3600 | 3613 |
|  5.418% due 06/07/2025 •  | 1200 | 1202 |
|  5.920% due 09/25/2025 | 4000 | 4028 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.254% due 04/11/2025 •  | 6240 | 6242 |
|  5.448% due 06/12/2025 •  | 6125 | 6136 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 10700 | 10683 |
|  5.304% due 08/09/2026 •  | 10600 | 10621 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  3.300% due 04/07/2025 | 5972 | 5970 |
|  5.290% due 04/07/2025 ~ | 10853 | 10854 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.818% due 02/27/2026 •  | 2213 | 2218 |
|  4.878% due 06/13/2025 •  | 2000 | 2001 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.875% due 03/01/2026 | 3483 | 3483 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.951% due 04/30/2026 ~ | 2100 | 2108 |
|  5.066% due 08/06/2026 •  | 8200 | 8234 |
|  5.169% due 09/29/2025 •  | 2000 | 2004 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.820% due 01/20/2026 ~ | 8100 | 8093 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 ~ | 20500 | 19914 |
|  3.106% due 04/08/2026 •  | 27100 | 27091 |
|  5.610% due 09/29/2026 •  | 10978 | 11031 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.752% due 07/07/2025 ~ | 750 | 750 |
|  4.895% due 06/15/2026 •  | 3800 | 3811 |
|  5.004% due 09/12/2025 ~ | 500 | 501 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.057% due 07/18/2025 •  | 5000 | 5008 |
|  5.062% due 01/09/2026 ~ | 28900 | 29014 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.500% due 04/04/2025 | 4500 | 4500 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  0.900% due 09/22/2025 | 1600 | 1573 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.983% due 09/12/2025 •  | 9000 | 9011 |
|  4.983% due 09/12/2025 ~ | 54000 | 54068 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.119% due 07/14/2026 •  | 3200 | 3211 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  5.896% due 10/09/2026 •  | 1000 | 1006 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  4.544% due 04/14/2026 ~ | 30000 | 29987 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.134% due 08/04/2025 | 3128 | 3110 |
|  5.125% due 06/16/2025 | 6092 | 6088 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.714% due 04/11/2025 ~ | 11000 | 11003 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.750% due 06/20/2025 | 11629 | 11574 |
|  3.800% due 04/07/2025 | 22158 | 22153 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.500% due 04/01/2025 | 5200 | 5200 |
|  5.755% (US0003M + 1.170%) due 05/15/2026 ~ | 5200 | 5207 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  0.875% due 12/10/2025 | 100 | 98 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.099% due 06/04/2026 •  | 6300 | 6270 |
|  4.292% due 09/12/2026 •  | 9400 | 9380 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 ~ | 4000 | 3968 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.836% due 10/22/2025 ~ | 2275 | 2278 |
|  4.861% due 07/03/2025 ~ | 1494 | 1495 |
|  4.930% due 03/03/2026 •  | 2400 | 2408 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.083% due 04/22/2026 •  | 2800 | 2796 |
|  3.960% due 01/29/2027 •  | 34600 | 34433 |
|  4.080% due 04/26/2026 •  | 4100 | 4097 |
|  5.681% due 04/26/2026 •  | 2150 | 2152 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank |
|  5.358% due 05/08/2026 ~ | 17000 | 17137 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.412% due 07/17/2025 | 12900 | 12778 |
|  5.797% due 04/17/2026 •  | 700 | 700 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.329% due 05/22/2026 •  | 7195 | 7203 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 47700 | 47606 |
|  5.050% due 01/28/2027 •  | 11600 | 11642 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  5.127% due 05/13/2025 ~ | 1600 | 1601 |
|  5.233% due 06/09/2025 ~ | 1030 | 1031 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.900% due 07/21/2025 | 3050 | 3043 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.472% due 11/10/2026 •  | 7700 | 7828 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.936% due 01/16/2026 •  | 9000 | 9025 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 1775 | 1761 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.600% due 06/06/2025 | 4100 | 4092 |
|  5.318% due 06/06/2025 •  | 6025 | 6033 |
|  Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank |
|  5.358% due 05/27/2025 ~ | 10000 | 10013 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  5.258% due 08/28/2025 •  | 791 | 793 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | 21500 | 21532 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  4.961% due 07/25/2025 ~ | 10998 | 11011 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.882% (SOFRRATE + 0.525%) due 01/20/2026 ~ | 10100 | 10116 |
|  4.931% due 04/27/2026 ~ | 600 | 602 |
|  5.194% due 04/14/2025 •  | 5338 | 5339 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.450% due 06/02/2025 | 15000 | 14961 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.318% due 06/09/2025 •  | 2300 | 2304 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.268% due 06/10/2025 •  | 700 | 701 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.261% due 04/04/2025 ~ | 950 | 950 |
|  5.261% due 04/04/2025 •  | 504 | 504 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.833% due 10/10/2025 •  | 5800 | 5807 |
|  5.378% due 06/06/2025 •  | 1800 | 1803 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.803% due 04/10/2026 •  | 19000 | 19001 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 3600 | 3501 |
|  2.193% due 06/05/2026 •  | 7500 | 7465 |
|  4.488% due 05/12/2026 •  | 9278 | 9275 |
|  5.711% due 01/12/2027 •  | 7575 | 7635 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.188% due 04/30/2026 •  | 30600 | 30537 |
|  3.908% due 04/25/2026 •  | 43728 | 43699 |
|  5.681% due 04/25/2026 ~ | 3100 | 3103 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.065% due 01/15/2026 •  | 9600 | 9630 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
|  5.090% due 11/17/2025 •  | 3300 | 3309 |
|  5.371% due 08/26/2025 •  | 200 | 201 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 9050 | 9066 |
|  |  | 913665 |
| INDUSTRIALS 3.6% | INDUSTRIALS 3.6% | INDUSTRIALS 3.6% |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.400% due 02/14/2026 | 6500 | 6493 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.125% due 05/01/2025 | 500 | 499 |
|  Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
|  4.375% due 06/15/2025 | 1199 | 1198 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 36400 | 35360 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 1650 | 1643 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  3.900% due 04/09/2025 | 500 | 500 |
|  4.979% due 08/11/2025 •  | 1500 | 1502 |
|  5.194% due 04/01/2025 ~ | 1578 | 1578 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.600% due 11/01/2025 | 300 | 300 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  2.900% due 05/15/2025 | 3800 | 3791 |
|  4.750% due 01/15/2026 | 671 | 671 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  5.000% due 02/15/2026 | 166 | 166 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  3.050% due 04/07/2025 | 600 | 600 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  4.000% due 04/17/2025 | 800 | 800 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 11600 | 11237 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.875% due 02/15/2026 | 7268 | 7297 |
|  7.580% due 09/15/2025 | 4670 | 4723 |
|  7.690% due 06/15/2025 | 2023 | 2033 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.690% due 12/24/2025 •  | 300 | 300 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  3.844% due 05/01/2025 | 2000 | 1998 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.875% due 04/07/2025 | 7600 | 7601 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  4.250% due 07/21/2025 | 13 | 13 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  3.400% due 11/15/2025 | 1111 | 1104 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 1700 | 1650 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.930% due 08/01/2025 ~ | 1250 | 1251 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 9800 | 9546 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.239% due 07/25/2025 | 4000 | 3996 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 62200 | 60468 |
|  2.500% due 04/01/2025 | 2400 | 2400 |
|  PepsiCo., Inc. | PepsiCo., Inc. | PepsiCo., Inc. |
|  4.758% due 02/13/2026 •  | 200 | 200 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
|  4.450% due 06/12/2025 | 25775 | 25743 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 5882 | 5831 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.625% due 04/15/2026 | 2100 | 2060 |
|  3.500% due 04/15/2025 | 40653 | 40632 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.550% due 04/14/2025 | 11800 | 11795 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.855% due 07/15/2026 ~ | 2700 | 2707 |
|  VMware LLC | VMware LLC | VMware LLC |
|  4.500% due 05/15/2025 | 26000 | 25983 |
|  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 | 489 |
|  4.625% due 11/13/2025 | 400 | 399 |
|  5.800% due 09/12/2025 | 2000 | 2009 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.050% due 01/15/2026 | 17100 | 16905 |
|  |  | 305471 |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 2000 | 1987 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.644% due 09/15/2026 ~ | 6700 | 6703 |
|  5.109% due 05/08/2025 ~ | 6638 | 6642 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.760% due 12/03/2025 ~ | 1084 | 1085 |
|  5.059% due 05/07/2025 ~ | 873 | 873 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.120% due 01/29/2026 ~ | 1200 | 1204 |
|  5.749% due 09/01/2025 | 4800 | 4820 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 4600 | 4519 |
|  3.150% due 01/01/2026 | 17000 | 16783 |
|  3.450% due 07/01/2025 | 2945 | 2934 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ | 400 | 402 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  0.800% due 08/15/2025 | 3700 | 3646 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.700% due 08/01/2025 | 1800 | 1794 |
|  4.200% due 06/01/2025 | 733 | 732 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 | 8900 | 8651 |
|  |  | 62775 |
|  Total Corporate Bonds & Notes<br>(Cost $1,279,482) | Total Corporate Bonds & Notes<br>(Cost $1,279,482) | 1281911 |
| U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
|  4.495% due 09/25/2025 •  | 11500 | 11508 |
|  Total U.S. Government Agencies<br>(Cost $11,505) | Total U.S. Government Agencies<br>(Cost $11,505) | 11508 |
| U.S. TREASURY OBLIGATIONS 0.6% | U.S. TREASURY OBLIGATIONS 0.6% | U.S. TREASURY OBLIGATIONS 0.6% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.419% due 04/30/2025 •  | 55400 | 55400 |
|  Total U.S. Treasury Obligations<br>(Cost $55,398) | Total U.S. Treasury Obligations<br>(Cost $55,398) | 55400 |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.493% due 04/10/2026 | 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.536% due 02/20/2026 | 1158 | 1159 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.511% due 02/17/2026 | 3740 | 3739 |
|  4.865% due 11/17/2025 | 82 | 82 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.457% due 03/20/2026 | 16609 | 16612 |
|  Total Asset-Backed Securities (Cost $31,588) | Total Asset-Backed Securities (Cost $31,588) | 31592 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. |
|  4.759% due 05/19/2025 ~ | 3000 | 3001 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.859% due 07/27/2026 ~ | 2900 | 2908 |
|  5.609% due 04/04/2025 •  | 27300 | 27303 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  5.358% due 06/17/2026 ~ | 4150 | 4185 |
|  Kommunekredit | Kommunekredit | Kommunekredit |
|  5.358% due 09/16/2025 ~ | 10000 | 10037 |
|  Total Sovereign Issues<br>(Cost $47,437) | Total Sovereign Issues<br>(Cost $47,437) | 47434 |
| SHORT-TERM INSTRUMENTS 94.5% | SHORT-TERM INSTRUMENTS 94.5% | SHORT-TERM INSTRUMENTS 94.5% |
| CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% | CERTIFICATES OF DEPOSIT 0.2% |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.530% due 08/05/2025 | 7600 | 7607 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.610% (SOFRRATE + 0.250%) due 12/03/2025 ~ | 400 | 400 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.610% (SOFRRATE + 0.250%) due 12/05/2025 ~ | 6500 | 6500 |
|  |  | 14507 |
| COMMERCIAL PAPER 3.2% | COMMERCIAL PAPER 3.2% | COMMERCIAL PAPER 3.2% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 17900 | 17866 |
|  4.640% due 04/17/2025 | 9000 | 8981 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/10/2025 | 3100 | 3096 |
|  4.900% due 04/11/2025 | 600 | 599 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 | 7000 | 6987 |
|  4.570% due 04/10/2025 | 4300 | 4294 |
|  4.630% due 04/15/2025 | 5400 | 5390 |
|  4.640% due 04/09/2025 | 8200 | 8191 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 6800 | 6792 |
|  4.560% due 04/21/2025 | 2200 | 2194 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.700% due 04/17/2025 | 500 | 499 |
|  4.730% due 04/17/2025 | 1000 | 998 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.550% due 04/07/2025 | 1800 | 1798 |
|  4.600% due 04/15/2025 | 2300 | 2296 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.500% due 04/08/2025 | 8300 | 8292 |
|  4.530% due 04/24/2025 | 400 | 399 |
|  4.550% due 04/24/2025 | 3700 | 3689 |
|  4.560% due 04/10/2025 | 7400 | 7391 |
|  4.560% due 05/08/2025 | 1500 | 1493 |
|  4.560% due 05/13/2025 | 2500 | 2486 |
|  4.560% due 06/06/2025 | 1300 | 1289 |
|  4.610% due 05/13/2025 | 1200 | 1193 |
|  Campbell Soup co. | Campbell Soup co. | Campbell Soup co. |
|  4.520% due 04/17/2025 | 1400 | 1397 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 | 5900 | 5887 |
|  4.720% due 04/23/2025 | 4100 | 4088 |
|  4.740% due 04/09/2025 | 9400 | 9389 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/04/2025 | 300 | 300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.700% due 04/11/2025 | 7400 | $— | 7389 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 2600 |  | 2590 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.540% due 04/07/2025 | 16500 |  | 16485 |
|  4.550% due 04/14/2025 | 3000 |  | 2995 |
|  4.550% due 04/16/2025 | 9400 |  | 9381 |
|  4.580% due 04/16/2025 | 3050 |  | 3044 |
|  4.640% due 04/25/2025 | 10700 |  | 10666 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 | 9600 |  | 9598 |
|  4.600% due 04/02/2025 | 4000 |  | 3999 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 | 2400 |  | 2396 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.520% due 04/22/2025 | 5100 |  | 5086 |
|  4.610% due 04/08/2025 | 1900 |  | 1898 |
|  4.650% due 04/08/2025 | 4000 |  | 3996 |
|  4.660% due 04/15/2025 | 4200 |  | 4192 |
|  4.700% due 04/15/2025 | 4500 |  | 4491 |
|  4.750% due 04/22/2025 | 900 |  | 897 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 11100 |  | 11080 |
|  4.650% due 04/04/2025 | 3700 |  | 3698 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 | 2600 |  | 2595 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/16/2025 | 1300 |  | 1297 |
|  4.630% due 04/21/2025 | 9200 |  | 9176 |
|  4.630% due 04/23/2025 | 8100 |  | 8076 |
|  4.630% due 04/24/2025 | 1900 |  | 1894 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/15/2025 | 2300 |  | 2296 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 3300 |  | 3291 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 | 5000 |  | 4963 |
|  NXP BV | NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 | 2300 |  | 2292 |
|  4.570% due 05/12/2025 | 500 |  | 497 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 | 5400 |  | 5385 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/04/2025 | 5100 |  | 5097 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  4.600% due 04/21/2025 | 2900 |  | 2892 |
|  |  |  | 270906 |
| REPURCHASE AGREEMENTS (c) 91.1% | REPURCHASE AGREEMENTS (c) 91.1% | REPURCHASE AGREEMENTS (c) 91.1% | REPURCHASE AGREEMENTS (c) 91.1% |
|  |  |  | 7688521 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.293% due 04/15/2025 (a)(b) | 200 |  | 200 |
| Total Short-Term Instruments<br>(Cost $7,974,159) | Total Short-Term Instruments<br>(Cost $7,974,159) |  | 7974134 |
| Total Investments in Securities<br>(Cost $9,399,569) | Total Investments in Securities<br>(Cost $9,399,569) |  | 9401979 |
| Total Investments 111.4%<br>(Cost $9,399,569) | Total Investments 111.4%<br>(Cost $9,399,569) | $— | 9401979 |
| Other Assets and Liabilities, net (11.4)% | Other Assets and Liabilities, net (11.4)% |  | (962232) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 8439747 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 173

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II (Cont.)

#### 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 yield to maturity.

#### 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> |
| BCY | 4.410% | 04/01/2025 | 04/02/2025 | $750000 | U.S. Treasury Bonds 4.375% due 08/15/2043 | $(768156) | $750000 | $750000 |
|  | 4.450 | 03/31/2025 | 04/01/2025 | 750000 | U.S. Treasury Bonds 4.375% due 08/15/2043 | (770786) | 750000 | 750093 |
| BOS | 4.360 | 03/31/2025 | 04/15/2025 | 350000 | U.S. Treasury Notes 0.500% due 02/28/2026 | (357265) | 350000 | 350042 |
|  | 4.360 | 04/01/2025 | 04/24/2025 | 150000 | U.S. Treasury Notes 1.500% due 01/31/2027 | (153202) | 150000 | 150000 |
|  | 4.370 | 03/21/2025 | 04/02/2025 | 750000 | U.S. Treasury Notes 1.125% - 4.250% due 08/31/2028 - 02/15/2028 | (767578) | 750000 | 751001 |
|  | 4.370 | 03/17/2025 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | U.S. Treasury Notes 0.750% - 4.375% due 05/31/2026 - 07/15/2027 | (1023478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001821 |
|  | 4.370 | 03/28/2025 | 04/10/2025 | 100000 | U.S. Treasury Notes 4.500% due 05/15/2027 | (102267) | 100000 | 100049 |
|  | 4.370 | 03/24/2025 | 04/11/2025 | 547000 | U.S. Treasury Notes 4.875% due 05/31/2026 | (559076) | 547000 | 547531 |
|  | 4.370 | 03/28/2025 | 04/11/2025 | 100000 | U.S. Treasury Notes 1.750% - 4.500% due 12/31/2026 - 04/15/2027 | (102298) | 100000 | 100049 |
|  | 4.370 | 03/31/2025 | 04/16/2025 | 350000 | U.S. Treasury Notes 2.875% - 4.250% due 04/30/2029 - 06/30/2029 | (357558) | 350000 | 350042 |
|  | 4.370 | 03/31/2025 | 04/17/2025 | 450000 | U.S. Treasury Notes 1.500% due 01/31/2027 | (459605) | 450000 | 450055 |
|  | 4.380 | 03/31/2025 | 04/03/2025 | 350000 | U.S. Treasury Notes 1.500% - 4.125% due 11/30/2028 - 11/30/2029 | (357609) | 350000 | 350043 |
|  | 4.380 | 03/26/2025 | 04/07/2025 | 550000 | U.S. Treasury Notes 1.500% due 01/31/2027 | (562488) | 550000 | 550402 |
|  | 4.380 | 03/27/2025 | 04/09/2025 | 250000 | U.S. Treasury Notes 1.875% due 07/31/2026 | (255523) | 250000 | 250152 |
|  | 4.380 | 03/28/2025 | 04/09/2025 | 100000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (102414) | 100000 | 100049 |
|  | 4.380 | 03/27/2025 | 04/10/2025 | 250000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (256034) | 250000 | 250152 |
|  | 4.390 | 03/26/2025 | 04/01/2025 | 200000 | U.S. Treasury Notes 0.625% - 4.000% due 12/31/2027 - 07/31/2029 | (204735) | 200000 | 200146 |
|  | 4.390 | 03/27/2025 | 04/07/2025 | 150000 | U.S. Treasury Notes 1.875% due 02/28/2027 | (153486) | 150000 | 150091 |
|  | 4.420 | 03/31/2025 | 04/01/2025 | 40000 | U.S. Treasury Notes 4.000% due 12/15/2027 | (40848) | 40000 | 40005 |
| JPS | 4.390 | 07/30/2024 | TBD<sup>(2)</sup> | 501521 | U.S. Treasury Bonds 2.000% - 3.875% due 08/15/2040 - 08/15/2051 | (499810) | 501521 | 517736 |
|  |  |  |  |  | Cash | (32499) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7886715) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709459 |

---

174 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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 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 | $1500093 | $0 | $0 | $1500093 | $(1538942) | $(38849) |
|  BOO | 0 | 0 | 0 | 0 | 4011 | 4011 |
|  BOS | 5691630 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5815464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123834) |
|  JPS | 517736 | 0 | 0 | 517736 | (532309) | (14573) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

Cash of $4,011 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<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 March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 03/31/2025 |
|  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 | $913665 | $0 | $913665 |
| &nbsp;&nbsp; Industrials | 0 | 305471 | 0 | 305471 |
| &nbsp;&nbsp; Utilities | 0 | 62775 | 0 | 62775 |
|  U.S. Government Agencies | 0 | 11508 | 0 | 11508 |
|  U.S. Treasury Obligations | 0 | 55400 | 0 | 55400 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 31592 | 0 | 31592 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 03/31/2025** |
|  Sovereign Issues | $0 | $47434 | $0 | $47434 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 14507 | 0 | 14507 |
| &nbsp;&nbsp; Commercial Paper | 0 | 270906 | 0 | 270906 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 7688521 | 0 | 7688521 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 200 | 0 | 200 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401979 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **175** |

---

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments 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 98.9% | INVESTMENTS IN SECURITIES 98.9% | INVESTMENTS IN SECURITIES 98.9% | INVESTMENTS IN SECURITIES 98.9% | INVESTMENTS IN SECURITIES 98.9% |
| 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% |
|  Fannie Mae |  |  |  |  |
|  4.526% due 12/25/2036 •  | $— | 86 | $— | 85 |
|  4.574% due 06/25/2033 •  |  | 53 |  | 51 |
|  4.586% due 03/25/2034 •  |  | 28 |  | 28 |
|  4.596% due 03/25/2036 •  |  | 40 |  | 40 |
|  4.655% due 07/25/2032 •  |  | 59 |  | 58 |
|  4.804% due 05/25/2042 •  |  | 61 |  | 61 |
|  5.093% due 03/25/2032 •  |  | 119 |  | 114 |
|  5.354% due 04/25/2032 •  |  | 8 |  | 8 |
|  5.395% due 12/01/2029 •  |  | 3 |  | 3 |
|  5.885% due 06/01/2043 •  |  | 147 |  | 148 |
|  5.886% due 02/01/2041 - 10/01/2044 •  |  | 634 |  | 642 |
|  6.118% due 03/01/2035 •  |  | 103 |  | 104 |
|  6.337% due 10/01/2032 •  |  | 3 |  | 3 |
|  6.381% due 12/01/2032 •  |  | 1 |  | 2 |
|  6.390% due 11/01/2035 •  |  | 46 |  | 47 |
|  6.397% due 11/01/2035 •  |  | 48 |  | 49 |
|  6.842% due 01/01/2036 •  |  | 38 |  | 38 |
|  Freddie Mac |  |  |  |  |
|  0.000% due 01/15/2032 (a) |  | 563 |  | 420 |
|  4.500% due 06/15/2035 - 09/15/2035 |  | 312 |  | 306 |
|  4.574% due 07/25/2031 •  |  | 173 |  | 172 |
|  4.963% due 06/15/2030 - 12/15/2032 •  |  | 15 |  | 15 |
|  5.000% due 01/15/2034 |  | 898 |  | 912 |
|  5.013% due 06/15/2031 •  |  | 6 |  | 6 |
|  5.500% due 11/01/2038 - 10/01/2039 |  | 33 |  | 33 |
|  5.835% due 10/25/2044 - 02/25/2045 •  |  | 733 |  | 679 |
|  6.035% due 07/25/2044 •  |  | 326 |  | 314 |
|  6.500% due 10/25/2043 |  | 272 |  | 278 |
|  6.676% due 02/01/2035 •  |  | 120 |  | 122 |
|  6.809% due 01/01/2032 •  |  | 2 |  | 2 |
|  7.154% due 07/01/2029 •  |  | 1 |  | 1 |
|  7.208% due 05/01/2032 •  |  | 3 |  | 3 |
|  7.427% due 06/01/2035 •  |  | 331 |  | 342 |
|  Ginnie Mae |  |  |  |  |
|  4.625% due 07/20/2025 - 02/20/2030 •  |  | 125 |  | 125 |
|  4.875% due 04/20/2027 - 04/20/2032 •  |  | 4 |  | 4 |
|  5.000% due 05/20/2030 •  |  | 16 |  | 16 |
|  Resolution Funding Corp. STRIPS |  |  |  |  |
|  0.000% due 01/15/2030 - 04/15/2030 (b) |  | 32719 |  | 26766 |
|  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 |
|  4.760% due 09/01/2025 |  | 122 |  | 121 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 05/01/2030 - 12/01/2041 |  | 791 |  | 762 |
|  4.500% due 04/01/2028 - 11/01/2029 |  | 57 |  | 58 |
|  Total U.S. Government Agencies (Cost $32,487) |  |  |  | 32938 |
| U.S. TREASURY OBLIGATIONS 87.1% | U.S. TREASURY OBLIGATIONS 87.1% | U.S. TREASURY OBLIGATIONS 87.1% | U.S. TREASURY OBLIGATIONS 87.1% | U.S. TREASURY OBLIGATIONS 87.1% |
|  U.S. Treasury Bonds |  |  |  |  |
|  1.375% due 11/15/2040 |  | 37030 |  | 24081 |
|  1.375% due 08/15/2050 |  | 150550 |  | 76763 |
|  1.625% due 11/15/2050 |  | 214700 |  | 116928 |
|  1.750% due 08/15/2041 |  | 12400 |  | 8409 |
|  1.875% due 02/15/2041 |  | 110500 |  | 77570 |
|  2.250% due 08/15/2049 |  | 50320 |  | 32472 |
|  2.250% due 02/15/2052 |  | 600 |  | 379 |
|  2.750% due 11/15/2042 |  | 83400 |  | 64899 |
|  2.875% due 05/15/2043 |  | 10960 |  | 8635 |
|  2.875% due 05/15/2049 |  | 56970 |  | 42006 |
|  3.000% due 05/15/2042 |  | 51000 |  | 41555 |
|  3.000% due 11/15/2044 |  | 213100 |  | 167966 |
|  3.000% due 08/15/2048 |  | 8300 |  | 6305 |
|  3.000% due 02/15/2049 |  | 38140 |  | 28851 |
|  3.125% due 02/15/2043 |  | 41250 |  | 33871 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.625% due 08/15/2043 | 53000 | 46607 |
|  3.625% due 02/15/2044 | 32300 | 28273 |
|  4.000% due 11/15/2042 | 38100 | 35555 |
|  4.125% due 08/15/2044 | 7500 | 7029 |
|  4.375% due 02/15/2038 | 78530 | 79104 |
|  4.375% due 08/15/2043 | 23300 | 22714 |
|  4.500% due 05/15/2038 | 31463 | 32088 |
|  U.S. Treasury Notes |  |  |
|  0.250% due 07/31/2025 (e) | 24365 | 24041 |
|  2.875% due 05/15/2028 (e) | 9680 | 9391 |
|  Total U.S. Treasury Obligations<br>(Cost $1,361,555) | Total U.S. Treasury Obligations<br>(Cost $1,361,555) | 1015492 |
| NON-AGENCY MORTGAGE - BACKED SECURITIES 3.4% | NON-AGENCY MORTGAGE - BACKED SECURITIES 3.4% | NON-AGENCY MORTGAGE - BACKED SECURITIES 3.4% |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 4 | 3 |
|  6.574% due 04/25/2033 •  | 11 | 11 |
|  6.625% due 04/25/2033 •  | 5 | 5 |
|  6.948% due 01/25/2034 •  | 75 | 75 |
|  7.195% due 11/25/2034 •  | 182 | 172 |
|  Bear Stearns ALT-A Trust |  |  |
|  4.639% due 11/25/2036 •  | 5206 | 3024 |
|  4.676% due 11/25/2036 •  | 10890 | 5642 |
|  4.755% due 02/25/2034 ~ | 383 | 362 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.685% due 08/25/2035 •  | 77 | 75 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.410% due 05/25/2035 •  | 45 | 45 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.614% due 02/20/2047 ~ | 2176 | 1750 |
|  4.755% due 02/25/2047 •  | 191 | 186 |
|  4.795% due 05/25/2047 ~ | 1253 | 1149 |
|  4.835% due 05/25/2036 ~ | 25 | 22 |
|  4.854% due 03/20/2046 ~ | 1589 | 1372 |
|  4.855% due 05/25/2035 ~ | 232 | 221 |
|  4.995% due 12/25/2035 •  | 139 | 126 |
|  5.500% due 03/25/2036 | 812 | 349 |
|  5.635% due 02/25/2036 ~ | 129 | 117 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.704% due 04/25/2035 ~ | 170 | 136 |
|  4.353% due 09/20/2036 •  | 1548 | 1366 |
|  4.895% due 05/25/2035 ~ | 399 | 350 |
|  5.015% due 04/25/2035 ~ | 20 | 19 |
|  5.095% due 02/25/2035 ~ | 266 | 250 |
|  5.115% due 02/25/2035 •  | 146 | 134 |
|  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 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.951% due 08/19/2045 ~ | 157 | 140 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.875% due 06/25/2045 ~ | 123 | 112 |
|  GSR Mortgage Loan Trust |  |  |
|  4.697% due 04/25/2036 •  | 1556 | 1018 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.691% due 03/19/2037 •  | 566 | 522 |
|  4.871% due 05/19/2035 •  | 507 | 487 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  5.075% due 02/25/2035 ~ | 592 | 543 |
|  JP Morgan Mortgage Trust |  |  |
|  5.373% due 02/25/2036 •  | 260 | 185 |
|  5.590% due 07/25/2035 •  | 143 | 138 |
|  5.990% due 07/25/2064 •  | 877 | 884 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.221% due 05/25/2034 ~ | 43 | 42 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  6.190% due 12/25/2032 •  | 12 | 12 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 08/25/2035 ~ | 405 | 293 |
|  5.995% due 09/25/2045 •  | 138 | 118 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 10/25/2031 | 135 | 131 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.500% due 03/25/2032 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust |  |  |
|  5.131% due 10/19/2026 ~ | 59 | 58 |
|  5.134% due 07/20/2033 •  | 148 | 147 |
|  5.139% due 07/20/2033 •  | 104 | 98 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.035% due 01/25/2035 ~ | 151 | 138 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.875% due 05/25/2036 •  | 6203 | 5067 |
|  5.011% due 07/19/2034 •  | 23 | 22 |
|  5.131% due 03/19/2034 •  | 60 | 57 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.092% due 12/25/2046 •  | 480 | 430 |
|  4.174% due 12/25/2046 •  | 678 | 591 |
|  4.731% due 05/25/2046 ~ | 249 | 215 |
|  4.955% due 11/25/2045 •  | 435 | 417 |
|  4.975% due 12/25/2045 •  | 145 | 145 |
|  5.365% due 01/25/2047 •  | 311 | 296 |
|  5.615% due 06/25/2046 •  | 953 | 887 |
|  5.635% due 02/25/2046 ~ | 737 | 670 |
|  5.683% due 07/25/2046 •  | 2187 | 1964 |
|  5.683% due 08/25/2046 •  | 6430 | 5506 |
|  5.835% due 11/25/2042 •  | 86 | 83 |
|  6.135% due 09/25/2046 •  | 897 | 866 |
|  6.135% due 10/25/2046 •  | 329 | 307 |
|  6.211% due 03/25/2034 •  | 22 | 22 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.370% due 05/25/2033 •  | 30 | 31 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $52,210) |  | 39611 |
| ASSET-BACKED SECURITIES 5.6% | ASSET-BACKED SECURITIES 5.6% | ASSET-BACKED SECURITIES 5.6% |
| 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 |
|  4.515% due 05/25/2037 ~ | 17 | 12 |
|  4.954% due 06/15/2031 ~ | 268 | 265 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  5.785% due 01/25/2032 •  | 27 | 27 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  | 20 | 19 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.376% due 01/25/2037 ~ | 817 | 240 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 38 | 16 |
|  GSAMP Trust |  |  |
|  4.505% due 12/25/2036 ~ | 372 | 184 |
|  4.615% due 11/25/2035 ~ | 131 | 10 |
|  Home Equity Asset Trust |  |  |
|  5.355% due 02/25/2033 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  | 89 | 30 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.595% due 08/25/2036 ~ | 25 | 11 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.525% due 06/25/2037 ~ | 334 | 222 |
|  Long Beach Mortgage Loan Trust |  |  |
|  4.995% due 10/25/2034 ~ | 1402 | 1378 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 11/25/2036 •  | 72 | 22 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.675% due 02/25/2037 ~ | 250 | 71 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  | 125 | 112 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.485% due 11/25/2036 •  | 29 | 9 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.795% due 05/25/2036 •  | 117 | 117 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.135% due 08/25/2032 ~ | 2 | 2 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 1403 | 302 |
|  Soundview Home Loan Trust |  |  |
|  4.515% due 06/25/2037 ~ | 177 | 116 |

---

---

| | | |
|:---|:---|:---|
| **176** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.555% due 11/25/2036 ~ | $— | 438 | $— | 120 |
|  |  |  |  | 3286 |
| WHOLE LOAN COLLATERAL 0.0% |  |  |  |  |
|  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 |
|  4.595% due 11/25/2036 •  |  | 440 |  | 123 |
| OTHER ABS 5.3% |  |  |  |  |
|  AGL CLO Ltd. |  |  |  |  |
|  5.755% due 07/20/2034 •  |  | 1600 |  | 1600 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.993% due 04/20/2037 •  |  | 2500 |  | 2507 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.093% due 04/20/2036 •  |  | 1300 |  | 1311 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.669% due 07/16/2031 •  |  | 1251 |  | 1251 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  |  | 3380 |  | 3385 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.738% due 10/24/2031 •  |  | 2249 |  | 2250 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.643% due 04/20/2034 •  |  | 1800 |  | 1800 |
|  Betony CLO Ltd. |  |  |  |  |
|  5.629% due 04/30/2031 •  |  | 1028 |  | 1029 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ |  | 968 |  | 968 |
|  5.732% due 10/22/2030 ~ |  | 620 |  | 621 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  |  | 2200 |  | 2210 |
|  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. |
|  5.535% due 07/20/2031 •  |  | 1234 |  | 1235 |
|  5.704% due 07/15/2031 •  |  | 2229 |  | 2230 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ |  | 747 |  | 747 |
|  Cathedral Lake Ltd. | Cathedral Lake Ltd. | Cathedral Lake Ltd. | Cathedral Lake Ltd. | Cathedral Lake Ltd. |
|  5.775% due 01/20/2035 ~ |  | 1000 |  | 999 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ |  | 508 |  | 509 |
|  Dewolf Park CLO Ltd. |  |  |  |  |
|  5.484% due 10/15/2030 •  |  | 888 |  | 889 |
|  Diameter Capital CLO Ltd. |  |  |  |  |
|  5.912% due 04/15/2037 •  |  | 2400 |  | 2404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.132% due 01/15/2037 •  | $— | 2700 | $— | 2710 |
|  Dryden Senior Loan Fund |  |  |  |  |
|  5.443% due 10/19/2029 ~ |  | 1021 |  | 1021 |
|  5.664% due 01/15/2031 •  |  | 2123 |  | 2124 |
|  Generate CLO Ltd. |  |  |  |  |
|  6.123% due 10/20/2036 ~ |  | 3500 |  | 3511 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  |  | 1764 |  | 1763 |
|  KKR CLO Ltd. |  |  |  |  |
|  5.564% due 04/15/2031 •  |  | 462 |  | 462 |
|  5.748% due 02/09/2035 ~ |  | 1700 |  | 1699 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.532% due 07/27/2031 ~ |  | 950 |  | 952 |
|  Magnetite Ltd. |  |  |  |  |
|  5.762% due 01/25/2032 ~ |  | 684 |  | 685 |
|  Marble Point CLO Ltd. |  |  |  |  |
|  5.493% due 01/20/2032 ~ |  | 431 |  | 431 |
|  Newark BSL CLO Ltd. |  |  |  |  |
|  5.532% due 07/25/2030 ~ |  | 1044 |  | 1042 |
|  Palmer Square CLO Ltd. |  |  |  |  |
|  5.613% due 04/20/2035 ~ |  | 1000 |  | 1001 |
|  Rad CLO Ltd. |  |  |  |  |
|  5.530% due 04/25/2032 •  |  | 1533 |  | 1535 |
|  Romark CLO Ltd. |  |  |  |  |
|  5.585% due 04/20/2031 ~ |  | 530 |  | 530 |
|  Sound Point CLO Ltd. |  |  |  |  |
|  5.675% due 01/21/2031 ~ |  | 597 |  | 598 |
|  5.734% due 07/15/2034 •  |  | 1000 |  | 1001 |
|  5.742% due 10/25/2034 ~ |  | 3000 |  | 3002 |
|  Steele Creek CLO Ltd. |  |  |  |  |
|  5.625% due 04/21/2031 ~ |  | 55 |  | 55 |
|  Sycamore Tree CLO Ltd. |  |  |  |  |
|  5.973% due 01/20/2037 •  |  | 1800 |  | 1803 |
|  Symphony CLO Ltd. |  |  |  |  |
|  5.490% due 01/23/2032 •  |  | 824 |  | 824 |
|  TCW CLO Ltd. |  |  |  |  |
|  5.908% due 01/16/2037 •  |  | 1000 |  | 1001 |
|  TIAA CLO Ltd. |  |  |  |  |
|  5.719% due 01/16/2031 ~ |  | 127 |  | 127 |
|  Trinitas CLO Ltd. |  |  |  |  |
|  5.670% due 04/25/2033 •  |  | 1750 |  | 1751 |
|  Venture CLO Ltd. |  |  |  |  |
|  5.752% due 10/22/2031 •  |  | 2393 |  | 2395 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.824% due 01/15/2032 •  | 1555 | $— | 1556 |
|  |  |  | 61524 |
|  Total Asset-Backed Securities (Cost $67,980) |  |  | 64933 |
|  | **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% |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.400% (c) | 569461 |  | 570 |
| Total Short-Term Instruments (Cost $570) |  |  | 570 |
| Total Investments in Securities<br>(Cost $1,514,802) | Total Investments in Securities<br>(Cost $1,514,802) |  | 1153544 |
| 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<br>Floating NAV Portfolio III | 169450 |  | 1649 |
| Total Short-Term Instruments<br>(Cost $1,650) |  |  | 1649 |
| Total Investments in Affiliates<br>(Cost $1,650) |  |  | 1649 |
| Total Investments 99.0%<br>(Cost $1,516,452) |  | $— | 1155193 |
|  Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $10,073) | Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $10,073) |  | 471 |
| Other Assets and Liabilities, net 1.0% | Other Assets and Liabilities, net 1.0% |  | 10620 |
| Net Assets 100.0% |  | $— | 1166284 |

---

#### 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) Zero coupon security.

(c) 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% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $(15766) | $(15817) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 06/01/2055 | 3000 | (2865) | (2867) |
|  Total Short Sales (1.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18631) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18684) |

---

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(91,900) at a weighted average interest rate of 4.991%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **177** |

---

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio (Cont.)

&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 10-Year Note June Futures  | 06/2025 | 7328 | $815011 | $15393 | $1546 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 6676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761899 | 12346 | 2555 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | $&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 June Futures  | 06/2025 | 8 | $(1657) | $(12) | $0 | $(1) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1334 | (144280) | (1216) | 0 | (109) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 2354 | (276080) | (4981) | 0 | (1434) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181419) | 794 | 0 | (1554) |
|  |  |  |  | $(5415) | $0 | $(3098) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3098) |

---

#### 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 | $11700 | $119 | $102 | $221 | $1 | $0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1200 | 14 | 10 | 24 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 | 1866 | (261) | 1605 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 30100 | 554 | (1) | 553 | 3 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | $&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 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 | 3.510% | Annual | 11/30/2028 | $27300 | $0 | $213 | $213 | $0 | $(14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 40900 | 0 | 312 | 312 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 118000 | (155) | 1752 | 1597 | 0 | (59) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 187300 | (2662) | (743) | (3405) | 32 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.849 | Annual | 03/31/2030 | 6810 | 0 | (20) | (20) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.857 | Annual | 03/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423300 | 323 | (1393) | (1070) | 441 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 11500 | 0 | 307 | 307 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 21000 | 0 | 425 | 425 | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 38900 | 3 | 967 | 970 | 0 | (60) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 44040 | (837) | (274) | (1111) | 0 | (84) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 05/15/2034 | 394400 | 0 | 20810 | 20810 | 0 | (201) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 31000 | (223) | 319 | 96 | 0 | (96) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.606 | Semi-Annual | 12/21/2047 | 40000 | (13) | 9328 | 9315 | 0 | (75) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 53000 | 10095 | 9212 | 19307 | 0 | (94) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 14000 | 342 | 569 | 911 | 0 | (102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 64200 | 647 | 3260 | 3907 | 0 | (158) |
|  |  |  |  |  |  | $7520 | $45044 | $52564 | $480 | $(1014) |
|  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;10073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1014) |

---

178 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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>(5)</sup> | Variation Margin<br>Liability<sup>(5)</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;4101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4115) |

---

(e) Securities with an aggregate market value of $30,344 and cash of $695 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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 $(3) 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 March 31, 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 | $4101 | $4101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 480 | 485 |
|  | $0 | $5 | $0 | $0 | $4581 | $4586 |
|  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 | $3098 | $3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 1014 | 1017 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $(29520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2679 | 0 | 0 | 9512 | 12191 |
|  | $0 | $2679 | $0 | $0 | $(20008) | $(17329) |
|  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 | $16721 | $16721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1417) | 0 | 0 | 35911 | 34494 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1417) | $&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;52632 | $51215 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 179

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $32938 | $0 | $32938 |
|  U.S. Treasury Obligations | 0 | 1015492 | 0 | 1015492 |
|  Non-Agency Mortgage-Backed Securities | 0 | 39611 | 0 | 39611 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 3286 | 0 | 3286 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 123 | 0 | 123 |
| &nbsp;&nbsp; Other ABS | 0 | 61524 | 0 | 61524 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 570 | 0 | 570 |
|  | $0 | $1153544 | $0 | $1153544 |
|  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 | $1649 | $0 | $0 | $1649 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $(18684) | $0 | $(18684) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or<br>centrally cleared | $0 | $4586 | $0 | $4586 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or<br>centrally cleared | $0 | $(4112) | $0 | $(4112) |
|  Total Financial<br>Derivative Instruments | $0 | $474 | $0 | $474 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136983 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **180** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio March 31, 2025

#### (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 56.4% | INVESTMENTS IN SECURITIES 56.4% | INVESTMENTS IN SECURITIES 56.4% |
| CANADA 17.9% | CANADA 17.9% | CANADA 17.9% |
| SOVEREIGN ISSUES 17.9% | SOVEREIGN ISSUES 17.9% | SOVEREIGN ISSUES 17.9% |
|  CPPIB Capital, Inc. |  |  |
|  4.300% due 06/02/2034 | 11800 | 8685 |
|  Province of Alberta |  |  |
|  3.900% due 12/01/2033 | 20900 | 14986 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 29000 | 21054 |
|  Province of Ontario |  |  |
|  3.650% due 06/02/2033 | 32600 | 23047 |
|  Province of Quebec |  |  |
|  3.600% due 09/01/2033 | 21400 | 15031 |
|  4.450% due 09/01/2034 | 13600 | 10093 |
|  Total Canada (Cost $91,252) | Total Canada (Cost $91,252) | 92896 |
| DENMARK 3.2% | DENMARK 3.2% | DENMARK 3.2% |
| CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% |
|  Nykredit Realkredit AS |  |  |
|  1.000% due 04/01/2025 | 41400 | 6000 |
|  Realkredit Danmark AS |  |  |
|  1.000% due 04/01/2025 | 73900 | 10711 |
|  Total Denmark (Cost $16,767) |  | 16711 |
| JAPAN 9.9% |  |  |
| SOVEREIGN ISSUES 9.9% |  |  |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.000% due 12/20/2044 | 3680000 | 23778 |
|  2.200% due 03/20/2064 | 1630000 | 9661 |
|  2.300% due 12/20/2054 | 2800000 | 17970 |
|  Total Japan (Cost $51,421) |  | 51409 |
| SUPRANATIONAL 6.8% | SUPRANATIONAL 6.8% | SUPRANATIONAL 6.8% |
| CORPORATE BONDS & NOTES 6.8% | CORPORATE BONDS & NOTES 6.8% | CORPORATE BONDS & NOTES 6.8% |
|  European Union |  |  |
|  2.875% due 10/05/2029 | 32300 | 35350 |
|  Total Supranational (Cost $34,514) | Total Supranational (Cost $34,514) | 35350 |
| UNITED KINGDOM 7.0% | UNITED KINGDOM 7.0% | UNITED KINGDOM 7.0% |
| SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% |
|  United Kingdom Gilt |  |  |
|  0.500% due 10/22/2061 | 2900 | 1032 |
|  4.375% due 07/31/2054 | 31600 | 35325 |
|  Total United Kingdom (Cost $40,545) | Total United Kingdom (Cost $40,545) | 36357 |
| UNITED STATES 2.5% | UNITED STATES 2.5% | UNITED STATES 2.5% |
| ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.135% due 06/25/2034 •  | 201 | 201 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  | 75 | 74 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.615% due 07/25/2036 •  | 1171 | 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 |
|  4.515% due 05/25/2037 ~ | 33 | 24 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  | 30 | 30 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.376% due 01/25/2037 ~ | 244 | 72 |
|  4.555% due 11/25/2036 ~ | 27 | 12 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 11/25/2032 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  | 21 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.995% due 10/25/2034 ~ | 25 | 25 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.595% due 09/25/2037 •  | 22 | 4 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  | 35 | 31 |
|  4.535% due 11/25/2036 •  | 5232 | 2607 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 219 | 60 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.937% due 04/25/2035 •  | 1 | 1 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  | 21 | 7 |
|  |  | 3471 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.770% due 08/25/2036 •  | 19 | 12 |
|  5.449% due 01/25/2036 ~ | 234 | 221 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.210% due 08/25/2035 •  | 5 | 5 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.614% due 02/20/2047 ~ | 2486 | 1999 |
|  4.755% due 02/25/2047 •  | 50 | 48 |
|  4.854% due 03/20/2046 ~ | 200 | 173 |
|  4.955% due 12/25/2035 •  | 22 | 20 |
|  4.995% due 12/25/2035 •  | 139 | 126 |
|  4.995% due 02/25/2037 •  | 60 | 51 |
|  5.035% due 08/25/2035 •  | 159 | 150 |
|  5.035% due 12/25/2035 •  | 562 | 430 |
|  5.135% due 09/25/2035 •  | 522 | 471 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.895% due 05/25/2035 ~ | 63 | 55 |
|  5.015% due 03/25/2035 •  | 244 | 213 |
|  5.015% due 04/25/2035 ~ | 1 | 1 |
|  5.035% due 03/25/2035 •  | 29 | 17 |
|  5.075% due 03/25/2035 ~ | 1278 | 1177 |
|  5.095% due 02/25/2035 ~ | 5 | 5 |
|  5.195% due 09/25/2034 •  | 3 | 2 |
|  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-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.535% due 10/25/2036 •  | 1 | 1 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.851% due 03/19/2045 •  | 95 | 90 |
|  4.951% due 08/19/2045 ~ | 72 | 64 |
|  5.091% due 09/19/2045 •  | 931 | 487 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.895% due 06/25/2045 ~ | 589 | 465 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.911% due 06/19/2035 ~ | 81 | 79 |
|  4.911% due 01/19/2036 ~ | 9 | 9 |
|  4.911% due 03/19/2036 •  | 626 | 573 |
|  4.931% due 01/19/2036 •  | 1120 | 730 |
|  5.051% due 11/19/2035 ~ | 58 | 38 |
|  5.091% due 09/19/2035 •  | 8 | 5 |
|  5.114% due 06/20/2035 ~ | 27 | 26 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.416% due 10/25/2035 ~ | 8 | 7 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.855% due 04/25/2046 •  | 117 | 30 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.131% due 10/19/2026 ~ | 1 | 1 |
|  5.134% due 07/20/2033 •  | 128 | 127 |
|  5.366% due 10/20/2034 •  | 100 | 90 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.011% due 07/19/2034 •  | 1 | 1 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.975% due 03/25/2044 •  | 19 | 19 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.174% due 12/25/2046 •  | 51 | 44 |
|  4.194% due 02/27/2034 ~ | 2 | 2 |
|  5.015% due 10/25/2045 •  | 7 | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.055% due 01/25/2045 ~ | $— | 3 | 3 |
|  5.075% due 01/25/2045 ~ |  | 5 | 5 |
|  5.075% due 07/25/2045 •  |  | 4 | 4 |
|  5.835% due 11/25/2042 •  |  | 1 | 1 |
|  6.035% due 08/25/2042 •  |  | 3 | 3 |
|  6.135% due 10/25/2046 •  |  | 15 | 14 |
|  6.135% due 11/25/2046 ~ |  | 199 | 176 |
|  |  |  | 8278 |
| U.S. GOVERNMENT AGENCIES 0.2% | U.S. GOVERNMENT AGENCIES 0.2% | U.S. GOVERNMENT AGENCIES 0.2% | U.S. GOVERNMENT AGENCIES 0.2% |
|  Fannie Mae |  |  |  |
|  4.586% due 03/25/2034 •  |  | 1 | 1 |
|  4.804% due 09/25/2042 •  |  | 12 | 12 |
|  6.000% due 07/25/2044 |  | 7 | 7 |
|  6.010% due 12/01/2034 •  |  | 1 | 1 |
|  6.633% due 12/01/2030 •  |  | 1 | 1 |
|  7.041% due 11/01/2034 •  |  | 5 | 5 |
|  Freddie Mac |  |  |  |
|  4.585% due 09/25/2035 •  |  | 463 | 455 |
|  4.734% due 09/25/2031 •  |  | 5 | 5 |
|  5.835% due 10/25/2044 - 02/25/2045 •  |  | 35 | 33 |
|  6.035% due 07/25/2044 •  |  | 7 | 6 |
|  6.500% due 07/15/2028 |  | 31 | 31 |
|  7.296% due 10/01/2036 •  |  | 7 | 8 |
|  Ginnie Mae |  |  |  |
|  4.875% due 04/20/2026 - 05/20/2026 •  |  | 2 | 3 |
|  5.000% due 04/20/2030 - 06/20/2030 •  |  | 85 | 85 |
|  6.000% due 08/20/2034 |  | 131 | 133 |
|  |  |  | 786 |
|  Total United States (Cost $18,408) | Total United States (Cost $18,408) | Total United States (Cost $18,408) | 12535 |
|  | **SHARES** | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% |
| 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 |
|  4.400% (c) |  | 262637 | 263 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (d) 4.8% | REPURCHASE AGREEMENTS (d) 4.8% | REPURCHASE AGREEMENTS (d) 4.8% | REPURCHASE AGREEMENTS (d) 4.8% |
|  |  |  | 24600 |
| JAPAN TREASURY BILLS 2.1% |  |  |  |
|  (204.897)% due 05/12/2025 (a)(b) |  | 1600000 | 10663 |
| U.S. TREASURY BILLS 2.1% |  |  |  |
|  4.305% due 04/10/2025 - 06/05/2025 (a)(b)(g) | $— | 11082 | 11026 |
| Total Short-Term Instruments<br>(Cost $46,459) | Total Short-Term Instruments<br>(Cost $46,459) | Total Short-Term Instruments<br>(Cost $46,459) | 46552 |
| Total Investments in Securities<br>(Cost $299,366) | Total Investments in Securities<br>(Cost $299,366) | Total Investments in Securities<br>(Cost $299,366) | 291810 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 181

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 33.5% | INVESTMENTS IN AFFILIATES 33.5% | INVESTMENTS IN AFFILIATES 33.5% | INVESTMENTS IN AFFILIATES 33.5% |
| SHORT-TERM INSTRUMENTS 33.5% | SHORT-TERM INSTRUMENTS 33.5% | SHORT-TERM INSTRUMENTS 33.5% | SHORT-TERM INSTRUMENTS 33.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.5% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 17798027 | $— | 173246 |
| Total Short-Term Instruments<br>(Cost $173,179) | Total Short-Term Instruments<br>(Cost $173,179) |  | 173246 |
| Total Investments in Affiliates<br>(Cost $173,179) | Total Investments in Affiliates<br>(Cost $173,179) |  | 173246 |
| Total Investments 89.9%<br>(Cost $472,545) | Total Investments 89.9%<br>(Cost $472,545) | $— | 465056 |
|  Financial Derivative Instruments (e)(f) (0.9)%<br> (Cost or Premiums, net $(7170)) | Financial Derivative Instruments (e)(f) (0.9)%<br> (Cost or Premiums, net $(7170)) |  | (4614) |
| Other Assets and Liabilities, net 11.0% | Other Assets and Liabilities, net 11.0% |  | 57082 |
| Net Assets 100.0% |  | $— | 517524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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) 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 | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(25078) | $24600 | $24603 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24603 |

---

#### 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 March 31, 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 | $24603 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24603 | $&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. 

---

| | | |
|:---|:---|:---|
| **182** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&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 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 968 | $83511 | $1244 | $80 | $0 |
|  Long Gilt June Futures  | 06/2025 | 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19069 | (116) | 206 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | $&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 |
|  Euro-BOBL June Futures  | 06/2025 | 19 | $(2420) | $22 | $1 | $(5) |
|  Euro-Bund June Futures  | 06/2025 | 664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92498) | 2213 | 7 | (352) |
|  |  |  |  | $2235 | $8 | $(357) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) |

---

#### 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 | 3.500% | Annual | 03/19/2030 | GBP | 31600 | $(870) | $(66) | $(936) | $138 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 |  | 3700 | 443 | 96 | 539 | 0 | (60) |
|  Pay | 3-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | AUD | 31900 | (9) | (167) | (176) | 82 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | EUR | 3300 | (9) | (72) | (81) | 14 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | NZD | 132500 | (999) | 2281 | 1282 | 133 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | AUD | 50600 | (941) | 1614 | 673 | 220 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 25400 | (412) | 729 | 317 | 117 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 81700 | 477 | 478 | 955 | 403 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | EUR | 137400 | (959) | 498 | (461) | 111 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 32200 | 0 | 244 | 244 | 0 | (52) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 4200 | (6) | 29 | 23 | 0 | (8) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 11400 | 181 | (83) | 98 | 0 | (25) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 4000 | (10) | (74) | (84) | 16 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 4100 | (11) | (61) | (72) | 17 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 3900 | (11) | (3) | (14) | 16 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 3700 | (9) | (36) | (45) | 15 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 3900 | (10) | (59) | (69) | 0 | (69) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 188580 | (6144) | (1411) | (7555) | 798 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 110200 | 4548 | 4433 | 8981 | 0 | (868) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 82700 | (666) | (2900) | (3566) | 0 | (69) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 15600 | 130 | (312) | (182) | 0 | (32) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 |  | 22000 | (88) | (237) | (325) | 0 | (45) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 15700 | (13) | (298) | (311) | 0 | (32) |
|  Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 56200 | (1663) | (1769) | (3432) | 0 | (128) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 53900 | 100 | (1016) | (916) | 0 | (46) |
|  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;(6951) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1434) |

---

#### 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 March 31, 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;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1434) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1791) |

---

#### Cash of $17,274 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **183** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

&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 | 04/2025 | 29412 | $195 | $0 | $(1) |
|  | 04/2025 | $339 | 536 | 0 | (4) |
|  | 04/2025 | 132 | 19859 | 1 | 0 |
|  | 05/2025 | 536 | $339 | 4 | 0 |
|  | 05/2025 | 13483 | 90 | 0 | (1) |
|  | 05/2025 | $141 | 21226 | 1 | 0 |
|  BOA | 04/2025 | 25000 | $3686 | 63 | 0 |
|  | 04/2025 | $2556 | 2367 | 3 | 0 |
|  BPS | 04/2025 | 35547 | $37284 | 0 | (1153) |
|  | 04/2025 | 87415 | 586 | 3 | 0 |
|  | 04/2025 | $605 | 865 | 0 | (4) |
|  | 04/2025 | 321 | 47914 | 0 | (2) |
|  | 04/2025 | 1 | 27 | 0 | 0 |
|  | 05/2025 | 4812 | $32 | 0 | 0 |
|  | 05/2025 | $402 | 373 | 2 | 0 |
|  | 05/2025 | 51 | 7576 | 0 | 0 |
|  BRC | 04/2025 | 5378 | $751 | 0 | (28) |
|  | 04/2025 | 2880000 | 18597 | 0 | (661) |
|  BSH | 04/2025 | 3503 | 2219 | 31 | 0 |
|  | 04/2025 | $859 | 129011 | 1 | 0 |
|  | 05/2025 | 128576 | $859 | 0 | (1) |
|  CBK | 04/2025 | 8747 | 1231 | 0 | (37) |
|  | 04/2025 | 7191 | 7771 | 0 | (5) |
|  | 04/2025 | $94636 | 134803 | 0 | (957) |
|  | 04/2025 | 1398 | 1289 | 1 | (6) |
|  | 04/2025 | 1 | 28 | 0 | 0 |
|  | 05/2025 | 134607 | $94636 | 956 | 0 |
|  DUB | 04/2025 | 135421 | 94104 | 29 | (34) |
|  | 04/2025 | 2040 | 1172 | 14 | 0 |
|  | 04/2025 | $1355 | 9387 | 6 | 0 |
|  | 04/2025 | 1165 | 2040 | 0 | (7) |
|  | 05/2025 | 9369 | $1355 | 0 | (6) |
|  | 05/2025 | 4800000 | 31470 | 0 | (658) |
|  | 05/2025 | $1173 | 2040 | 0 | (14) |
|  FAR | 04/2025 | 13894 | $1958 | 0 | (55) |
|  | 04/2025 | 207156 | 1380 | 2 | (4) |
|  | 04/2025 | $1284 | 2055 | 4 | (4) |
|  | 04/2025 | 937 | 140607 | 2 | (2) |
|  | 05/2025 | 91988 | $613 | 0 | (2) |
|  | 05/2025 | $965 | 144754 | 4 | 0 |
|  IND | 04/2025 | 2622 | 18131 | 6 | 0 |
|  | 05/2025 | 18098 | $2622 | 0 | (6) |
|  JPM | 04/2025 | 10000 | 1473 | 23 | 0 |
|  | 04/2025 | 6511219 | 43725 | 311 | (2) |
|  | 04/2025 | $399 | 574 | 0 | 0 |
|  | 04/2025 | 39360 | 36508 | 116 | 0 |
|  | 04/2025 | 536 | 80283 | 1 | (2) |
|  | 05/2025 | 35590 | $38450 | 0 | (96) |
|  | 05/2025 | 28346 | 188 | 0 | (1) |
|  | 05/2025 | $4154 | 28565 | 0 | (6) |
|  | 05/2025 | 43449 | 6444626 | 2 | (309) |
|  | 06/2025 | 4109 | $199 | 0 | 0 |
|  | 08/2025 | $10 | 72 | 0 | 0 |
|  MBC | 04/2025 | 823 | $575 | 3 | 0 |
|  | 04/2025 | 53300 | 7868 | 143 | 0 |
|  | 04/2025 | $568 | 912 | 2 | 0 |
|  | 04/2025 | 73 | 500 | 0 | 0 |
|  | 04/2025 | 2802 | 2574 | 4 | (23) |
|  | 04/2025 | 562 | 83600 | 0 | (5) |
|  | 04/2025 | 1 | 42 | 0 | 0 |
|  | 05/2025 | 499 | $73 | 0 | 0 |
|  | 05/2025 | 1596 | 11 | 0 | 0 |
|  | 05/2025 | $575 | 821 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **184** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  RYL | 04/2025 | $19242 | 2880000 | $15 | $0 |
|  SCX | 04/2025 | 4719 | $6093 | 0 | (3) |
|  | 04/2025 | 11732 | 78 | 0 | 0 |
|  | 04/2025 | $49 | 7452 | 0 | 0 |
|  | 04/2025 | 1 | 22 | 0 | 0 |
|  | 05/2025 | 3207427 | $21368 | 0 | (112) |
|  | 05/2025 | $95 | 14210 | 0 | 0 |
|  SSB | 04/2025 | 24357 | $30831 | 0 | (631) |
|  | 04/2025 | $37600 | 29076 | 0 | (42) |
|  | 05/2025 | 29076 | $37597 | 41 | 0 |
|  UAG | 04/2025 | 7060874 | 45108 | 3 | (1996) |
|  | 04/2025 | $4600 | 690000 | 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;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6883) |

---

#### 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 |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 5900 | $(12) | $(15) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 5900 | (12) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 4000 | (14) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 4000 | (14) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 3900 | (15) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 3900 | (15) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 3800 | (13) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 3800 | (14) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 3900 | (13) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 3900 | (13) | (18) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 5300 | (9) | (17) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 5300 | (9) | (4) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 3800 | (14) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 3800 | (14) | (1) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 5000 | (19) | (14) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 5000 | (19) | (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;(219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) |

---

#### 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 March 31, 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 | $(6) | $0 | $0 | $(6) | $0 | $0 | $0 |
|  BOA | 66 | 0 | 0 | 66 | 0 | 0 | 0 | 0 | 66 | (130) | (64) |
|  BPS | 5 | 0 | 0 | 5 | (1159) | (15) | 0 | (1174) | (1169) | 1070 | (99) |
|  BRC | 0 | 0 | 0 | 0 | (689) | (54) | 0 | (743) | (743) | 720 | (23) |
|  BSH | 32 | 0 | 0 | 32 | (1) | 0 | 0 | (1) | 31 | 0 | 31 |
|  CBK | 957 | 0 | 0 | 957 | (1005) | (21) | 0 | (1026) | (69) | 92 | 23 |
|  DUB | 49 | 0 | 0 | 49 | (719) | 0 | 0 | (719) | (670) | 1100 | 430 |
|  FAR | 12 | 0 | 0 | 12 | (67) | 0 | 0 | (67) | (55) | 0 | (55) |
|  IND | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  JPM | 453 | 0 | 0 | 453 | (416) | 0 | 0 | (416) | 37 | (53) | (16) |
|  MBC | 152 | 0 | 0 | 152 | (31) | 0 | 0 | (31) | 121 | (140) | (19) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (4) | 0 | (4) | (4) | 0 | (4) |
|  NGF | 0 | 0 | 0 | 0 | 0 | (20) | 0 | (20) | (20) | 0 | (20) |
|  RYL | 15 | 0 | 0 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
|  SCX | 0 | 0 | 0 | 0 | (115) | 0 | 0 | (115) | (115) | 0 | (115) |
|  SSB | 41 | 0 | 0 | 41 | (673) | 0 | 0 | (673) | (632) | 646 | 14 |
|  UAG | 6 | 0 | 0 | 6 | (1996) | 0 | 0 | (1996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&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;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6997) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 185

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

(g) Securities with an aggregate market value of $5,472 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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 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 March 31, 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 | $294 | $294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2080 | 2080 |
|  | $0 | $0 | $0 | $0 | $2374 | $2374 |
|  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 | $1800 | $0 | $1800 |
|  | $0 | $0 | $0 | $1800 | $2374 | $4174 |
|  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 | $357 | $357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1434 | 1434 |
|  | $0 | $0 | $0 | $0 | $1791 | $1791 |
|  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 | $6883 | $0 | $6883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 114 | 114 |
|  | $0 | $0 | $0 | $6883 | $114 | $6997 |
|  | $&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;6883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 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 | $244 | $244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3985 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 20884 | 20884 |
|  | $0 | $0 | $0 | $0 | $25113 | $25113 |
|  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 | $18299 | $0 | $18299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1398 | 1398 |
|  | $0 | $0 | $0 | $18299 | $1568 | $19867 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44980 |
|  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 | $4092 | $4092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (17571) | (17571) |
|  | $0 | $0 | $0 | $0 | $(13479) | $(13479) |
|  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 | $(7065) | $0 | $(7065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 105 | 105 |
|  | $0 | $0 | $0 | $(7065) | $105 | $(6960) |
|  | $&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 | $(7065) | $(13374) | $(20439) |

---

186 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Sovereign Issues | $0 | $92896 | $0 | $92896 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 16711 | 0 | 16711 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 51409 | 0 | 51409 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 35350 | 0 | 35350 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36357 | 0 | 36357 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3471 | 0 | 3471 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 8278 | 0 | 8278 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 786 | 0 | 786 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 263 | 0 | 263 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 24600 | 0 | 24600 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 10663 | 0 | 10663 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 11026 | 0 | 11026 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $173246 | $0 | $0 | $173246 |
|  Total Investments | $173246 | $291810 | $0 | $465056 |
|  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 | 294 | 2080 | 0 | 2374 |
|  Over the counter | 0 | 1800 | 0 | 1800 |
|  | $294 | $3880 | $0 | $4174 |
|  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 | (357) | (1434) | 0 | (1791) |
|  Over the counter | 0 | (6997) | 0 | (6997) |
|  | $(357) | $(8431) | $0 | $(8788) |
|  Total Financial Derivative Instruments | $(63) | $(4551) | $0 | $(4614) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460442 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **187** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset 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)** |
| INVESTMENTS IN SECURITIES 101.7% | INVESTMENTS IN SECURITIES 101.7% | INVESTMENTS IN SECURITIES 101.7% | INVESTMENTS IN SECURITIES 101.7% |
| CORPORATE BONDS & NOTES 56.1% | CORPORATE BONDS & NOTES 56.1% | CORPORATE BONDS & NOTES 56.1% | CORPORATE BONDS & NOTES 56.1% |
| BANKING & FINANCE 37.9% | BANKING & FINANCE 37.9% | BANKING & FINANCE 37.9% | BANKING & FINANCE 37.9% |
|  ABN AMRO Bank NV |  |  |  |
|  5.360% due 12/03/2028 ~ | $— | 30075 | $30128 |
|  5.360% due 12/03/2028 •  |  | 850 | 852 |
|  6.140% due 09/18/2027 •  |  | 4100 | 4169 |
|  6.575% due 10/13/2026 •  |  | 6200 | 6262 |
|  AerCap Ireland Capital DAC |  |  |  |
|  1.750% due 01/30/2026 |  | 10534 | 10288 |
|  4.450% due 10/01/2025 |  | 761 | 760 |
|  6.500% due 07/15/2025 |  | 8533 | 8558 |
|  Aircastle Ltd. |  |  |  |
|  5.250% due 08/11/2025 |  | 131 | 131 |
|  Ally Financial, Inc. |  |  |  |
|  5.800% due 05/01/2025 |  | 1780 | 1781 |
|  American Express Co. |  |  |  |
|  5.011% due 11/04/2026 ~ |  | 1300 | 1303 |
|  5.331% due 07/28/2027 ~ |  | 3336 | 3356 |
|  5.645% due 04/23/2027 •  |  | 6600 | 6676 |
|  American Honda Finance Corp. |  |  |  |
|  4.762% due 06/13/2025 ~ |  | 800 | 801 |
|  5.140% due 04/23/2025 •  |  | 12468 | 12473 |
|  5.145% due 10/03/2025 ~ |  | 1110 | 1112 |
|  American Tower Corp. |  |  |  |
|  1.300% due 09/15/2025 |  | 3606 | 3553 |
|  4.000% due 06/01/2025 |  | 31033 | 30988 |
|  Aon Global Ltd. |  |  |  |
|  3.875% due 12/15/2025 |  | 2790 | 2781 |
|  Athene Global Funding |  |  |  |
|  1.608% due 06/29/2026 |  | 901 | 869 |
|  5.106% due 07/16/2026 •  |  | 42000 | 42025 |
|  5.180% due 01/07/2027 ~ |  | 1500 | 1503 |
|  5.209% due 05/08/2026 •  |  | 10152 | 10176 |
|  5.388% due 08/27/2026 •  |  | 2900 | 2912 |
|  5.388% due 08/27/2026 ~ |  | 19140 | 19217 |
|  5.573% due 03/25/2027 ~ |  | 199 | 200 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.996% due 10/03/2025 ~ |  | 6200 | 6217 |
|  5.106% due 07/03/2025 •  |  | 2700 | 2704 |
|  Aviation Capital Group LLC |  |  |  |
|  1.950% due 01/30/2026 |  | 6764 | 6607 |
|  1.950% due 09/20/2026 |  | 7000 | 6725 |
|  4.125% due 08/01/2025 |  | 7710 | 7684 |
|  4.875% due 10/01/2025 |  | 3494 | 3493 |
|  Avolon Holdings Funding Ltd. |  |  |  |
|  2.125% due 02/21/2026 |  | 29064 | 28382 |
|  2.528% due 11/18/2027 |  | 3400 | 3184 |
|  4.250% due 04/15/2026 |  | 5700 | 5670 |
|  4.375% due 05/01/2026 |  | 2100 | 2088 |
|  5.500% due 01/15/2026 |  | 9087 | 9126 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.862% due 09/14/2026 •  |  | 7000 | 7033 |
|  Bank of America Corp. |  |  |  |
|  1.197% due 10/24/2026 •  |  | 9000 | 8830 |
|  1.319% due 06/19/2026 •  |  | 2641 | 2622 |
|  3.384% due 04/02/2026 •  |  | 23745 | 23744 |
|  Bank of Montreal |  |  |  |
|  5.238% due 09/10/2027 •  |  | 10600 | 10638 |
|  Bank of Nova Scotia |  |  |  |
|  4.905% due 03/02/2026 •  |  | 2375 | 2379 |
|  5.190% due 10/27/2025 ~ |  | 29000 | 18178 |
|  5.254% due 04/11/2025 •  | $— | 2100 | 2101 |
|  Bank of Queensland Ltd. |  |  |  |
|  5.249% due 05/14/2025 ~ |  | 46600 | 29143 |
|  5.394% due 10/29/2025 ~ |  | 5500 | 3447 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.199% due 05/24/2027 ~ |  | 2000 | 1252 |
|  5.490% due 01/23/2027 ~ | $— | 3700 | 3732 |
|  5.754% due 07/13/2026 ~ |  | 6500 | 6572 |
|  5.896% due 07/13/2026 |  | 7700 | 7826 |
|  Barclays PLC |  |  |  |
|  2.852% due 05/07/2026 •  |  | 6400 | 6387 |
|  4.375% due 01/12/2026 |  | 26055 | 26013 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.304% due 08/09/2026 •  | $— | 3500 | $3507 |
|  BNP Paribas SA |  |  |  |
|  1.323% due 01/13/2027 •  |  | 500 | 487 |
|  2.219% due 06/09/2026 •  |  | 42630 | 42421 |
|  BPCE SA |  |  |  |
|  1.652% due 10/06/2026 •  |  | 15000 | 14755 |
|  5.320% due 09/25/2025 •  |  | 8444 | 8471 |
|  5.475% due 09/29/2025 ~ |  | 6250 | 3920 |
|  5.717% due 06/05/2025 ~ |  | 6100 | 3818 |
|  5.975% due 01/18/2027 ~ | $— | 1050 | 1060 |
|  5.975% due 01/18/2027 •  |  | 1400 | 1413 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 3000 | 2894 |
|  5.550% due 04/09/2027 |  | 1657 | 1679 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 |  | 20000 | 20490 |
|  5.074% due 01/13/2028 •  |  | 1600 | 1600 |
|  5.132% due 04/21/2026 •  |  | 24490 | 15354 |
|  5.575% due 10/02/2026 ~ | $— | 1000 | 1011 |
|  Citibank NA |  |  |  |
|  4.951% due 04/30/2026 ~ |  | 400 | 402 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.820% due 01/20/2026 ~ |  | 19000 | 18984 |
|  Citigroup, Inc. |  |  |  |
|  1.122% due 01/28/2027 ~ |  | 10900 | 10588 |
|  3.106% due 04/08/2026 •  |  | 47115 | 47100 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.752% due 07/07/2025 ~ |  | 200 | 200 |
|  Cooperatieve Rabobank UA |  |  |  |
|  1.106% due 02/24/2027 •  |  | 6250 | 6057 |
|  1.980% due 12/15/2027 •  |  | 4100 | 3922 |
|  4.978% due 08/28/2026 ~ |  | 4700 | 4718 |
|  5.062% due 01/09/2026 ~ |  | 41500 | 41664 |
|  5.068% due 03/05/2027 •  |  | 2640 | 2651 |
|  Corebridge Financial, Inc. |  |  |  |
|  3.500% due 04/04/2025 |  | 9982 | 9981 |
|  Corebridge Global Funding |  |  |  |
|  0.900% due 09/22/2025 |  | 17602 | 17299 |
|  5.663% due 09/25/2026 ~ |  | 163 | 165 |
|  5.750% due 07/02/2026 |  | 8000 | 8121 |
|  Credit Agricole SA |  |  |  |
|  1.247% due 01/26/2027 •  |  | 20102 | 19555 |
|  5.229% due 03/11/2027 •  |  | 2220 | 2230 |
|  5.641% due 07/05/2026 ~ |  | 1000 | 1009 |
|  Crown Castle, Inc. |  |  |  |
|  1.350% due 07/15/2025 |  | 15000 | 14864 |
|  4.450% due 02/15/2026 |  | 1167 | 1164 |
|  Danske Bank AS |  |  |  |
|  1.621% due 09/11/2026 •  |  | 7500 | 7400 |
|  6.259% due 09/22/2026 •  |  | 2985 | 3006 |
|  DBS Group Holdings Ltd. |  |  |  |
|  4.976% due 03/21/2028 ~ |  | 20400 | 20447 |
|  Deutsche Bank AG |  |  |  |
|  2.129% due 11/24/2026 •  |  | 25845 | 25384 |
|  4.100% due 01/13/2026 |  | 1924 | 1916 |
|  6.119% due 07/14/2026 •  |  | 43553 | 43697 |
|  Dexus Wholesale Property Fund |  |  |  |
|  4.750% due 06/16/2025 |  | 3000 | 1873 |
|  DNB Bank ASA |  |  |  |
|  1.127% due 09/16/2026 •  | $— | 2500 | 2460 |
|  5.896% due 10/09/2026 •  |  | 1700 | 1710 |
|  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 (a) |  | 9500 | 9516 |
|  4.875% due 11/19/2027 |  | 6100 | 6136 |
|  F&G Global Funding |  |  |  |
|  5.150% due 07/07/2025 |  | 2400 | 2400 |
|  5.875% due 01/16/2030 |  | 2600 | 2647 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.991% due 01/27/2027 ~ |  | 25000 | 25011 |
|  Ford Motor Credit Co. LLC |  |  |  |
|  4.134% due 08/04/2025 |  | 11876 | 11809 |
|  4.389% due 01/08/2026 |  | 2650 | 2635 |
|  4.687% due 06/09/2025 |  | 5016 | 5009 |
|  5.125% due 06/16/2025 |  | 17625 | 17614 |
|  6.950% due 03/06/2026 |  | 4046 | 4091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GA Global Funding Trust |  |  |  |
|  1.625% due 01/15/2026 | $— | 7466 | $7283 |
|  3.850% due 04/11/2025 |  | 24975 | 24968 |
|  4.400% due 09/23/2027 |  | 12400 | 12330 |
|  5.714% due 04/11/2025 ~ |  | 8200 | 8202 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.750% due 06/20/2025 |  | 2204 | 2194 |
|  3.800% due 04/07/2025 |  | 8000 | 7998 |
|  4.350% due 04/09/2025 |  | 11326 | 11324 |
|  5.405% due 07/15/2027 ~ |  | 8100 | 8099 |
|  5.650% due 04/07/2025 •  |  | 1672 | 1672 |
|  Goldman Sachs Bank USA |  |  |  |
|  5.109% due 05/21/2027 ~ |  | 5400 | 5418 |
|  5.130% due 03/18/2027 •  |  | 3200 | 3207 |
|  Goldman Sachs Group, Inc. |  |  |  |
|  1.431% due 03/09/2027 •  |  | 10092 | 9789 |
|  1.542% due 09/10/2027 •  |  | 3416 | 3269 |
|  1.948% due 10/21/2027 •  |  | 2000 | 1919 |
|  5.148% due 12/09/2026 •  |  | 1000 | 1002 |
|  5.168% due 03/09/2027 ~ |  | 1457 | 1461 |
|  5.178% due 09/10/2027 •  |  | 3940 | 3949 |
|  5.479% due 02/24/2028 •  |  | 4000 | 4035 |
|  5.755% (US0003M + 1.170%) due 05/15/2026 ~ |  | 27455 | 27492 |
|  5.798% due 08/10/2026 •  |  | 14541 | 14601 |
|  6.208% due 03/15/2028 •  |  | 3305 | 3375 |
|  Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP |
|  0.904% due 08/12/2025 |  | 7185 | 7085 |
|  HAT Holdings LLC |  |  |  |
|  3.375% due 06/15/2026 |  | 440 | 427 |
|  HSBC Holdings PLC |  |  |  |
|  2.099% due 06/04/2026 •  |  | 2500 | 2488 |
|  4.292% due 09/12/2026 •  |  | 3550 | 3542 |
|  5.887% due 08/14/2027 •  |  | 4159 | 4225 |
|  5.929% due 08/14/2027 •  |  | 5700 | 5775 |
|  5.940% (US0003M + 1.380%) due 09/12/2026 ~ |  | 5990 | 6027 |
|  ING Bank Australia Ltd. |  |  |  |
|  5.090% due 12/08/2025 ~ |  | 25350 | 15906 |
|  ING Groep NV |  |  |  |
|  1.400% due 07/01/2026 •  | $— | 6189 | 6139 |
|  1.400% due 07/01/2026 ~ |  | 1000 | 992 |
|  5.374% due 04/01/2027 •  |  | 8000 | 8036 |
|  Intesa Sanpaolo SpA |  |  |  |
|  7.000% due 11/21/2025 |  | 2000 | 2026 |
|  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 | 7585 |
|  5.500% due 01/09/2026 |  | 8400 | 8448 |
|  5.600% due 04/10/2026 |  | 3500 | 3533 |
|  John Deere Capital Corp. |  |  |  |
|  4.836% due 10/22/2025 ~ |  | 600 | 601 |
|  JPMorgan Chase & Co. |  |  |  |
|  1.045% due 11/19/2026 •  |  | 3400 | 3326 |
|  1.578% due 04/22/2027 •  |  | 12913 | 12524 |
|  3.960% due 01/29/2027 •  |  | 12254 | 12195 |
|  5.278% due 04/22/2028 •  |  | 36822 | 37085 |
|  5.681% due 04/26/2026 •  |  | 6261 | 6268 |
|  Lloyds Banking Group PLC |  |  |  |
|  5.419% due 11/26/2028 ~ |  | 20900 | 20951 |
|  5.940% due 01/05/2028 •  |  | 6600 | 6684 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  4.615% due 12/01/2025 •  |  | 40420 | 25238 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  3.837% due 04/17/2026 •  | $— | 400 | 400 |
|  5.541% due 04/17/2026 •  |  | 4700 | 4701 |
|  5.797% due 04/17/2026 •  |  | 1700 | 1701 |
|  Mizuho Bank Ltd. |  |  |  |
|  4.965% due 09/14/2026 ~ |  | 2200 | 1381 |
|  4.989% due 02/23/2026 ~ |  | 22600 | 14172 |
|  5.009% due 08/22/2025 ~ |  | 6000 | 3756 |
|  Mizuho Financial Group, Inc. |  |  |  |
|  5.329% due 05/22/2026 •  | $— | 2500 | 2503 |
|  5.448% due 05/13/2031 ~ |  | 7500 | 7535 |
|  Morgan Stanley |  |  |  |
|  2.188% due 04/28/2026 •  |  | 16200 | 16168 |
|  5.050% due 01/28/2027 •  |  | 11000 | 11040 |

---

---

| | | |
|:---|:---|:---|
| **188** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Bank NA |  |  |  |
|  5.016% due 01/12/2029 •  | $— | 7000 | $7085 |
|  5.040% due 10/15/2027 ~ |  | 46850 | 46944 |
|  5.136% due 07/16/2025 •  |  | 3595 | 3599 |
|  MUFG Bank Ltd. |  |  |  |
|  5.044% due 02/17/2026 ~ |  | 39200 | 24584 |
|  National Australia Bank Ltd. |  |  |  |
|  5.127% due 05/13/2025 ~ | $— | 700 | 700 |
|  National Bank of Canada |  |  |  |
|  5.263% due 03/25/2027 ~ |  | 9325 | 9351 |
|  NatWest Markets PLC |  |  |  |
|  5.055% due 08/12/2025 |  | 50950 | 31891 |
|  5.124% due 09/29/2026 ~ | $— | 6087 | 6108 |
|  New York Life Global Funding |  |  |  |
|  4.768% due 02/05/2027 ~ |  | 10000 | 9991 |
|  4.936% due 01/16/2026 •  |  | 12300 | 12334 |
|  5.061% due 10/24/2025 ~ |  | 15000 | 15031 |
|  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 | 25182 |
|  2.000% due 03/09/2026 |  | 4000 | 3855 |
|  Nomura Holdings, Inc. |  |  |  |
|  1.653% due 07/14/2026 |  | 2000 | 1925 |
|  1.851% due 07/16/2025 |  | 7438 | 7379 |
|  5.099% due 07/03/2025 |  | 2000 | 2001 |
|  5.709% due 01/09/2026 |  | 2023 | 2038 |
|  Nordea Bank Abp |  |  |  |
|  5.101% due 03/19/2027 ~ |  | 10600 | 10643 |
|  Nordic Investment Bank |  |  |  |
|  5.358% due 05/27/2025 ~ |  | 7000 | 7009 |
|  Nykredit Realkredit AS |  |  |  |
|  1.000% due 04/01/2025 |  | 516100 | 74801 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.949% due 05/18/2026 ~ |  | 19000 | 11914 |
|  Pacific Life Global Funding |  |  |  |
|  4.961% due 01/27/2028 ~ | $— | 29000 | 29061 |
|  4.980% due 06/04/2026 •  |  | 1600 | 1605 |
|  PNC Bank NA |  |  |  |
|  4.855% due 01/15/2027 •  |  | 24600 | 24637 |
|  Public Storage Operating Co. |  |  |  |
|  4.961% due 07/25/2025 ~ |  | 4400 | 4405 |
|  Royal Bank of Canada |  |  |  |
|  4.821% due 08/03/2026 ~ |  | 26500 | 26512 |
|  4.951% due 11/02/2026 •  |  | 600 | 601 |
|  5.150% due 07/23/2027 ~ |  | 8000 | 8022 |
|  5.184% due 03/27/2028 ~ |  | 7325 | 7328 |
|  5.191% due 01/24/2029 ~ |  | 8700 | 8695 |
|  5.194% due 04/14/2025 •  |  | 400 | 400 |
|  5.217% due 10/18/2028 ~ |  | 2292 | 2300 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  |  | 38971 | 38448 |
|  4.858% due 09/11/2030 •  |  | 5000 | 4954 |
|  SBA Tower Trust |  |  |  |
|  4.831% due 10/15/2029 |  | 10000 | 9926 |
|  Shinhan Bank Co. Ltd. |  |  |  |
|  1.183% due 09/29/2025 |  | 600 | 369 |
|  6.119% due 11/16/2025 ~ |  | 23780 | 14993 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.248% due 03/05/2027 ~ | $— | 18866 | 19044 |
|  Societe Generale SA |  |  |  |
|  4.351% due 06/13/2025 |  | 1100 | 1099 |
|  Standard Chartered PLC |  |  |  |
|  1.456% due 01/14/2027 •  |  | 16736 | 16319 |
|  4.300% due 02/19/2027 |  | 5500 | 5450 |
|  Sumitomo Mitsui Banking Corp. |  |  |  |
|  4.997% due 02/20/2026 ~ |  | 33500 | 21007 |
|  5.340% due 07/28/2026 ~ |  | 5000 | 3147 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.234% due 01/14/2027 •  | $— | 20400 | 20553 |
|  5.654% due 07/13/2026 •  |  | 5160 | 5216 |
|  5.784% due 01/13/2026 ~ |  | 15113 | 15248 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.364% due 03/13/2030 ~ |  | 7000 | 7054 |
|  5.492% due 03/09/2026 •  |  | 2655 | 2673 |
|  5.524% due 09/14/2026 •  |  | 15650 | 15799 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.650% due 09/14/2026 | $— | 4892 | $4972 |
|  Svenska Handelsbanken AB |  |  |  |
|  4.566% due 03/04/2026 ~ |  | 5200 | 3248 |
|  Swedbank AB |  |  |  |
|  5.337% due 09/20/2027 | $— | 34955 | 35524 |
|  6.136% due 09/12/2026 |  | 14400 | 14742 |
|  Synchrony Bank |  |  |  |
|  5.400% due 08/22/2025 |  | 6500 | 6509 |
|  Toronto-Dominion Bank |  |  |  |
|  4.500% due 07/28/2025 |  | 2845 | 1778 |
|  4.764% due 03/17/2026 ~ |  | 2500 | 1561 |
|  4.814% due 03/16/2026 ~ |  | 7500 | 4698 |
|  4.833% due 10/10/2025 •  | $— | 4000 | 4005 |
|  5.378% due 06/06/2025 •  |  | 300 | 300 |
|  Toyota Motor Credit Corp. |  |  |  |
|  5.249% due 05/18/2026 ~ |  | 3500 | 3517 |
|  UBS AG |  |  |  |
|  4.617% due 02/26/2026 ~ |  | 7000 | 4374 |
|  5.125% due 07/30/2025 ~ |  | 17200 | 10762 |
|  5.504% due 05/12/2026 ~ |  | 23800 | 14999 |
|  UBS Group AG |  |  |  |
|  1.364% due 01/30/2027 •  | $— | 2000 | 1947 |
|  2.193% due 06/05/2026 ~ |  | 500 | 498 |
|  5.711% due 01/12/2027 •  |  | 1500 | 1512 |
|  5.938% due 05/12/2026 ~ |  | 25000 | 25032 |
|  6.373% due 07/15/2026 •  |  | 5593 | 5616 |
|  United Overseas Bank Ltd. |  |  |  |
|  4.844% due 03/16/2026 •  |  | 10500 | 6579 |
|  4.963% due 04/02/2028 ~(a) | $— | 24900 | 24898 |
|  Ventas Realty LP |  |  |  |
|  4.125% due 01/15/2026 |  | 1600 | 1592 |
|  VICI Properties LP |  |  |  |
|  4.375% due 05/15/2025 |  | 11761 | 11769 |
|  Vicinity Centres Trust |  |  |  |
|  2.600% due 06/27/2025 |  | 2530 | 1574 |
|  Wells Fargo & Co. |  |  |  |
|  2.188% due 04/30/2026 •  | $— | 8800 | 8782 |
|  3.908% due 04/25/2026 •  |  | 27103 | 27085 |
|  5.141% due 01/24/2028 ~ |  | 3000 | 3010 |
|  Weyerhaeuser Co. |  |  |  |
|  4.750% due 05/15/2026 |  | 24200 | 24242 |
|  Woori Bank |  |  |  |
|  5.221% due 06/20/2025 ~ |  | 1500 | 938 |
|  |  |  | 2292309 |
| INDUSTRIALS 13.3% |  |  |  |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | $— | 1445 | 1399 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 2925 | 2943 |
|  Arrow Electronics, Inc. |  |  |  |
|  4.000% due 04/01/2025 |  | 15238 | 15238 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 |  | 4674 | 4540 |
|  3.950% due 06/15/2025 |  | 2270 | 2265 |
|  Bayer U.S. Finance LLC |  |  |  |
|  4.250% due 12/15/2025 |  | 61531 | 61264 |
|  4.375% due 12/15/2028 |  | 1500 | 1462 |
|  5.500% due 08/15/2025 |  | 700 | 701 |
|  Berry Global, Inc. |  |  |  |
|  1.570% due 01/15/2026 |  | 22359 | 21797 |
|  4.875% due 07/15/2026 |  | 21270 | 21269 |
|  BMW U.S. Capital LLC |  |  |  |
|  5.141% due 03/19/2027 ~ |  | 3200 | 3196 |
|  5.281% due 03/21/2028 ~ |  | 8300 | 8293 |
|  Boeing Co. |  |  |  |
|  2.196% due 02/04/2026 |  | 8772 | 8584 |
|  2.250% due 06/15/2026 |  | 983 | 953 |
|  2.600% due 10/30/2025 |  | 10404 | 10275 |
|  2.750% due 02/01/2026 |  | 20000 | 19650 |
|  7.250% due 06/15/2025 |  | 5141 | 5164 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  2.050% due 07/15/2025 |  | 3094 | 3071 |
|  5.000% due 12/15/2029 |  | 3900 | 3899 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC |  |  |  |
|  4.125% due 05/01/2025 | $— | 1373 | $1374 |
|  Cigna Group |  |  |  |
|  4.500% due 02/25/2026 |  | 1700 | 1700 |
|  Conagra Brands, Inc. |  |  |  |
|  4.600% due 11/01/2025 |  | 16418 | 16402 |
|  Cox Communications, Inc. |  |  |  |
|  3.350% due 09/15/2026 |  | 3814 | 3747 |
|  Delta Air Lines, Inc. |  |  |  |
|  7.000% due 05/01/2025 |  | 3196 | 3200 |
|  DR Horton, Inc. |  |  |  |
|  1.300% due 10/15/2026 |  | 6000 | 5714 |
|  Elevance Health, Inc. |  |  |  |
|  4.750% due 02/15/2030 |  | 5200 | 5229 |
|  Enbridge Energy Partners LP |  |  |  |
|  5.875% due 10/15/2025 |  | 3451 | 3465 |
|  Energy Transfer LP |  |  |  |
|  2.900% due 05/15/2025 |  | 30455 | 30385 |
|  4.750% due 01/15/2026 |  | 1000 | 1000 |
|  5.950% due 12/01/2025 |  | 1530 | 1537 |
|  ERAC USA Finance LLC |  |  |  |
|  3.800% due 11/01/2025 |  | 800 | 795 |
|  Flex Ltd. |  |  |  |
|  3.750% due 02/01/2026 |  | 32673 | 32390 |
|  4.750% due 06/15/2025 |  | 8400 | 8394 |
|  Fox Corp. |  |  |  |
|  3.050% due 04/07/2025 |  | 7527 | 7526 |
|  General Motors Co. |  |  |  |
|  4.000% due 04/01/2025 |  | 1800 | 1800 |
|  6.125% due 10/01/2025 |  | 1625 | 1633 |
|  Gilead Sciences, Inc. |  |  |  |
|  1.200% due 10/01/2027 |  | 2000 | 1854 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  3.350% due 06/08/2025 |  | 5130 | 5109 |
|  3.500% due 07/28/2025 |  | 17788 | 17684 |
|  HCA, Inc. |  |  |  |
|  5.232% due 03/01/2028 ~ |  | 3000 | 3019 |
|  5.250% due 04/15/2025 |  | 24372 | 24374 |
|  Home Depot, Inc. |  |  |  |
|  4.690% due 12/24/2025 •  |  | 200 | 200 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  3.844% due 05/01/2025 |  | 17100 | 17086 |
|  Hyundai Capital America |  |  |  |
|  3.500% due 11/02/2026 |  | 2286 | 2245 |
|  5.250% due 01/08/2027 |  | 4821 | 4860 |
|  5.353% due 03/25/2027 ~ |  | 8500 | 8496 |
|  5.681% due 11/03/2025 ~ |  | 1150 | 1156 |
|  5.800% due 06/26/2025 |  | 7716 | 7732 |
|  5.848% due 01/08/2027 •  |  | 10400 | 10514 |
|  Illumina, Inc. |  |  |  |
|  5.800% due 12/12/2025 |  | 13832 | 13932 |
|  Imperial Brands Finance PLC |  |  |  |
|  3.500% due 07/26/2026 |  | 5200 | 5126 |
|  4.250% due 07/21/2025 |  | 567 | 566 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.230% due 10/01/2025 |  | 7900 | 7756 |
|  Kraft Heinz Foods Co. |  |  |  |
|  3.000% due 06/01/2026 |  | 4339 | 4263 |
|  Lonsdale Finance Pty. Ltd. |  |  |  |
|  3.900% due 10/15/2025 |  | 10330 | 6430 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.991% due 07/31/2026 •  | $— | 17575 | 17585 |
|  5.021% due 01/09/2026 ~ |  | 34710 | 34767 |
|  Microchip Technology, Inc. |  |  |  |
|  4.250% due 09/01/2025 |  | 9611 | 9600 |
|  MPLX LP |  |  |  |
|  1.750% due 03/01/2026 |  | 13071 | 12732 |
|  NXP BV |  |  |  |
|  2.700% due 05/01/2025 |  | 5200 | 5191 |
|  Oracle Corp. |  |  |  |
|  2.500% due 04/01/2025 |  | 136 | 136 |
|  Otis Worldwide Corp. |  |  |  |
|  2.056% due 04/05/2025 |  | 1400 | 1399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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)** |
|  Penske Truck Leasing Co. LP |  |  |  |
|  1.200% due 11/15/2025 | $— | 6000 | $5865 |
|  4.000% due 07/15/2025 |  | 15071 | 15036 |
|  QatarEnergy |  |  |  |
|  1.375% due 09/12/2026 |  | 3900 | 3731 |
|  Reynolds American, Inc. |  |  |  |
|  4.450% due 06/12/2025 |  | 7091 | 7082 |
|  Rolls-Royce PLC |  |  |  |
|  3.625% due 10/14/2025 |  | 8100 | 8071 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.375% due 04/30/2025 |  | 18623 | 18602 |
|  3.625% due 04/28/2026 |  | 31100 | 30773 |
|  Synopsys, Inc. |  |  |  |
|  4.650% due 04/01/2028 |  | 13000 | 13078 |
|  T-Mobile USA, Inc. |  |  |  |
|  2.250% due 02/15/2026 |  | 2384 | 2337 |
|  3.500% due 04/15/2025 |  | 48498 | 48473 |
|  Toyota Finance Australia Ltd. |  |  |  |
|  5.388% due 04/06/2026 ~ |  | 2050 | 1285 |
|  Uber Technologies, Inc. |  |  |  |
|  6.250% due 01/15/2028 | $— | 8279 | 8343 |
|  VMware LLC |  |  |  |
|  4.500% due 05/15/2025 |  | 14000 | 13991 |
|  Volkswagen Group of America Finance LLC | 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 | 12263 |
|  3.350% due 05/13/2025 |  | 3870 | 3863 |
|  4.625% due 11/13/2025 |  | 515 | 514 |
|  4.900% due 08/14/2026 |  | 5583 | 5591 |
|  5.190% due 03/20/2026 •  |  | 20100 | 20121 |
|  5.190% due 03/20/2026 ~ |  | 4600 | 4605 |
|  5.288% due 09/12/2025 •  |  | 5965 | 5975 |
|  5.288% due 09/12/2025 ~ |  | 90 | 90 |
|  5.400% due 03/20/2026 |  | 6234 | 6278 |
|  5.418% due 08/14/2026 ~ |  | 655 | 657 |
|  5.418% due 08/14/2026 •  |  | 2560 | 2567 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 |  | 12800 | 12749 |
|  Woodside Finance Ltd. |  |  |  |
|  3.700% due 09/15/2026 |  | 5000 | 4940 |
|  Woolworths Group Ltd. |  |  |  |
|  1.850% due 05/20/2025 |  | 700 | 436 |
|  Zoetis, Inc. |  |  |  |
|  5.400% due 11/14/2025 | $— | 2272 | 2281 |
|  |  |  | 805663 |
| UTILITIES 4.9% |  |  |  |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  1.000% due 11/01/2025 |  | 6233 | 6100 |
|  5.699% due 08/15/2025 |  | 5800 | 5821 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.000% due 11/25/2025 (f) |  | 10000 | 6976 |
|  Avangrid, Inc. |  |  |  |
|  3.200% due 04/15/2025 | $— | 24077 | 24058 |
|  Black Hills Corp. |  |  |  |
|  3.950% due 01/15/2026 |  | 11741 | 11663 |
|  DTE Energy Co. |  |  |  |
|  1.050% due 06/01/2025 |  | 5000 | 4967 |
|  Edison International |  |  |  |
|  4.700% due 08/15/2025 |  | 6850 | 6851 |
|  4.950% due 04/15/2025 |  | 1600 | 1599 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 |  | 4980 | 4796 |
|  4.500% due 06/15/2025 |  | 7990 | 7979 |
|  7.050% due 10/14/2025 |  | 8387 | 8466 |
|  Eversource Energy |  |  |  |
|  0.800% due 08/15/2025 |  | 1840 | 1813 |
|  Georgia Power Co. |  |  |  |
|  5.109% due 05/08/2025 ~ |  | 25112 | 25126 |
|  KT Corp. |  |  |  |
|  4.000% due 08/08/2025 |  | 7100 | 7082 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.120% due 01/29/2026 ~ |  | 14750 | 14802 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ONEOK, Inc. |  |  |  |
|  2.200% due 09/15/2025 | $| 2100 | 2076 |
|  4.150% due 06/01/2025 |  | 1303 | 1301 |
|  4.250% due 09/24/2027 |  | 8300 | 8228 |
|  5.850% due 01/15/2026 |  | 11001 | 11086 |
|  Optus Finance Pty. Ltd. |  |  |  |
|  1.600% due 07/01/2025 | AUD | 1500 | 930 |
|  Pacific Gas & Electric Co. |  |  |  |
|  2.950% due 03/01/2026 | $| 1646 | 1617 |
|  3.150% due 01/01/2026 |  | 30102 | 29718 |
|  3.450% due 07/01/2025 |  | 9461 | 9424 |
|  3.500% due 06/15/2025 |  | 300 | 299 |
|  4.950% due 06/08/2025 |  | 7900 | 7894 |
|  5.282% due 09/04/2025 •  |  | 29700 | 29705 |
|  Pinnacle West Capital Corp. |  |  |  |
|  5.178% due 06/10/2026 ~ |  | 4388 | 4410 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  4.650% due 10/15/2025 |  | 1060 | 1060 |
|  SA Global Sukuk Ltd. |  |  |  |
|  1.602% due 06/17/2026 |  | 3500 | 3373 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 |  | 9200 | 8927 |
|  3.700% due 08/01/2025 |  | 5854 | 5834 |
|  4.400% due 09/06/2026 |  | 9191 | 9148 |
|  4.700% due 06/01/2027 |  | 900 | 899 |
|  4.900% due 06/01/2026 |  | 7200 | 7207 |
|  5.350% due 03/01/2026 |  | 12600 | 12655 |
|  Southern California Gas Co. |  |  |  |
|  2.600% due 06/15/2026 |  | 1195 | 1170 |
|  |  |  | 295060 |
|  Total Corporate Bonds & Notes (Cost $3,398,238) | Total Corporate Bonds & Notes (Cost $3,398,238) |  | 3393032 |
| U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% |
|  Fannie Mae |  |  |  |
|  1.250% due 05/25/2043 |  | 4354 | 3974 |
|  1.375% due 12/25/2027 |  | 4005 | 3892 |
|  1.500% due 07/25/2032 |  | 2648 | 2578 |
|  1.750% due 06/25/2027 - 11/25/2031 |  | 3819 | 3748 |
|  2.500% due 01/25/2026 - 03/25/2044 |  | 214 | 210 |
|  2.750% due 02/25/2044 |  | 184 | 181 |
|  3.000% due 01/25/2032 - 02/25/2044 |  | 970 | 959 |
|  3.500% due 06/25/2048 |  | 3895 | 3708 |
|  4.743% due 03/25/2048 - 06/25/2048 •  |  | 6399 | 6312 |
|  4.754% due 01/25/2048 •  |  | 1304 | 1283 |
|  4.763% due 01/25/2045 •  |  | 2089 | 2034 |
|  4.793% due 10/25/2044 - 05/25/2058 •  |  | 31366 | 30977 |
|  4.816% due 12/25/2048 •  |  | 7958 | 7834 |
|  4.843% due 07/25/2044 - 09/25/2049 •  |  | 10752 | 10620 |
|  4.854% due 09/25/2043 - 07/25/2050 •  |  | 12267 | 11912 |
|  4.863% due 11/25/2046 •  |  | 1263 | 1236 |
|  4.883% due 12/25/2046 •  |  | 1011 | 1000 |
|  4.893% due 07/25/2046 •  |  | 11695 | 11604 |
|  4.904% due 07/25/2049 - 08/25/2049 •  |  | 18805 | 18383 |
|  4.954% due 12/25/2049 - 01/25/2050 •  |  | 7151 | 6993 |
|  5.129% due 01/25/2051 •  |  | 5567 | 5572 |
|  5.240% due 09/25/2054 •(h) |  | 89224 | 89276 |
|  5.290% due 03/25/2055 •  |  | 2772 | 2780 |
|  5.440% due 12/25/2054 •  |  | 10433 | 10464 |
|  5.490% due 01/25/2055 - 03/25/2055 •  |  | 46708 | 46892 |
|  5.500% due 03/25/2055 •  |  | 17889 | 17987 |
|  5.540% due 12/25/2053 •  |  | 8144 | 8200 |
|  5.590% due 11/25/2053 - 02/25/2055 •  |  | 25962 | 26183 |
|  5.810% due 06/01/2031 |  | 5600 | 5878 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freddie Mac |  |  |  |
|  1.000% due 02/25/2042 - 09/15/2044 | $| 39795 | 34324 |
|  1.500% due 03/15/2041 - 12/15/2042 |  | 5162 | 4694 |
|  2.500% due 10/25/2048 |  | 1817 | 1650 |
|  2.600% due 05/15/2043 |  | 12 | 12 |
|  2.745% due 01/25/2026 |  | 4896 | 4830 |
|  2.750% due 12/15/2041 - 03/15/2045 |  | 4473 | 4411 |
|  3.000% due 08/15/2031 - 10/15/2040 |  | 1968 | 1948 |
|  3.208% due 02/25/2026 |  | 5134 | 5086 |
|  4.750% due 02/28/2028 |  | 21600 | 21602 |
|  4.763% due 05/15/2038 •  |  | 1846 | 1875 |
|  4.773% due 05/15/2041 •  |  | 1680 | 1655 |
|  4.783% due 06/15/2040 •  |  | 1635 | 1591 |
|  4.793% due 12/15/2036 - 09/15/2044 •  |  | 88222 | 87030 |
|  4.843% due 01/15/2037 - 01/15/2040 •  |  | 1726 | 1703 |
|  4.863% due 06/15/2035 - 12/15/2046 •  |  | 8647 | 8522 |
|  4.883% due 11/15/2042 •  |  | 884 | 879 |
|  4.893% due 06/15/2036 - 05/15/2038 •  |  | 2561 | 2515 |
|  4.913% due 09/15/2048 - 08/15/2049 •  |  | 3569 | 3483 |
|  5.229% due 12/15/2050 •  |  | 10446 | 10380 |
|  5.280% due 11/25/2054 •  |  | 84415 | 84526 |
|  5.290% due 10/25/2054 - 03/25/2055 •  |  | 65064 | 65085 |
|  5.440% due 01/25/2055 •  |  | 22185 | 22262 |
|  5.490% due 05/25/2054 - 03/25/2055 •  |  | 64131 | 64469 |
|  5.540% due 12/25/2054 •  |  | 13833 | 13927 |
|  Ginnie Mae |  |  |  |
|  2.500% due 01/20/2049 - 10/20/2049 |  | 3055 | 2710 |
|  4.000% due 07/20/2049 •  |  | 1049 | 979 |
|  4.734% due 03/20/2037 •  |  | 775 | 769 |
|  4.744% due 04/20/2037 •  |  | 597 | 590 |
|  4.837% due 02/20/2043 •  |  | 14528 | 14385 |
|  4.884% due 04/20/2049 •  |  | 4549 | 4462 |
|  4.893% due 06/20/2067 •  |  | 157 | 157 |
|  4.923% due 04/20/2061 •  |  | 137 | 137 |
|  5.123% due 04/20/2070 •  |  | 11138 | 11099 |
|  5.173% due 08/20/2067 •  |  | 896 | 898 |
|  5.244% due 07/20/2074 ~ |  | 21571 | 21791 |
|  5.246% due 08/20/2062 ~ |  | 315 | 315 |
|  5.444% due 05/20/2073 •  |  | 3253 | 3316 |
|  5.656% due 11/20/2067 •  |  | 693 | 700 |
|  6.111% due 09/20/2067 •  |  | 3890 | 3932 |
|  6.522% due 04/20/2067 •  |  | 1988 | 2003 |
|  6.717% due 07/20/2067 •  |  | 3435 | 3474 |
|  6.723% due 06/20/2067 •  |  | 1967 | 1986 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 12/01/2032 - 02/01/2035 |  | 24564 | 23554 |
|  Total U.S. Government Agencies (Cost $897,813) |  |  | 888386 |
| U.S. TREASURY OBLIGATIONS 0.3% | U.S. TREASURY OBLIGATIONS 0.3% | U.S. TREASURY OBLIGATIONS 0.3% | U.S. TREASURY OBLIGATIONS 0.3% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  2.125% due 04/15/2029 |  | 18791 | 19352 |
|  Total U.S. Treasury Obligations (Cost $18,807) |  |  | 19352 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% |
|  Ashford Hospitality Trust |  |  |  |
|  5.392% due 04/15/2035 ~ |  | 1986 | 1978 |
|  Avon Finance PLC |  |  |  |
|  5.357% due 12/28/2049 •  | GBP | 18508 | 23961 |
|  Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust |
|  3.966% due 08/10/2033 |  | $2000 | 1861 |

---

---

| | | |
|:---|:---|:---|
| **190** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  | $— | 5000 | 4530 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.384% due 08/15/2038 •  |  | 3749 | 3577 |
|  BX Trust |  |  |  |
|  5.163% due 10/15/2036 •  |  | 12216 | 12123 |
|  5.333% due 10/15/2036 ~ |  | 37600 | 37522 |
|  Canada Square Funding PLC |  |  |  |
|  6.659% due 12/17/2056 •  |  | 7089 | 9190 |
|  Classic RMBS Trust |  |  |  |
|  1.433% due 11/15/2051 |  | 127 | 88 |
|  Commercial Mortgage Trust |  |  |  |
|  3.373% due 10/10/2048 | $— | 39 | 39 |
|  Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust |
|  5.501% due 06/15/2034 •  |  | 8391 | 8032 |
|  DROP Mortgage Trust |  |  |  |
|  5.583% due 10/15/2043 •  |  | 25400 | 24178 |
|  Extended Stay America Trust |  |  |  |
|  5.513% due 07/15/2038 ~ |  | 49804 | 49790 |
|  Finsbury Square Green PLC |  |  |  |
|  5.109% due 12/16/2067 •  |  | 1366 | 1764 |
|  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 |
|  5.444% due 06/15/2038 •  | $— | 9000 | 8803 |
|  5.484% due 04/15/2038 ~ |  | 8126 | 8114 |
|  Lehman XS Trust |  |  |  |
|  4.975% due 12/25/2035 •  |  | 297 | 275 |
|  MFA Trust |  |  |  |
|  1.131% due 07/25/2060 ~ |  | 15727 | 14251 |
|  1.381% due 04/25/2065 •  |  | 3104 | 2987 |
|  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 •  |  | 2214 | 2138 |
|  OBX Trust |  |  |  |
|  5.988% due 01/25/2064 þ |  | 4992 | 5039 |
|  RCKT Mortgage Trust |  |  |  |
|  5.582% due 12/25/2044 þ |  | 9876 | 9914 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 •  |  | 664 | 633 |
|  Taurus U.K. DAC |  |  |  |
|  5.316% due 05/17/2031 •  |  | 15784 | 20339 |
|  Towd Point Mortgage Trust |  |  |  |
|  2.710% due 01/25/2060 ~ | $— | 9301 | 8888 |
|  2.900% due 10/25/2059 ~ |  | 3913 | 3735 |
|  Tower Bridge Funding PLC |  |  |  |
|  5.248% due 12/20/2066 •  |  | 600 | 776 |
|  UWM Mortgage Trust |  |  |  |
|  5.000% due 12/25/2051 ~ | $— | 10424 | 9738 |
|  VASA Trust |  |  |  |
|  5.334% due 07/15/2039 ~ |  | 14500 | 14093 |
|  Verus Securitization Trust |  |  |  |
|  1.262% due 10/25/2063 •  |  | 140 | 135 |
|  5.712% due 01/25/2069 þ |  | 7403 | 7417 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $304,368) |  |  | 295908 |
| ASSET-BACKED SECURITIES 16.9% | ASSET-BACKED SECURITIES 16.9% | ASSET-BACKED SECURITIES 16.9% | ASSET-BACKED SECURITIES 16.9% |
| AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% |
|  BMW Vehicle Lease Trust |  |  |  |
|  4.740% due 07/27/2026 ~ |  | 2957 | 2958 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.849% due 05/15/2028 •  |  | 9200 | 9193 |
|  MBarc Credit Canada, Inc. |  |  |  |
|  5.299% due 10/15/2026 |  | 26133 | 18265 |
|  Toyota Lease Owner Trust |  |  |  |
|  4.784% due 02/22/2027 •  | $— | 10623 | 10632 |
|  Volkswagen Auto Lease Trust |  |  |  |
|  4.814% due 12/21/2026 ~ |  | 8166 | 8156 |
|  |  |  | 49204 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% |
|  CarMax Auto Owner Trust |  |  |
|  5.720% due 11/16/2026 | 307 | $307 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.550% due 05/10/2030 | 3000 | 2999 |
|  4.640% due 01/10/2030 | 2000 | 2006 |
|  5.500% due 08/10/2027 | 2331 | 2336 |
|  Chase Auto Owner Trust |  |  |
|  4.400% due 11/26/2027 | 178 | 178 |
|  4.940% due 07/25/2029 | 5300 | 5348 |
|  5.250% due 09/27/2027 | 3171 | 3180 |
|  5.480% due 04/26/2027 | 2734 | 2741 |
|  5.680% due 01/25/2029 | 2000 | 2028 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.430% due 10/15/2026 | 8540 | 8554 |
|  Enterprise Fleet Financing LLC |  |  |
|  4.690% due 07/20/2027 | 10000 | 10014 |
|  5.760% due 10/22/2029 | 2286 | 2298 |
|  Fifth Third Auto Trust |  |  |
|  5.800% due 11/16/2026 | 1013 | 1014 |
|  Ford Auto Securitization Trust |  |  |
|  5.889% due 05/15/2026 | 18 | 13 |
|  Ford Credit Auto Owner Trust |  |  |
|  5.400% due 04/15/2027 | 15909 | 15967 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 25000 | 25043 |
|  5.180% due 06/22/2026 | 8820 | 8830 |
|  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 | 3015 |
|  5.100% due 03/16/2029 | 7000 | 7073 |
|  5.450% due 06/16/2028 | 3600 | 3629 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  4.980% due 12/11/2036 | 5000 | 5089 |
|  Hertz Vehicle Financing LLC |  |  |
|  6.150% due 03/25/2030 | 5000 | 5187 |
|  Huntington Auto Trust |  |  |
|  5.500% due 03/15/2027 | 4105 | 4114 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.770% due 03/15/2027 | 12648 | 12670 |
|  5.850% due 03/16/2026 | 3274 | 3277 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 5100 | 5149 |
|  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 | 5010 |
|  5.590% due 02/17/2032 | 7061 | 7086 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 12/15/2026 | 2693 | 2693 |
|  Nissan Auto Lease Trust |  |  |
|  4.920% due 11/15/2027 | 5000 | 5045 |
|  SBNA Auto Lease Trust |  |  |
|  5.560% due 11/22/2027 | 11300 | 11410 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.650% due 05/22/2028 | 4400 | 4404 |
|  5.350% due 06/21/2027 | 7531 | 7541 |
|  5.470% due 10/20/2028 | 4000 | 4032 |
|  Tesla Auto Lease Trust |  |  |
|  5.370% due 06/22/2026 | 817 | 818 |
|  Toyota Lease Owner Trust |  |  |
|  4.210% due 09/20/2027 | 5000 | 4983 |
|  4.580% due 07/20/2027 | 41600 | 41703 |
|  5.730% due 04/20/2026 | 2718 | 2720 |
|  Volkswagen Auto Lease Trust |  |  |
|  5.870% due 01/20/2026 | 592 | 592 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 5000 | 5010 |
|  4.780% due 01/18/2028 | 2099 | 2100 |
|  5.150% due 11/15/2028 | 3960 | 3980 |
|  |  | 251186 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 0.3% |  |  |  |
|  BXMT Ltd. |  |  |  |
|  6.334% due 11/15/2037 •  | $— | 8856 | $8814 |
|  GPMT Ltd. |  |  |  |
|  5.784% due 12/15/2036 •  |  | 1903 | 1891 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ |  | 619 | 616 |
|  LoanCore Issuer Ltd. |  |  |  |
|  5.734% due 07/15/2036 •  |  | 847 | 846 |
|  MF1 Ltd. |  |  |  |
|  6.134% due 12/15/2035 •  |  | 6006 | 6010 |
|  |  |  | 18177 |
| CREDIT CARD BULLET 1.1% |  |  |  |
|  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 | 3139 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.930% due 05/15/2029 |  | 11000 | 11151 |
|  CARDS Trust |  |  |  |
|  4.630% due 03/17/2031 (a) |  | 10700 | 10705 |
|  Golden Credit Card Trust |  |  |  |
|  4.310% due 09/15/2027 |  | 22000 | 21974 |
|  Master Credit Card Trust |  |  |  |
|  4.700% due 06/21/2027 |  | 6400 | 6409 |
|  Synchrony Card Funding LLC |  |  |  |
|  5.040% due 03/15/2030 |  | 10600 | 10749 |
|  |  |  | 64127 |
| CREDIT CARD OTHER 0.8% |  |  |  |
|  Trillium Credit Card Trust |  |  |  |
|  5.147% due 08/26/2028 ~ |  | 50000 | 50100 |
| OTHER ABS 9.8% |  |  |  |
|  37 Capital CLO Ltd. |  |  |  |
|  5.582% due 10/15/2034 ~ |  | 6200 | 6199 |
|  522 Funding CLO Ltd. |  |  |  |
|  5.490% due 10/23/2034 ~ |  | 1600 | 1597 |
|  5.595% due 10/20/2031 •  |  | 12766 | 12771 |
|  Albacore Euro CLO Ltd. |  |  |  |
|  3.775% due 07/15/2035 •  |  | 1500 | 1621 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | $— | 6400 | 6381 |
|  Anchorage Capital CLO Ltd. |  |  |  |
|  5.393% due 01/20/2035 •  |  | 2100 | 2095 |
|  Ares CLO Ltd. |  |  |  |
|  5.450% due 10/28/2034 •  |  | 19500 | 19438 |
|  5.614% due 01/15/2032 ~ |  | 1103 | 1104 |
|  Ares European CLO DAC |  |  |  |
|  3.565% due 10/15/2031 •  |  | 9104 | 9850 |
|  Atlantic Avenue Ltd. |  |  |  |
|  5.576% due 01/20/2035 ~ | $— | 22000 | 21970 |
|  Bain Capital Credit CLO Ltd. |  |  |  |
|  5.323% due 10/21/2034 •  |  | 1000 | 995 |
|  5.533% due 07/19/2034 ~ |  | 700 | 701 |
|  Black Diamond CLO DAC |  |  |  |
|  3.604% due 01/20/2032 •  |  | 205 | 222 |
|  Blackrock European CLO DAC |  |  |  |
|  3.405% due 10/15/2031 •  |  | 22467 | 24278 |
|  Cairn CLO DAC |  |  |  |
|  3.565% due 10/15/2031 •  |  | 21781 | 23563 |
|  Carlyle Euro CLO DAC |  |  |  |
|  3.446% due 08/15/2032 •  |  | 5296 | 5728 |
|  Carlyle Global Market Strategies CLO Ltd. |  |  |  |
|  5.383% due 07/20/2034 ~ | $— | 19100 | 19031 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ |  | 14351 | 15524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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)** |
|  Carval CLO Ltd. |  |  |  |
|  5.538% due 07/16/2031 •  | $— | 3251 | $3252 |
|  CCG Receivables Trust |  |  |  |
|  4.480% due 10/14/2032 |  | 9200 | 9215 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 |  | 131 | 123 |
|  CQS U.S. CLO Ltd. |  |  |  |
|  5.493% due 01/20/2035 ~ |  | 9100 | 9151 |
|  Cumulus Static CLO DAC |  |  |  |
|  3.756% due 11/15/2033 •  |  | 6519 | 7062 |
|  Dryden Euro CLO DAC |  |  |  |
|  3.416% due 05/15/2034 •  |  | 12998 | 14041 |
|  3.445% due 04/15/2033 •  |  | 15636 | 16898 |
|  Dryden Senior Loan Fund |  |  |  |
|  5.553% due 01/17/2033 •  | $— | 850 | 850 |
|  ECMC Group Student Loan Trust |  |  |  |
|  5.204% due 02/27/2068 •  |  | 9598 | 9543 |
|  Elevation CLO Ltd. |  |  |  |
|  5.600% due 01/25/2035 ~ |  | 4700 | 4698 |
|  Fortress Credit Bsl Ltd. |  |  |  |
|  5.380% due 07/23/2032 •  |  | 10232 | 10218 |
|  Gallatin CLO Ltd. |  |  |  |
|  5.654% due 07/15/2031 •  |  | 14497 | 14514 |
|  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 | 2300 |
|  Greywolf CLO Ltd. |  |  |  |
|  5.520% due 04/22/2033 •  |  | 800 | 800 |
|  Harvest CLO DAC |  |  |  |
|  1.040% due 07/15/2031 |  | 199 | 209 |
|  3.545% due 07/15/2031 •  |  | 13602 | 14715 |
|  ICG U.S. CLO Ltd. |  |  |  |
|  5.293% due 01/16/2033 •  | $— | 10900 | 10882 |
|  Jamestown CLO Ltd. |  |  |  |
|  5.420% due 07/25/2034 •  |  | 7000 | 6978 |
|  5.570% due 07/25/2035 •  |  | 12800 | 12803 |
|  Jubilee CLO DAC |  |  |  |
|  3.435% due 04/15/2031 •  |  | 7196 | 7776 |
|  LCM Ltd. |  |  |  |
|  5.400% due 10/15/2034 •  | $— | 5600 | 5583 |
|  5.635% due 04/20/2031 •  |  | 7374 | 7373 |
|  Madison Park Funding Ltd. |  |  |  |
|  5.324% due 10/15/2034 •  |  | 10000 | 9947 |
|  5.652% due 01/22/2035 •  |  | 3725 | 3721 |
|  Mountain View CLO Ltd. |  |  |  |
|  5.461% due 10/15/2034 ~ |  | 19150 | 19040 |
|  5.762% due 04/15/2034 ~ |  | 12700 | 12711 |
|  Navesink CLO Ltd. |  |  |  |
|  5.572% due 04/15/2036 •  |  | 4500 | 4495 |
|  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 |  | 6126 | 5760 |
|  1.580% due 04/15/2070 |  | 7139 | 6401 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.690% due 05/15/2069 | $— | 3358 | $3140 |
|  5.434% due 04/15/2069 ~ |  | 2938 | 2940 |
|  Nelnet Student Loan Trust |  |  |  |
|  5.154% due 09/27/2038 •  |  | 7096 | 7111 |
|  5.304% due 02/25/2066 •  |  | 4754 | 4752 |
|  Northwoods Capital Ltd. |  |  |  |
|  5.489% due 06/15/2031 ~ |  | 1744 | 1744 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.474% due 01/20/2032 •  |  | 1500 | 1623 |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ |  | 10432 | 11258 |
|  Ocean Trails CLO |  |  |  |
|  5.340% due 07/20/2034 •  | $— | 20100 | 20009 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(a) |  | 16050 | 17262 |
|  PFS Financing Corp. |  |  |  |
|  5.499% due 08/15/2027 •  | $— | 38700 | 38794 |
|  5.520% due 10/15/2028 |  | 8000 | 8137 |
|  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 | 2308 |
|  Regatta Funding Ltd. |  |  |  |
|  5.502% due 01/15/2033 •  |  | 1300 | 1301 |
|  SLM Student Loan Trust |  |  |  |
|  4.904% due 06/25/2043 ~ |  | 10999 | 10836 |
|  5.104% due 06/26/2028 •  |  | 6287 | 6251 |
|  5.104% due 12/27/2038 ~ |  | 5692 | 5648 |
|  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 |  | 6391 | 6000 |
|  5.380% due 07/15/2053 |  | 4767 | 4849 |
|  5.534% due 07/15/2053 •  |  | 781 | 783 |
|  5.670% due 11/15/2052 |  | 4994 | 5072 |
|  Venture CLO Ltd. |  |  |  |
|  5.433% due 10/20/2034 •  |  | 5300 | 5284 |
|  5.624% due 07/15/2031 ~ |  | 4625 | 4626 |
|  Verizon Master Trust |  |  |  |
|  4.170% due 08/20/2030 |  | 9200 | 9167 |
|  Voya CLO Ltd. |  |  |  |
|  5.355% due 04/20/2034 •  |  | 8000 | 7999 |
|  |  |  | 591021 |
|  Total Asset-Backed Securities<br>(Cost $1,042,178) |  |  | 1023815 |
| SOVEREIGN ISSUES 1.7% |  |  |  |
|  CPPIB Capital, Inc. |  |  |  |
|  5.608% due 03/11/2026 ~ |  | 15500 | 15657 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 |  | 39700 | 10577 |
|  5.000% due 10/30/2026 |  | 1700 | 1893 |
|  Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |
|  2.875% due 06/01/2027 | $— | 1000 | 974 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kommunalbanken AS |  |  |  |
|  4.760% due 03/03/2028 •  | $— | 10000 | $10016 |
|  Korea National Oil Corp. |  |  |  |
|  5.153% due 03/31/2028 ~ |  | 3000 | 2997 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 |  | 58400 | 59137 |
|  Total Sovereign Issues<br>(Cost $100,347) |  |  | 101251 |
| SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% |
| COMMERCIAL PAPER 0.5% | COMMERCIAL PAPER 0.5% | COMMERCIAL PAPER 0.5% | COMMERCIAL PAPER 0.5% |
|  Constellation Brands, Inc. |  |  |  |
|  4.700% due 04/04/2025 |  | 7600 | 7596 |
|  Crown Castle, Inc. |  |  |  |
|  4.910% due 04/29/2025 |  | 5600 | 5578 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 |  | 6900 | 6880 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/16/2025 |  | 9000 | 8982 |
|  |  |  | 29036 |
| REPURCHASE AGREEMENTS (g) 6.1% | REPURCHASE AGREEMENTS (g) 6.1% | REPURCHASE AGREEMENTS (g) 6.1% | REPURCHASE AGREEMENTS (g) 6.1% |
|  |  |  | 368545 |
| ISRAEL TREASURY BILLS 0.1% |  |  |  |
|  4.098% due 05/30/2025 (c)(d) |  | 33900 | 9055 |
| U.S. TREASURY BILLS 0.4% |  |  |  |
|  4.298% due 04/17/2025 - 06/05/2025 (b)(c)(j)(l) | $— | 22040 | 21913 |
| Total Short-Term Instruments<br>(Cost $430,000) |  |  | 428549 |
| Total Investments in Securities<br>(Cost $6,191,751) |  |  | 6150293 |
| Total Investments 101.7%<br>(Cost $6,191,751) |  |  | $6150293 |
|  Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(15818)) | Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(15818)) | Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(15818)) | 2701 |
| Other Assets and Liabilities, net (1.7)% | Other Assets and Liabilities, net (1.7)% | Other Assets and Liabilities, net (1.7)% | (108186) |
| Net Assets 100. 0% |  |  | $6044808 |

---

#### 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) 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.

---

| | | |
|:---|:---|:---|
| **192** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&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 |
|  AT&T, Inc. | 4.000% | 11/25/2025 | 10/02/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976 | 0.12% |

---

#### 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> |
| BUS | 2.720% | 04/01/2025 | 04/08/2025 | 10000 | Province of Saskatchewan 3.900% due 06/02/2045 | $(7205) | $6949 | $6949 |
| CEW | 2.730 | 03/31/2025 | 04/07/2025 | 50000 | Province of Ontario 3.500% due 06/02/2043 | (8100) | 34745 | 34748 |
|  |  |  |  |  | Province of Quebec 2.850% due 12/01/2053 | (27933) |  |  |
|  | 2.740 | 04/01/2025 | 04/08/2025 | 30000 | Province of Ontario 2.900% due 12/02/2046 | (21595) | 20847 | 20847 |
|  | 2.740 | 03/31/2025 | 04/09/2025 | 200000 | Province of Quebec 1.500% - 4.200% due 09/01/2031 - 12/01/2057 | (143937) | 138981 | 138991 |
| FICC STR | 4.360 | 03/31/2025 | 04/01/2025 | $7800 | U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 | (7956) | 7800 | 7801 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 4800 | U.S. Treasury Notes 0.750% due 03/31/2026 | (4898) | 4800 | 4801 |
| SGY | 4.420 | 03/31/2025 | 04/01/2025 | 50188 | U.S. Treasury Notes 4.000% due 03/31/2030 | (50109) | 50188 | 50194 |
| TOR | 2.710 | 03/31/2025 | 04/07/2025 | 150000 | Province of Manitoba 2.950% due 09/05/2120 | (62700) | 104235 | 104243 |
|  |  |  |  |  | Province of New Brunswick 3.950% due 08/14/2032 | (46444) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380877) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368574 |

---

#### 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 |
|  SBI | 4.470% | 03/26/2025 | 04/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76078) | $(76135) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76135) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(3)</sup> |
|  U.S. Treasury Obligations (0.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.000% | 03/31/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $(50045) | $(50109) |
|  Total Short Sales (0.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50109) |

---

#### 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 March 31, 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 | 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 |
|  BUS | $6949 | $0 | $0 | $0 | $6949 | $(7205) | $(256) |
|  CEW | 194586 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194586 | (201334) | (6748) |
|  FICC STR | 7801 | 0 | 0 | 0 | 7801 | (7956) | (155) |
|  JPS | 4801 | 0 | 0 | 0 | 4801 | (4898) | (97) |
|  SBI | 0 | (76135) | 0 | 0 | (76135) | 80007 | 3872 |
|  SGY | 50194 | 0 | 0 | 0 | 50194 | (50109) | 85 |
|  TOR | 104243 | 0 | 0 | 0 | 104243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109144) | (4901) |
|  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 |
|  RDR | 0 | 0 | 0 | (50109) | (50109) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50109) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50109) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 193

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (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. Government Agencies | $0 | $(76135) | $0 | $0 | $(76135) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(76135) |
|  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;(76135) |

---

(h) Securities with an aggregate market value of $79,357 and cash of $881 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(28969) at a weighted average interest rate of 5.060%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for short sales includes $(5) 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. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 December Futures  | 03/2026 | 4971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197700 | $988 | $0 | $0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 6291 | 1504925 | (336) | 0 | (39) |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 1442 | 95963 | 193 | 290 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 12400 | 1341138 | 14343 | 0 | (388) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427) |

---

#### 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 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 46 | $(3969) | $(35) | $0 | $(4) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 4492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930616) | (1554) | 35 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 264 | (30129) | (351) | 0 | (24) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 777 | (94988) | (827) | 0 | (340) |
|  |  |  |  | $(2767) | $35 | $(368) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795) |

---

#### 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 | 03/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209100 | $(6666) | $470 | $(6196) | $911 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $912700 | 1132 | (1237) | (105) | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 145200 | 0 | (1087) | (1087) | 0 | (87) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 08/31/2029 | 133200 | 0 | (645) | (645) | 0 | (108) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.736 | Annual | 08/31/2029 | 133300 | 0 | (665) | (665) | 0 | (108) |

---

---

| | | |
|:---|:---|:---|
| **194** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.761% | Annual | 08/31/2029 | $— | 93700 | $0 | $(561) | $(561) | $0 | $(76) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 08/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260800 | 0 | (4533) | (4533) | 0 | (214) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 |  | 790040 | (11857) | (3287) | (15144) | 0 | (649) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 180100 | (813) | 356 | (457) | 0 | (170) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(18204) | $(11189) | $(29393) | $933 | $(1412) |

---

#### 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 March 31, 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;325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2207) |

---

(j) Securities with an aggregate market value of $9,199 and cash of $58,830 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 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;(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 | 04/2025 | 3548 | $24 | $0 | $0 |
|  | 04/2025 | $28 | 4272 | 0 | 0 |
|  | 05/2025 | 4258 | $28 | 0 | 0 |
|  BOA | 04/2025 | 12070 | 7506 | 0 | (37) |
|  | 04/2025 | 3129 | 2174 | 2 | (4) |
|  | 04/2025 | $3700 | 3396 | 0 | (27) |
|  BPS | 04/2025 | 6051 | $3813 | 31 | 0 |
|  | 04/2025 | 240156 | 168020 | 904 | (12) |
|  | 04/2025 | 153265 | 160710 | 0 | (5038) |
|  | 04/2025 | 12409 | 83 | 1 | 0 |
|  | 04/2025 | $10 | 1530 | 0 | 0 |
|  | 05/2025 | 1525 | $10 | 0 | 0 |
|  | 09/2025 | 35582 | 9722 | 118 | 0 |
|  BSH | 04/2025 | $133 | 20029 | 0 | 0 |
|  | 05/2025 | 19962 | $133 | 0 | 0 |
|  CBK | 04/2025 | 15543 | 9801 | 88 | 0 |
|  | 04/2025 | 1008 | 700 | 0 | (1) |
|  | 04/2025 | 2609 | 367 | 0 | (11) |
|  | 04/2025 | $31892 | 45436 | 0 | (283) |
|  | 04/2025 | 142 | 519 | 0 | (3) |
|  | 05/2025 | 40775 | $28667 | 259 | 0 |
|  | 05/2025 | 32917 | 9015 | 148 | 0 |
|  | 09/2025 | 3877 | 1026 | 0 | (20) |
|  FAR | 04/2025 | 451378 | 284388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | 0 |
|  | 04/2025 | 4144 | 584 | 0 | (17) |
|  | 04/2025 | 27072 | 181 | 1 | 0 |
|  | 04/2025 | $310094 | 492839 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2095) |
|  | 04/2025 | 164 | 60589 | 0 | (2) |
|  | 04/2025 | 46 | 168 | 0 | (1) |
|  | 04/2025 | 95 | 14330 | 0 | 0 |
|  | 05/2025 | 492839 | $310165 | 2090 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **195** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset 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** |
|  | 05/2025 | 14281 | $95 | $0 | $0 |
|  MBC | 04/2025 | 11014 | 6950 | 66 | 0 |
|  | 04/2025 | 987 | 686 | 0 | (1) |
|  | 04/2025 | 244677 | 35936 | 469 | 0 |
|  | 04/2025 | $2003 | 3218 | 8 | 0 |
|  | 04/2025 | 3318 | 3057 | 0 | (12) |
|  | 05/2025 | 506 | $3 | 0 | 0 |
|  | 05/2025 | $9989 | 68649 | 0 | (19) |
|  MYI | 04/2025 | 43980 | $30896 | 300 | 0 |
|  | 04/2025 | 295400 | 43763 | 944 | 0 |
|  | 04/2025 | 51550 | 65319 | 0 | (1235) |
|  | 04/2025 | $11829 | 84724 | 452 | 0 |
|  | 04/2025 | 158351 | 146812 | 419 | 0 |
|  | 05/2025 | 146812 | $158608 | 0 | (419) |
|  RYL | 04/2025 | 776 | 542 | 2 | 0 |
|  | 05/2025 | 77750 | 11306 | 15 | 0 |
|  SCX | 04/2025 | $7454 | 5736 | 0 | (48) |
|  | 04/2025 | 16 | 2362 | 0 | 0 |
|  | 05/2025 | 2354 | $16 | 0 | 0 |
|  SSB | 04/2025 | 200471 | 140408 | 910 | (1) |
|  | 04/2025 | $3338 | 4798 | 0 | 0 |
|  | 04/2025 | 59246 | 45814 | 0 | (98) |
|  | 05/2025 | 45814 | $59242 | 97 | 0 |
|  TOR | 04/2025 | 131900 | 19360 | 240 | 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;9863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9384) |

---

#### 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 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600% | 08/12/2025 | 1522000 | $1223 | $3005 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 1522000 | 1224 | 227 |
|  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;2447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 |

---

#### 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 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900% | 07/16/2025 | 50900 | $(61) | $(61) |
|  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;(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |

---

#### 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 March 31, 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 | $2 | $0 | $0 | $2 | $(68) | $0 | $0 | $(68) | $(66) | $0 | $(66) |
|  BPS | 1054 | 0 | 0 | 1054 | (5050) | 0 | 0 | (5050) | (3996) | 5157 | 1161 |
|  CBK | 495 | 0 | 0 | 495 | (318) | 0 | 0 | (318) | 177 | 0 | 177 |
|  FAR | 4390 | 0 | 0 | 4390 | (2115) | 0 | 0 | (2115) | 2275 | (590) | 1685 |
|  MBC | 543 | 0 | 0 | 543 | (32) | 0 | 0 | (32) | 511 | (500) | 11 |
|  MYC | 0 | 3232 | 0 | 3232 | 0 | 0 | 0 | 0 | 3232 | (3070) | 162 |
|  MYI | 2115 | 0 | 0 | 2115 | (1654) | 0 | 0 | (1654) | 461 | (148) | 313 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (61) | 0 | (61) | (61) | 0 | (61) |
|  RYL | 17 | 0 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |

---

---

| | | |
|:---|:---|:---|
| **196** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 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>** |
|  SCX | $0 | $0 | $0 | $0 | $(48) | $0 | $0 | $(48) | $(48) | $789 | $741 |
|  SSB | 1007 | 0 | 0 | 1007 | (99) | 0 | 0 | (99) | 908 | 0 | 908 |
|  TOR | 240 | 0 | 0 | 240 | 0 | 0 | 0 | 0 | 240 | (270) | (30) |
|  Total Over the Counter | $9863 | $3232 | $0 | $13095 | $(9384) | $(61) | $0 | $(9445) |  |  |  |

---

(l) Securities with an aggregate market value of $5,946 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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 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 March 31, 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 | $325 | $325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 933 | 933 |
|  | $0 | $0 | $0 | $0 | $1258 | $1258 |
|  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 | $9863 | $0 | $9863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3232 | 3232 |
|  | $0 | $0 | $0 | $9863 | $3232 | $13095 |
|  | $0 | $0 | $0 | $9863 | $4490 | $14353 |
|  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 | $795 | $795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1412 | 1412 |
|  | $0 | $0 | $0 | $0 | $2207 | $2207 |
|  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 | $9384 | $0 | $9384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 61 | 0 | 0 | 0 | 61 |
|  | $0 | $61 | $0 | $9384 | $0 | $9445 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11652 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $7522 | $7522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11997) |
|  | $0 | $138 | $0 | $0 | $(4613) | $(4475) |
|  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;39188 | $0 | $39188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (413) | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 298 | 298 |
|  | $0 | $0 | $0 | $39188 | $(115) | $39073 |
|  | $0 | $138 | $0 | $39188 | $(4728) | $34598 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 197

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.) March 31, 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; Futures  | $0 | $0 | $0 | $0 | $9153 | $9153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (11189) | (11189) |
|  | $0 | $0 | $0 | $0 | $(2036) | $(2036) |
|  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 | $(2367) | $0 | $(2367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 707 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (276) | (276) |
|  | $0 | $0 | $0 | $(2367) | $431 | $(1936) |
|  | $&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;(2367) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1605) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3972) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292309 |
| &nbsp;&nbsp; Industrials | 0 | 805663 | 0 | 805663 |
| &nbsp;&nbsp; Utilities | 0 | 295060 | 0 | 295060 |
|  U.S. Government Agencies | 0 | 888386 | 0 | 888386 |
|  U.S. Treasury Obligations | 0 | 19352 | 0 | 19352 |
|  Non-Agency Mortgage-Backed Securities | 0 | 295908 | 0 | 295908 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 49204 | 0 | 49204 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 251186 | 0 | 251186 |
| &nbsp;&nbsp; CMBS Other | 0 | 18177 | 0 | 18177 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 64127 | 0 | 64127 |
| &nbsp;&nbsp; Credit Card Other | 0 | 50100 | 0 | 50100 |
| &nbsp;&nbsp; Other ABS | 0 | 591021 | 0 | 591021 |
|  Sovereign Issues | 0 | 101251 | 0 | 101251 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 29036 | 0 | 29036 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 368545 | 0 | 368545 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 9055 | 0 | 9055 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 21913 | 0 | 21913 |
|  Total Investments | $0 | $6150293 | $0 | $6150293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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. Treasury Obligations | $0 | $(50109) | $0 | $(50109) |
|  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 | 290 | 968 | 0 | 1258 |
|  Over the counter | 0 | 13095 | 0 | 13095 |
|  | $290 | $14063 | $0 | $14353 |
|  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 | (4) | (2203) | 0 | (2207) |
|  Over the counter | 0 | (9445) | 0 | (9445) |
|  | $(4) | $(11648) | $0 | $(11652) |
|  Total Financial Derivative Instruments | $286 | $2415 | $0 | $2701 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102885 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **198** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III March 31, 2025

#### (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 119.2% | INVESTMENTS IN SECURITIES 119.2% | INVESTMENTS IN SECURITIES 119.2% |
| CORPORATE BONDS & NOTES 15.9% | CORPORATE BONDS & NOTES 15.9% | CORPORATE BONDS & NOTES 15.9% |
| BANKING & FINANCE 11.6% | BANKING & FINANCE 11.6% | BANKING & FINANCE 11.6% |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  0.750% due 12/15/2025 | 1020 | 994 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.762% due 06/13/2025 ~ | 41424 | 41452 |
|  4.801% due 04/29/2025 ~ | 9000 | 9002 |
|  4.853% due 10/10/2025 ~ | 15469 | 15481 |
|  4.958% due 08/14/2025 ~ | 7817 | 7824 |
|  5.140% due 04/23/2025 •  | 1800 | 1801 |
|  5.145% due 10/03/2025 ~ | 4760 | 4769 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  5.358% due 06/16/2026 •  | 17400 | 17566 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.388% due 08/27/2026 ~ | 32000 | 32129 |
|  5.684% due 02/23/2026 | 25201 | 25460 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  5.106% due 07/03/2025 •  | 2940 | 2944 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.827% due 07/22/2026 •  | 4966 | 4969 |
|  5.080% due 01/20/2027 •  | 65091 | 65335 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  5.139% due 08/18/2025 ~ | 23100 | 23137 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.313% due 09/25/2025 •  | 5780 | 5801 |
|  5.418% due 06/07/2025 •  | 3700 | 3706 |
|  5.920% due 09/25/2025 | 12670 | 12757 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  3.450% due 04/11/2025 | 1200 | 1200 |
|  4.905% due 03/02/2026 •  | 1000 | 1002 |
|  5.190% due 10/27/2025 ~ | 12800 | 8023 |
|  5.254% due 04/11/2025 •  | 8905 | 8907 |
|  5.448% due 06/12/2025 •  | 7121 | 7134 |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  5.249% due 05/14/2025 ~ | 39130 | 24472 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 24299 | 24260 |
|  5.304% due 08/09/2026 •  | 23197 | 23242 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  5.290% due 04/07/2025 ~ | 15138 | 15140 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.818% due 02/27/2026 •  | 1744 | 1748 |
|  4.878% due 06/13/2025 •  | 828 | 829 |
|  5.046% due 10/16/2026 ~ | 825 | 829 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.875% due 03/01/2026 | 800 | 800 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.951% due 04/30/2026 ~ | 6400 | 6425 |
|  5.066% due 08/06/2026 •  | 33500 | 33637 |
|  5.169% due 09/29/2025 •  | 1800 | 1804 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.820% due 01/20/2026 ~ | 45100 | 45062 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 ~ | 45478 | 44178 |
|  3.106% due 04/08/2026 •  | 24775 | 24767 |
|  5.610% due 09/29/2026 •  | 7070 | 7104 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.752% due 07/07/2025 ~ | 4075 | 4077 |
|  4.752% due 07/07/2025 •  | 155 | 155 |
|  4.895% due 06/15/2026 •  | 6200 | 6218 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.057% due 07/18/2025 •  | 20610 | 20643 |
|  5.062% due 01/09/2026 ~ | 46100 | 46282 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.500% due 04/04/2025 | 12010 | 12009 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  0.900% due 09/22/2025 | 2800 | 2752 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.983% due 09/12/2025 ~ | 73700 | 73793 |
|  4.983% due 09/12/2025 •  | 29000 | 29037 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.119% due 07/14/2026 •  | 7800 | 7826 |

---

---

| | | |
|:---|:---|:---|
|  | **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 •  | 2450 | 2464 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  4.544% due 04/14/2026 ~ | 51270 | 51248 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.134% due 08/04/2025 | 9600 | 9546 |
|  4.687% due 06/09/2025 | 2423 | 2420 |
|  5.125% due 06/16/2025 | 10033 | 10027 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  3.850% due 04/11/2025 | 12500 | 12497 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.750% due 06/20/2025 | 21310 | 21210 |
|  3.800% due 04/07/2025 | 8058 | 8056 |
|  4.350% due 04/09/2025 | 10570 | 10568 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.500% due 04/01/2025 | 3648 | 3648 |
|  5.755% (US0003M + 1.170%) due 05/15/2026 ~ | 13074 | 13091 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.099% due 06/04/2026 •  | 6012 | 5984 |
|  4.292% due 09/12/2026 •  | 32003 | 31934 |
|  5.940% (US0003M + 1.380%) due 09/12/2026 ~ | 900 | 905 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  4.897% due 05/26/2025 ~ | 5200 | 3251 |
|  5.090% due 12/08/2025 ~ | 44100 | 27670 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.000% due 11/21/2025 | 2000 | 2026 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.930% due 03/03/2026 •  | 9730 | 9763 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.040% due 02/04/2027 •  | 6500 | 6311 |
|  2.083% due 04/22/2026 •  | 9320 | 9305 |
|  3.300% due 04/01/2026 | 110 | 109 |
|  3.960% due 01/29/2027 •  | 63168 | 62864 |
|  4.080% due 04/26/2026 •  | 6996 | 6991 |
|  5.681% due 04/26/2026 •  | 2741 | 2744 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank |
|  5.358% due 05/08/2026 ~ | 34800 | 35080 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  4.250% due 08/28/2025 | 5820 | 3633 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.716% due 08/11/2026 •  | 3502 | 3500 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.797% due 04/17/2026 •  | 3200 | 3201 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  5.009% due 08/22/2025 ~ | 10100 | 6323 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.329% due 05/22/2026 •  | 3725 | 3729 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 53500 | 53395 |
|  5.050% due 01/28/2027 •  | 51683 | 51870 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.136% due 07/16/2025 •  | 1499 | 1501 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  5.044% due 02/17/2026 ~ | 19700 | 12355 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  5.127% due 05/13/2025 ~ | 3800 | 3803 |
|  5.127% (SOFRRATE + 0.760%) due 05/13/2025 ~ | 1800 | 1801 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.900% due 07/21/2025 | 1797 | 1793 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.472% due 11/10/2026 •  | 10600 | 10775 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.055% due 08/12/2025 | 11750 | 7355 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.936% due 01/16/2026 •  | 13000 | 13036 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 1970 | 1954 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.600% due 06/06/2025 | 10380 | 10360 |
|  5.318% due 06/06/2025 •  | 10888 | 10903 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2025 | 1873100 | 271478 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.980% due 06/04/2026 •  | 700 | 702 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | 43800 | 43865 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  4.961% due 07/25/2025 ~ | 22779 | 22805 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.882% (SOFRRATE + 0.525%) due 01/20/2026 ~ | 21778 | 21812 |
|  4.931% due 04/27/2026 ~ | 5138 | 5151 |
|  5.194% due 04/14/2025 •  | 9434 | 9436 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  5.005% due 09/29/2025 ~ | 4500 | 2817 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.318% due 06/09/2025 ~ | 475 | 476 |
|  Standard Chartered PLC |  |  |
|  4.050% due 04/12/2026 | 2850 | 2836 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.997% due 02/20/2026 ~ | 88470 | 55477 |
|  5.310% due 11/07/2025 ~ | 20200 | 12675 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.268% due 06/10/2025 •  | 825 | 826 |
|  Swedbank AB |  |  |
|  5.261% due 04/04/2025 ~ | 3300 | 3300 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.833% due 10/10/2025 •  | 6000 | 6007 |
|  4.979% due 12/17/2026 ~ | 6011 | 6029 |
|  5.190% due 07/28/2025 ~ | 9950 | 6229 |
|  5.378% due 06/06/2025 •  | 500 | 501 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.803% due 04/10/2026 •  | 32500 | 32502 |
|  4.940% due 06/09/2025 •  | 220 | 220 |
|  UBS AG |  |  |
|  1.200% due 07/30/2025 | 12838 | 7936 |
|  2.950% due 04/09/2025 | 265 | 265 |
|  4.617% due 02/26/2026 ~ | 19100 | 11935 |
|  5.125% due 07/30/2025 ~ | 15500 | 9699 |
|  5.289% due 09/11/2025 •  | 2950 | 2960 |
|  5.504% due 05/12/2026 ~ | 3100 | 1954 |
|  UBS Group AG |  |  |
|  1.364% due 01/30/2027 ~ | 2670 | 2599 |
|  2.193% due 06/05/2026 •  | 7996 | 7959 |
|  4.488% due 05/12/2026 •  | 14591 | 14586 |
|  5.711% due 01/12/2027 •  | 1300 | 1310 |
|  6.373% due 07/15/2026 •  | 3100 | 3112 |
|  Wells Fargo & Co. |  |  |
|  2.188% due 04/30/2026 •  | 51007 | 50901 |
|  3.908% due 04/25/2026 •  | 80550 | 80497 |
|  5.681% due 04/25/2026 ~ | 57840 | 57897 |
|  Wells Fargo Bank NA |  |  |
|  5.065% due 01/15/2026 •  | 4900 | 4915 |
|  5.161% due 08/01/2025 •  | 250 | 250 |
|  Westpac Banking Corp. |  |  |
|  5.090% due 11/17/2025 •  | 6292 | 6309 |
|  5.371% due 08/26/2025 •  | 369 | 370 |
|  Weyerhaeuser Co. |  |  |
|  4.750% due 05/15/2026 | 9200 | 9216 |
|  |  | 2089295 |
| INDUSTRIALS 3.6% |  |  |
|  Altria Group, Inc. |  |  |
|  4.400% due 02/14/2026 | 15692 | 15676 |
|  Amgen, Inc. |  |  |
|  3.125% due 05/01/2025 | 2567 | 2564 |
|  Autodesk, Inc. |  |  |
|  4.375% due 06/15/2025 | 2795 | 2792 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 72128 | 70067 |
|  3.950% due 06/15/2025 | 2700 | 2694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **199** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance LLC |  |  |  |  |
|  2.850% due 04/15/2025 | $— | 100 | $— | 100 |
|  4.250% due 12/15/2025 |  | 3800 |  | 3783 |
|  BMW U.S. Capital LLC |  |  |  |  |
|  4.979% due 08/11/2025 •  |  | 890 |  | 891 |
|  5.158% due 08/13/2026 ~ |  | 655 |  | 656 |
|  5.194% due 04/01/2025 ~ |  | 7280 |  | 7280 |
|  Boeing Co. |  |  |  |  |
|  7.250% due 06/15/2025 |  | 2270 |  | 2280 |
|  Conagra Brands, Inc. |  |  |  |  |
|  4.600% due 11/01/2025 |  | 577 |  | 576 |
|  CRH America, Inc. |  |  |  |  |
|  3.875% due 05/18/2025 |  | 250 |  | 250 |
|  Energy Transfer LP |  |  |  |  |
|  2.900% due 05/15/2025 |  | 9532 |  | 9510 |
|  4.750% due 01/15/2026 |  | 7764 |  | 7764 |
|  Fox Corp. |  |  |  |  |
|  3.050% due 04/07/2025 |  | 3052 |  | 3051 |
|  General Mills, Inc. |  |  |  |  |
|  4.000% due 04/17/2025 |  | 1397 |  | 1396 |
|  Global Payments, Inc. |  |  |  |  |
|  1.200% due 03/01/2026 |  | 13700 |  | 13271 |
|  Halliburton Co. |  |  |  |  |
|  3.800% due 11/15/2025 |  | 541 |  | 539 |
|  HCA, Inc. |  |  |  |  |
|  5.250% due 04/15/2025 |  | 14978 |  | 14979 |
|  5.875% due 02/15/2026 |  | 3000 |  | 3012 |
|  7.580% due 09/15/2025 |  | 4100 |  | 4146 |
|  7.690% due 06/15/2025 |  | 692 |  | 696 |
|  Home Depot, Inc. |  |  |  |  |
|  4.690% due 12/24/2025 •  |  | 354 |  | 354 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  3.844% due 05/01/2025 |  | 3914 |  | 3911 |
|  Hyundai Capital America |  |  |  |  |
|  5.875% due 04/07/2025 |  | 14116 |  | 14118 |
|  Marvell Technology, Inc. |  |  |  |  |
|  1.650% due 04/15/2026 |  | 4013 |  | 3895 |
|  Microchip Technology, Inc. |  |  |  |  |
|  4.250% due 09/01/2025 |  | 103 |  | 103 |
|  MPLX LP |  |  |  |  |
|  1.750% due 03/01/2026 |  | 20610 |  | 20075 |
|  NTT Finance Corp. |  |  |  |  |
|  4.239% due 07/25/2025 |  | 6612 |  | 6605 |
|  Oracle Corp. |  |  |  |  |
|  1.650% due 03/25/2026 |  | 130465 |  | 126832 |
|  2.500% due 04/01/2025 |  | 5790 |  | 5790 |
|  PepsiCo., Inc. |  |  |  |  |
|  4.758% due 02/13/2026 •  |  | 500 |  | 501 |
|  Reynolds American, Inc. |  |  |  |  |
|  4.450% due 06/12/2025 |  | 54205 |  | 54137 |
|  Rogers Communications, Inc. |  |  |  |  |
|  3.625% due 12/15/2025 |  | 5145 |  | 5100 |
|  T-Mobile USA, Inc. |  |  |  |  |
|  2.625% due 04/15/2026 |  | 3600 |  | 3532 |
|  3.500% due 04/15/2025 |  | 94943 |  | 94895 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.550% due 04/14/2025 |  | 24727 |  | 24716 |
|  5.000% due 03/28/2026 |  | 4000 |  | 4018 |
|  The Campbell's Co. |  |  |  |  |
|  5.300% due 03/20/2026 |  | 6427 |  | 6471 |
|  UnitedHealth Group, Inc. |  |  |  |  |
|  4.855% due 07/15/2026 ~ |  | 6096 |  | 6112 |
|  VMware LLC |  |  |  |  |
|  4.500% due 05/15/2025 |  | 56442 |  | 56406 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 |  | 890 |  | 869 |
|  4.625% due 11/13/2025 |  | 700 |  | 699 |
|  5.800% due 09/12/2025 |  | 5000 |  | 5022 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
|  3.050% due 01/15/2026 |  | 37677 |  | 37247 |
|  |  |  |  | 649381 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UTILITIES 0.7% |  |  |  |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.699% due 08/15/2025 | $| 1270 | 1275 |
|  Duke Energy Corp. |  |  |  |
|  0.900% due 09/15/2025 |  | 679 | 668 |
|  Edison International |  |  |  |
|  4.950% due 04/15/2025 |  | 3706 | 3705 |
|  Georgia Power Co. |  |  |  |
|  4.644% due 09/15/2026 ~ |  | 13075 | 13081 |
|  5.109% due 05/08/2025 ~ |  | 14122 | 14130 |
|  NBN Co. Ltd. |  |  |  |
|  1.000% due 12/03/2025 | AUD | 10000 | 6110 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.120% due 01/29/2026 ~ | $| 3550 | 3562 |
|  5.749% due 09/01/2025 |  | 10375 | 10418 |
|  Pacific Gas & Electric Co. |  |  |  |
|  2.950% due 03/01/2026 |  | 7760 | 7624 |
|  3.150% due 01/01/2026 |  | 43060 | 42510 |
|  4.950% due 06/08/2025 |  | 625 | 624 |
|  Pinnacle West Capital Corp. |  |  |  |
|  5.178% due 06/10/2026 ~ |  | 1034 | 1039 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  0.800% due 08/15/2025 |  | 6385 | 6292 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.700% due 08/01/2025 |  | 600 | 598 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 |  | 19318 | 18778 |
|  |  |  | 130414 |
|  Total Corporate Bonds & Notes<br>(Cost $2,868,649) | Total Corporate Bonds & Notes<br>(Cost $2,868,649) | Total Corporate Bonds & Notes<br>(Cost $2,868,649) | 2869090 |
| U.S. TREASURY OBLIGATIONS 8.5% | U.S. TREASURY OBLIGATIONS 8.5% | U.S. TREASURY OBLIGATIONS 8.5% | U.S. TREASURY OBLIGATIONS 8.5% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.419% due 04/30/2025 •(e) |  | 84200 | 84200 |
|  U.S. Treasury Notes |  |  |  |
|  3.750% due 08/31/2026 |  | 250000 | 249268 |
|  4.250% due 12/31/2025 |  | 100000 | 100090 |
|  4.250% due 12/31/2026 |  | 300000 | 301576 |
|  4.375% due 07/31/2026 |  | 550000 | 552825 |
|  5.000% due 10/31/2025 |  | 250000 | 251153 |
|  Total U.S. Treasury Obligations (Cost $1,534,613) | Total U.S. Treasury Obligations (Cost $1,534,613) |  | 1539112 |
| ASSET-BACKED SECURITIES 0.3% | 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% | AUTOMOBILE SEQUENTIAL 0.3% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.493% due 04/10/2026 |  | 14000 | 14000 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.536% due 02/20/2026 |  | 2249 | 2249 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.511% due 02/17/2026 |  | 7480 | 7479 |
|  4.865% due 11/17/2025 |  | 76 | 76 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.457% due 03/20/2026 |  | 37638 | 37645 |
|  Total Asset-Backed Securities<br>(Cost $61,442) | Total Asset-Backed Securities<br>(Cost $61,442) | Total Asset-Backed Securities<br>(Cost $61,442) | 61449 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.859% due 07/27/2026 ~ |  | 4000 | 4012 |
|  5.609% due 04/04/2025 •  |  | 57350 | 57355 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  5.358% due 06/17/2026 ~ |  | 3200 | 3227 |
|  Total Sovereign Issues (Cost $64,593) | Total Sovereign Issues (Cost $64,593) | Total Sovereign Issues (Cost $64,593) | 64594 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 94.1% | SHORT-TERM INSTRUMENTS 94.1% | SHORT-TERM INSTRUMENTS 94.1% |
| CERTIFICATES OF DEPOSIT 0.3% | CERTIFICATES OF DEPOSIT 0.3% | CERTIFICATES OF DEPOSIT 0.3% |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.530% due 08/05/2025 | 20100 | 20117 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.610% (SOFRRATE + 0.250%) due 12/03/2025 ~ | 26600 | 26599 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.610% (SOFRRATE + 0.250%) due 12/05/2025 ~ | 15400 | 15400 |
|  |  | 62116 |
| COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 41800 | 41721 |
|  4.640% due 04/17/2025 | 20700 | 20656 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/10/2025 | 7600 | 7590 |
|  4.900% due 04/11/2025 | 1700 | 1697 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 | 16000 | 15971 |
|  4.570% due 04/10/2025 | 11100 | 11086 |
|  4.630% due 04/15/2025 | 12600 | 12576 |
|  4.640% due 04/09/2025 | 20200 | 20177 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 15600 | 15581 |
|  4.560% due 04/21/2025 | 5000 | 4987 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.700% due 04/17/2025 | 1000 | 998 |
|  4.730% due 04/17/2025 | 2300 | 2295 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.550% due 04/07/2025 | 4100 | 4096 |
|  4.600% due 04/15/2025 | 5400 | 5390 |
|  Bell Canada | Bell Canada | Bell Canada |
|  4.500% due 04/08/2025 | 870 | 869 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.500% due 04/08/2025 | 9800 | 9790 |
|  4.550% due 04/24/2025 | 8400 | 8374 |
|  4.560% due 04/10/2025 | 15000 | 14981 |
|  4.560% due 05/08/2025 | 3800 | 3782 |
|  4.560% due 05/13/2025 | 5800 | 5768 |
|  4.560% due 06/06/2025 | 2900 | 2875 |
|  4.610% due 05/13/2025 | 7800 | 7757 |
|  Campbell Soup co. | Campbell Soup co. | Campbell Soup co. |
|  4.520% due 04/17/2025 | 3300 | 3293 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 | 16300 | 16263 |
|  4.720% due 04/23/2025 | 11400 | 11365 |
|  4.740% due 04/09/2025 | 20300 | 20276 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/04/2025 | 400 | 400 |
|  4.700% due 04/11/2025 | 17800 | 17774 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 6500 | 6474 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.540% due 04/07/2025 | 28300 | 28275 |
|  4.550% due 04/14/2025 | 7100 | 7087 |
|  4.550% due 04/16/2025 | 22100 | 22055 |
|  4.640% due 04/25/2025 | 26500 | 26416 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 | 23100 | 23094 |
|  4.600% due 04/02/2025 | 9700 | 9698 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 | 5100 | 5092 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.520% due 04/22/2025 | 7300 | 7280 |
|  4.610% due 04/08/2025 | 4300 | 4296 |
|  4.650% due 04/08/2025 | 9500 | 9490 |
|  4.660% due 04/15/2025 | 9900 | 9881 |
|  4.700% due 04/15/2025 | 10800 | 10780 |
|  4.750% due 04/22/2025 | 2100 | 2094 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 25600 | 25555 |
|  4.650% due 04/04/2025 | 8900 | 8896 |

---

---

| | | |
|:---|:---|:---|
| **200** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/16/2025 | $— | 3200 | $— | 3194 |
|  4.630% due 04/21/2025 |  | 22700 |  | 22640 |
|  4.630% due 04/23/2025 |  | 20000 |  | 19942 |
|  4.630% due 04/24/2025 |  | 4700 |  | 4686 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/15/2025 |  | 5600 |  | 5590 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 |  | 8000 |  | 7979 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 |  | 11900 |  | 11812 |
|  NXP BV | NXP BV | NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 |  | 6100 |  | 6078 |
|  4.570% due 05/12/2025 |  | 1100 |  | 1094 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 | 17200 | 17151 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/04/2025 | 10900 | 10894 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  4.600% due 04/21/2025 | 7900 | 7879 |
|  |  | 613790 |
| REPURCHASE AGREEMENTS (c) 90.3% | REPURCHASE AGREEMENTS (c) 90.3% | REPURCHASE AGREEMENTS (c) 90.3% |
|  |  | 16345366 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.318% due 04/10/2025 - 06/26/2025 (a)(b)(e) | $— | 15770 | $— | 15711 |
| Total Short-Term Instruments<br>(Cost $17,050,754) | Total Short-Term Instruments<br>(Cost $17,050,754) | Total Short-Term Instruments<br>(Cost $17,050,754) |  | 17036983 |
| Total Investments in Securities<br>(Cost $21,580,051) | Total Investments in Securities<br>(Cost $21,580,051) | Total Investments in Securities<br>(Cost $21,580,051) |  | 21571228 |
| Total Investments 119.2%<br>(Cost $21,580,051) | Total Investments 119.2%<br>(Cost $21,580,051) | Total Investments 119.2%<br>(Cost $21,580,051) | $— | 21571228 |
|  Financial Derivative<br>Instruments (d)(f) 0.1%<br>(Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d)(f) 0.1%<br>(Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d)(f) 0.1%<br>(Cost or Premiums, net $0) |  | 27249 |
| Other Assets and Liabilities, net (19.3)% | Other Assets and Liabilities, net (19.3)% | Other Assets and Liabilities, net (19.3)% |  | (3496279) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 18102198 |

---

#### 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) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

#### 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> |
| BCY | 4.410% | 04/01/2025 | 04/02/2025 | $1000000 | U.S. Treasury Bonds 4.375% due 08/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024208) | $1000000 | $1000000 |
|  | 4.450 | 03/31/2025 | 04/01/2025 | 1000000 | U.S. Treasury Bonds 4.375% due 08/15/2043 | (1027714) | 1000000 | 1000124 |
| BOM | 2.730 | 03/27/2025 | 04/03/2025 | 130000 | Province of Quebec 4.400% due 12/01/2055 | (94802) | 90337 | 90371 |
|  | 2.740 | 03/28/2025 | 04/04/2025 | 180000 | Province of Quebec 4.000% due 02/15/2063 | (131255) | 125083 | 125121 |
| BOS | 4.360 | 03/20/2025 | 04/01/2025 | $900000 | U.S. Treasury Notes 1.500% - 2.000% due 11/15/2026 - 01/31/2027 | (920790) | 900000 | 901308 |
|  | 4.360 | 03/31/2025 | 04/15/2025 | 850000 | U.S. Treasury Notes 0.500% - 4.000% due 02/28/2026 – 05/31/2028 | (868180) | 850000 | 850103 |
|  | 4.360 | 04/01/2025 | 04/21/2025 | 150000 | U.S. Treasury Notes 1.250% due 06/30/2028 | (153222) | 150000 | 150000 |
|  | 4.360 | 04/01/2025 | 04/24/2025 | 750000 | U.S. Treasury Notes 1.500% - 4.375% due 07/31/2026 - 01/31/2027 | (766001) | 750000 | 750000 |
|  | 4.360 | 04/01/2025 | 04/30/2025 | 550000 | U.S. Treasury Notes 2.375% due 03/31/2029 | (562398) | 550000 | 550000 |
|  | 4.370 | 03/17/2025 | 04/02/2025 | 2000000 | U.S. Treasury Notes 1.125% - 4.375% due 10/31/2026 - 01/31/2028 | (2050306) | 2000000 | 2003642 |
|  | 4.370 | 03/28/2025 | 04/10/2025 | 250000 | U.S. Treasury Notes 4.500% due 05/15/2027 | (255668) | 250000 | 250121 |
|  | 4.370 | 03/28/2025 | 04/11/2025 | 250000 | U.S. Treasury Notes 4.500% due 04/15/2027 | (255863) | 250000 | 250121 |
|  | 4.370 | 03/24/2025 | 04/11/2025 | 453000 | U.S. Treasury Notes 4.375% due 07/15/2027 | (463070) | 453000 | 453440 |
|  | 4.370 | 03/31/2025 | 04/16/2025 | 850000 | U.S. Treasury Notes 4.000% - 4.250% due 11/30/2026 - 07/31/2029 | (868067) | 850000 | 850103 |
|  | 4.370 | 04/01/2025 | 04/16/2025 | 200000 | U.S. Treasury Notes 2.750% due 05/31/2029 | (204387) | 200000 | 200000 |
|  | 4.370 | 03/31/2025 | 04/17/2025 | 1050000 | U.S. Treasury Notes 1.500% - 4.500% due 01/31/2027 - 02/29/2028 | (1072507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050128 |
|  | 4.370 | 04/01/2025 | 04/17/2025 | 200000 | U.S. Treasury Notes 4.625% due 06/15/2027 | (204287) | 200000 | 200000 |
|  | 4.380 | 03/31/2025 | 04/03/2025 | 750000 | U.S. Treasury Notes 1.500% - 4.250% due 11/30/2026 - 11/30/2028 | (765835) | 750000 | 750091 |
|  | 4.380 | 03/26/2025 | 04/07/2025 | 500000 | U.S. Treasury Notes 1.125% - 1.500% due 01/31/2027 - 02/28/2027 | (511503) | 500000 | 500365 |
|  | 4.380% | 03/27/2025 | 04/09/2025 | $250000 | U.S. Treasury Notes 1.875% - 4.125% due 07/31/2026 - 11/15/2027 | (256007) | 250000 | 250152 |
|  | 4.380 | 03/28/2025 | 04/09/2025 | 350000 | U.S. Treasury Notes 1.125% - 2.750% due 10/31/2026 - 02/15/2028 | (358024) | 350000 | 350170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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>** |
|  | 4.380 | 03/27/2025 | 04/10/2025 | 250000 | U.S. Treasury Notes 1.250% - 2.750% due 11/30/2026 - 02/15/2028 | $(255716) | $250000 | $250152 |
|  | 4.390 | 03/26/2025 | 04/01/2025 | 250000 | U.S. Treasury Notes 4.000% due 07/31/2029 | (256524) | 250000 | 250183 |
|  | 4.390 | 03/27/2025 | 04/07/2025 | 100000 | U.S. Treasury Notes 1.875% due 02/28/2027 | (102324) | 100000 | 100061 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 209000 | U.S. Treasury Notes 2.750% - 4.125% due 04/30/2027 - 11/30/2029 | (213162) | 209000 | 209026 |
|  | 4.420 | 03/31/2025 | 04/01/2025 | 49500 | U.S. Treasury Notes 4.000% due 12/15/2027 | (50549) | 49500 | 49506 |
| BUS | 2.720 | 03/26/2025 | 04/01/2025 | 490000 | Province of Manitoba Canada 3.200% due 03/05/2050 | (100086) | 340502 | 340655 |
|  |  |  |  |  | Province of Quebec 4.400% due 12/01/2055 | (251627) |  |  |
|  | 2.720 | 03/27/2025 | 04/04/2025 | 500000 | Province of Ontario 3.450% due 06/02/2045 | (72966) | 347451 | 347581 |
|  |  |  |  |  | Province of Quebec 3.100% due 12/01/2051 | (291345) |  |  |
|  | 2.720 | 04/01/2025 | 04/08/2025 | 250000 | Province of Manitoba 3.400% due 09/05/2048 | (28563) | 173726 | 173726 |
|  |  |  |  |  | Province of Manitoba Canada 3.200% due 03/05/2050 | (114125) |  |  |
|  |  |  |  |  | Province of Nova Scotia 3.150% due 12/01/2051 | (35793) |  |  |
| CEW | 2.730 | 03/31/2025 | 04/07/2025 | 170000 | Province of Ontario 3.500% - 4.150% due 06/02/2034 - 06/02/2043 | (51342) | 118133 | 118142 |
|  |  |  |  |  | Province of Quebec 2.850% due 12/01/2053 | (70980) |  |  |
|  | 2.740 | 03/25/2025 | 04/01/2025 | 130000 | Province of Ontario 2.900% due 12/02/2046 - 06/02/2049 | (94128) | 90337 | 90385 |
|  | 2.740 | 04/01/2025 | 04/08/2025 | 200000 | Province of Ontario 2.900% due 12/02/2046 - 06/02/2049 | (143976) | 138981 | 138981 |
|  | 2.750 | 03/20/2025 | 04/03/2025 | 90000 | Province of Ontario 2.900% - 3.450% due 06/02/2045 - 12/02/2046 | (64803) | 62541 | 62598 |
|  | 2.750 | 04/01/2025 | 04/15/2025 | 320000 | Province of Alberta 3.100% due 06/01/2050 | (29173) | 222369 | 222369 |
|  |  |  |  |  | Province of Ontario 2.900% due 12/02/2046 | (18852) |  |  |
|  |  |  |  |  | Province of Quebec 1.900% - 3.250% due 09/01/2030 - 09/01/2032 | (179903) |  |  |
|  | 2.760 | 03/19/2025 | 04/01/2025 | 320000 | Province of Ontario 2.600% - 2.900% due 06/02/2027 - 06/02/2049 | (230144) | 222369 | 222589 |
| DEU | 4.420 | 03/31/2025 | 04/01/2025 | $500 | U.S. Treasury Bonds 1.875% due 02/15/2041 | (509) | 500 | 500 |
| FICC STR | 4.360 | 03/31/2025 | 04/01/2025 | 100000 | U.S. Treasury Inflation Protected Securities 2.375% due 12/31/2099 | (102000) | 100000 | 100012 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 320000 | U.S. Treasury Notes 0.750% due 04/30/2026 | (326717) | 320000 | 320040 |
| MEI | 2.730 | 03/27/2025 | 04/04/2025 | 40000 | Canada Government International Bond 0.000% due 12/01/2032 | (28769) | 27796 | 27807 |
|  | 2.730 | 03/28/2025 | 04/04/2025 | 380000 | Canada Government International Bond 0.000% due 06/01/2030 - 12/01/2033 | (272639) | 264063 | 264142 |
| SAL | 4.350 | 04/01/2025 | 04/02/2025 | $100 | U.S. Treasury Notes 3.875% due 12/31/2027 | (102) | 100 | 100 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 15200 | U.S. Treasury Notes 4.375% due 07/31/2026 | (15505) | 15200 | 15202 |
| TDM | 4.430 | 03/31/2025 | 04/01/2025 | 3200 | U.S. Treasury Bonds 4.000% due 11/15/2052 | (3261) | 3200 | 3200 |
| TOR | 2.710 | 03/31/2025 | 04/07/2025 | 750000 | Government of Newfoundland 2.850% - 4.150% due 06/02/2028 - 06/02/2033 | (147026) | 521178 | 521216 |
|  |  |  |  |  | Province of Manitoba 2.050% - 3.800% due 06/02/2026 - 06/02/2033 | (207419) |  |  |
|  |  |  |  |  | Province of New Brunswick 3.950% due 08/14/2032 | (35688) |  |  |
|  |  |  |  |  | Province of Nova Scotia 1.100% - 2.100% due 06/01/2027 - 09/01/2030 | (131623) |  |  |
|  |  |  |  |  | Province of Saskatchewan 4.200% due 12/02/2054 | (14494) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $(16755927) | $16345366 | $16353533 |

---

202 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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 | $2000124 | $0 | $0 | $2000124 | $(2051922) | $(51798) |
|  BOM | 215492 | 0 | 0 | 215492 | (223107) | (7615) |
|  BOO | 0 | 0 | 0 | 0 | 9069 | 9069 |
|  BOS | 11168672 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11168672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11414389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245717) |
|  BUS | 861962 | 0 | 0 | 861962 | (891297) | (29335) |
|  CEW | 855064 | 0 | 0 | 855064 | (880764) | (25700) |
|  DEU | 500 | 0 | 0 | 500 | (510) | (10) |
|  FICC STR | 100012 | 0 | 0 | 100012 | (102000) | (1988) |
|  JPS | 320040 | 0 | 0 | 320040 | (326717) | (6677) |
|  MEI | 291949 | 0 | 0 | 291949 | (299348) | (7399) |
|  SAL | 15302 | 0 | 0 | 15302 | (15607) | (305) |
|  TDM | 3200 | 0 | 0 | 3200 | (3261) | (61) |
|  TOR | 521216 | 0 | 0 | 521216 | (534970) | (13754) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16353533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

Cash of $21,103 has been pledged as collateral under the terms of the above master agreements as of March 31, 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;(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Delivered | **Currency to<br>be Received** | **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 Delivered | **Currency to<br>be Received** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 |  | 151278 | $— | 1006 | $1 | $(3) |
|  | 04/2025 | $— | 2685 |  | 402923 | 6 | (7) |
|  | 05/2025 |  | 183519 | $— | 1221 | 0 | (6) |
|  | 05/2025 | $— | 727 |  | 109274 | 3 | 0 |
|  BOA | 04/2025 |  | 78732 | $— | 48961 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) |
|  | 04/2025 |  | 4603 |  | 3193 | 0 | (9) |
|  BPS | 04/2025 |  | 461719 |  | 321155 | 0 | (148) |
|  | 04/2025 |  | 575434 |  | 3851 | 19 | (1) |
|  | 04/2025 | $— | 10955 |  | 15687 | 0 | (43) |
|  | 04/2025 |  | 872 |  | 130611 | 1 | (3) |
|  | 05/2025 |  | 65496 | $— | 437 | 0 | (1) |
|  | 05/2025 | $— | 1104 |  | 165332 | 1 | 0 |
|  BRC | 04/2025 |  | 1600 | $— | 11 | 0 | 0 |
|  | 04/2025 | $— | 1467 |  | 220348 | 1 | 0 |
|  | 05/2025 |  | 1455 |  | 216803 | 0 | (6) |
|  BSH | 04/2025 |  | 46981 | $— | 29765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | 0 |
|  | 04/2025 |  | 104526 |  | 696 | 0 | 0 |
|  | 04/2025 | $— | 4408 |  | 661984 | 1 | 0 |
|  | 05/2025 |  | 659754 | $— | 4408 | 0 | (1) |
|  | 05/2025 | $— | 696 |  | 104174 | 0 | 0 |
|  CBK | 04/2025 |  | 10073 | $— | 6378 | 83 | 0 |
|  | 04/2025 |  | 690362 |  | 482841 | 2524 | 0 |
|  | 04/2025 | $— | 17440 |  | 24882 | 4 | (133) |
|  | 04/2025 |  | 1653 |  | 11745 | 49 | 0 |
|  | 05/2025 |  | 19087 | $— | 13419 | 121 | 0 |
|  | 06/2025 |  | 124308 |  | 87 | 2 | 0 |
|  DUB | 04/2025 |  | 25 |  | 17 | 0 | 0 |
|  | 04/2025 |  | 119178 |  | 17201 | 0 | (75) |
|  | 04/2025 | $— | 209005 |  | 331491 | 0 | (1840) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 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 Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 |  | 331491 | $— | 209053 | $1836 | $0 |
|  | 05/2025 | $— | 17201 |  | 118958 | 75 | 0 |
|  | 06/2025 |  | 69622 | $— | 49 | 1 | 0 |
|  FAR | 04/2025 |  | 188503 |  | 118765 | 960 | 0 |
|  | 04/2025 |  | 1228946 |  | 858742 | 3742 | (77) |
|  | 04/2025 |  | 457571 |  | 3058 | 13 | (3) |
|  | 04/2025 | $— | 2630 |  | 18657 | 75 | 0 |
|  | 04/2025 |  | 1328 |  | 198121 | 0 | (8) |
|  | 05/2025 |  | 906 | $— | 631 | 0 | 0 |
|  | 05/2025 |  | $929 |  | 139408 | 3 | 0 |
|  IND | 04/2025 |  | 230209 | $— | 33285 | 0 | (85) |
|  | 05/2025 | $— | 33285 |  | 229782 | 84 | 0 |
|  JPM | 04/2025 |  | 1912 | $— | 1203 | 8 | 0 |
|  | 04/2025 |  | 1460801 |  | 1023475 | 7024 | 0 |
|  | 04/2025 |  | 454251 |  | 3038 | 16 | (4) |
|  | 04/2025 | $— | 3301 |  | 496783 | 13 | (5) |
|  | 05/2025 |  | 933 | $— | 650 | 0 | 0 |
|  | 05/2025 |  | 297270 |  | 43227 | 57 | 0 |
|  | 05/2025 |  | 385832 |  | 2565 | 0 | (13) |
|  | 05/2025 | $— | 751 |  | 112936 | 4 | 0 |
|  MBC | 04/2025 |  | 5290 | $— | 3338 | 32 | 0 |
|  | 04/2025 |  | 785748 |  | 115895 | 1998 | 0 |
|  | 04/2025 | $— | 7808 |  | 11200 | 0 | (16) |
|  | 04/2025 |  | 357 |  | 53562 | 0 | 0 |
|  | 05/2025 |  | 21720 | $— | 146 | 1 | 0 |
|  | 05/2025 | $— | 10945 |  | 15680 | 0 | (21) |
|  | 05/2025 |  | 922 |  | 6337 | 0 | (2) |
|  | 06/2025 |  | 8210 | $— | 6 | 0 | 0 |
|  MYI | 04/2025 |  | 24621 |  | 17256 | 128 | 0 |
|  | 04/2025 |  | 825100 |  | 122237 | 2636 | 0 |
|  | 04/2025 | $— | 45425 |  | 325344 | 1734 | 0 |
|  NGF | 06/2025 |  | 79968 | $— | 56 | 2 | 0 |
|  RBC | 04/2025 |  | 2920 |  | 2019 | 0 | (13) |
|  | 04/2025 | $— | 1467 |  | 220348 | 1 | 0 |
|  | 05/2025 |  | 1263 |  | 188243 | 0 | (5) |
|  SCX | 04/2025 |  | 118741 | $— | 788 | 0 | (3) |
|  | 04/2025 | $— | 2140 |  | 321785 | 4 | 0 |
|  | 05/2025 |  | 101097 | $— | 673 | 0 | (3) |
|  | 05/2025 | $— | 2242 |  | 335145 | 3 | (6) |
|  SSB | 04/2025 |  | 130068 | $— | 90942 | 460 | 0 |
|  | 04/2025 | $— | 10817 |  | 15545 | 0 | (3) |
|  TOR | 04/2025 |  | 584600 | $— | 85805 | 1065 | 0 |
|  UAG | 04/2025 |  | 312360 |  | 2099 | 19 | 0 |
|  | 04/2025 | $— | 467 |  | 69520 | 0 | (4) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $25215 | $(2790) |

---

#### 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 Inflation Protected Securities | N/A | 4.440 | Maturity | 04/24/2025 | $200000 | $0 | $3711 | $3711 | $0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.450 | Maturity | 04/28/2025 | 250000 | 0 | (16) | 0 | (16) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.460 | Maturity | 05/19/2025 | 550000 | 0 | 1781 | 3579 | (1798) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.390 | Maturity | 06/04/2025 | 450000 | 0 | (652) | 0 | (652) |
|  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;4824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2466) |

---

204 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### 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 March 31, 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 | $10 | $0 | $0 | $10 | $(16) | $0 | $0 | $(16) | $(6) | $0 | $(6) |
|  BOA | 0 | 0 | 0 | 0 | (252) | 0 | 0 | (252) | (252) | 686 | 434 |
|  BPS | 21 | 0 | 0 | 21 | (196) | 0 | 0 | (196) | (175) | 1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 |
|  BRC | 1 | 0 | 0 | 1 | (6) | 0 | 0 | (6) | (5) | 0 | (5) |
|  BSH | 406 | 0 | 0 | 406 | (1) | 0 | 0 | (1) | 405 | (330) | 75 |
|  CBK | 2783 | 0 | 0 | 2783 | (133) | 0 | 0 | (133) | 2650 | 498 | 3148 |
|  DUB | 1912 | 0 | 0 | 1912 | (1915) | 0 | 0 | (1915) | (3) | 0 | (3) |
|  FAR | 4793 | 0 | 0 | 4793 | (88) | 0 | 0 | (88) | 4705 | (1266) | 3439 |
|  IND | 84 | 0 | 0 | 84 | (85) | 0 | 0 | (85) | (1) | 0 | (1) |
|  JPM | 7122 | 0 | 0 | 7122 | (22) | 0 | 0 | (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | (2457) | 4643 |
|  MBC | 2031 | 0 | 0 | 2031 | (39) | 0 | 0 | (39) | 1992 | (1834) | 158 |
|  MYC | 0 | 0 | 7290 | 7290 | 0 | 0 | (2466) | (2466) | 4824 | (5330) | (506) |
|  MYI | 4498 | 0 | 0 | 4498 | 0 | 0 | 0 | 0 | 4498 | (4423) | 75 |
|  NGF | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  RBC | 1 | 0 | 0 | 1 | (18) | 0 | 0 | (18) | (17) | 0 | (17) |
|  SCX | 7 | 0 | 0 | 7 | (12) | 0 | 0 | (12) | (5) | 0 | (5) |
|  SSB | 460 | 0 | 0 | 460 | (3) | 0 | 0 | (3) | 457 | 0 | 457 |
|  TOR | 1065 | 0 | 0 | 1065 | 0 | 0 | 0 | 0 | 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000) | 65 |
|  UAG | 19 | 0 | 0 | 19 | (4) | 0 | 0 | (4) | 15 | 0 | 15 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2466) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5256) |  |  |  |

---

(e) Securities with an aggregate market value of $2,818 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 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 March 31, 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 | $25215 | $0 | $25215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 7290 | 7290 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25215 | $7290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32505 |
|  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 | $2790 | $0 | $2790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2466 | 2466 |
|  | $&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 | $2790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 | $5256 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 205

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 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 |
|  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 | $208529 | $0 | $208529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (7256) | (7256) |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7256) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201273 |
|  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 |
|  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 | $(29631) | $0 | $(29631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5084 | 5084 |
|  | $&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 | $(29631) | $5084 | $(24547) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  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 | $2089295 | $0 | $2089295 |
| &nbsp;&nbsp; Industrials | 0 | 649381 | 0 | 649381 |
| &nbsp;&nbsp; Utilities | 0 | 130414 | 0 | 130414 |
|  U.S. Treasury Obligations | 0 | 1539112 | 0 | 1539112 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 61449 | 0 | 61449 |
|  Sovereign Issues | 0 | 64594 | 0 | 64594 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 62116 | 0 | 62116 |
| &nbsp;&nbsp; Commercial Paper | 0 | 613790 | 0 | 613790 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 16345366 | 0 | 16345366 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15711 | 0 | 15711 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21571228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21571228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $32505 | $0 | $32505 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(5256) | $0 | $(5256) |
|  Total Financial Derivative Instruments | $0 | $27249 | $0 | $27249 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21598477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21598477 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **206** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Notes to Financial Statements March 31, 2025

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 each have organized a wholly-owned subsidiary organized under the laws of the state of Delaware (each, a "Subsidiary"). 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."

In this reporting period, each Portfolio 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 each Portfolio's 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 recorded as components of interest income on the Statements of

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **207** |

---

------

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 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 March 31, 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** |

---

------

March 31, 2025

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 portfolios, 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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the

unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Portfolios' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Portfolios have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Portfolios' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Portfolios' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolios' financial statements.

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 derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **209** |

---

------

Notes to Financial Statements (Cont.)

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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Portfolios' 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. The ASU 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 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

---

| | |
|:---|:---|
| **210** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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, 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 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 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **211** |

---

------

Notes to Financial Statements (Cont.)

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). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for 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.

(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.

---

| | |
|:---|:---|
| **212** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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.

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.

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **213** |

---

------

Notes to Financial Statements (Cont.)

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 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 March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Name | Market Value<br>03/31/2024 | 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>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $4459 | $3782435 | $(3105700) | $11 | $(58) | $681147 | $14251 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 116820 | 282407 | (380000) | 55 | 5 | 19287 | 2463 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 16805 | 50351 | (64900) | 5 | 2 | 2263 | 361 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 54086 | 1063185 | (1097300) | 27 | 0 | 19998 | 1601 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 305443 | 22622418 | (22877500) | 440 | (3) | 50798 | 12848 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 43489 | 999588 | (1039590) | 57 | 2 | 3546 | 1416 | 0 |
|  PIMCO Municipal Portfolio | 5817 | 30918 | (33999) | 9 | (1) | 2744 | 221 | 0 |
|  PIMCO Real Return Portfolio | 6181 | 892603 | (879800) | 21 | 0 | 19005 | 506 | 0 |
|  PIMCO Sector Fund Series - AM | 0 | 98272 | (97500) | 3 | 0 | 775 | 172 | 0 |
|  PIMCO Sector Fund Series - H | 3317 | 6270 | (7500) | 1 | 1 | 2089 | 171 | 0 |
|  PIMCO Sector Fund Series - I | 1258 | 1835496 | (1835600) | (26) | 0 | 1128 | 698 | 0 |
|  PIMCO Short-Term Portfolio | 6142 | 137536 | (134800) | 4 | (1) | 8881 | 239 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 38116 | 1773717 | (1810200) | 15 | 1 | 1649 | 1044 | 0 |
|  PIMCO International Portfolio | 93483 | 813488 | (733800) | (1) | 76 | 173246 | 6317 | 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. 

---

| | |
|:---|:---|
| **214** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 March 31, 2025 (amounts in thousands<sup>†</sup>, except number of shares).

#### PIMCO High Yield and Short-Term Investments Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value<br>03/31/2024 | 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>03/31/2025 | Dividend<br>Income | **Shares Held at**<br> **03/31/2025** |
|  Xfit Brands, Inc. | $120 | $0 | $0 | $0 | $73 | $193 | $0 | $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 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **215** |

---

------

Notes to Financial Statements (Cont.)

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.

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 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

---

| | |
|:---|:---|
| **216** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 March 31, 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. 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 a 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **217** |

---

------

Notes to Financial Statements (Cont.)

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

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) and in certain instances will remain in custody with the counterparty. 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

---

| | |
|:---|:---|
| **218** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 to (i) 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 counterparty. 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 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 March 31, 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **219** |

---

------

Notes to Financial Statements (Cont.)

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 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.

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

---

| | |
|:---|:---|
| **220** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 Portfolio will normally offset its position rather than exercise the option to retain any remaining time value.

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.

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 Portfolio 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.

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 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **221** |

---

------

Notes to Financial Statements (Cont.)

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 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

---

| | |
|:---|:---|
| **222** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 and to maintain a Portfolio's ability to generate income at prevailing market rates. 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 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **223** |

---

------

Notes to Financial Statements (Cont.)

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> **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 | **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 |
|  Senior Loan |  |  |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  |  |  |  |  |  |  |
|  LIBOR Transition | X | X | X | X | X | X | X | X | X |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Real 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 U.S.<br>Government and<br>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 |

---

---

| | |
|:---|:---|
| **224** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>Real 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 U.S.<br>Government and<br>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** |
|  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 |  |  |  | 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 |
|  Senior Loan |  | X | X | X |  |  |  |  |  |  |
|  Capital Securities |  | X | X | X |  |  |  |  |  |  |
|  LIBOR Transition | X | X | X | X | X | X | X | 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 because of a change 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 (e.g., 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, or 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 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **225** |

---

------

Notes to Financial Statements (Cont.)

Market Risk is the risk that the value of securities owned by a Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly 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 illiquid 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.

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 regulation 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.

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.

---

| | |
|:---|:---|
| **226** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments 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 event 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 will change in value relative to the U.S. dollar and affect 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, or 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 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. 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 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 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 Portfolio's subsidiary, a Portfolio is indirectly exposed to the risks associated with a Portfolio's subsidiary's investments. Portfolio subsidiaries 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **227** |

---

------

Notes to Financial Statements (Cont.)

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes a Portfolio to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Portfolio may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent a Portfolio invests in senior loans that are covenant-lite obligations, a Portfolio may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used 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. 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.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Portfolio, or on certain instruments in which a Portfolio invests, which can be difficult to ascertain and could result in losses to a Portfolio.

(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 war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, 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 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.

---

| | |
|:---|:---|
| **228** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

Cyber Security Risk As the use of technology, 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. 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 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **229** |

---

------

Notes to Financial Statements (Cont.)

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.

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% |

---

---

| | |
|:---|:---|
| **230** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Investment<br>Advisory<br>Fee** | **Supervisory and<br>Administrative<br>Fee** |
|  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; (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, 2025, to waive a

portion of each Portfolio's Supervisory and Administrative Fee, 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 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, 2025, 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, 2025, 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **231** |

---

------

Notes to Financial Statements (Cont.)

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 March 31, 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 | $19 |
|  PIMCO Sector Fund Series - H | 17 |
|  PIMCO Sector Fund Series - I | 997 |

---

---

| | |
|:---|:---|
| <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 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 March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | **Total** |
| Portfolio Name | 12 months | 13 - 24 months | 25 - 36 months | **Total** |
|  PIMCO ABS and Short-Term Investments Portfolio | $0 | $0 | $43 | $43 |
|  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 | 6 | 23 | 29 |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | 94 | 177 | 271 |
|  PIMCO Low Duration Portfolio | 0 | 1 | 14 | 15 |
|  PIMCO Moderate Duration Portfolio | 0 | 7 | 22 | 29 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 2 | 9 | 9 | 20 |
|  PIMCO Municipal Portfolio | 0 | 1 | 1 | 2 |
|  PIMCO Real Return Portfolio | 0 | 0 | 2 | 2 |
|  PIMCO Sector Fund Series - I | 0 | 0 | 1 | 1 |
|  PIMCO Short-Term Portfolio | 2 | 2 | 1 | 5 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 18 | 58 | 76 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1 | 10 | 11 | 22 |
|  PIMCO International Portfolio | 0 | 4 | 4 | 8 |

---

---

| | |
|:---|:---|
| <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.

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 March 31, 2025, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| Portfolio Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO Moderate Duration Portfolio | $12538 | $12761 | $(927) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **232** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

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 March 31, 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 | $69363668 | $68248536 | $2668293 | $510679 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 19650 | 0 | 153244 | 59853 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 5460 | 0 | 91195 | 85383 |
|  PIMCO Investment Grade Credit Bond Portfolio | 6584999 | 6604310 | 837311 | 1741456 |
|  PIMCO Long Duration Credit Bond Portfolio | 112526441 | 108989712 | 5249366 | 4463044 |
|  PIMCO Low Duration Portfolio | 1662590 | 1602230 | 263317 | 225692 |
|  PIMCO Moderate Duration Portfolio | 8149073 | 7589461 | 507453 | 381780 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 80964528 | 82585013 | 9178 | 92988 |
|  PIMCO Municipal Portfolio | 0 | 0 | 9614 | 23722 |
|  PIMCO Real Return Portfolio | 386983 | 252490 | 0 | 0 |
|  PIMCO Sector Fund Series - AM | 981635 | 882042 | 8091 | 0 |
|  PIMCO Sector Fund Series - H | 588 | 1976 | 13953 | 8336 |
|  PIMCO Sector Fund Series - I | 5403109 | 4442417 | 2030521 | 765713 |
|  PIMCO Short-Term Portfolio | 2150972 | 2180070 | 64146 | 61065 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 216394 | 1043132 | 798956 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 217790 | 677560 | 2500 | 98087 |
|  PIMCO International Portfolio | 0 | 1 | 325888 | 139563 |
|  PIMCO Short Asset Portfolio | 928710 | 548871 | 2876574 | 1622862 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1099213 | 821869 | 2025837 | 1513181 |

---

---

| | |
|:---|:---|
| <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<br>Portfolio | PIMCO<br>EM Bond and Short-Term Investments<br>Portfolio | PIMCO<br>EM Bond and Short-Term Investments<br>Portfolio | PIMCO<br>EM Bond and Short-Term Investments<br>Portfolio |
| | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
| | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 172226 | $2025164 | 138859 | $1615757 | 2091 | $18944 | 5959 | $52033 |
|  **Issued as reinvestment of distributions** | 33175 | 386614 | 23523 | 270872 | 516 | 4887 | 2629 | 22974 |
|  **Cost of shares redeemed** | (62077) | (731602) | (49685) | (575634) | (10355) | (94280) | (5377) | (47206) |
|  **Net increase (decrease) resulting from Portfolio <br>share transactions** | 143324 | $1680176 | 112697 | $1310995 | (7748) | $(70449) | 3211 | $27801 |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 233

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 657 | $4632 | 1989 | $13855 | 26141 | $234138 | 118432 | $1033538 |
|  **Issued as reinvestment of distributions** | 1109 | 7817 | 1928 | 13361 | 15944 | 142885 | 15470 | 135439 |
|  **Cost of shares redeemed** | (4018) | (28526) | (6479) | (45332) | (159398) | (1444636) | (118940) | (1035486) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (2252) | $(16077) | (2562) | $(18116) | (117313) | $(1067613) | 14962 | $133491 |
|  | **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** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 864471 | $8201041 | 891437 | $8252390 | 26318 | $252108 | 21223 | $200307 |
|  **Issued as reinvestment of distributions** | 139527 | 1321504 | 127507 | 1200542 | 11470 | 109228 | 10584 | 99854 |
|  **Cost of shares redeemed** | (902438) | (8645510) | (1042595) | (9571182) | (25844) | (247200) | (44255) | (419395) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 101560 | $877035 | (23651) | $(118250) | 11944 | $114136 | (12448) | $(119234) |
|  | **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** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 44749 | $404006 | 41699 | $372064 | 8454 | $66711 | 20822 | $164369 |
|  **Issued as reinvestment of distributions** | 16230 | 145851 | 15478 | 138005 | 7524 | 58450 | 8116 | 64767 |
|  **Cost of shares redeemed** | (39593) | (357025) | (54528) | (486770) | (50939) | (406550) | (18596) | (146387) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 21386 | $192832 | 2649 | $23299 | (34961) | $(281389) | 10342 | $82749 |
|  | **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** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 809 | $4923 | 2369 | $14354 | 13984 | $166841 | 19688 | $238279 |
|  **Issued as reinvestment of distributions** | 579 | 3513 | 707 | 4296 | 1227 | 14628 | 758 | 9070 |
|  **Cost of shares redeemed** | (4119) | (25133) | (1828) | (11076) | (8075) | (96703) | (2267) | (26896) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (2731) | $(16697) | 1248 | $7574 | 7136 | $84766 | 18179 | $220453 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 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 – H | PIMCO<br>Sector Fund Series – H |
| | Inception date<br>through 03/31/2025<sup>(a)</sup> | Inception date<br>through 03/31/2025<sup>(a)</sup> | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Inception date<br>through 03/31/2024<sup>(b)</sup> | Inception date<br>through 03/31/2024<sup>(b)</sup> |
| | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 10479 | $106020 | 0 | $0 | 3269 | $32701 |
|  **Issued as reinvestment of distributions** | 218 | 2163 | 228 | 2310 | 0 | 0 |
|  **Cost of shares redeemed** | (5625) | (56533) | 0 | 0 | 0 | 0 |
|  **Net increase (decrease) resulting from Fund share transactions** | 5072 | $51650 | 228 | $2310 | 3269 | $32701 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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 |
| | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
| | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 201042 | $2004675 | 126932 | $1228666 | 0 | $0 | 0 | $0 |
|  **Issued as reinvestment of distributions** | 10927 | 108350 | 2764 | 27032 | 1329 | 11872 | 1243 | 10995 |
|  **Cost of shares redeemed** | (54809) | (549237) | (18120) | (175801) | (4410) | (39518) | (3514) | (31234) |
|  **Net increase (decrease) resulting from Fund share transactions** | 157160 | $1563788 | 111576 | $1079897 | (3081) | $(27646) | (2271) | $(20239) |

---

234 PRIVATE ACCOUNT PORTFOLIO SERIES

------

March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 5946206 | $59560768 | 5384212 | $53902533 | 12654 | $78895 | 85584 | $564340 |
|  **Issued as reinvestment of distributions** | 40938 | 410058 | 53110 | 531689 | 7781 | 48263 | 7527 | 47654 |
|  **Cost of shares redeemed** | (5886375) | (58961337) | (6004258) | (60109586) | (121607) | (790740) | (32477) | (204903) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 100769 | $1009489 | (566936) | $(5675364) | (101172) | $(663582) | 60634 | $407091 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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) |
| | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
| | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 4076 | $25653 | 12602 | $76243 | 133295 | $1303168 | 61985 | $600848 |
|  **Issued as reinvestment of distributions** | 2247 | 14217 | 0 | 0 | 29629 | 289531 | 26764 | 259007 |
|  **Cost of shares redeemed** | (19652) | (124116) | (9057) | (54242) | (82920) | (810108) | (32750) | (316949) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (13329) | $(84246) | 3545 | $22001 | 80004 | $782591 | 55999 | $542906 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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) |
| | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 23442607 | $228171700 | 16591132 | $161351284 |
|  **Issued as reinvestment of distributions** | 80439 | 782927 | 81527 | 792806 |
|  **Cost of shares redeemed** | (23167043) | (225485918) | (16347716) | (158984461) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 356003 | $3468709 | 324943 | $3159629 |

---

---

| | |
|:---|:---|
| <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.

<sup>(b)</sup> Inception date of the Portfolio was February 22, 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 March 31, 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 |
| Portfolio Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 1 | 0 | 17% | 0% |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2 | 0 | 24% | 0% |
|  PIMCO Investment Grade Credit Bond Portfolio | 1 | 0 | 16% | 0% |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 1 | 0 | 19% | 0% |
|  PIMCO Municipal Portfolio | 1 | 0 | 19% | 0% |
|  PIMCO Real Return Portfolio | 1 | 0 | 19% | 0% |
|  PIMCO Sector Fund Series - AM | 3 | 0 | 100% | 0% |
|  PIMCO Sector Fund Series - H | 2 | 0 | 71% | 0% |
|  PIMCO Sector Fund Series - I | 2 | 0 | 39% | 0% |
|  PIMCO Short-Term Portfolio | 2 | 0 | 27% | 0% |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1 | 0 | 19% | 0% |
|  PIMCO International Portfolio | 2 | 0 | 30% | 0% |
|  PIMCO Short Asset Portfolio | 0 | 4 | 0% | 75% |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 1 | 0% | 59% |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 235

------

Notes to Financial Statements (Cont.)

14. BASIS FOR CONSOLIDATION

PIMCO International Portfolio Subsidiary LLC (Delaware limited liability company), PIMCO Short Asset Portfolio Subsidiary LLC (Delaware limited liability company) and PIMCO ST Floating NAV III Subsidiary LLC (Delaware limited liability company), (each, a "Subsidiary" and collectively, the "Subsidiaries") 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 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<sup>†</sup> |
| PIMCO International Portfolio | PIMCO International Portfolio Subsidiary, LLC | 03/20/2014 | 24.2% |
| PIMCO Short Asset Portfolio | PIMCO Short Asset Portfolio Subsidiary, LLC | 03/01/2017 | 0.1% |
| PIMCO Short-Term Floating NAV Portfolio III | PIMCO Short-Term 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 March 31, 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.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-<br>Year Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total Components<br>of Distributable<br>Earnings |
|  PIMCO ABS and Short-Term Investments Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204817) | $&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;(191268) |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 25907 | 0 | (34666) | 0 | (9233) | 0 | 0 | (17992) |

---

---

| | |
|:---|:---|
| **236** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Tax Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-<br>Year Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total Components<br>of Distributable<br>Earnings** |
|  PIMCO High Yield and Short-Term Investments Portfolio | $0 | $6233 | $0 | $(10796) | $0 | $(37450) | $0 | $0 | $(42013) |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 15307 | 0 | (63566) | 0 | (245424) | 0 | 0 | (293683) |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270996 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3520026) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1985930) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5234960) |
|  PIMCO Low Duration Portfolio | 0 | 1776 | 0 | 665 | 0 | (75694) | 0 | 0 | (73253) |
|  PIMCO Moderate Duration Portfolio | 0 | 20806 | 0 | (19545) | 0 | (392940) | 0 | 0 | (391679) |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0 | 11971 | 0 | (108212) | 0 | (317369) | 0 | 0 | (413610) |
|  PIMCO Municipal Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | 0 | 0 | (2756) | 0 | (7778) | 0 | 0 | (8805) |
|  PIMCO Real Return Portfolio | 0 | 5289 | 0 | (4666) | 0 | (42988) | 0 | 0 | (42365) |
|  PIMCO Sector Fund Series - AM | 0 | 391 | 0 | 178 | 0 | 0 | (1011) | 0 | (442) |
|  PIMCO Sector Fund Series - H | 0 | 470 | 7 | 117 | 0 | 0 | 0 | 0 | 594 |
|  PIMCO Sector Fund Series - I | 0 | 21259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338 | 14739 | 0 | 0 | 0 | 0 | 39336 |
|  PIMCO Short-Term Portfolio | 0 | 4559 | 0 | (2162) | 0 | (91115) | 0 | 0 | (88718) |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 762 | 0 | 2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | 0 | 0 | 0 | 3126 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0 | 6932 | 0 | (381186) | 0 | (515615) | 0 | 0 | (889869) |
|  PIMCO International Portfolio | 0 | 45320 | 0 | (9796) | 0 | (69619) | 0 | 0 | (34095) |
|  PIMCO Short Asset Portfolio | 0 | 0 | 0 | (54292) | 0 | (162126) | 0 | 0 | (216418) |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 5269 | 0 | (5654) | 0 | (28344) | 0 | 0 | (28729) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a portfolio 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 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **237** |

---

------

Notes to Financial Statements (Cont.)

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Short-Term Portfolio\* | $25267 | $65848 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277893 |
|  PIMCO International Portfolio | 49949 | 19670 |
|  PIMCO Short Asset Portfolio | 58971 | 103155 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1520 | 26824 |

---

---

| | |
|:---|:---|
| <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 March 31, 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>(7)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $11708798 | $290345 | $(370993) | $(80648) |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 476513 | 25637 | (60576) | (34939) |
|  PIMCO High Yield and Short-Term Investments Portfolio | 158186 | 4321 | (15116) | (10795) |
|  PIMCO Investment Grade Credit Bond Portfolio | 2933089 | 43981 | (107506) | (63525) |
|  PIMCO Long Duration Credit Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40998560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3977471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3519292) |
|  PIMCO Low Duration Portfolio | 2418030 | 15092 | (14427) | 665 |
|  PIMCO Moderate Duration Portfolio | 4057748 | 55033 | (74577) | (19544) |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 3322086 | 51663 | (156929) | (105266) |
|  PIMCO Municipal Portfolio | 102022 | 723 | (3479) | (2756) |
|  PIMCO Real Return Portfolio | 842108 | 9630 | (13925) | (4295) |
|  PIMCO Sector Fund Series - AM | 90425 | 444 | (266) | 178 |
|  PIMCO Sector Fund Series - H | 35617 | 415 | (298) | 117 |
|  PIMCO Sector Fund Series - I | 3596229 | 39763 | (25122) | 14641 |
|  PIMCO Short-Term Portfolio | 274840 | 14706 | (16372) | (1666) |
|  PIMCO Short-Term Floating NAV Portfolio II | 9399569 | 2565 | (154) | 2411 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1593234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379433) |
|  PIMCO International Portfolio | 467365 | 18625 | (27881) | (9256) |
|  PIMCO Short Asset Portfolio | 6140285 | 43925 | (97349) | (53424) |
|  PIMCO Short-Term Floating NAV Portfolio III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21603638 | 41466 | (46627) | (5161) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Portfolios made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | March 31, 2025 | | | March 31, 2024 | | |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $392238 | $&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 | $278206 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 5000 | 0 | 0 | 0 | 23501 | 0 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 7950 | 0 | 0 | 0 | 12202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 145722 | 0 | 0 | 0 | 137707 | 0 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325209 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203051 | 0 | 0 |
|  PIMCO Low Duration Portfolio | 0 | 109228 | 0 | 0 | 0 | 99854 | 0 | 0 |
|  PIMCO Moderate Duration Portfolio | 0 | 145851 | 0 | 0 | 0 | 138005 | 0 | 0 |

---

---

| | |
|:---|:---|
| **238** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **March 31, 2025** | | | **March 31, 2024** | | |
|  | **Tax-Exempt<br>Income<br>Distributions** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Tax-Exempt<br>Income<br>Distributions** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Mortgage and Short-Term Investments Portfolio | $0 | $59899 | $0 | $0 | $0 | $66302 | $0 | $0 |
|  PIMCO Municipal Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | 295 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | 510 | 0 | 0 |
|  PIMCO Real Return Portfolio | 0 | 15001 | 0 | 0 | 0 | 9300 | 0 | 0 |
|  PIMCO Sector Fund Series - AM<sup>(10)</sup> | 0 | 2076 | 87 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO Sector Fund Series - H | 0 | 2310 | 0 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO Sector Fund Series - I | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | 0 | 0 | 27302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  PIMCO Short-Term Portfolio | 0 | 12350 | 0 | 0 | 0 | 12901 | 0 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 412735 | 0 | 0 | 0 | 536119 | 0 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0 | 49483 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48854 | 0 | 0 |
|  PIMCO International Portfolio | 0 | 14602 | 0 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO Short Asset Portfolio | 0 | 263409 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27196 | 0 | 222008 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37095 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 783389 | 0 | 0 | 0 | 792958 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

<sup>(10)</sup> Inception date of the Portfolio was July 19, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **239** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of 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 and PIMCO Short-Term Floating NAV Portfolio III

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the portfolios listed in the table below (nineteen of the portfolios constituting PIMCO Funds, hereafter collectively referred to as the "Portfolios") as of March 31, 2025, the related statements of operations, of changes in net assets and, for the portfolios indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios listed in the table below as of March 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the portfolio indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO ABS and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO EM Bond and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO High Yield and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO Investment Grade Credit Bond Portfolio<sup>(1)</sup>

PIMCO Long Duration Credit Bond Portfolio<sup>(1)</sup>

PIMCO Low Duration Portfolio<sup>(1)</sup>

PIMCO Moderate Duration Portfolio<sup>(1)</sup>

PIMCO Mortgage and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO Municipal Portfolio<sup>(1)</sup>

PIMCO Real Return Portfolio<sup>(2)</sup>

PIMCO Sector Fund Series – AM<sup>(3)</sup>

PIMCO Sector Fund Series – H<sup>(4)</sup>

PIMCO Sector Fund Series – I<sup>(1)</sup>

PIMCO Short-Term Portfolio<sup>(1)</sup>

PIMCO Short-Term Floating NAV Portfolio II<sup>(1)</sup>

PIMCO U.S. Government and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO International Portfolio<sup>(1)</sup>\*

PIMCO Short Asset Portfolio<sup>(1)</sup>\*

PIMCO Short-Term Floating NAV Portfolio III<sup>(1)</sup>\*

(1) Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for the years ended March 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

(3) Statement of operations and statement of changes in net assets for the period July 19, 2024 (inception date) through March 31, 2025

(4) Statement of operations for the year ended March 31, 2025, and statement of changes in net assets for the year ended March 31, 2025 and the period February 22, 2024 (inception date) through March 31, 2024

\* The financial statements for PIMCO International Portfolio, PIMCO Short Asset Portfolio, PIMCO Short- Term Floating NAV Portfolio III are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | |
|:---|:---|
| **240** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

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 | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BCY | Barclays Capital, Inc. | FBF | Credit Suisse International | NOM | Nomura Securities International, Inc. |
| BOA | Bank of America N.A. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | NXN | Natixis New York |
| BOM | Bank of Montreal | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOO | BoA Securities, Inc (Repo Only) | GSC | Goldman Sachs & Co. LLC | RDR | RBC Capital Markets LLC |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| 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 | SBI | Citigroup Global Markets Ltd. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SGY | Societe Generale, NY |
| BUS | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| 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. | TOR | The Toronto-Dominion Bank |
| CIB | Canadian Imperial Bank of Commerce | MSR | Morgan Stanley & Co LLC FICC Repo | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC | WFS | Wells Fargo 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 | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CAD | Canadian Dollar | ILS | Israeli Shekel | SEK | Swedish Krona |
| CHF | Swiss Franc | INR | Indian Rupee | SGD | Singapore Dollar |
| CLP | Chilean Peso | JPY | Japanese Yen | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| HKD | Hong Kong Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| CBOE | Chicago Board Options 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 | CDX.IG | Credit Derivatives Index - Investment Grade | EUR003M | 3 Month EUR Swap Rate |
| BOBL | Bundesobligation, the German word for federal government bond | CMBX | Commercial Mortgage-Backed Index | FEDL01 | Federal funds effective rate |
| CAONREPO | Canadian Overnight Repo Rate Average | CPTFEMU | Eurozone HICP ex-Tobacco Index | SOFRRATE | Secured Overnight Financing Rate |
| CDX.EM | Credit Derivatives Index - Emerging Markets | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.HY | Credit Derivatives Index - High Yield | EUR001M | 1 Month EUR Swap Rate | US0003M | ICE 3-Month USD LIBOR |
|  Municipal Bpnd or Agency Abbreviations: | Municipal Bpnd or Agency Abbreviations: | Municipal Bpnd or Agency Abbreviations: | Municipal Bpnd or Agency Abbreviations: | Municipal Bpnd or Agency Abbreviations: | Municipal Bpnd or Agency Abbreviations: |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | PSF | Public School Fund |
| BAM | Build America Mutual Assurance | NPFGC | National Public Finance Guarantee Corp. |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | REIT | Real Estate Investment Trust |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BABs | Build America Bonds | DAC | Designated Activity Company | RMBS | Residential Mortgage-Backed Security |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | OIS | Overnight Index Swap | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | PIK | Payment-in-Kind | TBD% | Interest rate to be determined when loan settles or at the time of funding |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **241** |

---

------

Distribution Information

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 March 31, 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) |
|  December 2024 | $0.3676 | $0.0000 | $0.0000 | $0.3676 |
|  March 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  **PIMCO EM Bond and Short-Term Investments Portfolio** | **PIMCO EM Bond and Short-Term Investments Portfolio** | **PIMCO EM Bond and Short-Term Investments Portfolio** | **PIMCO EM Bond and Short-Term Investments Portfolio** | **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) |
|  December 2024 | $0.0552 | $0.0000 | $0.0000 | $0.0552 |
|  March 2025 | $0.0558 | $0.0000 | $0.0000 | $0.0558 |
|  **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) |
|  December 2024 | $0.0738 | $0.0000 | $0.0000 | $0.0738 |
|  March 2025 | $0.0628 | $0.0000 | $0.0000 | $0.0628 |
|  **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) |
|  December 2024 | $0.2732 | $0.0000 | $0.0000 | $0.2732 |
|  March 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  **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) |
|  December 2024 | $0.1755 | $0.0000 | $0.0000 | $0.1755 |
|  March 2025 | $0.1085 | $0.0000 | $0.0000 | $0.1085 |
|  **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) |
|  December 2024 | $0.2002 | $0.0000 | $0.0000 | $0.2002 |
|  March 2025 | $0.1019 | $0.0000 | $0.0000 | $0.1019 |
|  **PIMCO Moderate Duration Portfolio** | **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) |
|  December 2024 | $0.1831 | $0.0000 | $0.0000 | $0.1831 |
|  March 2025 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |

---

---

| | |
|:---|:---|
| **242** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **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)** |
|  December 2024 | $0.1941 | $0.0000 | $0.0000 | $0.1941 |
|  March 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** | **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)** |
|  December 2024 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  March 2025 | $0.0593 | $0.0000 | $0.0000 | $0.0593 |
|  **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** | **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)** |
|  December 2024 | $0.0195 | $0.0000 | $0.0000 | $0.0195 |
|  March 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  **PIMCO Sector Fund Series — AM** | **PIMCO Sector Fund Series — AM** | **PIMCO Sector Fund Series — AM** | **PIMCO Sector Fund Series — AM** | **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)** |
|  December 2024 | $0.1806 | $0.0000 | $0.0000 | $0.1806 |
|  March 2025 | $0.0595 | $0.0000 | $0.0000 | $0.0595 |
|  **PIMCO Sector Fund Series — H** | **PIMCO Sector Fund Series — H** | **PIMCO Sector Fund Series — H** | **PIMCO Sector Fund Series — H** | **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)** |
|  December 2024 | $0.3294 | $0.0000 | $0.0000 | $0.3294 |
|  March 2025 | $0.0575 | $0.0000 | $0.0000 | $0.0575 |
|  **PIMCO Sector Fund Series — I** | **PIMCO Sector Fund Series — I** | **PIMCO Sector Fund Series — I** | **PIMCO Sector Fund Series — I** | **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)** |
|  December 2024 | $0.1902 | $0.0000 | $0.0000 | $0.1902 |
|  March 2025 | $0.0621 | $0.0000 | $0.0000 | $0.0621 |
|  **PIMCO Short-Term Portfolio** | **PIMCO Short-Term Portfolio** | **PIMCO Short-Term Portfolio** | **PIMCO Short-Term Portfolio** | **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)** |
|  December 2024 | $0.1611 | $0.0000 | $0.0000 | $0.1611 |
|  March 2025 | $0.1319 | $0.0000 | $0.0000 | $0.1319 |
|  **PIMCO Short-Term Floating NAV Portfolio II** | **PIMCO Short-Term Floating NAV Portfolio II** | **PIMCO Short-Term Floating NAV Portfolio II** | **PIMCO Short-Term Floating NAV Portfolio II** | **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)** |
|  October 2024 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  November 2024 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  December 2024 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  January 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  February 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  March 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **243** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO U.S. Government and Short-Term Investments Portfolio** | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **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)** |
|  December 2024 | $0.1134 | $0.0000 | $0.0000 | $0.1134 |
|  March 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  **PIMCO International Portfolio** | **PIMCO International Portfolio** | **PIMCO International Portfolio** | **PIMCO International Portfolio** | **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)** |
|  December 2024 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  March 2025 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** | **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)** |
|  October 2024 | $0.0411 | $0.0000 | $0.0013 | $0.0424 |
|  November 2024 | $0.0413 | $0.0000 | $0.0013 | $0.0426 |
|  December 2024 | $0.0404 | $0.0000 | $0.0014 | $0.0418 |
|  January 2025 | $0.0405 | $0.0000 | $0.0013 | $0.0418 |
|  February 2025 | $0.0373 | $0.0000 | $0.0008 | $0.0381 |
|  March 2025 | $0.0378 | $0.0000 | $0.0010 | $0.0388 |
|  **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)** |
|  October 2024 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
|  November 2024 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  December 2024 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  January 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  February 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |

---

\* 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. 

---

| | |
|:---|:---|
| **244** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolios' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

**Dividend Received Deduction**. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolios' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

**Qualified Dividend Income.** Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

**Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).** Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

**Section 163(j) Interest Dividends.** The Portfolios intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

**Section 199A Dividends.** The Portfolios intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dividend**<br> **Received<br>Deduction%** | **Qualified**<br> **Dividend<br>Income%** | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | 0.00% | 0.00% | $392238 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0.00% | 8.03% | 2377 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0.00% | 3.88% | 7950 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 3.86% | 5.25% | 145722 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 2.73% | 4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325209 | 0 |
|  PIMCO Low Duration Portfolio | 0.00% | 0.00% | 109228 | 0 |
|  PIMCO Moderate Duration Portfolio | 0.00% | 0.00% | 145851 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0.00% | 0.00% | 59899 | 0 |
|  PIMCO Municipal Portfolio | 0.00% | 0.00% | 3600 | 0 |
|  PIMCO Real Return Portfolio | 0.00% | 0.00% | 15001 | 0 |
|  PIMCO Sector Fund Series - AM | 0.00% | 0.00% | 0 | 472 |
|  PIMCO Sector Fund Series - H | 0.00% | 0.00% | 2209 | 101 |
|  PIMCO Sector Fund Series - I | 1.05% | 2.62% | 97437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470 |
|  PIMCO Short-Term Portfolio | 0.00% | 0.00% | 12350 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0.00% | 0.00% | 412055 | 679 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0.00% | 0.00% | 49483 | 0 |
|  PIMCO International Portfolio | 0.00% | 0.00% | 14602 | 0 |
|  PIMCO Short Asset Portfolio | 0.00% | 0.00% | 162531 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0.00% | 0.00% | 673087 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **245** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **246** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | **Number of**<br> **Votes For** | **Number of**<br> **Votes Withheld** |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **247** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **248** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

#### 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](g820082g75h91.jpg)

PAPSFUNDSFSTMAR_033125

------

**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>

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
|  (a)(1) | [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d932175dex99codeeth.htm) |
|  (a)(2) | Not applicable to the Registrant. |
|  (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes—Oxley Act of 2002.](d932175dex99cert.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.](d932175dex99906cert.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>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 5, 2025 | Date: June 5, 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>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 5, 2025 | Date: June 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: June 5, 2025 | Date: June 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II. Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable<sup>3</sup> and both the Covered
Person and the giver are present<sup>4</sup> ; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

------

Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

------

Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate .

------

Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp;&nbsp;Principal Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, . I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## 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;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&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;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;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;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;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;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;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;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;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;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: | June 5, 2025<br>|
|  Signature: | /s/ Joshua D. Ratner<br>|
|  Title: | President (Principal Executive Officer)<br>|

---

------

**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;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&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;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;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;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;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;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;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;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;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;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: | June 5, 2025<br>|
|  Signature: | /s/ Bijal Y. Parikh<br>|
|  Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## 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:<br>| /s/ Joshua D. Ratner<br>| By:<br>| /s/ Bijal Y. Parikh<br>|
| Name:<br>| Joshua D. Ratner<br>| Name:<br>| Bijal Y. Parikh<br>|
| Title:<br>| President (Principal Executive Officer)<br>| Title:<br>| Treasurer (Principal Financial & Accounting Officer)<br>|
| Date:<br>| June 5, 2025<br>| Date:<br>| June 5, 2025<br>|

---

**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.